Gelonghui, September 11 | Dongwu Securities Research Report indicates that CRRC (601766.SH) is a leading global rail transit equipment company, forming a business layout with railway equipment as the core, and urban rail and new industries have blossomed in many places. In the short term, railway fixed asset investment recovered during the epidemic period, and EMU tenders were repaired simultaneously. The average number of EMU tenders in 2024-2025 is expected to reach 270 units. In the medium to long term, the first batch of EMUs put into operation is close to the upper limit of design life, and the modification and renewal of existing trains supports long-term development. The recovery in EMU tenders and the release of demand for advanced repairs supported the reversal of the railway equipment business difficulties. The strong growth trend of the new industry remained unchanged. Short-term pressure on urban rail construction but medium- to long-term demand was clearly improving. The company's net profit for 2024-2026 is expected to be 13.8/15.3/16.2 billion yuan respectively. The current stock price corresponding to dynamic PE is 14/13/12 times, respectively. The first coverage gave a “buy” rating.
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