CRRC(601766) 申万宏源·2024-11-01 10:55Investment 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].