Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company's profitability has further improved, with a gross profit margin of 27.41% in Q1 2024, an increase of 4.73 percentage points year-on-year [5]. - New contracts in the railway sector reached 3.985 billion yuan in Q1 2024, marking a 10.13% increase compared to the same period last year, the highest in five years [5]. - There is a growing demand for upgrades and replacements, with the company expected to see an increase in the proportion of renewal orders from 30% to over 40% in the railway market over the next 3-5 years [5]. - The company has a robust order backlog of 168.831 billion yuan as of the end of 2023, providing strong revenue support for the next 2-3 years [6]. - The company is expanding its overseas business, with new orders increasing by 45% year-on-year in 2023, leveraging the "Belt and Road" initiative [6]. - The forecasted net profits for 2024 and 2025 are 3.95 billion yuan and 4.50 billion yuan, respectively, with corresponding price-to-earnings ratios of 15.4 and 13.5 [6]. Summary by Sections Financial Performance - In Q1 2024, the company reported revenues of 6.547 billion yuan, a decrease of 12.74% year-on-year, and a net profit of 604 million yuan, down 10.84% year-on-year [5]. - The sales net profit margin improved to 10.95%, an increase of 0.58 percentage points year-on-year [5]. Market Opportunities - The railway market is witnessing a release of orders, with a significant increase in new contracts, indicating a recovery in demand [5]. - The company holds approximately 40% of the market share in urban rail transit control systems, participating in over 40 cities [5]. Future Outlook - The company is expected to benefit from the increasing demand for equipment upgrades and replacements, with a faster delivery and acceptance cycle for renewal projects [5]. - The overseas business is anticipated to contribute significantly to revenue growth, with a focus on both renovation and new construction projects [6].

证券代码：688009 证券简称：中国通号 公告编号：2024-013 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： 中标共计七个重要项目，其中铁路市场五个，分别为新建几内亚马瑞巴 亚港至西芒杜矿区铁路"三电"系统集成施工总承包MXSD-2标段项目，中标 金额12.45亿元；新建几内亚马瑞巴亚港至西芒杜矿区铁路信号及列车运行 控制系统采购项目，中标金额5.12亿元；新建合肥至武汉高速铁路（湖北段） "四电"工程HWRD标段项目，中标金额4.3亿元；新建京港高速铁路九江至南 昌段四电、房建及相关工程施工总承包CJRD标段项目，中标金额3.62亿元； 新建珠海至肇庆高铁珠海至江门段项目"三电"及管线迁改工程ZJQG-2标项 目，中标金额1.04亿元。城市轨道交通市场二个,分别为沈阳地铁3号线一期 工程专用通信及自动售检票系统安装工程项目，中标金额1.72亿元；深圳地 铁5号线西延工程及16号线二期工程信号系统设备采购项目，中标金额1.5 ...

[Table_StockInfo] 买入 2024年 05月 05日 （首次） 证券研究报告•2024年一季报点评 当前价： 5.40元 中国通号（688009） 机械设备 目标价： 8.75元（6个月） 轨交控制系统龙头，有望深度受益于更新改造 投资要点 西南证券研究发展中心 [T a事ble件_S：u公mm司a发ry布] 2024年一季报，24Q1营收 65.1亿元，同比-13.1%，归母净 [分Ta析bl师e_：Au邰th桂or龙] 利润 6.04亿元，同比-10.8%；扣非归母净利润5.94亿元，同比-10.3%。24Q1 执业证号：S1250521050002 业绩下滑，铁路板块新签订单增长。 电话：021-58351893  24Q1 公司业绩承压，略低于预期。24Q1，铁路、城轨、海外、工程总承包业 邮箱：tgl@swsc.com.cn 务分别实现营收35.6亿、16.2亿、1.8亿、11.4亿，分别同比-9.7%、-7.2%、 -34.9%、-24.6%，整体略低于预期。考虑到23年铁路、城轨、海外、以上板块 [相Tab对le指_Q数u表ot现eP ic] 新签订单均同比+5.0%、+3. ...

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4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5月6日 I. 法定/註冊股本變動 II. 已發行股份變動 | 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 | 03969 | 說明 | H股 | | | | 上月底結存 | | 1,968,801,000 | | | | | 增加 / 減少 (-) | | 0 | | | | | 本月底結存 | | 1,968,801,000 | | | | | 2. 股份分類 | 普通股 | 股份類別 | A | 於香港聯交所上市 (註1) | 否 | | --- | --- | --- | --- | --- | --- | | 證券代號 | 688009 | 說明 | A 股 (上海證券交易所科創板) | | | | 上月底結存 | | 8,621,018,0 ...

公司点评●轨交设备Ⅱ 2024年 04 月29 日 Q1 业绩承压，关注轨交更新改造需求 中国通号(688009) 释放 推荐 (维持) 核心观点：  投资事件： 公司披露 2024 年一季报。2024Q1 公司实现营业收入 65.09亿元， 分析师 同比下降 13.10%；实现归母净利润 6.04亿元，同比下降 10.84%；实现扣非净 鲁佩 利润 5.94亿元，同比下降 10.29%。 ：021-20257809  一季度业绩继续承压。分业务来看，一季度铁路业务营收 35.58 亿，同比下 ：lupei_yj@chinastock.com.cn 滑 9.68%；城轨业务营收 16.15亿，同比下滑 7.23%；海外业务 1.79亿，同比 分析师登记编码：S0130521060001 下滑 34.89%；工程总承包业务营收 11.44 亿，同比下滑 24.62%。轨交控制业 务（铁路+城轨+海外）合计营收 53.52亿元，同比下滑 10%，略低于预期。 研究助理  收入结构持续优化，盈利能力再提升。24Q1公司综合毛利率 27.41%，同比 王霞举 +4.61pct，主要得益于低毛利的工程业务的收 ...

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：2024-002 投资者关系 □特定对象调研 □分析师会议 □媒体采访 ■业绩说明会 活动类别 □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 中小投资者。 人员 时间 2024年4月25日 地点 中国通号园区 ...

Financial Performance - The operating revenue for Q1 2024 was CNY 6,509,426,910.25, representing a decrease of 13.10% compared to the same period last year[3]. - The net profit attributable to shareholders was CNY 604,490,948.26, down 10.84% year-on-year[3]. - The net profit after deducting non-recurring gains and losses was CNY 594,368,032.17, a decrease of 10.29% compared to the previous year[3]. - In Q1 2024, the company's net profit was CNY 712,787,783.12, a decrease of 8.2% compared to CNY 776,657,331.91 in Q1 2023[19]. - The total comprehensive income for Q1 2024 was CNY 717,666,489.55, down from CNY 779,863,641.52 in Q1 2023[20]. - The company's operating profit was CNY 879,671,556.88, a decrease of 6.0% from CNY 935,852,172.37 in Q1 2023[19]. - Net profit for Q1 2024 reached CNY 105,754,373.03, an increase of 15.9% compared to CNY 91,236,695.92 in Q1 2023[27]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 118,076,301,641.15, a decrease of 0.77% from the end of the previous year[4]. - The company's total assets as of March 31, 2024, were CNY 118.08 billion, a slight decrease from CNY 118.99 billion at the end of 2023[16]. - The total liabilities decreased to CNY 68.45 billion from CNY 70.12 billion year-on-year[16]. - The company's total assets as of March 31, 2024, amounted to CNY 44,883,994,979.34, a slight decrease from CNY 44,922,488,517.06 on December 31, 2023[26]. - Total current liabilities decreased to CNY 10,429,445,861.81 from CNY 10,565,488,529.19, a reduction of 1.3%[26]. Equity and Shareholder Information - The total equity attributable to shareholders increased to CNY 47,458,549,847.58, reflecting a growth of 1.38% compared to the end of the previous year[4]. - The total equity attributable to shareholders increased to CNY 47.46 billion from CNY 46.81 billion year-on-year[16]. - The company had a total of 71,089 common shareholders at the end of the reporting period[10]. - The largest shareholder, China Railway Signal & Communication Group Co., Ltd., held 6,610,085,424 shares, representing 62.42% of the total shares[9]. Cash Flow and Investments - The net cash flow from operating activities was CNY 2,082,321,318.72, not applicable for year-on-year comparison[3]. - The company reported a significant increase in cash flow from operating activities, with a net cash inflow of CNY 2,082,321,318.72 compared to a net outflow of CNY 1,307,374,461.57 in Q1 2023[23]. - Cash inflow from operating activities totaled ¥1,249,747,394.03, compared to ¥868,004,718.03 in the same period last year, representing an increase of approximately 43.8%[28]. - The company maintained cash and cash equivalents at ¥6,938,970,400.70 at the end of Q1 2024, down from ¥9,452,360,083.33 at the end of Q1 2023[29]. - The company secured ¥2,000,000,000.00 in cash from financing activities, consistent with the previous year[28]. Research and Development - Research and development expenses amounted to CNY 376,270,501.83, accounting for 5.78% of operating revenue, an increase of 1.12 percentage points year-on-year[4]. - Research and development expenses rose to CNY 376,270,501.83, representing a 22.9% increase from CNY 305,948,866.89 in Q1 2023[19]. - Research and development expenses significantly decreased to CNY 1,800.00 from CNY 19,283,400.56, indicating a strategic shift in R&D investment[27]. Inventory and Receivables - The company’s inventory increased to CNY 37.52 billion from CNY 32.06 billion year-on-year[15]. - The company reported a decrease in accounts receivable to CNY 22.16 billion from CNY 22.88 billion[14]. - The company’s inventory increased to CNY 13,402,835.85 from CNY 8,367,845.69, indicating a rise in stock levels[25]. Contract and Revenue Trends - The total new contracts signed in Q1 2024 amounted to CNY 11.36 billion, down 17.07% year-on-year, with the railway sector increasing by 10.13% to CNY 3.985 billion[13]. - The total revenue from operating activities increased to CNY 13,219,785,766.72, up 58.5% from CNY 8,346,582,272.80 in the same period last year[23]. - The company’s sales revenue from goods and services received cash of CNY 9,269,125,042.59, an increase of 21.0% from CNY 7,665,601,435.18 in the previous year[22].

北京市中伦律师事务所 关于中国铁路通信信号股份有限公司 控股股东增持公司股份的 专项核查意见 二〇二四年四月 1.本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》 及《律师事务所证券法律业务执业规则（试行）》等法律、法规和其他规范性文 件及本专项核查意见出具日以前已经发生或存在的事实，严格履行了法定职责， 遵循了勤勉尽责和诚实信用原则，进行了充分的核验查证，保证本专项核查意见 所认定的事实真实、准确、完整，所发表的结论性意见合法、准确，不存在虚假 记载、误导性陈述或者重大遗漏。 北京市中伦律师事务所 关于中国铁路通信信号股份有限公司 控股股东增持公司股份的 专项核查意见 致：中国铁路通信信号股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受中国铁路通信信号股份有 限公司（以下简称"中国通号"或"公司"）的委托，就中国铁路通信信号集团 有限公司（以下简称"通号集团"或"增持人"）增持公司股份（以下简称"本 次增持"）的相关事宜出具本专项核查意见。 本所律师根据《中华人民共和国公司法》、《中华人民共和国证券法》（以下 简称"《证券法》"）及《上市公司收购管理办法》（以下简称"《收购管理办 ...

证券代码：688009 证券简称：中国通号 公告编号：2024-012 中国铁路通信信号股份有限公司 关于控股股东增持公司股份计划实施结果的公告 本公司董事会、全体董事及相关股东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： 增持计划基本情况：公司控股股东中国铁路通信信号集团有限公司（以 下简称"通号集团"）自2023年10月18日起6个月内，通过上海证券交易所允许的 方式增持公司A股股份，累计增持总金额不低于人民币5,000万元，不超过人民币 1亿元（以下简称"本次增持计划"）。本次增持计划详细内容请见公司2023年10 月19日于上海证券交易所网站（www.sse.com.cn）披露的《关于控股股东增持公 司股票及未来增持计划的公告》。 增持计划的实施结果：截至2024年4月17日，增持主体通号集团通过上海 证券交易所交易系统以集中竞价方式累计增持公司股份9,789,576股，占公司总 股本的0.0924%，增持金额合计为人民币5,014.51万元，已超过本次增持计划下 限5,000万元，本次增持计划已实施完毕。 中国铁路 ...

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：2024-001 投资者关系 □特定对象调研 □分析师会议 □媒体采访 ■业绩说明会 活动类别 □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 中信建投证券资产管理、中信证券、浙商证券、银华基金、工银瑞信 基金、华能贵诚信托有限公司、民生加银基金、浙商证券、瑞士百达、 人员 银河证券、申万宏源、华商基金、东方财富证券、明澄投资、久友资 本、方正证券、华金证券、北银理财、太平资产管理有限公司、国泰君 安证券、大家资产、相聚资本、中国人寿资产管理、天弘基金、阳光资 ...