Core Insights - The company achieved a revenue of 246.46 billion yuan in 2024, representing a year-on-year increase of 5.21%, and a net profit attributable to shareholders of 12.39 billion yuan, up 5.77% year-on-year [1] - The growth in revenue is primarily driven by the recovery of fixed asset investment in railways, with significant increases in new train procurement and major repairs [1][3] Financial Performance - The company's gross profit margin for 2024 was 21.38%, a decrease of 0.89 percentage points year-on-year, while the net profit margin improved slightly to 6.36%, an increase of 0.14 percentage points year-on-year [2] - In Q4 2024, the company reported a revenue of 93.87 billion yuan, a year-on-year increase of 2.90%, but a decline in net profit attributable to shareholders by 7.51% to 5.14 billion yuan [1][2] Business Segments - The railway equipment segment generated revenue of 110.46 billion yuan, up 12.50% year-on-year, while the urban rail segment saw a decline of 9.72% to 45.44 billion yuan [1] - The new industries segment achieved revenue of 86.38 billion yuan, an increase of 7.13%, while the modern services segment experienced a significant decline of 18.22% to 4.18 billion yuan [1] Cash Flow and Liabilities - As of the end of 2024, the company's contract liabilities increased by 21.60% to 28.18 billion yuan, and inventory rose by 18.10% to 78.95 billion yuan, indicating a strong order backlog [3] - The net cash flow from operating activities for 2024 was 27.13 billion yuan, a substantial increase of 84.27% year-on-year [3] Market Outlook - The company has adjusted its net profit forecasts for 2025-2026 to 13.81 billion yuan and 14.88 billion yuan, respectively, while projecting a net profit of 16.03 billion yuan for 2027 [4] - The current stock price corresponds to dynamic PE ratios of 15, 14, and 13 times for the years 2025, 2026, and 2027, respectively, maintaining a "buy" rating [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a revenue of 246.46 billion yuan in 2024, representing a year-on-year growth of 5.21%, and a net profit attributable to shareholders of 12.39 billion yuan, reflecting a year-on-year increase of 5.77% [2] - The railway equipment business is experiencing significant growth due to the recovery of railway fixed asset investment and increased bidding for new train sets and maintenance [5] - The company's gross profit margin is slightly declining, while the net profit margin is showing a slight improvement, indicating effective cost control [3] Revenue and Profit Forecast - Total revenue and net profit forecasts for the company from 2023 to 2027 are as follows: - 2023A: Revenue 234.26 billion yuan, Net Profit 11.71 billion yuan - 2024A: Revenue 246.46 billion yuan, Net Profit 12.39 billion yuan - 2025E: Revenue 273.16 billion yuan, Net Profit 13.81 billion yuan - 2026E: Revenue 293.68 billion yuan, Net Profit 14.88 billion yuan - 2027E: Revenue 313.94 billion yuan, Net Profit 16.03 billion yuan [1][2] Business Segment Performance - The railway equipment business generated revenue of 110.46 billion yuan in 2024, up 12.50% year-on-year, while the urban rail business saw a revenue decline of 9.72% to 45.44 billion yuan [2] - New industries contributed 86.38 billion yuan in revenue, growing by 7.13%, and modern services generated 4.18 billion yuan, down 18.22% [2] Cash Flow and Financial Health - The company reported a net cash flow from operating activities of 27.13 billion yuan in 2024, an increase of 84.27% year-on-year, indicating strong operational cash flow [4] - Contract liabilities and inventory have increased, with contract liabilities reaching 28.18 billion yuan, up 21.60% year-on-year, and inventory at 78.95 billion yuan, up 18.10% year-on-year [4] Market Conditions and Future Outlook - The recovery of railway fixed asset investment in China is expected to continue, with a completion amount of 850.6 billion yuan in 2024, representing an increase of 11.26% year-on-year [5] - The company is adjusting its profit forecasts for 2025 and 2026 due to slower policy implementation for the replacement of old diesel locomotives, with net profit estimates revised to 13.81 billion yuan and 14.88 billion yuan respectively [5]

Investment Rating - The report maintains a "Buy" rating for the company, projecting revenue growth and profit increases over the next few years [4]. Core Insights - The company reported a revenue of 246.46 billion yuan for the year 2024, marking a year-on-year growth of 5.21%, and a net profit attributable to shareholders of 12.39 billion yuan, up 5.77% year-on-year [1]. - The railway equipment business is expected to benefit from increased demand, with a projected revenue of 110.46 billion yuan in 2024, reflecting a 12.50% increase, particularly driven by a 49.3% growth in the high-speed train segment [2]. - The company anticipates continued growth in maintenance and repair services for high-speed trains, with a revenue increase of 25.2% in 2024, and a rising share of maintenance revenue from 34.0% in 2023 to 37.8% in 2024 [3]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 93.87 billion yuan, a 2.9% increase year-on-year, but the net profit decreased by 7.51% to 5.14 billion yuan [1]. - The projected revenues for 2025 to 2027 are 266.71 billion yuan, 287.11 billion yuan, and 308.36 billion yuan respectively, with net profits expected to be 13.48 billion yuan, 14.67 billion yuan, and 15.94 billion yuan [4][6]. Market Outlook - The National Railway Group has set ambitious targets for 2025, including a passenger volume of 4.28 billion, a 4.9% increase, and infrastructure investments of 590 billion yuan, which are expected to drive demand for railway equipment [2]. - The company is well-positioned to capitalize on the policy encouraging the replacement of old diesel locomotives, which is expected to enhance revenue from railway equipment [3]. Valuation Metrics - The projected price-to-earnings (P/E) ratios for the company are 16X for 2025, 14X for 2026, and 13X for 2027, indicating a favorable valuation trend [4].

Core Insights - China CRRC Corporation Limited reported a revenue of 246.46 billion yuan for 2024, marking a year-on-year growth of 5.21% [1] - The net profit attributable to shareholders reached 12.39 billion yuan, with a year-on-year increase of 5.77%, while the net profit after deducting non-recurring items was 10.14 billion yuan, up 11.38% [1] Group 1: Business Performance - The company achieved record high operating performance, with its rail transit equipment business maintaining the top position globally [2] - Revenue from the railway equipment business increased by 12.5% year-on-year, primarily driven by growth in the high-speed train segment [2] - The company plans to distribute a cash dividend of 2.1 yuan per 10 shares, totaling 6.03 billion yuan [2] Group 2: Market Strategy - In 2024, the company secured new orders worth 322.2 billion yuan, including 47.2 billion yuan from overseas [3] - The company is focusing on expanding its market presence in rail equipment, urban rail, and new industries, while also enhancing its international business model [3][4] Group 3: Innovation and Development - The company invested approximately 16.69 billion yuan in R&D, accounting for 6.77% of its revenue [5] - Key technological breakthroughs were achieved, including the launch of the Fuxing high-speed train and the world's largest floating offshore wind turbine [5] - Looking ahead to 2025, the company aims to emphasize value creation, innovation leadership, and reform empowerment to meet its "14th Five-Year Plan" goals [5]

Core Insights - China CRRC reported a revenue of 246.457 billion yuan for 2024, a year-on-year increase of 5.21%, and a net profit attributable to shareholders of 12.388 billion yuan, up 5.77% year-on-year, with a proposed final dividend of 0.21 yuan per share [1] Group 1: Financial Performance - The company achieved a revenue of 246.457 billion yuan, reflecting a 5.21% increase compared to the previous year [1] - The net profit attributable to shareholders was 12.388 billion yuan, marking a 5.77% year-on-year growth [1] - Basic earnings per share were reported at 0.43 yuan, with a proposed final dividend of 0.21 yuan per share [1] Group 2: Strategic Development - China CRRC focuses on its core business, enhancing strategic leadership, and responding to challenges, establishing itself as a leading global supplier of rail transit equipment [1] - The company aims to build a world-class enterprise by optimizing layout and structural adjustments, with rapid growth in clean energy generation and low-carbon transportation equipment [1] Group 3: Technological Innovation - The company emphasizes self-reliance in technology and implements an innovation-driven development strategy, enhancing its independent innovation capabilities [2] - Major product developments include the successful launch of the CR450 high-speed train and the first large-capacity hydrogen-powered shunting locomotive in China [2] - The company has increased its patent portfolio, with 2,707 new authorized patents, including 1,733 invention patents [2] Group 4: International Expansion - China CRRC is pursuing internationalization through the Belt and Road Initiative, expanding its market presence and responding to global competition [3] - The company signed three new DLS projects, including the São Paulo intercity project in Brazil and a significant breakthrough in the GCC region with the Dubai Metro Blue Line project [3] - The company has received positive feedback for its operations in the Jakarta-Bandung High-Speed Railway and the China-Laos Railway, showcasing successful international collaborations [3] Group 5: Governance and Future Goals - Under the guidance of the board and aligned with Xi Jinping's thoughts, the company is focused on high-quality development and achieving its "14th Five-Year Plan" goals [4]

中国中车股份有限公司 第三届监事会第十七次会议决议公告 本公司监事会及全体监事保证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、完整性承担法律责任。 中国中车股份有限公司（以下简称"公司"）第三届监事会第十七次会议于 2025 年 3 月 21 日以书面形式发出通知，于 2025 年 3 月 28 日以现场会议方式在 北京召开。本次会议应到监事 3 人，实到监事 3 人。本次会议的召开符合有关法 律、行政法规、部门规章和《中国中车股份有限公司章程》的有关规定。 本次会议由监事会主席赵虎先生主持，经过有效表决，会议形成以下决议： 一、审议通过了《关于中国中车股份有限公司 2024 年年度报告的议案》。 监事会认为：公司 2024 年年度报告的编制和审核程序符合法律、法规及监 管机构的规定；报告的内容真实、准确、完整，真实地反映了公司的实际情况； 未发现年度报告所载资料存在虚假记载、误导性陈述或者重大遗漏。 表决结果：同意票 3 票，反对票 0 票，弃权票 0 票。 二、审议通过《关于中国中车股份有限公司 2024 年度财务决算报告的议案》。 证券代码：601766（A 股） ...

证券代码：601766（A 股） 股票简称：中国中车（A 股） 编号：临 2025-010 证券代码： 1766（H 股） 股票简称：中国中车（H 股） 中国中车股份有限公司 第三届董事会第三十二次会议决议公告 本公司董事会及全体董事保证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、完整性承担法律责任。 中国中车股份有限公司（以下简称"公司"）第三届董事会第三十二次会议于 2025 年 3 月 13 日以书面形式发出通知，于 2025 年 3 月 28 日以现场与通迅相结 合的方式在北京召开。会议应到董事 6 人，实到董事 6 人。公司监事、部分高级 管理人员及有关人员列席了会议。本次会议的召开符合有关法律、行政法规、部 门规章和《中国中车股份有限公司章程》的有关规定。 会议由董事长孙永才先生主持，经过有效表决，会议形成以下决议： 一、审议通过《关于中国中车股份有限公司 2024 年年度报告的议案》。 表决结果：同意票 6 票，反对票 0 票，弃权票 0 票。 三、审议通过《关于中国中车股份有限公司 2024 年度董事会工作报告的议 案》。 表决结果：同意票 6 票，反对票 ...

证券代码：601766（A股） 股票简称：中国中车（A股） 编号：临2025-012 证券代码： 1766（H股） 股票简称：中国中车（H股） 中国中车股份有限公司 2024年度利润分配方案的公告 本公司董事会及全体董事保证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、完整性承担法律责任。 重要内容提示： 本次利润分配方案尚需提交公司股东会审议。 每股分配比例 A股每10股派发现金红利人民币2.1元（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日 期将在权益分派实施公告中明确。在实施权益分派的股权登记日前公司总股本发 生变动的，拟维持分配总额不变，相应调整每股分配比例，并将另行公告具体调 整情况。 本次利润分配方案不触及《上海证券交易所股票上市规则（2024年4月修 订）》（以下简称"《股票上市规则》"）第9.8.1条第一款第（八）项规定的可 能被实施其他风险警示的情形。 一、利润分配方案内容 （一）利润分配方案的具体内容 经毕马威华振会计师事务所（特殊普通合伙）审计，截至2024年12月31日， 中国中车股份有限公司（以下简称"公司"）母公司报表 ...

中国中车股份有限公司 自 2024 年 1 月 1 日 至 2024 年 12 月 31 日止年度财务报表 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 审计报告 毕马威华振审字第 2507242 号 中国中车股份有限公司全体股东： 一、审计意见 我们审计了后附的中国中车股份有限公司(以下简称"中国中车")财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及母公司 现金流量表、合并及母公司股东权益变动表以及相关财务报表附 ...

内部控制审计报告 2024 年 12 月 31 日 . t and the the state of the subject of the subject of the subject of the subject of the subject of the subject of the subject of the subject of the subject of the station of the stati the sub the state of KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 k ...