CRRC(601766) 新浪财经·2025-03-30 12:30Core Insights - The company achieved a revenue of 246.46 billion yuan in 2024, representing a year-on-year increase of 5.21%, and a net profit attributable to shareholders of 12.39 billion yuan, up 5.77% year-on-year [1] - The growth in revenue is primarily driven by the recovery of fixed asset investment in railways, with significant increases in new train procurement and major repairs [1][3] Financial Performance - The company's gross profit margin for 2024 was 21.38%, a decrease of 0.89 percentage points year-on-year, while the net profit margin improved slightly to 6.36%, an increase of 0.14 percentage points year-on-year [2] - In Q4 2024, the company reported a revenue of 93.87 billion yuan, a year-on-year increase of 2.90%, but a decline in net profit attributable to shareholders by 7.51% to 5.14 billion yuan [1][2] Business Segments - The railway equipment segment generated revenue of 110.46 billion yuan, up 12.50% year-on-year, while the urban rail segment saw a decline of 9.72% to 45.44 billion yuan [1] - The new industries segment achieved revenue of 86.38 billion yuan, an increase of 7.13%, while the modern services segment experienced a significant decline of 18.22% to 4.18 billion yuan [1] Cash Flow and Liabilities - As of the end of 2024, the company's contract liabilities increased by 21.60% to 28.18 billion yuan, and inventory rose by 18.10% to 78.95 billion yuan, indicating a strong order backlog [3] - The net cash flow from operating activities for 2024 was 27.13 billion yuan, a substantial increase of 84.27% year-on-year [3] Market Outlook - The company has adjusted its net profit forecasts for 2025-2026 to 13.81 billion yuan and 14.88 billion yuan, respectively, while projecting a net profit of 16.03 billion yuan for 2027 [4] - The current stock price corresponds to dynamic PE ratios of 15, 14, and 13 times for the years 2025, 2026, and 2027, respectively, maintaining a "buy" rating [4]