2021年，轨博会首次"定档"株洲时，很多人都心存疑问，对于这座非省会城市而言，底气何在？ 4年过去，株洲用实力证明了承办能力，也让"制造名城"的品牌更加响亮，产业聚集度持续提升。 从一个小镇发展到今天，株洲已经有着诸如轨道交通、北斗产业等国内领先、世界一流的优势产业，制 造业成为当之无愧的压舱石。今年前三季度，规模以上工业增加值同比增长9.8%，增速保持全省第 一。 可以说，培育制造名城，株洲有着十足的底气，它不仅是株洲人民的期待，也吸引着社会各界的极大关 注。 4年来，轨博会成为企业展示成果的舞台、汇聚行业智慧的平台、促进国际合作的桥梁。三届轨博会累 计展览面积超15万平方米，吸引20多个国家1000多家展商线上线下参展，专业观众突破6万人次。 株洲日报全媒体记者/王娜 11月7日至9日，株洲将承办2025中国国际轨道交通和装备制造产业博览会。届时，这座以轨道交通产业 闻名的制造名城，又将迎来全球聚焦。 从第二届到第四届，4年来，株洲伴随着"轨博会"一路走来，轨道交通装备产业与这座城市同呼吸共命 运，株洲轨道交通装备产业实现了从追赶到领跑的跨越，拥有全国规模最大、链条最完整、生态最完善 的轨道交通装备产业 ...

Investment Rating - The report maintains an "Overweight" rating for the company in both A-shares and H-shares [5][6]. Core Insights - The company achieved a revenue of CNY 246.46 billion in 2024, representing a year-on-year growth of 5.2%, and a net profit of CNY 12.39 billion, up 5.8% year-on-year [1]. - The company’s non-recurring net profit grew by 11.4% year-on-year, reaching CNY 10.14 billion, with an earnings per share (EPS) of CNY 0.43 [1]. - The gross margin for 2024 was 21.4%, a decrease of 0.89 percentage points year-on-year, while the net margin increased by 0.14 percentage points to 6.4% [1]. Revenue and Profitability - The railway equipment business generated revenue of CNY 110.46 billion, a 12.5% increase year-on-year, driven by a 49.3% increase in revenue from high-speed trains [2]. - The company’s new industry business revenue rose by 7.1% to CNY 86.38 billion, primarily due to increased income from clean energy equipment [2]. - The company signed new contracts worth CNY 322.2 billion in 2024, marking a 7.9% increase year-on-year [3]. Market Opportunities - The company is expected to benefit from the demand for equipment upgrades and maintenance of high-speed trains, with a significant increase in contracts for advanced maintenance services, which grew by 217.6% to CNY 45.36 billion [4]. - The government’s push for the replacement of old diesel locomotives is anticipated to create substantial opportunities for the company’s locomotive business [4]. Financial Forecasts - The report projects a slight decrease in profit margin expectations, with net profit forecasts for 2025 and 2026 adjusted down by 9.6% and 9.9% to CNY 13.57 billion and CNY 14.74 billion, respectively [5]. - The estimated EPS for 2025, 2026, and 2027 are CNY 0.47, CNY 0.51, and CNY 0.55, respectively [5]. Valuation Metrics - The company’s projected P/E ratios for A-shares are 18, 17, 15, 14, and 13 for the years 2023 to 2027 [5]. - The projected dividend per share is expected to increase from CNY 0.20 in 2023 to CNY 0.27 by 2027, reflecting a growing dividend yield [13].