公司研究 证 券 研 究 报 告 收入及利润双增长，铁路装备及新兴业务增 长较快 事项： ❖ 公司发布 2025 年中报：上半年公司收入 1197.58 亿，同比+32.99%，归母净 利润为 72.46 亿，同比+72.48%，扣非后归母净利润 66.61 亿，同比+98.25%。 Q2 收入 710.87 亿，同比+22.85%，归母净利润为 41.93 亿，同比+31.32%，扣 非后归母净利润 38.55 亿，同比+43.18%。 评论： [ReportFinancialIndex] 主要财务指标 中国中车（601766）2025 年中报点评 强推（维持） | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 246,457 | 279,219 | 313,779 | 351,983 | | 同比增速(%) | 5.2% | 13.3% | 12.4% | 12.2% | | 归母净利润(百万) | 12,388 | 14,142 | 15,351 | 16,975 | | 同比增速(%) | ...

25H1 净利润扭亏为盈，铁路车辆贡献高增长 2025 年 8 月 26 日 公司研究/公司快报 事件描述 铁路交通设备 晋西车轴（600495.SH） 增持-A(维持) 事件点评 轨道交通装备主业稳健发展，铁路车辆营收同比显著增长。报告期内， 公司铁路车辆产品实现营收 4.16 亿元，同比增长 69.92%，产销量均实现同 比提升；铁路车轴产品实现营收 2.41 亿元，同比增长 11.07%，在国铁集团 2024 年第三批货车车轴联合采购项目中标份额占比 30.64%，时速 350 公里 高速动车组车轴实现批量供货。 重点项目中标情况持续突破，在手订单充足。2025 年 4 月，公司中标的 中车物流有限公司 2025 年度"K6 摇枕侧架-框架协议"项目，为公司摇枕侧 架产品在国内市场取得的新突破，为公司的市场开拓与订单交付工作注入强 大动力。根据 5 月 9 日国铁集团 2025 年首批铁路货车采购项目中标公示公 告，公司合计中标 450 辆铁路货车，达到此前预期的上限值。 公司近一年市场表现 | 年 月 市场数据：2025 8 | 日 26 | | | --- | --- | --- | | 收盘价（元 ...

Market Performance - On May 22, 2025, the CSI 300 index fell by 0.06%, with the machinery sector declining by 0.98%, ranking 20th among all primary industries [1] - Within the sub-sectors, railway transportation equipment saw the highest increase of 0.57%, while lithium battery equipment experienced the largest drop of 2.21% [1] - Top three gainers included Hongming Co. (+20.00%), Huayan Precision (+19.99%), and Dongbei Group (+10.03%), while the largest decliners were Xinbang Intelligent (-17.76%), Gribot (-8.03%), and Ruihua Technology (-6.72%) [1] Company Announcements - Jindun Co.'s major shareholder reduced its stake from 7.08% to 6.00% through a centralized bidding process, decreasing its holdings by 1.08% [2] - Boying Special Welding's major shareholder plans to reduce its stake from 5.10% to 3.10%, with a total reduction of 2% through centralized bidding and block trading [2] - Boying Special Welding's other major shareholder reduced its stake from 8.10% to 8.00%, with a total reduction of 0.11% [2] - Jindi Co. plans to establish a wholly-owned subsidiary in Germany, Jindi Technology Europe Co., with an initial registered capital of €300,000 to support its overseas market expansion strategy [2] Industry News - The 2025 China (Guangzhou) International Logistics Equipment and Technology Exhibition (LET 2025) and the 2025 Guangzhou International Intelligent Robot Exhibition (IRE2025) opened on May 21, 2025, featuring over 600 brand exhibitors and covering more than 50,000 square meters [5] - The exhibitions focus on themes such as "Smart Factory, Intelligent Logistics, and Robotics," showcasing innovations in logistics systems, mobile robots, and intelligent loading technologies [5] - The event included a special interactive area for robot demonstrations, enhancing audience engagement with innovative products [5] Semiconductor Equipment - Tsinghua University's research team made significant progress in high-frequency supercapacitor research, addressing the challenges of power management chips amid rising demands for computing power and efficiency [6][7] - The team achieved a breakthrough by quantitatively measuring the upper limit of dynamic response frequency for supercapacitors, utilizing micro-nano processing technology to create ideal electrodes [7] - A new concept of "dielectric-electrochemical" asymmetric capacitors was proposed, achieving a characteristic frequency exceeding 1 MHz, significantly higher than commercial supercapacitors [7]

Investment Rating - The report maintains a "Buy-A" investment rating for the company with a six-month target price of 55.86 yuan [4][7]. Core Views - The company achieved a revenue of 4.537 billion yuan in Q1 2025, representing a year-on-year increase of 14.81%, and a net profit of 631 million yuan, up 13.42% year-on-year [1][2]. - The company is capitalizing on the growth opportunities in national railway investments, maintaining a leading position in the urban rail transit market with over 50% market share in domestic rail traction systems [2][3]. - The emerging equipment business is rapidly developing, particularly in the new energy sector, with significant market shares in IGBT modules and power modules for new energy vehicles [3]. Financial Performance - The company forecasts revenues of 28.595 billion yuan, 32.742 billion yuan, and 37.326 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 4.249 billion yuan, 4.856 billion yuan, and 5.479 billion yuan for the same years [4][10]. - The company reported a net profit margin of 14.2% in 2023, expected to remain stable around 14.9% through 2025 [11]. Market Position - The company holds the largest market share in IGBT modules for rail and power grid applications, and has seen rapid growth in the new energy vehicle sector, ranking second in market share [3][10]. - The company has successfully secured overseas orders worth nearly 800 million yuan in 2024, indicating strong international market performance [2][3].