研報掘金丨東吳證券:中國中車業績高增,維持“買入”評級
東吳證券研報指出,中國中車25H1業績高增,歸母淨利潤同比增長60%-80%。單25Q2來看,預計公司實現歸母淨利潤36.69億元-38.93億元,預計同比+15%-20%。2025H1公司歸母淨利潤增長超預期,判斷主要系2024年末集中釋放的動車組高級修訂單與動車組採購訂單錯期延遲交付。展望後續,我國高速鐵路年規劃里程穩定在2500km左右,而動車組採購是根據高鐵運營里程配置的,我們判斷動車組招標需求有望延續。認爲在十四五規劃指引下,2025年全年動車組招標有望在下半年發力。另外,2024年公司動車組高級修新簽訂單453.6億元,實現高增。2015-2016年投運的CRH380系列正密集步入五級修週期,高級修招標量有望持續兌現。考慮到鐵路固定資產投資復甦向好,公司作爲國內唯一動車組整車生產商將同步受益,維持公司“買入”評級。
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