证券时报e公司讯，据中国通号消息，12月17日至18日，应越南铁路总公司邀请，中国通号党委书记、 董事长楼齐良带队赴越南考察调研，并开展系列商务活动。 其中，12月17日，楼齐良拜会了越南政府副总理陈红河。 会谈中，陈红河重点介绍了中越跨境标轨铁路、河内和胡志明市城市铁路系统等项目，呼吁加强双方铁 路领域合作。 楼齐良表示，中国通号希望参与越南既有铁路信号系统升级改造，不断提供安全、先进、高效的高质量 解决方案。 双方一致同意在中越全面战略合作伙伴关系的框架下，进一步加强轨道交通项目建设及人员培训等方面 合作。 ...

证券研究报告 经营预测指标与估值 港股通 中国通号 (3969 HK/688009 CH) 轨交"大脑"制造厂有望迎更新机遇 华泰研究 首次覆盖 2024 年 12 月 15 日│中国内地/中国香港 运输设备 风险提示：铁路基建投资不及预期；更新节奏不及预期；海外市场发展受阻。 首次覆盖中国通号并给予"买入"评级，基于 A/H 股 18/9 倍 PE，给予公 司 A/H 目标股价 7.56 元/4.12 港币。公司是全球领先的轨交控制系统解决方 案提供商，国内铁路/城轨通信信号系统市占率稳居首位。在轨交新增需求 持稳情况下，通信信号系统更新改造有望为公司带来业绩增厚，海外业务与 低空经济有望开辟公司远期增长曲线。 铁路行业新增需求持稳下更新改造贡献增量，通信信号系统龙头持续受益 受益于固定资产投资/新建里程数/客运量稳中有升，我们预计铁路投资与建 设有望至 2028 年维持高景气，公司铁路通信信号系统市占率超 60%，充分 受益于行业高景气度。更新改造方面，高铁通信信号系统此前尚未开始大规 模更新，但预计已有约超 1.1 万公里线路亟待更新，有望在 25 年逐步开始， 25-27 年中国通号高铁控制系统更新收 ...

中国通号：9月-10月在轨道交通市场共中标十个重要项目 财联社11月24日电，中国通号公告称，2024 年9月至10月公司在轨道交通市场共中标十个重要项目，其中铁路市场三个，城市轨道交通市场七个。 中标金额总计约为31.07亿元，约占本公司中国会计准则下2023年经审计营业收入的8.4%。 查看公告原文 ...

证券研究报告·公司深度研究·轨交设备Ⅱ 中国通号（688009） 信号系统新建与更新需求共振，列控先锋轻 装再出发 2024 年 11 月 22 日 买入（首次） | --- | --- | --- | --- | --- | --- | |------------------------------|-------|--------|---------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 40220 | 37087 | 33266 | 35178 | 37946 | | 同比（ % ） | 4.85 | (7.79) | (10.31) | 5.75 | 7.87 | | 归母净利润（百万元） | 3634 | 3477 | 3569 | 3992 | 4462 | | 同比（ % ） | 10.96 | (4.30) | 2.63 | 11.86 | 11.76 | | EPS- 最新摊薄（元 / 股） | 0.34 | 0.33 | 0.34 | 0 ...

证券代码：688009 证券简称：中国通号 中国铁路通信信号股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | --- | --- | |----------------|------------------------------|--------------------------------------|--------|------------------------------------|----------| | | | | 编号： | | 2024-004 | | 投资者关系活动 | □ | 特定对象调研 □分析师会议 | | | | | | □ 媒体采访 ■业绩说明会 | | | | | | 类别 | □新闻发布会 □路演活动 | | | | | | | | | | | | | | □ 现场参观 □一对一沟通 | | | | | | | □其他 | | | | | | 参与单位及人员 | 投资者 | | | | | | 时间 | 2024 年 11 月 13 | 日 13:00-14:00 | | | | | 地点 | 网络远程 | | | | | | 接 ...

]yrtsudnI_elbaT[ 公 司 研 究 / 交 运 设 备/ 证 券 研 究 报 告 2024 年 10 月 30 日 [Table_Title] 中国通号（688009）2024年三季报点评 充分受益轨交更新改造，低空业务未来 可期 [【投资要点】 Table_Summary] 事件：公司发布 2024 年三季度业绩公告，前三季度实现营业收入 208.14 亿元，同比-15.48%；实现归母净利润 23.59 亿元，同比-8.09%。 单看 Q3，实现营业收入 65.64 亿元，同比-17.89%；归母净利润 7.6 亿元，同比+2.33%，业绩基本符合预期。 铁路更新、替换及新建扩充市场规模，公司聚焦主业获得高质量发展。 十年前开通运营的高铁开始陆续进入更新改造期，同时根据《加快建 设交通强国五年行动计划（2023-2027 年）》，到 2027 年我国铁路营业 里程将达到 17 万公里，其中高铁 5.3 万公里，普速铁路 11.7 万公里， 未来几年更新、改造及新建里程充沛，推动轨交控制系统市场规模高 增。中国通号竞争优势明显，国内高铁市占率超过 60%，充分受益于 行业周期，2024 年前三 ...

亿元、43.33亿元,对应 EPS 为 0.33、0.36、0.41元,对应 PE 为 19 倍、17 倍、15倍,维持推荐评级。 公司点评报告 · 机械设备行业 单三季度净利润增速转正,盈利能力再提升 2024年三季报业绩点评 ● 风险提示:固定资产投资不及预期的风险,新产品拓展不及预期的风险,市场 竞争加剧的风险,海外市场拓展不及预期的风险等。 2024 年 10月 27 日 核心观点 | --- | --- | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨中国通号（688009.SH） [Table_Title] 中国通号 2024Q3 点评：业绩拐点已现，看好更 新替换释放和海外增长 | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 公司立足于轨道交通控制系统业务，净利率与毛利率呈现逐步改善趋势。今年以来，轨交相关 | | | 政策持续释放，叠加存量铁路动车、地铁车辆规模日益增加，或催化信号系统更新替换需求。 | | | 短期，公司核心业务在手订单饱满，验收无忧，信号系统整线替换订单有望落地，带来业绩弹 | | | 性；长期来看，海外市场拓展和存量设备更新改造有望贡献重要增量。此外，公司积极布局低 空领域，预计低空经济的发展将为公司带来业务增量。 | | | | | 分析师及联系人 [Tab ...

Revenue and Profit Performance - Revenue for the third quarter was RMB 6.56 billion, a decrease of 17.89% year-over-year[2] - Net profit attributable to shareholders was RMB 759.53 million, an increase of 2.33% year-over-year[2] - The company's total revenue for the first nine months of 2024 was RMB 2,081,415.43 million, a decrease of 15.48% compared to the same period last year[9] - Total revenue for the first three quarters of 2024 was RMB 20,939,821,082.89, a decrease from RMB 24,684,253,263.34 in the same period of 2023[13] - Net profit for the first three quarters of 2024 was RMB 2,722,463,925.88, down from RMB 2,951,159,986.62 in the same period of 2023[15] - Net profit attributable to parent company shareholders was RMB 2,358,597,314.66, a decrease of 8.1% compared to RMB 2,566,083,697.03 in the previous period[16] - Minority shareholders' net profit was RMB 363,866,611.22, down 5.5% from RMB 385,076,289.59 in the prior period[16] - Total comprehensive income was RMB 2,698,177,339.14, a decline of 8.2% from RMB 2,939,456,773.89 in the previous period[17] - Basic and diluted earnings per share were RMB 0.22, down 8.3% from RMB 0.24 in the prior period[17] - Total revenue for the first three quarters of 2024 was 1,444,367,009.00 yuan, a decrease from 1,957,669,669.13 yuan in the same period of 2023[24] - Net profit for the first three quarters of 2024 was 2,119,727,853.50 yuan, down from 2,289,292,081.94 yuan in the same period of 2023[25] R&D and Investment - R&D investment for the quarter was RMB 413.68 million, a decrease of 14.45% year-over-year, but R&D as a percentage of revenue increased by 0.25 percentage points to 6.30%[3] - R&D expenses for the first three quarters of 2024 increased to RMB 1,161,490,691.79, compared to RMB 1,086,665,409.95 in the same period of 2023[15] - R&D expenses for the first three quarters of 2024 were 28,516,806.05 yuan, a significant decrease from 54,271,654.87 yuan in the same period of 2023[24] - Investment income for the first three quarters of 2024 was 2,138,374,267.49 yuan, slightly lower than 2,205,508,635.58 yuan in the same period of 2023[24] Assets and Liabilities - Total assets at the end of the reporting period were RMB 117.88 billion, a slight decrease of 0.93% compared to the end of the previous year[3] - Shareholders' equity attributable to the parent company increased by 1.24% to RMB 47.39 billion compared to the end of the previous year[3] - Total assets as of Q3 2024 were RMB 117,882,254,667.59, slightly lower than RMB 118,990,487,731.74 at the end of 2023[11] - Total liabilities as of Q3 2024 were RMB 68,460,936,914.05, down from RMB 70,115,652,701.84 at the end of 2023[12] - Contract assets as of Q3 2024 were RMB 37,036,398,012.05, a decrease from RMB 38,228,739,616.63 at the end of 2023[11] - Inventory as of Q3 2024 increased to RMB 3,798,678,437.25, up from RMB 3,206,183,424.85 at the end of 2023[11] - Total equity attributable to owners of the parent company as of Q3 2024 was RMB 47,390,633,589.99, up from RMB 46,812,051,906.86 at the end of 2023[12] - Total assets as of Q3 2024 were 44,518,416,775.20 yuan, slightly lower than 44,922,488,517.06 yuan at the end of 2023[22] - Total liabilities as of Q3 2024 were 9,920,635,405.77 yuan, down from 10,633,010,469.81 yuan at the end of 2023[23] - Long-term equity investment as of Q3 2024 was 19,613,066,795.10 yuan, slightly higher than 19,317,502,298.16 yuan at the end of 2023[22] Shareholder Information - The company's largest shareholder, China Railway Signal & Communication Group, holds 62.46% of the shares[6] - HKSCC Nominees Limited, an overseas legal entity, holds 18.58% of the shares[6] - The controlling shareholder, CRSC Group, increased its shareholding by 9,789,576 shares, accounting for 0.0924% of the total shares, with a total investment of RMB 50.1451 million[8] - As of September 30, 2024, CRSC Group directly held 6,648,518,000 shares, accounting for 62.78% of the company's total issued shares[8] Sector Performance - Overseas business revenue increased by 65.90% to RMB 176,959.56 million in the first nine months of 2024[9] - The railway sector's revenue increased by 2.19% to RMB 1,202,889.46 million in the first nine months of 2024[9] - The urban rail sector's revenue decreased by 12.28% to RMB 505,080.13 million in the first nine months of 2024[9] - The engineering, procurement, and construction (EPC) sector's revenue decreased by 67.76% to RMB 191,722.57 million in the first nine months of 2024[9] Cash Flow and Financial Position - The company's monetary funds as of September 30, 2024, were RMB 21,223,361,687.68, a decrease from RMB 22,574,043,702.19 at the end of 2023[10] - Accounts receivable increased to RMB 24,017,488,336.75 as of September 30, 2024, compared to RMB 22,875,547,606.09 at the end of 2023[10] - Interest income for the first three quarters of 2024 was RMB 125,666,766.24, significantly higher than RMB 57,512,449.10 in the same period of 2023[13] - Operating profit for the first three quarters of 2024 was RMB 3,280,441,969.85, a decrease from RMB 3,531,451,893.22 in the same period of 2023[15] - Cash received from sales of goods and services was RMB 23,737,546,542.64, an increase of 10.7% compared to RMB 21,445,126,718.47 in the previous period[18] - Net cash flow from operating activities was RMB 3,400,521,960.21, a significant improvement from a net outflow of RMB 800,975,967.86 in the prior period[18] - Net cash flow from investing activities was a negative RMB 2,065,312,970.88, compared to a negative RMB 503,802,008.70 in the previous period[20] - Net cash flow from financing activities was a negative RMB 4,099,302,783.76, compared to a negative RMB 1,072,379,896.12 in the prior period[20] - Cash and cash equivalents at the end of the period were RMB 13,254,210,508.86, down 10.9% from RMB 14,869,187,804.76 at the beginning of the period[20] - Monetary funds decreased by 11.6% to RMB 8,499,287,634.07 from RMB 9,618,021,072.64 at the beginning of the period[21] - Cash flow from operating activities for the first three quarters of 2024 was 2,463,905,271.48 yuan, an increase from 2,240,079,444.05 yuan in the same period of 2023[25] - Accounts receivable as of Q3 2024 was 7,918,400,111.37 yuan, up from 6,857,294,566.71 yuan at the end of 2023[22] - Inventory as of Q3 2024 was 19,529,365.66 yuan, more than double the 8,367,845.69 yuan at the end of 2023[22] - Operating cash inflow totaled 2,933,226,051.72 yuan, an increase from 2,695,708,604.52 yuan in the previous period[27] - Operating cash outflow was 3,166,487,162.31 yuan, compared to 3,114,607,093.33 yuan previously[27] - Net cash flow from operating activities was -233,261,110.59 yuan, an improvement from -418,898,488.81 yuan[27] - Investment cash inflow reached 2,548,772,469.99 yuan, up from 2,445,797,222.00 yuan[27] - Net cash flow from investment activities was 748,604,423.14 yuan, a significant recovery from -3,301,180,010.33 yuan[27] - Financing cash inflow remained steady at 2,000,000,000.00 yuan[27] - Net cash flow from financing activities was -1,823,601,486.47 yuan, compared to -586,973,107.95 yuan previously[27] - Net increase in cash and cash equivalents was -1,307,772,759.15 yuan, an improvement from -4,305,147,917.11 yuan[27] - Ending cash and cash equivalents balance stood at 5,570,136,455.25 yuan, down from 7,137,633,907.96 yuan[27] Non-Recurring Items - Non-recurring gains and losses for the quarter amounted to RMB 46.72 million, primarily from government subsidies and asset disposal gains[4] Contract and Business Development - The company's new external contract value for the first nine months of 2024 was RMB 29.128 billion, a decrease of 42.76% year-on-year[9]

证券代码：688009 证券简称：中国通号 中国铁路通信信号股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | --- | |------------|------------------------------|---------------------------------------------|--------|----------| | | | | 编号： | 2024-003 | | 投资者关系 | □ | 特定对象调研 □分析师会议 | | | | 活动类别 | □ 媒体采访 ■业绩说明会 | | | | | | □新闻发布会 □路演活动 | | | | | | □ 现场参观 □一对一沟通 | | | | | | □其他 | | | | | 参与单位及 | 投资者 | | | | | 人员 | | | | | | 时间 | 2024 年 10 月 14 | 日 11:00-12:00 | | | | 地点 | 网络远程 | | | | | 接待人员 | 董事长、执行董事：楼齐良 | | | | | | 独立非执行董事：姚桂清 | | | | | | 总会计师 ...