CRHIC(600528) 新浪财经·2025-03-30 06:23Performance Summary - In the annual report for 2024, the company achieved operating revenue of 29.003 billion yuan, a year-on-year decrease of 3.54%, and a net profit attributable to shareholders of 1.770 billion yuan, a year-on-year increase of 1.50% [1] - In Q4 2024, the company reported operating revenue of 8.464 billion yuan, a year-on-year increase of 1.74%, and a net profit attributable to shareholders of 0.451 billion yuan, a year-on-year increase of 74.91% [2] Operational Analysis - The company successfully expanded its overseas market for tunnel construction equipment, with new contracts signed amounting to 2.209 billion yuan in 2024, a year-on-year increase of 27.64%, marking a historical high. This expansion solidified its presence in key markets in Europe and Asia, and it also made its first export to the North American market, achieving a breakthrough for domestic shield machines [3] - The introduction of marine economy policies is expected to boost the company's marine engineering business revenue. The 2025 government work report emphasized the development of the marine economy, and the company has positioned itself in various marine equipment sectors, including cranes for offshore wind power installation and intelligent shipyard equipment [3] - Continuous growth in railway investment and supportive equipment renewal policies are anticipated to release demand for the company's transportation equipment. The National Railway Administration reported a year-on-year increase of 5.1% in fixed asset investment for the first two months of 2025, along with a 6.4% increase in passenger volume, indicating a positive outlook for railway equipment demand [4] Profit Forecast, Valuation, and Rating - The company forecasts operating revenues of 31 billion yuan, 33.1 billion yuan, and 35.2 billion yuan for 2025, 2026, and 2027 respectively, with net profits attributable to shareholders of 1.899 billion yuan, 2.036 billion yuan, and 2.172 billion yuan. The corresponding price-to-earnings ratios are projected to be 9, 9, and 8 times, maintaining a "buy" rating [5]