CRRC(SH:601766) Chang Jiang Shang Bao·2025-04-09 03:01Core Viewpoint - China CRRC Corporation Limited (601766.SH) is expected to achieve significant profit growth in Q1 2025, with net profit projected between 2.822 billion and 3.226 billion yuan, representing a year-on-year increase of 180% to 220% [2][4]. Financial Performance - In 2024, China CRRC achieved record-high revenue of 246.5 billion yuan and net profit of 12.39 billion yuan, with year-on-year growth rates of 5.21% and 5.77% respectively [3][6]. - The company has maintained annual revenue above 200 billion yuan and net profit exceeding 10 billion yuan since its restructuring in 2015 [3][6]. Market Expansion - China CRRC has actively pursued global market opportunities, with overseas markets becoming a significant growth driver. In 2024, the company signed new orders totaling 322.2 billion yuan, including 47.2 billion yuan in overseas orders [5][6]. - The company’s international business set a record in 2023 with new orders amounting to approximately 58.4 billion yuan [5]. Research and Development - Since 2017, China CRRC has invested over 10 billion yuan annually in R&D, totaling approximately 105.5 billion yuan over eight years, with R&D expenditure as a percentage of revenue increasing to 6.77% by 2024 [7][8]. - The company has made significant advancements in technology, including the development of the Fuxing high-speed train and the world's largest floating offshore wind turbine [7]. Product and Service Diversification - In 2024, the company’s revenue from rail equipment, urban rail, new industries, and modern services reached 110.46 billion yuan, 45.44 billion yuan, 86.38 billion yuan, and 4.18 billion yuan respectively [6]. - The railway equipment business benefited from a 12.5% increase in revenue, primarily due to growth in the high-speed train segment [6].