CHINA RAILWAY(601390) 华创证券·2025-03-31 03:43Investment Rating - The report downgrades the investment rating to "Recommended" with a target price of 7.2 CNY [2] Core Views - In 2024, the company achieved total revenue of 1,160.3 billion CNY, a year-on-year decrease of 8% and a net profit attributable to shareholders of 27.9 billion CNY, down 17% year-on-year [2][7] - The infrastructure construction revenue was 992.85 billion CNY, also down 8.71% year-on-year, accounting for approximately 85.6% of total revenue [7] - Emerging businesses, including water conservancy and clean energy, showed strong performance with new contract amounts increasing by 50% and 22.6% respectively [7] - The average financing cost decreased to 3.57%, down 0.31 percentage points year-on-year, while accounts receivable increased by 56.96% to 246.2 billion CNY [7] Financial Summary - 2024 Financial Indicators: - Total Revenue: 1,160,311 million CNY - Year-on-Year Growth: -8.2% - Net Profit: 27,887 million CNY - Year-on-Year Growth: -16.7% - Earnings Per Share: 1.13 CNY - Price-to-Earnings Ratio: 5 [2][8] - Future Projections: - 2025E Revenue: 1,121,390 million CNY, with a growth rate of -3.4% - 2026E Revenue: 1,159,448 million CNY, with a growth rate of 3.4% - 2027E Revenue: 1,248,194 million CNY, with a growth rate of 7.7% [2][8]