Investment Rating - The report maintains a rating of "Buy" for the industry, specifically recommending the computing power sector and military communication [4][9]. Core Viewpoints - The release of tariff exemptions is expected to alleviate concerns in the optical communication sector, leading to a potential valuation recovery for companies like Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, which have international production capabilities [2][21]. - Domestic demand for computing power continues to grow, driven by significant investments from major internet companies and telecom operators, indicating a sustained narrative for AI growth [3][22]. - Military communication companies are anticipated to benefit from geopolitical tensions and increased defense budgets, with firms like Jiexun Feihong and China Satcom positioned to gain [23]. Summary by Sections Investment Strategy - Focus on the computing power and military communication sectors, recommending companies such as Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and military firms like Jiexun Feihong and China Satcom [4][12]. Market Review - The communication sector experienced a decline, with the operator index performing relatively better compared to other segments [16][19]. Tariff Impact - The U.S. Customs and Border Protection announced tariff exemptions for specific communication electronic products, which is expected to positively impact the optical communication industry [20][21]. Computing Power Demand - Major companies like Alibaba and ByteDance are significantly increasing their investments in AI infrastructure, indicating a robust growth trajectory for domestic computing power demand [3][22]. Key Companies - Recommended stocks include Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and military communication firms such as Jiexun Feihong and China Satcom, among others [4][9].

重要内容提示： 2025 年第一季度，中国铁路通信信号股份有限公司（以下简称"公司"）及 附属子公司新增 2 个创新平台，分别为公司被认定为低空空域智能管控北京市重 点实验室，附属子公司卡斯柯信号有限公司被确定为工业和信息化部第六批产业 技术基础公共服务平台。 证券代码：688009 证券简称：中国通号 公告编号：2025-013 中国铁路通信信号股份有限公司 关于自愿披露通过科技创新平台认定的公告 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。 中国铁路通信信号股份有限公司董事会 2025 年 4 月 12 日 中国铁路通信信号股份有限公司及附属子公司新增 2 个创新平台，分别 为低空空域智能管控北京市重点实验室、工业和信息化部第六批产业技 术基础公共服务平台。 风险提示：本次通过创新平台认定，预计对公司品牌影响力的提升和未 来市场开拓产生一定的积极作用，对公司业绩暂无重大影响，敬请广大 投资者注意投资风险。 以上创新平台的认定，主要得益于公司在轨道交通以及低空经济智能控制领 域的技术实力和创新能力，预计对公司品牌影响力 ...

近年来，中国通号积极布局发展低空经济，并以通号低空智能科技有限公司为平台，不断探索低空与轨道交通融合发展新路径，以支撑国家综合立体交通 网建设，加快形成新质生产力，切实发挥央企在新经济领域的科技创新、产业控制和安全支撑作用。 普宙科技是一家集无人机研发、生产、销售、运维和低空数据运营于一体的高科技企业，具备无人机全产业链研发能力，拥有丰富的无人机产品线，在无 人机、无人机自动机库、智能载荷、软件平台和数据运营等领域不断革新产品和解决方案。 未来，中国通号将继续发挥智能控制技术的核心优势，与低空经济领域的优秀企业开展合作，不断拓展低空经济应用场景，为我国低空经济高质量发展贡 献力量。 中国通号办公室、战略投资部、战略新兴产业事业部、市场经营部，研究设计院集团、卡斯柯公司、通信信息集团、通号电气化局、低空公司，通信信息 集团信息产业公司主要负责同志陪同调研考察。（中国通号） 4月8日，中国通号党委书记、董事长楼齐良到普宙科技调研考察，与普宙科技董事长黄立、总经理陈虎座谈交流。中国通号党委常委、副总裁、总工程师 张志辉，党委常委、副总裁万宝华，普宙科技副总经理胡倩等陪同参观交流。 在公司展厅，楼齐良全面了解了普宙科 ...

Core Viewpoint - The central theme of the news is the positive outlook on the Chinese capital market, highlighted by the recent actions of state-owned enterprises, particularly Central Huijin, which has increased its holdings in ETFs, signaling confidence in the market's stability and growth potential [1][2]. Market Performance - As of April 8, 2025, the CSI A500 Index (000510) rose by 0.20%, with notable increases in constituent stocks such as China Communication Technology (688009) up 8.63% and China CRRC (601766) up 8.15% [1]. - The A500 ETF (512050) increased by 1.29%, with a latest price of 0.87 yuan, and recorded a turnover rate of 6.24% during the trading session, amounting to a transaction volume of 1.043 billion yuan [1]. Institutional Support - Central Huijin's announcement of increased ETF holdings is seen as a stabilizing force for the index and the broader market, reinforcing the message of maintaining market stability [2]. - Other state-owned enterprises, including China Chengtong and China Guoxin, also announced their plans to increase holdings, further supporting the positive sentiment towards the capital market [1][2]. Fund and Index Characteristics - The A500 ETF closely tracks the CSI A500 Index, which comprises 500 large-cap, liquid stocks from various industries, reflecting the overall performance of representative listed companies [2]. - The latest scale of the A500 ETF reached 16.689 billion yuan, and the index's price-to-earnings ratio (PE-TTM) stands at 13.36, indicating a valuation lower than 97.52% of the time over the past year, suggesting it is at a historical low [2]. Top Holdings - As of March 31, 2025, the top ten weighted stocks in the CSI A500 Index accounted for 20.89% of the index, with notable companies including Kweichow Moutai (600519) and CATL (300750) [3][5].

2025 年 4 月 4 日 公司研究 收入结构持续优化，低空经济业务有望打开第二增长曲线 ——中国通号（688009.SH、3969.HK）2024 年年报点评 要点 24 年利润端增速转正，盈利能力大幅提升 中国通号公布 2024 年年报，全年实现营业收入 324.7 亿元，同比下降 12.2%；实现归母净利润 34.9 亿元，同比上升 0.5%。毛利率为 29.2%，同比上 升 3.5 个百分点；净利率为 12.5%，同比上升 1.7 个百分点，公司收入结构持续 调整，降本增效力度加大。公司拟每股分红 0.17 元人民币，分红比例达到 51.5%。 收入结构持续优化，海外业务营收表现亮眼 24 年公司海外业务实现营业收入 24.4 亿元，同比上涨 64.2%，收入同比大 幅增长的主要原因是确认匈塞铁路匈牙利段项目收入。24 年公司海外累计新签 合同总额 59.2 亿元，同比增长 58.3%。公司承揽巴西圣保罗城际铁路北轴线项 目信号系统供货集成安装总承包项目、几内亚马西铁路"三电"系统集成施工总 承包项目、几内亚马西铁路信号及列车运行控制系统采购项目等重大工程，海外 市场保持连续增长态势。 聚焦低空经济 ...

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: 2025年3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: 2025年4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 | | 1,968,801,000 | | 2. 股份分類 | 普 ...

Investment Rating - The report maintains a "Buy" rating for China Communication Technology Co., Ltd. (688009) with a target price of 7.20 CNY over the next six months, while the current price is 5.58 CNY [1]. Core Insights - The company reported a revenue of 326.44 billion CNY for 2024, a decrease of 11.98% year-on-year, while the net profit attributable to the parent company was 34.95 billion CNY, reflecting a slight increase of 0.50% [7]. - The fourth quarter of 2024 showed better-than-expected performance with a revenue of 117.0 billion CNY, down 5.6% year-on-year, but a net profit of 11.4 billion CNY, up 24.7% year-on-year [7]. - The company is optimizing its business structure, leading to improved profitability, with a gross margin of 29.2% in 2024, up 3.5 percentage points year-on-year [7]. Summary by Sections Financial Performance - Revenue for 2024 was 326.44 billion CNY, with projections of 352.37 billion CNY for 2025, 377.09 billion CNY for 2026, and 401.71 billion CNY for 2027, indicating a recovery with growth rates of 7.94%, 7.02%, and 6.53% respectively [3][8]. - The net profit attributable to the parent company is expected to grow from 34.95 billion CNY in 2024 to 38.60 billion CNY in 2025, with a compound annual growth rate of 10% over the next three years [10]. Business Segments - The rail transit control system business generated 295.5 billion CNY in revenue for 2024, with a growth of 1.0% year-on-year. The equipment manufacturing segment saw an 8.0% increase, while the system delivery service segment experienced a decline of 6.4% [7]. - The overseas business segment achieved significant growth, with revenue of 24.4 billion CNY, up 64.2% year-on-year, driven by projects in North America and Southeast Asia [7]. Market Position and Future Outlook - The company is positioned as a leader in the rail transit control system sector and is expected to benefit from the ongoing equipment replacement cycle in the railway sector, aligning with national policies for large-scale equipment updates [7]. - The company is also expanding into the low-altitude economy, leveraging its technological advantages in rail transit control to develop drone manufacturing and service operations, with successful applications already demonstrated in several cities [7].

事件：公司发布2024 年报。2024 年，公司实现收入326.44 亿元，同比-11.98%，实现归母净利润34.95 亿元，同比+0.50%；累计新签合同500.69亿元，同比下降31.53%。截至2024 年末，公司在手订单1228.9 亿元。 结构持续优化，海外业务保持高增。2024 年，①铁路：收入189.90 亿元，同比-1.86%，毛利率 29.95%，同比-1.72pct；新签订单256.37 亿元，同比+2.09%。②城轨：收入82.20 亿元，同比-3.58%，毛 利率33.47%，同比+6.64pct；新签订单100.06 亿元，同比-24.09%。③海外：收入24.41 亿元，同比 +64.20%，毛利率24.61%，同比+6.10pct；新签订单59.19 亿元，同比+58.27%。④工程总承包：收入 26.89 亿元，同比-64.96%，毛利率11.98%，同比+1.87pct；工程总承包及其他新签订单85.08 亿元，同 比-72.63%。⑤其他：收入2.32 亿元，同比+247.78%，毛利率67.14%，同比-1.22pct。 盈利能力向好，加大研发维持竞争力。2024 年， ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][7][11] Core Views - The report emphasizes the company's leading position in rail transit control systems and highlights the acceleration of business expansion both domestically and internationally [7][11] - The company is expected to benefit from the recovery of railway investments and the stabilization of urban rail markets, focusing on optimizing its business structure and enhancing overseas operations [7][8] Financial Performance and Forecast - In 2024, the company achieved revenue of 32.644 billion yuan, a year-on-year decrease of 11.98%, with a net profit of 3.495 billion yuan, a slight increase of 0.50% [7][8] - The company anticipates revenues of 32.412 billion yuan in 2025, with a projected net profit of 3.607 billion yuan, reflecting a year-on-year growth of 3.22% [8][11] - The gross profit margin is expected to remain stable, with projections of 29.8% in 2025 and 29.7% in 2026 [6][8] Business Segments - Railway segment revenue is projected to be 19.457 billion yuan in 2025, with a slight growth of 3% [8][10] - Urban rail segment revenue is expected to decline slightly, with projections of 8.015 billion yuan in 2025 [8][10] - Overseas business is anticipated to grow significantly, with expected revenues of 3.662 billion yuan in 2025, reflecting a 50% year-on-year increase [8][10] - The engineering contracting segment is expected to see a substantial decline, with revenues projected at 0.672 billion yuan in 2025 [8][10] Valuation - The report estimates a reasonable valuation range for the company at 6.13 to 7.15 yuan per share, based on a PE ratio of 18-21 times for 2025 [11][12] - The estimated market capitalization is projected to be between 649 billion yuan and 758 billion yuan [11][12]

丨证券研究报告丨 [Table_Author] 赵智勇 倪蕤 屈奇 SAC：S0490517110001 SAC：S0490520030003 SAC：S0490524070003 SFC：BRP550 请阅读最后评级说明和重要声明 %% %% 公司研究丨点评报告丨中国通号（688009.SH） [Table_Title] 中国通号 2024 年报点评：经营稳健增长，聚力 "轨道交通+低空经济"双赛道 报告要点 [Table_Summary] 中国通号发布 2024 年年报，2024 年实现收入 326.44 亿元，同比下降 11.98%；归母净利润 34.95 亿元，同比增长 0.50%。公司聚焦轨道交通和低空经济"双赛道"，巩固拓展轨道交通通 信信号工程设计、列控系统装备、工程技术服务"三位一体"全产业链优势；培育低空空域管 控业、无人机制造业、服务运营业，加快构建低空经济"三业一态"产业格局。 分析师及联系人 %% %% research.95579.com 1 中国通号（688009.SH） cjzqdt11111 [Table_Title 中国通号 2024 2] 年报点评：经营稳健增长，聚力 "轨 ...