丨证券研究报告丨 公司研究丨点评报告丨中国中车（601766.SH） [Table_Title] 中国中车 25H1 点评：上半年业绩高增，多业务 景气向上 报告要点 [Table_Summary] 中国中车发布 2025 年半年度报告，Q2 归母净利润和扣非净利润高增。25Q1 报表已显示公司 营收利润、存货订单等各项指标继续向好，整体经营持续改善；Q2 业绩再超预期显示出轨交装 备行业景气。展望 25 年全年，动车组业务将继续增长，且机车业务同比改善，叠加城轨和新产 业的发展，公司经营持续向上。 分析师及联系人 [Table_Author] 赵智勇 倪蕤 屈奇 SAC：S0490517110001 SAC：S0490520030003 SAC：S0490524070003 SFC：BRP550 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 中国中车（601766.SH） cjzqdt11111 [Table_Title 中国中车 25H1 2] 点评：上半年业绩高增，多业务 景气向上 [Table_Summary2] 事件描述 中国中车发布 2025 年半 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a record high performance in H1 2025, with revenue of 119.76 billion, a year-on-year increase of 32.99%, and a net profit attributable to shareholders of 7.25 billion, up 72.48% [5][8] - The railway equipment business showed the fastest growth, with revenue of 59.71 billion, a year-on-year increase of 42.21% [8] - The company plans to distribute a cash dividend of 1.1 yuan per 10 shares, totaling 3.16 billion, which represents 43.57% of the net profit for the first half of 2025 [8] - The profit margin and net profit for the first half of the year reached historical highs, with a net profit margin of 7.45% [8] Financial Data and Profit Forecast - The company expects total revenue for 2025 to be 265.21 billion, with a year-on-year growth rate of 7.6% [7] - The forecasted net profit for 2025 is 13.82 billion, reflecting an 11.6% increase compared to the previous year [7] - The projected earnings per share for 2025 is 0.48 yuan, with a price-to-earnings ratio of 16 [7] Business Segment Performance - The railway equipment repair and modification business generated revenue of 22.36 billion, a year-on-year increase of 11.81% [8] - The new industry segment reported revenue of 40.73 billion, up 35.59% year-on-year [8] - The modern service revenue reached 1.92 billion, with a growth of 16.39% [8] Market Context - National railway fixed asset investment for January to July 2025 was 433 billion, a year-on-year increase of 5.6%, indicating strong demand for railway services [8] - The company has exceeded the previous year's bidding volume for high-speed trains, with 278 sets of 350 km/h trains bid in the first eight months of 2025 [8]

8月7日，成都机务段大功率机车检修车间员工对机车检修作业。 8月7日，成都机务段大功率机车检修车间员工对机车轮对机车受电弓进行检查作业。 8月7日，成都机务段大功率机车检修车间员工对机车检修作业。 8月7日，成都机务段大功率机车检修车间员工对机车部件进行紧固。 8月7日，成都机务段大功率机车检修车间员工对机车检修作业。 8月7日，成都机务段大功率机车检修车间员工对机车检修作业。 8月7日，成都机务段大功率机车检修车间员工对机车轮对机车底部进行检查作业。 ...

Core Viewpoint - China CRRC Corporation Limited (中国中车) has signed significant contracts totaling approximately 329.2 billion RMB, which is expected to contribute to its revenue growth in the coming years [1]. Group 1: Stock Performance - As of August 1, 2025, China CRRC's stock closed at 7.31 RMB, down 3.56% from the previous week's closing price of 7.58 RMB [1]. - The stock reached a weekly high of 7.6 RMB on July 28, 2025, and a low of 7.3 RMB on August 1, 2025 [1]. - The company's current total market capitalization is 209.79 billion RMB, ranking 1st in the rail transit equipment sector and 59th among all A-shares [1]. Group 2: Major Contracts - China CRRC has signed several major contracts from May to July 2025, with a total value of approximately 329.2 billion RMB [1]. - Key contracts include: - 143.4 billion RMB for urban rail vehicle sales and maintenance with clients such as São Paulo Metro and Shanghai Shentong Metro Construction Group [1]. - 69 billion RMB for locomotive repair contracts with China National Railway Group [1]. - 40.3 billion RMB for wind power and energy storage equipment sales with various energy companies [1]. - 30.2 billion RMB for the sale of power concentrated multiple units with China National Railway Group [1]. - 25.5 billion RMB for freight car sales with China National Railway Group [1]. - 20.8 billion RMB for passenger car repair contracts with various railway bureaus under China National Railway Group [1]. - The total amount of these contracts represents approximately 13.4% of the company's projected revenue for 2024 under Chinese accounting standards [1]. Group 3: Share Capital Information - As of July 31, 2025, the statutory registered capital of China CRRC's H-shares and A-shares is 4,371,066,040 shares and 24,327,798,048 shares, respectively, with a par value of 1 RMB per share [2]. - The total issued shares for H-shares and A-shares are the same as the registered capital, with no treasury shares [2]. - The total statutory registered capital amounts to 28.70 billion RMB [2].

晨会纪要（R3） 晨会纪要 2025 年 08 月 01 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3573.21 | -1.18 | | 深证成指 | 11009.77 | -1.73 | | 创业板指 | 2328.31 | -1.66 | | 科创 50 | 1047.87 | -1.01 | | 北证 50 | 1422.87 | -1.16 | | 沪深 300 | 4075.59 | -1.82 | 上证指数-沪深 300 走势图 -8% 2% 12% 22% 32% 2024-07 2024-10 2025-01 2025-04 上证指数 沪深300 | 黄红卫 | 分析师 | | --- | --- | | 执业证书编号:S0530519010001 | | | huanghongwei@hnchasing.com | | | 汪颜雯 | 研究助理 | | wangyanwen@hnchasing.com | | 晨会聚焦 一、财信研究观点 【市场策略】大盘震荡调整，三大指数收跌 【基金研究】基金数据日跟踪 ...

Summary of China CRRC Conference Call Company Overview - **Company**: China CRRC - **Industry**: Railway and New Energy Equipment Key Points Performance Highlights - China CRRC's performance exceeded expectations primarily due to the railway market's bidding and delivery pace being better than anticipated, along with strong growth in urban rail and emerging industries such as wind power and IGBT [2][4] - In Q2 2025, the company's net profit attributable to shareholders increased by 15% to 41%, with a median growth rate of 28% [3] - The operating profit maintained a growth rate of around 20% from Q1 2024 to Q2 2025 [3] Market Dynamics - The railway market in Q2 2025 saw significant bidding activities, including 120 locomotives and 68 sets of high-speed trains, which accelerated the delivery pace [6] - The overall fixed asset investment in railways increased by 5.9%, and passenger volume grew by over 7%, setting historical highs [7] - The urban rail market experienced a decline in bidding numbers in 2024 but is expected to recover significantly in 2025, with an estimated vehicle volume of over 4,000 units [9] Emerging Industries - New industries such as wind power, electric drive, IGBT, and marine equipment showed high growth in orders, indicating a positive outlook for revenue and profit [10] - The semiconductor IGBT sector is currently ramping up production capacity, contributing to the overall growth in new industries [10] Future Outlook - For Q3 2025, it is anticipated that around 2,000 freight cars and several locomotives will be delivered, with strong demand for new vehicles and maintenance services [8] - The total railway operating mileage is expected to reach between 2,500 to 3,000 kilometers in the second half of the year, supporting continued demand for high-speed trains [7] Dividend and Investment Perspective - China CRRC maintains a stable dividend policy, with an A-share dividend yield of approximately 4% and a Hong Kong share yield of about 6%, indicating higher relative value in the Hong Kong market [4][13] - Other companies in the sector, such as Jinxi Axle and Siwei Control, are also showing high growth or recovery, suggesting attractive investment opportunities [4][13] Overall Industry Sentiment - The overall sentiment in the railway industry is positive, with improvements in various segments including high-speed trains, new vehicles, and maintenance services [14] - The expected annual profit release is around 15 billion, potentially exceeding expectations, reflecting a significant enhancement in profitability [12][14] Conclusion - China CRRC is positioned well within the railway and new energy equipment sectors, with strong performance indicators and a favorable market outlook, supported by strategic bidding and delivery improvements, alongside growth in emerging industries.

Group 1 - The core viewpoint of the article highlights the significant profit growth of China CRRC, with an expected net profit of 6.722 billion to 7.562 billion yuan for the first half of 2025, representing a year-on-year increase of 60% to 80% [1][2] - The increase in profit is primarily attributed to the growth in product sales during the reporting period, driven by the continuous improvement in the railway transportation industry's prosperity, particularly in the high-speed train business [2][3] - The company has maintained a steady growth in net profit since its listing in 2008, with the anticipated net profit for the first half of 2025 potentially reaching a record high for the same period since its IPO [2] Group 2 - As of 2024, the company signed new orders totaling approximately 322.2 billion yuan, with international business accounting for about 47.2 billion yuan, and the total backlog of orders at approximately 318.1 billion yuan [3] - Major contracts signed from December 2024 to May 2025 amount to approximately 54.74 billion yuan, including contracts for urban rail vehicles, maintenance, and wind power equipment [3] - The international market has become a crucial growth point for the company, with exports to nearly 100 countries and regions, transitioning from product export to technology and capital output [4][5] Group 3 - The company has consistently invested in research and development, with a total of 102.757 billion yuan spent from 2017 to 2024, maintaining a research budget exceeding 10 billion yuan annually [5] - The revenue from international business has shown continuous growth, increasing from 7.5% of total revenue in 2020 to 11.5% in 2024, with record-breaking new orders in 2023 amounting to approximately 58.4 billion yuan [5]

Investment Rating - The report maintains a "Buy" rating for China CRRC Corporation Limited (601766.SH) [8] Core Views - The company has announced a significant increase in expected net profit for the first half of 2025, projecting a range of CNY 6.722 billion to CNY 7.562 billion, representing a year-on-year growth of 60% to 80% [6][11] - The second quarter of 2025 has shown performance exceeding expectations, indicating a continued upward trend in the rail transit equipment industry [2][11] - The overall business outlook for 2025 remains positive, with growth anticipated in the high-speed train segment and improvements expected in the locomotive business, alongside developments in urban rail and new industries [2][11] Summary by Sections Financial Performance - For the first half of 2025, the company expects a net profit increase of CNY 2.521 billion to CNY 3.361 billion compared to the previous year, with a projected net profit of CNY 6.722 billion to CNY 7.562 billion [6] - The second quarter is expected to yield a net profit of CNY 3.67 billion to CNY 4.51 billion, marking a year-on-year increase of 15% to 41% [11] Market Outlook - The railway market is experiencing a favorable environment, with fixed asset investment in railways continuing to grow, reaching CNY 242.1 billion in the first five months of the year, a 5.9% increase year-on-year [11] - Passenger traffic has also reached historical highs, with 1.86 billion passengers transported, a 7.3% increase year-on-year [11] Business Development - The company has completed significant deliveries in Q2, including high-speed trains and locomotives, which have contributed to revenue and profit growth [11] - The report anticipates a busy bidding season for railway projects in Q3, with expectations for new tenders in high-speed trains and urban rail [11]

Group 1 - Wells Fargo (WFC.US) has agreed to sell its rail equipment leasing assets to a joint venture formed by Brookfield Infrastructure (BIP.US) and GATX Corp (GATX.US), refocusing on its core lending and advisory business [1] - The sale includes a rail operating lease asset portfolio with a book value of approximately $4.4 billion and a rail finance lease asset portfolio, expected to be completed by early next year [1][2] - GATX will acquire about 105,000 railcars from Wells Fargo, with Brookfield initially holding 70% and GATX 30% of the joint venture, which GATX can eventually buy out [1][3] Group 2 - GATX will have commercial and operational control over the joint venture's assets and will manage them [3] - The rail leasing business of Wells Fargo, which includes assets acquired from General Electric in 2015, has over 135,000 railcars and 850 locomotives used for transporting various goods [3] - Financing for the joint venture is provided by Wells Fargo Securities, Bank of America Securities, MUFG, and Sumitomo Mitsui Banking Corporation, totaling $3.2 billion in unsecured term loans and $250 million in unsecured revolving credit [3]

与此同时，Vingroup在一份声明中还表示，VinSpeed正在与中国、德国和日本等拥有世界级铁路国家的 合作伙伴进行谈判，拟引进技术并在越南本土生产机车、车厢及信号控制系统。公司还迅速开展人力资 源培训计划，掌握新技术，助力越南建立自主的高速铁路工业体系。 但该提议提出后在越南也引发了一些担忧。报道称，因为Vingroup在铁路行业缺乏经验，而且其生产电 动汽车的子公司VinFast在2024年亏损32亿美元后，人们对其财务状况感到担忧。Vingroup承认，承担这 个国家铁路项目是"困难和具有挑战的"，但其强调，越南目前正处于一个历史性时期，私营部门的作用 比以往任何时候都得到了更大提升。 【环球时报报道 记者 李迅典】越南Vingroup集团近日竞标建造和运营一条连接河内和胡志明市的高速 铁路项目，引发关注。据越通社报道，这条全长1541公里的高速铁路，预计耗资约610亿美元。 Vingroup创始人是越南首位亿万富翁潘日旺。根据《福布斯》公布的全球富豪榜，2024年潘日旺以41亿 美元资产在越南榜单上排名第一。据日媒报道，潘日旺于5月6日向政府提交了该计划，并在同一天成立 VinSpeed公司。该公 ...