CRRC Corp. Ltd.

In the news

China looks to build new maglev rail line to boost economy Apr 17, 2020
Alstom strikes at China rail dominance with Bombardier buy Feb 19, 2020
China rail giant's 'American factory' braces for political storm Nov 1, 2019
Myanmar rushes power plant projects to avoid more blackouts Oct 28, 2019
Hitachi targets high-speed rail projects from Texas to Thailand Oct 24, 2019

Company Background

CRRC is China's state-owned train manufacturer formed through a recent megamerger of CSR and China CNR. It virtually monopolizes China's rail car market and is the world's largest train manufacturer, with a 50% share of subway cars around the globe.

Its origins can be traced back to the Qing dynasty in the late 1800s. After the establishment of the People's Republic of China in 1949, CRRC made rail cars as a state-owned train maker under the former Ministry of Railways. CRRC was split into CSR and CNR in 2000 following state-owned company reforms. However, it merged again as a gigantic train maker at the request of President Xi Jinping's administration, a proponent for Chinese companies expanding overseas.

CRRC is focused on exporting high-speed railways. In an effort to adopt train manufacturing technology, CSR has so far teamed up with Japan's Kawasaki Heavy Industries and Canada's Bombardier, while CNR has partnered with Germany's Siemens and France's Alstom. The consolidation will enable CRRC to merge advanced technology. It also manufactures train driving and control components, which have had to be imported in the past.

As the government has 60% of outstanding shares, CRRC's business is inseparably linked to China's national policy. CRRC is eager to take advantage of economies of scale to increase orders from Southeast Asia, Africa and South America.

Business Summary

CRRC Corp. Ltd. engages in the manufacture, trade, and lease of transportation vehicles. Its main business is R & D, design, manufacturing, repair, sales, leasing and technical services of railway locomotives, EMUs, urban rail transit vehicles, engineering machinery, various mechanical and electrical equipment, electronic equipment and parts, electronic appliances and environmental protection equipment products, industrial investment and management and asset management. The company was founded on December 28, 2007 and is headquartered in Beijing, China.

Financial Highlights

Dec 2021	HKD	USD
Revenue	270,022.48M	34,739.24M
Gross Profit	51,102.87M	6,574.54M
Operating income	13,060.25M	1,680.24M
Income before tax	16,452.92M	2,116.72M
Net income	12,416.81M	1,597.46M
EBITDA	22,474.59M	2,891.42M
Diluted EPS	0.43	0.05
Dividends Per Share	0.21	0.02
Total Assets	522,594.74M	67,031.12M
Total liabilities	291,458.10M	37,384.15M
Total equity	181,745.89M	23,311.81M
Operating cash flow	25,859.09M	3,326.85M
	Currency in HKD	Currency in USD

Historical Data

HKD | USD

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021
Revenue	240,878.74M	257,078.90M	257,481.43M	253,842.10M	270,022.48M
Gross Profit	50,451.01M	52,802.28M	55,248.33M	52,381.33M	51,102.87M
Operating income	14,201.72M	14,840.20M	15,049.03M	14,996.17M	13,060.25M
Income before tax	17,133.65M	17,511.03M	18,438.28M	18,074.56M	16,452.92M
Net income	12,443.36M	13,390.30M	13,374.46M	12,732.62M	12,416.81M
EBITDA	21,692.40M	22,670.06M	23,279.91M	23,525.33M	22,474.59M
Diluted EPS	0.43	0.45	0.45	0.43	0.43
Dividends Per Share	0.18	0.17	0.16	0.21	0.21
Total Assets	450,562.86M	407,852.80M	429,158.60M	465,402.24M	522,594.74M
Total liabilities	273,285.62M	230,883.15M	244,154.45M	256,854.07M	291,458.10M
Total equity	145,954.86M	146,487.64M	152,009.99M	169,571.86M	181,745.89M
Operating cash flow	19,476.97M	23,521.45M	27,090.10M	-5,361.09M	25,859.09M

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021
Revenue	30,910.35M	32,800.94M	32,862.14M	32,728.50M	34,739.24M
Gross Profit	6,474.04M	6,737.09M	7,051.30M	6,753.65M	6,574.54M
Operating income	1,822.41M	1,893.47M	1,920.69M	1,933.49M	1,680.24M
Income before tax	2,198.64M	2,234.24M	2,353.26M	2,330.39M	2,116.72M
Net income	1,596.77M	1,708.48M	1,706.97M	1,641.64M	1,597.46M
EBITDA	2,783.64M	2,892.49M	2,971.19M	3,033.18M	2,891.42M
Diluted EPS	0.05	0.05	0.05	0.05	0.05
Dividends Per Share	0.02	0.02	0.02	0.02	0.02
Total Assets	57,636.63M	52,092.80M	55,078.23M	60,022.08M	67,031.12M
Total liabilities	34,959.08M	29,489.44M	31,334.79M	33,126.00M	37,384.15M
Total equity	18,670.75M	18,710.06M	19,508.96M	21,869.37M	23,311.81M
Operating cash flow	2,499.34M	3,001.12M	3,457.48M	-691.21M	3,326.85M

Valuation Measures

Dec 2021
PER	7.74
ROA	2.51%
ROE	7.06%
Operating margin	4.83%
Profit margin	4.59%

Key executives

Chairman & General Manager: Yong Cai Sun
President & Executive Director: Qi Liang Lou
Chief Financial Officer & Chief Accountant: Zheng Li
Vice President: Jun Zhang
Vice President: Gong Cheng Wang

Shareholders

UBS Asset Management Switzerland AG (7.6%)
China State-Owned Assets Supervision & Admn Commission (4.0%)
Lazard Asset Management LLC (3.7%)
The Vanguard Group, Inc. (3.0%)
BlackRock Fund Advisors (0.9%)
HSBC Global Asset Management (Hong Kong) Ltd. (0.9%)
CTBC Investments Co., Ltd. (0.9%)
UBS Switzerland AG (Investment Management) (0.7%)
BlackRock Advisors (UK) Ltd. (0.5%)
BlackRock Japan Co., Ltd. (0.5%)

Contact Details

Website:http://www.crrcgc.cc
Address: No.16 Central West Fourth Ring Road, Haidian District, Beijing, 100036, China
Phone: +86.10.5186.2188

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Competitors

Caterpillar Inc.
Xiangtan Electric Manufacturing Co., Ltd. Class A
Shenzhen Inovance Technology Co., Ltd Class A
Zhuzhou CRRC Times Electric Co., Ltd. Class H
Inner Mongolia North Hauler Joint Stock Co., Ltd Class A
Alstom SA
Beijing Tianyishangjia New Material Corp. Ltd. Class A
China High-Speed Railway Technology Co. Ltd. Class A
Hyundai Motor Company
Westinghouse Air Brake Technologies Corporation
Stadler Rail AG
Yeal Electric Co., Ltd. Class A
Ebusco Holding N.V.

Last Updated on 3 Oct, 2022