运输设备24H1中报综述：轨交产业链分化，看好车辆和机电设备增长持续性

Investment Rating - The report maintains an investment rating of "Buy - A" for key companies in the rail transit equipment sector, specifically for China CRRC (601766.SH), Times Electric (688187.SH), and Times New Material (600458.SH) [3]. Core Insights - The rail transit industry chain shows a clear differentiation in performance, with the overall net profit of the rail transit industry chain declining by 9% year-on-year in 24H1, and a more significant drop of approximately 16% in 24Q2. The upstream segments, including project surveying, design, and engineering construction, have seen declines of 12% and 20% respectively in 24H1 and 24Q2, negatively impacting the overall industry chain [1][2]. - In contrast, the performance of the electromechanical equipment and vehicle manufacturing segments has shown significant growth, with vehicle manufacturing (China CRRC) achieving a revenue increase of 3% and a net profit increase of 21%, while electromechanical equipment (Times Electric) reported an 18% revenue growth and a 28% net profit growth [1][2]. - The demand for high-speed trains is expected to exceed expectations, with the first tender for new high-speed trains in 2024 already surpassing the total tender amount for 2023 [2][4]. Summary by Sections 1. Performance of Electromechanical Equipment and Vehicle Manufacturing - The electromechanical equipment and vehicle manufacturing segments maintained a year-on-year growth trend, with net profit growth rates of 28% and 21% respectively in 24H1. In 24Q2, these segments continued to show positive growth, with year-on-year net profit increases of 29% and 12% [1][7]. 2. Growth in Passenger and Freight Transport Demand - The report highlights a continuous increase in passenger and freight transport demand, with the National Railway Group's operating performance improving and its asset-liability ratio decreasing to below 65%. Fixed asset investment in railways reached 477.5 billion yuan, a year-on-year increase of 10.5% [2][4]. 3. Investment Recommendations - The report recommends focusing on the growth sustainability of vehicles and electromechanical equipment, with specific emphasis on companies such as China CRRC, Times Electric, and Times New Material. It also suggests paying attention to companies like Yonggui Electric and Siwei列控 [2][3].