CRRC(601766) 申万宏源证券·2025-03-31 14:43Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a revenue of 246.46 billion yuan for 2024, a year-on-year increase of 5.21%, and a net profit attributable to shareholders of 12.39 billion yuan, up 5.77% year-on-year, slightly below market expectations [5][8] - The railway equipment segment showed robust growth, with total revenue of 110.46 billion yuan, a year-on-year increase of 12.50%, driven by a significant 49.26% increase in the high-speed train segment [8] - The company has a strong order backlog, with new orders signed in 2024 amounting to approximately 322.2 billion yuan, a 7.90% increase year-on-year, and an ending backlog of about 318.1 billion yuan, up 17.68% year-on-year [8] Financial Data and Profit Forecast - The company’s total revenue is projected to grow from 234.26 billion yuan in 2023 to 283.67 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 6.3% [7][10] - Net profit attributable to shareholders is expected to increase from 11.71 billion yuan in 2023 to 15.25 billion yuan in 2027, reflecting a CAGR of about 7.9% [7][10] - The company’s gross margin improved to 21.38% in 2024, an increase of 0.84 percentage points year-on-year, while the net margin rose to 6.36%, up 0.14 percentage points year-on-year [8] Segment Performance - Revenue from the railway equipment maintenance segment reached 41.78 billion yuan, a year-on-year increase of 25.21%, accounting for 37.83% of total railway equipment revenue [8] - Domestic market revenue was 218.12 billion yuan, a year-on-year increase of 5.61%, while international revenue was 28.34 billion yuan, a year-on-year increase of 2.18% [8] Market Outlook - The report expresses confidence in the demand for railway equipment in 2025, supported by a 5.1% year-on-year increase in fixed asset investment in railways during the first two months of 2025 [8] - The company is expected to continue benefiting from its strong market position and the overall growth in the railway sector [8]