FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國鐵路通信信號股份有限公司 呈交日期: 2024年12月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 H | | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03969 | 說明 H股 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,968,801,000 | RMB | | 1 | RMB | | 1,968,801,000 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 1,968,801,000 | RMB | | 1 | RMB | | 1,968,801 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 近日，中国铁路通信信号股份有限公司（简称"公司"）收到中国证券监督 管理委员会《关于同意中国铁路通信信号股份有限公司向专业投资者公开发行科 技创新可续期公司债券注册的批复》（证监许可〔2024〕1635 号）（以下简称"批 复文件"），主要内容如下： 一、同意公司向专业投资者公开发行面值总额不超过 25 亿元科技创新可续 期公司债券的注册申请。 二、本次发行科技创新可续期公司债券应严格按照报送上海证券交易所的募 集说明书进行。 三、本批复自同意注册之日起 24 个月内有效，公司在注册有效期内可以分 期发行科技创新可续期公司债券。 证券代码：688009 证券简称：中国通号 公告编号：2024-029 中国铁路通信信号股份有限公司 关于向专业投资者公开发行科技创新可续期公司债券 申请获得中国证监会注册批复的公告 四、自同意注册之日起至本次科技创新可续期公司债券发行结束前，公司如 发生重大事项，应及时报告并按有关规定处理。 公司将按照上述批复文件和相关法律法规的要求以及公司股东大 ...

证券代码：688009 证券简称：中国通号 公告编号：2024-028 中国铁路通信信号股份有限公司 关于自愿披露轨道交通市场重要项目中标的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 中标共计十个重要项目，其中铁路市场三个，分别为新建潍坊至宿迁高 速铁路济南局维管范围四电及相关工程弱电标项目，中标金额7.32亿元；几 内亚力拓西芒杜铁路项目部铁路信号设备采购项目，中标金额3.64亿元；新 建上海至南京至合肥高速铁路南京北站站房、客服信息系统及相关工程 NJBZFXX-04SG标段施工总价承包项目，中标金额1.54亿元。城市轨道交通市 场七个,分别为武汉市轨道交通1号线信号系统及配套项目更新改造工程信 号系统集成项目，中标金额5.1亿元；上海市轨道交通市域线崇明线工程信号 系统采购项目，中标金额4.09亿元；青岛市地铁7号线二期工程信号系统设备 采购及集成项目，中标金额2.96亿元；轨道交通22号线（平谷线）工程信号 系统及AFC系统设备安装工程项目，中标金额2.53亿元；上海市轨道交通18号 线二 ...

Investment Rating - The report assigns a "Buy" rating for China Railway Signal & Communication Corp (688009) for the first time [1]. Core Views - China Railway Signal & Communication Corp is a leader in the rail transit signal system and a pioneer in domestic substitution of signal systems. The company faced short-term pressure on performance in 2023, with revenue of 37.087 billion yuan, down 7.79% year-on-year, and a net profit of 3.477 billion yuan, down 4.30% year-on-year. The main business of rail transit signal systems remains stable, while the engineering general contracting business is under short-term pressure. The company’s order delivery model and the correlation between new orders and downstream market conditions are crucial for future performance [1][2][3]. Summary by Sections 1. Company Overview - China Railway Signal & Communication Corp has a history of over 70 years in the rail transit signal system sector, evolving from the Ministry of Railways' communication signal engineering company. The company has achieved significant advancements in autonomous and controllable signal systems [1][2]. - The company is a state-owned enterprise with a stable shareholding structure, and its subsidiaries have clear business divisions [1][2]. 2. Communication Signal System - The railway communication signal system market is expected to benefit from the recovery of fixed asset investment in railways, with a projected market space of 216 billion yuan in 2024 and 256 billion yuan in 2025, reflecting year-on-year growth of 12% and 19% respectively [1][2]. - The urban rail communication signal system faces short-term pressure due to a slowdown in new construction, but there is significant demand for updating old lines, with a combined market space of approximately 405 billion yuan for new and updated systems [2]. 3. Engineering General Contracting - The company is gradually exiting the municipal construction market, focusing on the rail transit control system sector. In the first three quarters of 2024, new engineering general contracting orders fell by 77% year-on-year, while revenue from this segment dropped by 68% [3]. - The structural optimization of the engineering general contracting business is expected to enhance competitiveness in the long term [3]. 4. Profit Forecast and Investment Recommendation - The report forecasts net profits of 3.569 billion yuan, 3.992 billion yuan, and 4.462 billion yuan for 2024, 2025, and 2026 respectively. The current stock price corresponds to dynamic P/E ratios of 20, 18, and 16 times for the respective years [1][3].

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 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2024 年 11 月 13 日(星期三) 下午 13:00-14:00 证券代码：688009 证券简称：中国通号 公告编号：2024-027 中国铁路通信信号股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 楼齐良（董事长） 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 6 日(星期三) 至 11 月 12 日(星期 二)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 ir@crsc.cn 进行提问。公司将在说明会上对投资者普 遍关注的问题进行回答。 中国铁路通信信号股份有限公司（以下简称"公司"）已于 2024 年 10 月 26 日发布公司 2024 年第三季度报告，为便于广大投资者更 全面深入地了解公司 2024 年第三季度经营成果、财务状况，公司计 划于 202 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國鐵路通信信號股份有限公司 呈交日期: 2024年11月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03969 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,968,801,000 | RMB | | 1 RMB | | 1,968,801,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 1,968,801,000 | RMB | | 1 RMB | | 1,968,801,000 | | 2. 股份分類 | ...

Investment Rating - The report assigns a rating of "Accumulate" for the company [3] Core Views - The company has benefited from the renewal and transformation of rail transit, with promising prospects in the low-altitude economy [1] - The railway renewal, replacement, and new expansion market size is expected to grow significantly, with the company focusing on high-quality development in its core business [1] - The company has shown strong performance in overseas projects, enhancing its global influence [1] - The low-altitude economy is entering a rapid development phase, with the company leveraging its core technology for strategic positioning [1] Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 20.814 billion yuan, a year-on-year decrease of 15.48%, and a net profit attributable to shareholders of 2.359 billion yuan, down 8.09% [1] - In Q3 alone, revenue was 6.564 billion yuan, a decline of 17.89%, while net profit increased by 2.33% to 760 million yuan [1] - The gross margin for the first three quarters was 30.06%, an increase of 4.73 percentage points year-on-year [1] Market Position and Growth - The company holds over 60% market share in the domestic high-speed rail sector, benefiting from the industry cycle [1] - Revenue from domestic railway business reached 12.029 billion yuan in the first three quarters, up 2.19% year-on-year, with new contracts signed totaling 14.627 billion yuan, a 1.09% increase [1] - The overseas business has shown rapid growth, with revenue of 1.77 billion yuan, up 65.9% year-on-year, and new orders of 3.911 billion yuan, a 95.39% increase [1] Strategic Initiatives - The company is strategically positioning itself in the low-altitude economy, focusing on airspace management, drone manufacturing, and service operations [1] - Recent policy announcements have laid the groundwork for the development of low-altitude aircraft operations, providing a favorable environment for the company's growth in this sector [1] - The company has signed a strategic cooperation agreement with local government authorities to capitalize on the growth of the low-altitude economy [1] Profitability Forecast - The company is expected to achieve net profits of 3.690 billion yuan, 4.042 billion yuan, and 4.446 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 18, 16, and 15 [3]

Investment Rating - The report maintains a "Recommended" rating for China Communications Signal and Control Technology Co., Ltd. (stock code: 688009.SH) [2][4] Core Views - The company reported a revenue of 20.94 billion yuan for the first three quarters of 2024, a year-on-year decrease of 15.17%. The net profit attributable to shareholders was 2.36 billion yuan, down 8.09% year-on-year [4] - In Q3, the net profit attributable to shareholders showed a positive year-on-year growth. The railway and overseas business continued to grow, with railway revenue at 12.03 billion yuan, up 2.19% year-on-year, and overseas revenue at 1.77 billion yuan, up 65.90% year-on-year [4] - The company is focusing on its core business, with a significant reduction in municipal and construction business, which saw a revenue decline of 67.76% year-on-year [4] - The company signed new contracts worth 29.13 billion yuan in the first three quarters, a year-on-year decrease of 42.76%. The railway new contracts remained stable at 14.63 billion yuan, up 1.09% year-on-year, while overseas contracts increased significantly by 95.39% to 3.91 billion yuan [4] Financial Performance Summary - The company's gross margin for the first three quarters was 30.06%, an increase of 4.73 percentage points year-on-year, and the net margin was 13.08%, up 1.10 percentage points year-on-year [4] - The report forecasts the company will achieve net profits of 3.53 billion yuan, 3.80 billion yuan, and 4.33 billion yuan for the years 2024, 2025, and 2026 respectively, indicating a continuous improvement in profitability [4][7] - The projected EPS for 2024, 2025, and 2026 is expected to be 0.33 yuan, 0.36 yuan, and 0.41 yuan respectively, with corresponding PE ratios of 18.69, 17.39, and 15.23 [7][11]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company is experiencing a turning point in performance, with a notable improvement in profitability. The third quarter of 2024 saw a year-on-year increase of 2.33% in net profit, reversing a trend of three consecutive quarters of decline, primarily due to growth in railway and overseas business alongside ongoing cost reduction efforts [3][4]. - Cash flow continues to improve, with net cash flow from operating activities reaching 3.40 billion yuan in the first three quarters, marking a positive turnaround [3]. - The overseas market is growing rapidly, with revenue from overseas business increasing by 65.9% year-on-year in the first three quarters, and new contract amounts rising by 95.4% [3][4]. - There is a gradual increase in demand for system updates and replacements, with the lifecycle of high-speed rail control systems typically being 10-15 years, leading to a growing urgency for equipment upgrades [3][4]. - The company is actively expanding into emerging fields such as low-altitude economy, aligning with national strategic emerging industry development plans [4]. Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved total revenue of 20.94 billion yuan, a year-on-year decrease of 15.17%, while net profit attributable to the parent company was 2.36 billion yuan, down 8.09% [3]. - The third quarter alone recorded total revenue of 6.61 billion yuan, a decline of 17.59% year-on-year, but net profit increased by 2.33% [3]. Market Position and Strategy - The company holds approximately 40% market share in domestic urban rail transit control systems and is involved in over 40 cities' control system design and integration projects [3][4]. - Recent trends indicate an increase in renovation projects, with a focus on faster delivery and better profitability in the replacement segment [3]. Future Outlook - The company is projected to achieve net profits of 3.58 billion yuan and 4.04 billion yuan in 2024 and 2025, respectively, with corresponding price-to-earnings ratios of 18 and 16 times [4].