Company and Industry Summary Company Overview - The company operates in four main business segments: tunnel construction equipment (TBM), double-sided steel structure weaving and installation, engineering construction machinery, and other related services. These segments are recognized as industry leaders by the Ministry of Industry and Information Technology [1][2]. Revenue Breakdown - Revenue contribution from each segment: - TBM: approximately 27% - Double-sided steel structure: 15% - Engineering construction machinery: 5% - Steel structure: 50% [1][2]. - Profit contribution: - TBM: around 43% - Double-sided steel structure: about 25% - Engineering construction machinery: approximately 25% [1]. Market Dynamics - The primary application areas for the company's products include infrastructure design, electronic railways, highways, urban rail, municipal projects, water conservancy, mining, and energy [1]. - The company is optimistic about new orders in Q4, expecting improvements compared to previous quarters, driven by national policies and infrastructure recovery [3][4]. International Business - The overseas business is performing well, contributing about 70-80% of international revenue from TBM and double-sided steel structure segments. Key markets include Western Europe, particularly Italy, and emerging markets like Chile [4][5]. - The total market capacity for overseas TBM is stable, estimated between 100 to 150 units annually, significantly smaller than the domestic market [5]. Mining Sector Insights - The mining sector is viewed as a new growth area, with increasing demand driven by political direction and favorable mineral resource prices. However, the penetration rate remains low due to the sector's unique characteristics [6][17]. - The company is exploring opportunities in overseas mining markets, with a focus on understanding the application of Chinese machinery in these regions [6]. Financial Management and Market Position - The company is currently in a "broken mirror" valuation state, with ongoing discussions about market value management strategies in response to regulatory guidance from the China Securities Regulatory Commission and the State-owned Assets Supervision and Administration Commission [7][8]. - The company is actively working on improving cash flow and managing receivables, with a current accounts receivable estimated at around 19 billion [23][24]. Future Outlook - The company anticipates growth in the water conservancy and railway sectors, with several large projects already underway. The water conservancy sector is expected to perform particularly well due to ongoing government initiatives [13][14]. - The company is also focusing on enhancing its market share in international markets, particularly in Singapore and Italy, where it has established a strong presence [20][22]. Key Challenges - The company faces challenges in commercializing underground construction projects, such as underground parking lots and utility tunnels, due to regulatory and ownership issues [19]. - The overall industry is experiencing tight cash flow conditions, impacting operational efficiency and financial stability [10][25]. Conclusion - The company is well-positioned in the tunnel construction equipment market, with a strong focus on international expansion and sector diversification. However, it must navigate regulatory challenges and improve cash flow management to sustain growth and enhance shareholder value.

（一）审议通过《关于<公司"提质增效重回报"专项行动方案>的议 案》。具体内容详见公司于同日在上海证券交易所网站披露的《中铁高新 工业股份有限公司关于"提质增效重回报"专项行动方案的公告》（编号： 临 2024-047）。 表决情况：7 票同意、0 票反对、0 票弃权。 证券代码：600528 证券简称：中铁工业 编号：临 2024-046 中铁高新工业股份有限公司 第九届董事会第八次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误 导性陈述或重大遗漏，并对其内容的真实性、准确性和完整性承担法律责 任。 一、董事会会议召开情况 本公司第九届董事会第八次会议通知和议案等材料已于 2024 年 12 月 25 日以电子邮件方式送达至各位董事，会议于 2024 年 12 月 30 日以 通讯表决方式召开。会议应参与表决董事 7 名，实际参与表决董事 7 名。 会议召开符合有关法律、行政法规、部门规章、规范性文件和《公司章程》 的规定。 二、董事会会议审议情况 本次会议以记名投票的方式，审议通过以下议案： （五）审议通过《关于修订<公司机构管理办法>的议案》。 表决情况：7 票同意、0 票反对 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2]. Core Viewpoints - The company is a leader in the tunnel boring machine (TBM) industry, with over 1,700 orders and more than 1,600 units delivered, achieving a tunneling mileage of over 5,000 kilometers. It holds a market share of over 60% in the domestic hydropower construction sector and approximately 85% in pumped storage power stations [1][4][127]. - The demand for tunnel boring machines is expected to grow, particularly in hydropower and mining sectors, driven by national strategies and infrastructure investments. The company is positioned to benefit from this growth due to its improved product structure and increased production of high-value TBM machines [1][4][10]. - The company is expected to return to a growth trajectory, benefiting from the high demand in hydropower and mining, as well as improvements in its overseas business and debt reduction policies [1][4][11]. Summary by Sections Company Overview - The company is a subsidiary of China Railway and specializes in high-end equipment manufacturing for tunnel engineering, with a strong market presence in TBM, railway switches, and steel structures [1][4][56]. Performance Analysis - The company's revenue grew from 17.9 billion yuan in 2018 to 30.07 billion yuan in 2023, with a CAGR of 10.9%. However, a decline of 5.6% was observed in the first three quarters of 2024 due to reduced domestic construction demand [1][4][59]. Market Demand - The market for TBMs is expanding, with a total market size of 24.3 billion yuan in 2022. The demand is shifting from traditional transportation projects to hydropower and mining applications, supported by government policies and infrastructure investments [1][4][74]. Product Structure Improvement - The company has improved its product structure, increasing the proportion of high-value TBM machines from 4.6% in 2015 to 7.3% in 2022. In 2023, the production of large-diameter TBMs increased by 69.7% [1][4][130]. Financial Forecast - The company is projected to generate revenues of 29.498 billion yuan, 32.539 billion yuan, and 34.281 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 1.583 billion yuan, 2.044 billion yuan, and 2.263 billion yuan [4][155]. Valuation Analysis - As of November 22, 2024, the company's PE and PB ratios are 11.53x and 0.77x, respectively, indicating a relatively low valuation compared to historical levels [4][158]. Investment Recommendation - The report suggests that the company's value is currently underestimated, maintaining an "Accumulate" rating based on expected growth in demand for TBMs and specialized machinery in hydropower and mining sectors [4][160].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [6]. Core Insights - The company reported a revenue of 20.539 billion yuan for the first three quarters of 2024, a year-on-year decrease of 5.56%, with a net profit attributable to shareholders of 1.32 billion yuan, down 11.25% year-on-year [2][3]. - New contract signings remained stable, with a total of 37.328 billion yuan in new contracts for the first three quarters, a decline of 2.82% year-on-year, but the decline rate narrowed compared to the first half of 2024 [2][3]. - The company's shield tunneling business has seen an increase in its revenue contribution, rising to 28% of total revenue in H1 2024, compared to 23% in 2023 [3]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 6.56 billion yuan, down 4.21% year-on-year, and a net profit of 384 million yuan, down 20.88% year-on-year [2]. - The gross margin for the first three quarters was 18.84%, a decrease of 0.43 percentage points year-on-year, attributed to reduced demand in traditional sectors affecting product pricing [3]. - The company’s cash flow from operations showed a net outflow of 1.547 billion yuan, an increase in outflow of 386 million yuan year-on-year [3]. Market Position and Outlook - The company is expected to benefit from increased demand in water conservancy and hydropower projects, with a strong market position in tunnel boring machines, holding approximately 60% and 85% market share in relevant sectors [3]. - The report anticipates that as demand increases, product pricing may improve, which could enhance profit margins and overall performance [3]. Earnings Forecast - The forecast for net profit attributable to shareholders is projected at 1.583 billion yuan for 2024, reflecting a year-on-year decrease of 9.20%, followed by a recovery in 2025 with an expected increase of 29.11% [6][7]. - The company’s earnings per share (EPS) is expected to be 0.71 yuan in 2024, with a price-to-earnings (P/E) ratio of 11.94 [7].

Group 1: Financial Performance - In the first three quarters of 2024, China Railway Industry achieved a new contract amount of 37.328 billion CNY, a year-on-year decrease of 2.82%, with domestic contracts at 35.112 billion CNY, down 9.65% compared to the first half of 2024 [2] - The company reported operating revenue of 20.539 billion CNY and a net profit attributable to shareholders of 1.319 billion CNY, with a net profit excluding non-recurring gains and losses of 1.274 billion CNY [2] - The comprehensive gross profit margin improved to 18.84%, showing growth compared to the first half of 2024 [2] Group 2: Cost Management - The company implemented a significant cost reduction plan, resulting in a 3.91% year-on-year increase in sales expenses, which is a decrease of 4.46 percentage points compared to the first half of 2024 [3] - Management expenses decreased by 1.06% year-on-year, further expanding the decline from the first half of 2024 [3] - Financial expenses remained negative, indicating effective cost control [3] Group 3: Market Position and Product Performance - China Railway Industry has over 1,700 TBM orders, with more than 1,600 units delivered and a tunneling mileage exceeding 5,000 kilometers, maintaining the top position in domestic and global markets for twelve and seven consecutive years, respectively [3] - The market share in domestic water conservancy projects exceeds 60%, with approximately 85% in pumped storage power stations and over 40% in mining construction [3] - The company has an annual production capacity of 300 TBMs and 380 tunnel-specific equipment [3] Group 4: Research and Development - In the first three quarters of 2024, the company invested 1.194 billion CNY in R&D, a year-on-year increase of 6.07% [3] - Focus areas include high-end, intelligent, green, and service-oriented development directions to enhance technological innovation and competitive advantage [4] Group 5: International Expansion - The overseas new contract amount reached 2.204 billion CNY, a year-on-year increase of 4.72%, with high-margin businesses like tunnel construction equipment and switches accounting for 76% of this figure [4] - The company aims to expand its market share in regions such as Australia and the Americas while strengthening partnerships with international construction contractors [4]

Summary of the Conference Call for China Railway Industry's Q3 Performance Company Overview - The conference call was held to discuss the Q3 performance of China Railway Industry, with a focus on financial results and order status [1] Key Financial Metrics - **New Contracts**: In the first nine months, the company secured new contracts worth 37.3 billion yuan, with domestic contracts at 35.1 billion yuan (down 3% YoY) and international contracts at 2.2 billion yuan (up 4.72% YoY) [2] - **Q3 Orders**: In Q3 alone, the company achieved 10.664 billion yuan in new orders, representing a 30% increase compared to the same period last year [2] - **Revenue**: Total revenue for the first nine months was 20.5 billion yuan, a decrease of 5.56% YoY, but an improvement compared to the first half of the year [3] - **Profitability**: Gross margin was 18.84%, slightly down YoY but improved from the first half of the year. Net profit was 1.319 billion yuan, down 11.25% YoY [5] Order Breakdown by Segment - **Construction Equipment and Services**: Orders for this segment were 8.1 billion yuan, down approximately 20% YoY due to a slowdown in domestic infrastructure demand [3] - **Railway Construction**: Orders reached 5.555 billion yuan, down 8% YoY, with expectations for growth in Q4 due to pending large contracts [3] - **Steel Structures**: Revenue was approximately 10 billion yuan, down 7% YoY, attributed to delays in project billing [5] Cash Flow and Expenses - **Operating Cash Flow**: The company reported negative cash flow of 1.5 billion yuan, an improvement from negative 2.2 billion yuan in the first half [6] - **Expenses**: Sales expenses increased by 3.95% YoY, while management expenses decreased by 1.07% YoY, reflecting cost control efforts [6] Future Outlook - **Debt Relief Measures**: The company anticipates positive impacts from government measures to increase special bonds and debt relief, which could enhance cash flow and order intake in the coming months [8][9] - **Market Conditions**: The company expects continued demand in key sectors such as railways and water conservancy, despite a decline in urban rail investments [28][30] - **International Expansion**: The company is focusing on expanding its international market presence, particularly in regions like Europe, Southeast Asia, and the Middle East [17][18] R&D Investments - **R&D Spending**: The company invested 1.194 billion yuan in R&D, a 6.04% increase YoY, focusing on high-margin products like tunnel boring machines and railway switches [7][22] - **Product Development**: Ongoing projects include advancements in core components for tunnel boring machines and the development of new specialized equipment [22][23] Risks and Challenges - **Accounts Receivable**: Accounts receivable increased to 19 billion yuan, with efforts underway to improve collection rates, particularly from internal and external clients [12][13] - **Market Competition**: The company faces competition in the international market, particularly from established players like Herrenknecht, with a current market share gap of approximately 20% [32][34] Conclusion - The company is navigating a challenging environment with mixed financial results but remains focused on achieving its annual targets through strategic efforts in cost control, market expansion, and product innovation [11][10]

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Insights - The company has seen a significant increase in contract liabilities and a continuous growth in overseas orders, indicating a positive long-term revenue outlook [2][3]. - For Q3 2024, the company reported revenues of 65.61 billion yuan, a year-on-year decrease of 4.21%, with a net profit of 3.84 billion yuan, down 20.88% year-on-year [2]. - The company achieved new orders of 373.28 billion yuan from January to September 2024, with notable growth in specialized engineering machinery and services [3]. - The railway investment in China is on the rise, supported by government policies for equipment updates, which is expected to benefit the company's transportation equipment business [3]. Summary by Sections Financial Performance - For Q3 2024, the company achieved revenues of 65.61 billion yuan, down 4.21% year-on-year, and a net profit of 3.84 billion yuan, down 20.88% year-on-year [2]. - As of Q3 2024, the company's contract liabilities reached a record high of 90.17 billion yuan, an increase of 6.94 billion yuan from the previous quarter [2]. Order Growth - From January to September 2024, the company secured new orders totaling 373.28 billion yuan, with specific segments showing varied performance: tunnel construction equipment down 23.25%, specialized engineering machinery up 34.1%, and steel structure manufacturing up 3.87% [3]. - The company continues to lead in the global market for shield machines, with overseas new orders amounting to 2.204 billion yuan, a year-on-year increase of 4.72% [3]. Market Outlook - The report highlights a positive outlook for the company's long-term revenue growth due to increasing railway investments, which are projected to reach 764.5 billion yuan in 2023, a 7.5% year-on-year increase, and a 10.3% increase in the first nine months of 2024 [3]. - The government's support for large-scale equipment updates is expected to accelerate demand for the company's transportation equipment, particularly in switch manufacturing [3]. Earnings Forecast - The company is projected to achieve revenues of 314.17 billion yuan, 330.67 billion yuan, and 347.47 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits of 18.26 billion yuan, 19.55 billion yuan, and 21.03 billion yuan [4].

证券代码：600528 证券简称：中铁工业 公告编号：2024-045 中铁高新工业股份有限公司 2024 年第二次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、会议召开和出席情况 （一）股东大会召开的时间：2024 年 10 月 30 日 （二）股东大会召开的地点：北京市丰台区汽车博物馆西路 10 号院 5 号楼 711 会议室 （四）表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况 等。 公司 2024 年第二次临时股东大会由公司董事会召集，由董事长张威主持， 会议的召集、召开及表决方式符合《公司法》等法律、法规及规范性文件以及《公 司章程》的规定。 （三）出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 1、出席会议的股东和代理人人数 699 2、出席会议的股东所持有表决权的股份总数（股） 1,264,957,363 3、出席会议的股东所持有表决权股份数占公司有表决权股 份总数的比例（%） 56.9402 （五）公司董事、监 ...

证券代码：600528 证券简称：中铁工业 编号：临 2024-043 中铁高新工业股份有限公司 第九届监事会第八次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误 导性陈述或重大遗漏，并对其内容的真实性、准确性和完整性承担法律 责任。 一、监事会会议召开情况 本公司第九届监事会第八次会议通知和议案等材料已于 2024 年 10 月 20 日以电子邮件方式送达至各位监事，会议于 2024 年 10 月 30 日在北 京市丰台区汽车博物馆西路 10 号院 5 号楼 711 会议室以现场表决方式召 开。会议应出席监事 3 名，实际出席监事 3 名。会议由监事会主席范经华 主持，公司董事会秘书葛瑞鹏及有关人员列席了会议。会议召开符合有关 法律、行政法规、部门规章、规范性文件及《公司章程》的规定。 二、监事会会议审议情况 本次会议以记名投票的方式，审议通过以下议案： （一）审议通过《关于<公司 2024 年第三季度报告>的议案》。会议认 为：公司 2024 年第三季度报告的编制和审议程序符合法律、法规及相关 监管规定，该报告所包含的信息真实、准确、完整地反映了公司 2024 年 第三季度的财务 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥6,561,179,833.09, a decrease of 4.21% compared to the same period last year[2] - The net profit attributable to shareholders for Q3 2024 was ¥384,077,950.62, down 20.88% year-on-year[2] - The basic earnings per share for Q3 2024 was ¥0.17, reflecting a decline of 22.73% compared to the previous year[2] - Total operating revenue for the first three quarters of 2024 was CNY 20,539,047,905.65, a decrease of 5.56% from CNY 21,747,337,325.27 in the same period of 2023[15] - Net profit for the first three quarters of 2024 was CNY 1,294,962,598.14, compared to CNY 1,495,514,401.14 in 2023, reflecting a decline of 13.43%[18] - Earnings per share for the first three quarters of 2024 was CNY 0.56, down from CNY 0.62 in the same period of 2023[18] Assets and Liabilities - Total assets at the end of Q3 2024 reached ¥62,879,016,564.57, representing a 9.04% increase from the end of the previous year[3] - The company's total assets as of September 30, 2024, reached CNY 62,879.02 million, an increase from CNY 57,668.32 million at the end of 2023[13] - Total liabilities as of the end of the third quarter of 2024 amounted to CNY 36,022,948,974.67, an increase from CNY 31,856,620,897.73 at the end of the third quarter of 2023[17] - The company's current liabilities totaled CNY 35,342.99 million, up from CNY 31,132.84 million at the end of 2023[13] Shareholder Information - The equity attributable to shareholders increased to ¥26,178,359,166.97, up 4.01% from the previous year[3] - The total number of ordinary shareholders at the end of the reporting period was 88,202[5] - The largest shareholder, China Railway Group Limited, holds 49.13% of the shares[6] Cash Flow - The company reported a net cash flow from operating activities of -¥1,546,882,015.17 for the year-to-date period[2] - The company reported a decrease in cash flow from operating activities, impacting liquidity[10] - In the first three quarters of 2024, the company generated cash inflows from operating activities amounting to CNY 18,650,359,638.63, an increase from CNY 18,456,525,489.18 in the same period of 2023, representing a growth of approximately 1.05%[19] - The net cash flow from operating activities for the first three quarters of 2024 was -CNY 1,546,882,015.17, compared to -CNY 1,161,318,707.11 in the same period of 2023, indicating a decline in cash flow performance[19] - The company's cash and cash equivalents decreased to CNY 4,907.55 million from CNY 6,980.62 million at the end of 2023[12] - The company's cash and cash equivalents at the end of the third quarter of 2024 stood at CNY 4,783,396,575.23, down from CNY 5,621,781,434.68 at the end of the same period in 2023[20] Contracts and Business Segments - In the first nine months of 2024, the company signed new contracts totaling CNY 37,328.02 million, a year-on-year decrease of 2.82%[10] - The specialized engineering machinery and related services business accounted for CNY 1,019.90 million, representing 27.32% of the new contracts, down 15.75% from CNY 1,210.53 million in 2023[10] - The transportation equipment and related services business generated CNY 2,456.55 million, making up 65.81% of the total new contracts, with a slight increase of 0.72% compared to CNY 2,439.09 million in 2023[10] Research and Development - Research and development expenses for the first three quarters of 2024 were CNY 1,193,907,314.04, an increase from CNY 1,125,612,691.76 in 2023, indicating a focus on innovation[17] Investment Activities - The company reported an investment income of CNY 98,613,930.40 for the first three quarters of 2024, significantly higher than CNY 19,556,520.80 in the same period of 2023[17] - The company received CNY 66,500,000.00 from investments in the current period, compared to CNY 20,500,000.00 in the previous year, indicating a significant increase[20] Future Outlook - The company plans to focus on expanding its market presence and enhancing product development in the upcoming quarters[10]