CRRC(601766) 华创证券·2025-04-02 09:43Investment Rating - The report maintains a "Strong Buy" rating for China CNR Corporation (601766) [2][8] Core Views - The company achieved revenue of 246.46 billion yuan in 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 [2][4] - The rapid growth in the high-speed train business is a significant driver for the company's performance, with a notable increase in sales volume and contracts signed for maintenance services [2][8] Financial Performance Summary - 2024 Financial Results: - Total revenue: 246,457 million yuan, up 5.21% year-on-year - Net profit attributable to shareholders: 12,388 million yuan, up 5.77% year-on-year - Non-recurring net profit: 10,143 million yuan, up 11.38% year-on-year - Q4 revenue: 93,874 million yuan, up 2.90% year-on-year; Q4 net profit: 5,143 million yuan, down 7.51% year-on-year [2][4] - Future Financial Projections: - Expected revenue for 2025: 258,996 million yuan; 2026: 274,339 million yuan; 2027: 291,829 million yuan - Expected net profit for 2025: 13,408 million yuan; 2026: 14,422 million yuan; 2027: 15,357 million yuan - Corresponding EPS for 2025: 0.47 yuan; 2026: 0.50 yuan; 2027: 0.54 yuan [4][9] Business Segment Performance - Railway Equipment: - Revenue in 2024: 1,104.61 billion yuan, up 12.51% year-on-year - High-speed train revenue: 624.32 billion yuan, up 49.26% year-on-year [2][8] - Urban Rail and Infrastructure: - Revenue in 2024: 454.40 billion yuan, down 9.72% year-on-year, primarily due to reduced urban rail project income [2][8] - New Industries: - Revenue in 2024: 863.75 billion yuan, up 7.13% year-on-year, driven by increased clean energy equipment sales [2][8] Market Outlook - The report highlights a positive outlook for the company, driven by increasing passenger traffic, maintenance cycles, and equipment upgrades, indicating a new growth cycle for China CNR Corporation [2][8]