CRRC(601766) Shanxi Securities·2024-11-01 06:40Investment Rating - The report maintains a "Buy-A" rating for China CRRC Corporation Limited (601766.SH) [2] Core Views - The company is positioned as a global leader in rail transit equipment and is actively developing new industries, establishing a "dual-track, dual-cluster" strategy [2] - The rail transit equipment business is entering a prosperous cycle driven by increased demand for purchases and maintenance, indicating a new growth phase for the company [2] - The company expects net profit attributable to shareholders to grow from 131.4 billion yuan in 2024 to 158.4 billion yuan in 2026, with year-on-year growth rates of 12.2%, 11.5%, and 8.1% respectively [2] Company Performance - In the first three quarters, the company achieved operating revenue of 152.58 billion yuan, a year-on-year increase of 6.67%, and a net profit of 7.25 billion yuan, up 17.77% year-on-year [2][3] - The railway equipment business, particularly the high-speed train segment, significantly contributed to revenue growth, with a revenue of 71.77 billion yuan, representing a year-on-year increase of 36.69% [3] - The new industry segment reported a revenue of 50.11 billion yuan in Q3, with a year-on-year growth rate of 5.19%, indicating a positive trend [4] Financial Data and Projections - The company forecasts operating revenue to grow from 234.26 billion yuan in 2023 to 275.77 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 6.2% [5] - The projected net profit for 2024 is 13.14 billion yuan, with a year-on-year growth of 12.2% [5] - The report provides a detailed financial outlook, including expected earnings per share (EPS) growth from 0.41 yuan in 2023 to 0.55 yuan in 2026 [6]