CRRC(601766) 长江证券·2024-11-04 07:25Investment 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]