CRSC(SH:688009) 光大证券研究·2025-09-03 23:07Core Viewpoint - The company has achieved steady growth in its performance for the first half of 2025, with a slight increase in revenue and net profit, despite some declines in profit margins [4]. Group 1: Financial Performance - In H1 2025, the company reported revenue of 14.665 billion yuan, a year-on-year increase of 2.91%, and a net profit attributable to shareholders of 1.621 billion yuan, up 1.34% year-on-year [4]. - The gross margin was 28.76%, down 0.60 percentage points year-on-year, while the net margin was 12.70%, down 0.35 percentage points year-on-year [4]. Group 2: Business Segments Performance - Revenue from various business segments in H1 2025 included: - Railways: 8.324 billion yuan (down 7.87% year-on-year) - Urban rail: 3.916 billion yuan (up 12.85% year-on-year) - Overseas: 944 million yuan (up 55.92% year-on-year) - Engineering contracting: 1.480 billion yuan (up 29.93% year-on-year) [5]. - The decline in railway revenue was attributed to differences in project construction progress, while urban rail revenue increased due to a large backlog of orders and new contracts [5]. Group 3: Order Book and Contracting - As of H1 2025, the company had an order book of 117.563 billion yuan, with new contracts signed totaling 17.568 billion yuan, a year-on-year decrease of 16.44% [6]. - New contracts in various sectors included: - Railways: 1.114 billion yuan (up 12.64% year-on-year) - Urban rail: 377.4 million yuan (up 26.51% year-on-year) - Overseas: 187.5 million yuan (down 47.16% year-on-year) - Engineering contracting: 74.8 million yuan (down 83.74% year-on-year) [6]. - The company secured contracts worth 1.480 billion yuan for high-speed rail renovation projects, a significant increase of 74.86% year-on-year [6]. Group 4: Low-altitude Economy Development - The company is actively developing the low-altitude economy, with operations in 34 cities and 49 service scenarios, primarily focusing on drone inspection services [8]. - In H1 2025, new contracts in the low-altitude sector amounted to 30 million yuan, with plans to enhance core product development and expand into government services [8].