轨交设备Ⅱ：国铁集团2024H1财务决算披露，石雄高铁即将批复

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% over the next 6 to 12 months [5]. Core Insights - In the first half of 2024, the National Railway Group achieved an operating revenue of 579.4 billion yuan and a net profit of 1.7 billion yuan, with significant improvements in operational quality and efficiency [1]. - The Shijiazhuang-Xiong'an New Area high-speed railway is expected to be approved soon, with a projected completion and operation date in 2028. The total investment for the project is approximately 33.65 billion yuan [1][2]. - The Chinese government has set ambitious targets for railway network expansion, aiming for a total railway mileage of 200,000 kilometers by 2035, which will create substantial market opportunities for the rail transit equipment industry [2]. Summary by Sections Financial Performance - The National Railway Group's total transportation revenue reached 484.1 billion yuan in the first half of 2024, reflecting a year-on-year growth of 4.7%. The asset-liability ratio decreased to 64.55%, down by 0.99 percentage points from the end of the previous year [1]. Project Developments - The Shijiazhuang to Xiong'an high-speed railway project is progressing towards approval, with the environmental impact assessment and preliminary design nearing completion. The project will feature a total length of 155.84 kilometers and a design speed of 350 km/h [1][2]. Market Opportunities - The "14th Five-Year Plan" outlines a target of 165,000 kilometers of railway operating mileage by 2025, with high-speed rail accounting for 50,000 kilometers. To meet the 2035 goal of 200,000 kilometers, approximately 35,000 kilometers of new railway lines need to be constructed from 2026 to 2035, creating vast market potential for the rail transit equipment sector [2]. Recommended Companies - The report suggests focusing on several key companies in the rail transit equipment sector, including: 1. CRRC Corporation Limited, a global leader in rail transit equipment supply [2]. 2. China Railway Signal & Communication Corporation, a leading provider of rail transit control systems [2]. 3. Times Electric, a prominent supplier of traction and conversion systems [2]. 4. Sifang Automation, specializing in railway safety equipment [2]. 5. Shenzhou High-speed Railway, a leader in intelligent operation and maintenance equipment for rail transit [2]. 6. Huizhou Technology, providing integrated solutions for rail transit operation and maintenance [2].