CHINA RAILWAY(601390) Changjiang Securities·2025-05-07 14:18Investment Rating - The investment rating for the company is "Buy" and is maintained [11] Core Views - The company reported a revenue of 248.564 billion yuan, a year-on-year decrease of 6.21%, and a net profit attributable to shareholders of 6.025 billion yuan, down 19.46% year-on-year [2][8] - The company's mineral resources business is developing steadily, with significant growth in overseas contracts despite a decline in new domestic contracts [8] Financial Performance - The company's Q1 revenue breakdown shows infrastructure construction, design consulting, equipment manufacturing, and real estate development revenues of 216.796 billion, 4.67 billion, 6.246 billion, and 6.671 billion yuan respectively, with real estate development seeing a notable increase of 59.48% year-on-year [8] - The overall gross margin for Q1 was 8.46%, a decrease of 0.13 percentage points year-on-year, with specific margins for different segments also declining [8] - The net profit margin for Q1 was 2.42%, down 0.40 percentage points year-on-year, while the net profit margin after deducting non-recurring items was 2.23%, down 0.47 percentage points year-on-year [8] Contract and Cash Flow Analysis - New contracts signed in Q1 totaled 560.1 billion yuan, a decrease of 9.9% year-on-year, with domestic contracts down 13.6% and overseas contracts up 33.4% [8] - The company experienced a net cash outflow from operating activities of 77.399 billion yuan in Q1, an increase of 9.334 billion yuan year-on-year, with a cash collection ratio of 91.02%, down 7.51 percentage points year-on-year [8] Mineral Resources Development - The company operates five modern mines, producing significant quantities of various metals, including 288,252 tons of copper and 5,629 tons of cobalt, indicating a robust operational status [8]