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].

证券代码：688009 证券简称：中国通号 公告编号：2024-026 中国铁路通信信号股份有限公司 关于对外担保计划的公告 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: 2025年1-3月，公司拟对外提供担保总额587,974.53万元，此次对外提供 担保计划的被担保方为公司的分公司、全资子公司及非全资控股子公司，共计28 家，其中1家非全资控股子公司，被担保方中无公司关联方，不涉及反担保事项。 截至2024年9月30日，公司实际对全资子公司担保179,940.72万元，对非 全资控股子公司担保0亿元。 截至本公告披露日，公司无逾期对外担保。 本次担保无需提交股东大会审议。 一、担保情况概述 2024 年 10 月 25 日，中国铁路通信信号股份有限公司（以下简称"公司"） 第四届董事会第 25 次会议审议通过了《关于中国铁路通信信号股份有限公司 2025 年度对外担保计划的议案》，为确保公司生产经营工作持续、稳健开展，同 意公司于 2025 年 1 月 1 日-3 月 31 日期间对外提供担保计划总额 ...

| 最近一年财务报表数据 | 最近一期财务报表数据 | （2023年12月） | （2024年6月） | 序 | 被担保人 | 法定 | 持股比 | 与担保人的关 | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 注册地点 | 经营范围 | 号 | 名称 | 代表人 | 例 | 系 | | | | | | | | | | | | | | | | | | 资产总额 | 负债总额 | 贷款总额 流动负债总额 净资产 | 营业收入 | 净利润 | 资产总额 | 负债总额 | 贷款总额 流动负债总额 净资产 | 营业收入 | 净利润 | | | | | | | | | | | | | | | 软件开发；技术开发、技术咨询、技术转让、技术推广、技术服务；城市轨 | 道交通设备、铁路专用设备及器材、配件的研发；工程设计；计算机系统集 ...

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 公告编号：2024-025 中国铁路通信信号股份有限公司 第四届监事会第十六次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 （2）公司2024年第三季度报告公允地反映了公司报告期内的财务状况和经 营成果，所包含的信息从各个方面都真实地反映出公司报告期内的经营管理和财 务状况等事项。公司2024年第三季度报告所披露的内容真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏。 中国铁路通信信号股份有限公司（以下简称"公司"）第四届监事会第十六 次会议（以下简称"本次会议"）于2024年10月25日以现场结合通讯形式召开， 本次会议通知及相关材料已于2024年10月15日以邮件方式送达公司全体监事。本 次会议由孔宁先生负责主持，会议应到3人，实到3人。本次会议的召集、召开符 合《中华人民共和国公司法》等法律、法规、规章、规范性文件和《中国铁路通 信信号股份有限公司章程》（以下简称《公司章程》）的有关规定。 二、 监事会会议审议情况 经与会监事 ...

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 ...

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 | 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9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 ...

证券代码：688009 证券简称：中国通号 公告编号：2024-024 中国铁路通信信号股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2024 年 10 月 14 日(星期一) 上午 11:00-12:00 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 9 月 30 日(星期一) 至 10 月 11 日(星期 五)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 8 月 29 日发布公司 2024 年半年度报告，为便于广大投资者更全面 深入地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 10 月 14 日 ...