Gelonghui, May 20 | Changjiang Securities Research Report pointed out that China Railway (601390.SH)'s Q1 revenue fluctuated, leading to a year-on-year decline in performance. Pay attention to the continued progress of state-owned enterprise reforms and the revaluation of the company's resources and business values. Looking at the whole year, state-owned enterprise reforms are being implemented at an accelerated pace and infrastructure needs are resilient. At the policy level, 2024 is a critical year for state-owned enterprise reform, deepening and upgrading actions, and an aggressive year. Market value management assessments are expected to be gradually implemented in the near future, and further reform measures may be gradually introduced in the future. On a fundamental level, the issuance of Q2 special bonds is expected to accelerate. Coupled with subsequent support from trillions of special treasury bonds, infrastructure demand will be resilient throughout the year. In terms of the company's own resource business, it currently has wholly-owned, controlled, or invested in the construction of 5 modern mines at home and abroad, namely the Heilongjiang Luming Molybdenum Mine, Congo (DRC) Lusha Copper-Cobalt Mine, MKM Copper-Cobalt Mine, Huagang SICOMINE Copper-Cobalt Mine, and the Ulan Lead-Zinc Mine in Mongolia. The overall development and sales of the company's mineral resources remained stable in 2023. Looking ahead to 2024, it is expected that steady infrastructure growth will still contribute to order growth, driving the company's continued steady growth, and the resource business is also expected to provide valuation flexibility. The company's net profit due to mother in 2024-2026 is estimated to be 373.37, 407.75, and 44.569 billion yuan, corresponding PE valuations of 4.36, 3.99, and 3.65 times, maintaining a “buy” rating.