1. Upcoming Financial Report Release Date: CRRC (601766.SH) is scheduled to release its Q3 2025 financial report on October 31, 2025.
2. CRRC's Third-Quarter Performance Outlook: As of October 11, 2025, based on quarterly performance forecast data, the company's Q3 net profit is projected at 3.45 billion yuan, representing a 13.0% year-over-year change. Market attention will focus on whether the actual results can exceed expectations when the financial data is disclosed.
3. Latest Sell-Side Views on CRRC: China Post Securities believes that CRRC achieved significant growth in the first half of 2025, with revenue and net profit increasing 33% and 72% year-over-year respectively. All four business segments achieved positive growth, with the railway equipment segment showing the fastest growth rate of over 40% year-over-year. The company's new orders increased 4.2% year-over-year, with growth in both overseas and domestic orders. China Railway Corporation's bidding amount has already exceeded the total for 2024, indicating continued positive momentum in the rail transit equipment industry. The company plans an interim dividend of 3.157 billion yuan, accounting for 43.57% of net profit.
By business segment: 1) Railway equipment business: Revenue grew 42% year-over-year, benefiting from healthy development in domestic railway passenger transport, freight transport, and construction, with strong demand for new EMU trains and locomotives. 2) Urban rail business: Revenue grew 6% year-over-year, maintaining stability. 3) New industries business: Revenue grew 36% year-over-year, benefiting from increased orders for clean energy equipment such as wind power and energy storage. 4) Modern services business: Revenue grew 16% year-over-year.
CITIC Securities believes that CRRC delivered outstanding performance in the first half of 2025, with both revenue and net profit achieving significant growth. Railway equipment business revenue increased 42.21% year-over-year, with EMU trains accounting for over 30% of revenue. Urban rail and urban infrastructure revenue grew 6.27% year-over-year, while new industries revenue increased 35.59% year-over-year. The company's comprehensive gross margin improved 0.4 percentage points year-over-year to 21.81%, and net profit margin increased 1.32 percentage points year-over-year to 7.45%. In the first half of 2025, new orders totaled 146 billion yuan, up 4.21% year-over-year, with overseas orders accounting for 21.16%. The company plans a cash dividend of 3.157 billion yuan, representing a 43.57% payout ratio.
(Note: The earnings forecast data mentioned in this article are sourced from earnings prediction databases)
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