研報掘金丨華鑫證券:中國中車業績穩步兌現,維持“買入”評級
華鑫證券研報指出,中國中車預計2025年半年度將實現歸母淨利潤67.22億元—75.62億元,與上年同期相比,將增加25.21億元—33.61億元,同比增長60%-80%。鐵路投資高景氣驅動,業績穩步兌現。鐵路投資高景氣,動車組維保需求進入爆發期。2024年公司新籤動車組銷售訂單602億元,同比增長162.48%;動車組維修訂單454億元,同比增長523.93%,基於行業高景氣度,預計鐵路裝備板塊有望延續強勢增長。業務結構優化,新產業+海外市場貢獻增量。當前全球軌道交通行業回暖,呈穩步增長態勢,同時各國加快推動綠色低碳發展、國家對高端裝備“走出去”的政策支持,都爲中車“雙賽道雙集羣”產業“走出去”帶來機會。從新簽訂單目標上看,公司2025年國際業務新簽訂單也預計在2024年基礎上有所增長。考慮公司業績釋放良好,訂單兌現能力較強,業務結構實現進一步優化,維持“買入”投資評級。
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