CRRC(601766) 中邮证券·2025-04-11 05:20Investment Rating - The report maintains a "Buy" rating for China CNR Corporation Limited [6][8] Core Views - The company is expected to achieve a revenue of 246.46 billion yuan in 2024, with a year-on-year growth of 5.21%, and a net profit attributable to shareholders of 12.39 billion yuan, reflecting a growth of 5.77% [3] - The first quarter of 2025 is projected to show a significant increase in net profit, estimated between 2.82 billion to 3.23 billion yuan, representing a year-on-year growth of 180% to 220% [3] - The railway equipment segment is experiencing strong growth, particularly in the high-speed train business, which is expected to continue benefiting from increased investment in railway infrastructure [5] Company Overview - Latest closing price: 6.99 yuan - Total shares: 2.8699 billion, circulating shares: 2.4328 billion - Total market capitalization: 200.6 billion yuan, circulating market capitalization: 170.1 billion yuan - 52-week high/low: 8.82/6.38 yuan - Debt-to-asset ratio: 59.0% - Price-to-earnings ratio: 16.26 [2] Financial Performance - In 2024, the railway equipment revenue reached 110.46 billion yuan, a year-on-year increase of 12.50%, driven by the growth in the high-speed train business [4] - The company sold 1,940 high-speed trains in 2024, with maintenance services generating approximately 41.8 billion yuan in revenue, a year-on-year increase of 25% [4] - The company forecasts revenues of 269.16 billion yuan, 285.93 billion yuan, and 299.99 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 13.23 billion yuan, 14.53 billion yuan, and 15.14 billion yuan [6]