股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 | 1. 股份分類 | 普通股 | 股份類別 H | | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01766 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,371,066,040 | RMB | | 1 | RMB | | 4,371,066,040 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 4,371,066,040 | RMB | | 1 | RMB | | 4,371,066,040 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | ...

Investment Rating - The report maintains a "Buy" rating for the company [6][5] Core Views - The demand for railway equipment is on the rise, and the company is expected to release profits as new train tenders and high-level maintenance needs are fulfilled [3][4] - In the first three quarters of 2024, the company achieved a revenue of 152.58 billion yuan, a year-on-year increase of 6.67%, and a net profit attributable to shareholders of 7.25 billion yuan, up 17.77% [3][4] - The railway equipment business saw significant revenue growth, with a 36.69% increase year-on-year, while urban rail and new industries experienced a slight decline [3][4][5] Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 62.54 billion yuan, a 12.22% increase year-on-year, and a net profit of 3.04 billion yuan, up 13.11% [3][4] - The company signed new orders worth approximately 212.2 billion yuan in the first three quarters, including about 34.2 billion yuan in overseas orders [3][4] Business Segments - The railway equipment segment generated 71.8 billion yuan in revenue, a 36.69% increase, with specific revenues from various categories: 40.58 billion yuan from EMUs, 4.99 billion yuan from passenger cars, 15.25 billion yuan from locomotives, and 10.95 billion yuan from freight cars [3][4] - Urban rail and city infrastructure revenue decreased by 5.63% to 28.4 billion yuan, primarily due to a decline in city infrastructure income [3][4] - New industries reported a revenue of 50.1 billion yuan, down 10.40%, mainly due to reduced income from wind power and energy storage equipment [3][4] Market Demand - National railway passenger volume reached 3.33 billion trips in the first nine months, a 13.5% increase year-on-year, supporting the demand for EMUs [4] - The urban rail and new industries segments showed signs of recovery, with slight revenue growth in Q3 [4][5] Maintenance Services - The maintenance segment for railway equipment achieved approximately 30 billion yuan in revenue, showing significant growth, driven by the increasing number of EMUs requiring high-level maintenance [5]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance relative to the market index over the next 3 to 12 months [6][4]. Core Insights - The company reported a revenue of 1430.35 billion yuan for the first three quarters of 2024, reflecting a year-on-year increase of 5.51%. The net profit attributable to shareholders was 61.52 billion yuan, up by 2.06% year-on-year. In Q3 alone, revenue reached 557.32 billion yuan, a 2.7% increase year-on-year, while net profit decreased by 7.09% to 26.91 billion yuan [1]. - The "14th Five-Year Plan" is expected to lead to a compensatory increase in railway investment, with an average annual investment of approximately 875 billion yuan from 2024 to 2025. This is driven by the need for maintenance and replacement of aging railway equipment, which is projected to boost the company's revenue from railway equipment significantly [2]. - The company has optimized its cost management, resulting in a decrease in the expense ratio to 14.91%, down by 0.82 percentage points year-on-year. This has led to an improvement in the net profit margin, which increased to 4.75%, up by 0.45 percentage points year-on-year [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 1430.35 billion yuan, with a year-on-year growth of 5.51%. The net profit attributable to shareholders was 61.52 billion yuan, reflecting a 2.06% increase year-on-year. In Q3, the revenue was 557.32 billion yuan, a 2.7% increase, while net profit decreased by 7.09% to 26.91 billion yuan [1]. Market Outlook - The railway equipment sector is expected to experience rapid growth due to the compensatory investment from the "14th Five-Year Plan" and the need for maintenance and replacement of aging equipment. The company's railway business revenue for the first three quarters of 2024 reached 717.65 billion yuan, a significant year-on-year increase of 36.69% [2]. Cost Management - The company has successfully reduced its expense ratio to 14.91%, which is a decrease of 0.82 percentage points compared to the previous year. This improvement in cost management has positively impacted the net profit margin, which rose to 4.75%, an increase of 0.45 percentage points year-on-year [3]. Earnings Forecast - The company is projected to achieve net profits of 129.97 billion yuan, 140.45 billion yuan, and 151.60 billion yuan for the years 2024, 2025, and 2026, respectively. The corresponding price-to-earnings (P/E) ratios are expected to be 19, 17, and 16 times [6][7].

Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Views - The railway equipment sector continues to show high growth, with sufficient orders on hand [5]. - The company reported a revenue of 152.58 billion yuan for the first three quarters of 2024, a year-on-year increase of 6.67%, and a net profit attributable to shareholders of 7.25 billion yuan, up 17.77% year-on-year [4][5]. - The company’s new orders for the first three quarters reached 212.2 billion yuan, a slight increase of 0.33% year-on-year, indicating a robust order backlog [5]. Summary by Sections Market Data - Closing price: 8.32 yuan - One-year high/low: 8.99/5.03 yuan - Price-to-book ratio: 1.5 - Dividend yield: 2.40% - Market capitalization: 202.41 billion yuan [1]. Financial Performance - For Q3 2024, revenue was 625.44 billion yuan, a 12.22% increase year-on-year, with a net profit of 30.44 billion yuan, up 13.11% year-on-year [4][5]. - The gross margin for the first three quarters was 21.21%, with a net margin of 6.21%, reflecting an upward trend in profitability [5]. Revenue Breakdown - Revenue from railway equipment for the first three quarters was 717.65 billion yuan, a 36.69% increase year-on-year, with significant contributions from multiple segments [5]. - The company’s new industries and modern services segments showed declines, indicating areas for potential improvement [5]. Profitability Forecast - The report forecasts net profits for 2024-2026 to be 13.30 billion, 14.69 billion, and 16.29 billion yuan respectively, with corresponding price-to-earnings ratios of 18X, 16X, and 15X [5][6].

公司近一年市场表现 中国中车 上证指数 刘斌 执业登记编码：S0760524030001 邮箱：liubin3@sxzq.com 徐风 在手订单充裕对短期业绩形成支撑，动车组大修高位波动继续利好经 资料来源：最闻 营。前三季度，公司新签订单 2122 亿元，同比小幅增加 0.3%，其中国际业 务签约 342 亿元。24 年 1-9 月，客运需求创新高，国铁投资累计同比增长在 10%左右，动车组新造和五级修招标分别为 165 组和 509 组，预计今年全年 公司动车组高级修业务将保持较好的增长，未来 2-3 年动车组维修业务也将 继续保持相对高位；同时，旺盛的客运需求以及高铁建设规划，也对动车组 新造招标形成支撑。 执业登记编码：S0760519110003 邮箱：xufeng@sxzq.com 公司是全球轨交装备龙头，同时积极打造新产业，已经构建了"双赛道、 双集群"格局。在增购与维保需求带动下，轨交装备业务进入景气周期，公 司 有 望 进入成 长 新 阶 段 。 预计公司 2024-2026 年归母公司净利润 131.4/146.6/158.4 亿元，同比增长 12.2%/11.5%/8.1%，对应 10 ...

证券研究报告·公司点评报告·轨交设备Ⅱ 中国中车（601766） 2024 年三季报点评：业绩稳健增长，铁路装 备业务增速可观 2024 年 10 月 31 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 222939 | 234262 | 260697 | 278037 | 290836 | | 同比（ % ） | (1.24) | 5.08 | 11.28 | 6.65 | 4.60 | | 归母净利润（百万元） | 11653 | 11712 | 13817 | 15321 | 16233 | | 同比（ % ） | 13.11 | 0.50 | 17.98 | 10.89 | 5.95 | | EPS- 最新摊薄（元 / 股） | 0.41 | 0 ...

三季[Table_StockInfo] 2024 年 10 月 30 日 证券研究报告•2024 年三季报点评 买入 （维持） 当前价：8.36 元 中国中车（601766）机械设备 目标价：——元（6 个月） 业绩符合预期，后市场放量带动盈利能力提升 [Table_Summary] 事件：公司发布 2024年三季报，2024Q1-Q3公司实现营收 1525.8亿元，同比 +6.7%；实现归母净利润 72.5 亿元，同比+17.8%；单 2024Q3 公司实现营收 625.4 亿元，同比+12.2%；实现归母净利润 30.4 亿元，同比+13.1%。业绩符 合预期，后市场放量带动公司盈利能力提升。 公司精益管理、铁路运维后市场放量，拉动公司净利率提升。2024Q1-Q3公司 综合毛利率为 21.2%，毛利率同比-0.6pp，毛利率小幅变化主要系公司成本计算 方式改变；净利率为 6.2%，同比+0.6pp；期间费用率为 14.9%，同比-0.8pp； 其中，销售、管理、研发和财务费用率分别为 2.3%、6.2%、6.4%、0.1%，分 别同比-1.6pp、-0.2pp、+0.8pp、+0.1pp。 单 24Q3 ...

2024 年三季度业绩电话会会议纪要 中国中车股份有限公司于2024年10月30日下午16:15-17:15以电话会议方式 召开了公司2024年三季度业绩电话会。 中国中车股份有限公司 现将召开情况汇总如下： 一、电话会议召开情况 2024年10月30日，董事会秘书王健先生及相关部门负责人出席了本次业绩电 话会。首先，公司介绍了中国中车2024年三季度经营情况、公司未来发展展望； 在之后的互动交流环节，董事会秘书王健先生针对2024年三季度的经营成果及财 务状况等情况与投资者进行互动交流，在信息披露允许的范围内就投资者普遍关 注的问题进行回答。 二、投资者提出的主要问题及公司回复情况 1. 公司对2024全年的经营业绩预期如何？ 答：尊敬的投资者，感谢您对公司的关注。公司前三季度完成营业收入 1525.83亿元、归属于上市公司股东的净利润72.45亿元，实现收入利润双增长。 从前三季度经营情况看，各业务板块差异较大。铁路装备板块，受益于铁路客流 持续向好，动车组新造订单和交付有较好的增长，同时2023年至今动车组上线利 用率高再叠加前几年上线利用率低检修推迟滞后因素，动车组高级修业务也大幅 增长，但是铁路机车 ...

证券研究报告 中国中车 (1766 HK/601766 CH) 铁路装备业务收入高增 华春研究 2024 年 10 月 31 日 | 中国内地/中国香港 中报点评 运输设备 公司公布三季度业绩: 公司 2024 前三季度收入 1525.83 亿/yoy+6.67%;归 母净利润 72.45 亿/yoy+17.77%;其中,24Q3 收入 625.44 亿/yoy+12.2%, 归母净利润 30.44 亿/yoy+13.1%。24 年前三季度公司铁路装备业务持续高 增,我们预计轨交设备行业未来新增动车组及高级修将维持稳中有升态势, 公司作为轨交设备龙头有望受益于行业持续高景气,维持"买入"评级。 24年前三季度毛利率略有下降,费用管控能力良好 24M1-9 公司实现毛利率21.21%,同比下降 0.61pct;实现净利率 6.21%, 同比上升 0.6pct。24Q3 单季度公司实现毛利率 20.93%,同比下降 2.01pct; 实现净利率 6.33%,同比上升 0.09pct,盈利能力较为稳定。费用率方面, 2024 公司前三季度销售/管理费用率/费用率分别为 2.25%/6.21%/6.36%, 销售费用 ...

2024年10月30日 来源：公司年报、国金证券研究所 中国中车 (601766.SH) 买入(维持评级) 公司点评 证券研究报告 铁路装备收入高增，盈利能力环比改善 事件 10月30日,公司发布24年三季报,2401-Q3 公司实现收入 1525.83 亿元,同比+6.67%;实现归母净利润 72.45 亿元,同比+17.77%。 其中单 Q3 实现收入 625.44 亿元,同比+12.22%;实现归母净利润 30. 44 亿元，同比+13. 11%。 经营分析 铁路蒙备业务收入高增,盈利能力环比改善。根据公司公告,受益 动车组和客车收入增长，1-3Q24 公司铁路装备业务收入同比 +36.69%，增速较高。3Q24 公司毛利率达 20.93%较 2Q24 提升 1.48pcts, 盈利能力环比改善。 动车组五级修招标置高增,看好动车组维保业务高增。动车组运行 480 万公里或 12年左右需要五级修,根据国家铁路局,2011 年- 2016 年动车组保有量五年增长 200%，对应 23 年左右五级修进入 爆发期。根据国铁集团招标网,23年国铁集团对动车组的五级修 招标共108组,24年已经发布的两次招标项目 ...