CRRC(601766)2024-10-31 02:40Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company reported a revenue of 152.58 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 6.67%, and a net profit attributable to shareholders of 7.25 billion yuan, up 17.77% year-on-year [1] - The railway equipment segment continues to show strong growth, with revenue from this segment reaching 71.76 billion yuan, a year-on-year increase of 36.69% [1] - The company has signed new orders worth 212.2 billion yuan in the first three quarters, showing a slight year-on-year increase [1] - The gross margin for the first three quarters was 21.21%, an increase of 0.91 percentage points year-on-year, while the net profit margin was 6.21%, up 0.60 percentage points year-on-year [1] Financial Performance Summary - The company is expected to achieve net profits of 14.02 billion yuan, 15.19 billion yuan, and 15.28 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 0.49, 0.53, and 0.53 yuan [4] - The projected revenue for 2024 is 260.09 billion yuan, reflecting a growth rate of 11.03% [4] - The company’s PE ratio is expected to be 17 times in 2024, 16 times in 2025, and 16 times in 2026 [4]