CRRC(601766)2025-04-11 05:23Investment 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, representing a year-on-year growth of 5.21%, with a net profit attributable to shareholders of 12.39 billion yuan, up 5.77% year-on-year [3] - The first quarter of 2025 is projected to see a significant increase in net profit, estimated between 2.82 billion and 3.23 billion yuan, reflecting a year-on-year growth of 180-220% [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 - Largest shareholder: China CNR Group [2] Financial Performance - In 2024, the railway equipment revenue reached 110.46 billion yuan, a year-on-year increase of 12.50%, driven by 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, up 25% year-on-year [4] - The company forecasts revenues of 269.16 billion, 285.93 billion, and 299.99 billion yuan for 2025-2027, with corresponding net profits of 13.23 billion, 14.53 billion, and 15.14 billion yuan [6]