Gelonghui, March 5 | Guojin Securities Research Report indicates that from December 2023 to March 2024, CRRC (601766.SH) signed an advanced EMU repair order of 14.78 billion yuan, accounting for 6.6% of 2022 revenue, and the order amount is quite large. Level 5 repairs will replace EMU parts on a large scale, and I am optimistic about the rapid growth of the company's EMU maintenance business. Furthermore, the State Railway Administration recently proposed that it will improve the renewal subsidy policy in the future to basically eliminate old internal combustion locomotives by 2027. Encouraged by the policy, the pace of upgrading and replacing railway equipment is expected to accelerate, which is beneficial to the long-term revenue growth of the company's railway equipment business. Maintain a “buy” rating.