CRRC Corp. Ltd.

6.55 HKD
+0.02
+0.31%

China
Apr 25, 2018
Ticker
HKG(1766)
Prev. close
6.53
Market cap (HKD)
317,779.43M
Market cap (USD)
40,497.19M
Shares
28,698.86M

In the news

Hong Kong shares fall in shortened trading week Mar 29, 2018
Hong Kong shares slip as tech stocks remain under pressure Mar 29, 2018
European builders to jointly bid for KL-Singapore high-speed rail Feb 13, 2018
Mainland Chinese stocks in Hong Kong post biggest fall in 7 weeks Jan 30, 2018
Company in focus: China's top train maker is betting on success overseas Nov 9, 2017

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. It operates through the following segments: Railway Equipment; Rapid Transit Vehicles and Urban Infrastructure; New Businesses; and Modern Service. The Railway Equipment segment offers parts and components for passenger carriage, freight wagon, and track engineering machinery businesses. The Rapid Transit Vehicles and Urban Infrastructure segment develops and manages intercity electrical multiple unit trains and rapid transit vehicles. The New Businesses segment consists of water treatment machines, new energy vehicles, and wind power equipment. The Modern Service segment deals with logistics, trading, and financial services. The company was founded on December 28, 2007 and is headquartered in Beijing, China.

Financial Highlights

Dec 2017	HKD	USD
Revenue	240,878.31M	30,910.30M
Gross Profit	51,209.58M	6,571.38M
Operating income	14,126.76M	1,812.79M
Income before tax	17,149.94M	2,200.73M
Net income	12,451.67M	1,597.83M
EBITDA	21,355.74M	2,740.44M
Diluted EPS	0.42	0.05
Dividends Per Share	0.18	0.02
Total Assets	450,520.14M	57,631.16M
Total liabilities	273,289.75M	34,959.60M
Total equity	145,924.44M	18,666.85M
Operating cash flow	19,505.46M	2,503.00M
	Currency in HKD	Currency in USD

Historical Data

HKD | USD

	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017
Revenue	123,462.40M	277,854.83M	296,778.84M	266,230.73M	240,878.31M
Gross Profit	21,569.10M	53,587.69M	56,521.63M	51,463.48M	51,209.58M
Operating income	6,392.83M	18,249.68M	19,559.16M	17,800.54M	14,126.76M
Income before tax	7,027.36M	17,304.64M	20,512.13M	19,238.86M	17,149.94M
Net income	5,223.47M	13,611.58M	14,577.76M	13,191.60M	12,451.67M
EBITDA	8,853.31M	24,869.92M	27,227.11M	25,404.64M	21,355.74M
Diluted EPS	0.37	0.98	0.53	0.47	0.42
Dividends Per Share	0.11	0.14	0.17	0.23	0.18
Total Assets	155,140.84M	373,509.87M	372,008.30M	377,473.68M	450,520.14M
Total liabilities	93,701.97M	239,963.53M	229,819.06M	232,690.13M	273,289.75M
Total equity	46,825.40M	111,616.53M	115,651.10M	116,986.68M	145,924.44M
Operating cash flow	6,935.46M	38,101.44M	18,750.63M	25,196.51M	19,505.46M

	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017
Revenue	15,916.99M	35,830.58M	38,281.33M	34,297.22M	30,910.30M
Gross Profit	2,780.72M	6,910.36M	7,290.69M	6,629.79M	6,571.38M
Operating income	824.17M	2,353.37M	2,522.92M	2,293.15M	1,812.79M
Income before tax	905.98M	2,231.50M	2,645.84M	2,478.45M	2,200.73M
Net income	673.41M	1,755.27M	1,880.37M	1,699.41M	1,597.83M
EBITDA	1,141.38M	3,207.08M	3,512.01M	3,272.75M	2,740.44M
Diluted EPS	0.04	0.12	0.06	0.06	0.05
Dividends Per Share	0.01	0.01	0.02	0.03	0.02
Total Assets	20,008.49M	48,164.68M	48,000.13M	48,686.49M	57,631.16M
Total liabilities	12,084.73M	30,943.67M	29,653.49M	30,012.33M	34,959.60M
Total equity	6,039.06M	14,393.12M	14,922.43M	15,088.92M	18,666.85M
Operating cash flow	894.13M	4,913.34M	2,418.63M	3,245.94M	2,503.00M

Valuation Measures

Dec 2017
PER	19.07
ROA	3.00%
ROE	9.47%
Operating margin	5.86%
Profit margin	5.16%

Key executives

Chairman & General Manager: Hua Long Liu
President & Executive Director: Yong Cai Sun
Chief Financial Officer & Vice President: Yan Jing Zhan
Vice President: Jun Zhang
Vice President: Qi Liang Lou

Shareholders

Himalaya Capital Management LLC (5.8%)
The Vanguard Group, Inc. (3.4%)
Hang Seng Investment Management Ltd. (2.7%)
BlackRock Fund Advisors (2.5%)
Norges Bank Investment Management (1.2%)
BlackRock Investment Management (UK) Ltd. (0.8%)
FIL Investment Management (Hong Kong) Ltd. (0.8%)
Morgan Stanley Investment Management Co. (0.7%)
APG Asset Management NV (0.6%)
BlackRock Advisors (UK) Ltd. (0.6%)

Contact Details

Website:http://www.crrcgc.cc
Address: 16 Central West Fourth Ring Road, Haidian District, Beijing, 100036, China
Phone: +86.10.5186.2188

Related Companies

CRRC Trading Ltd.
CRRC Beijing Erqi Vehicle Co., Ltd.
CRRC Hong Kong Capital Management Co. Ltd.
CRRC Wind Power (Shandong) Co., Ltd.
Nanjing Puzhen Haitai Brake Equipment Co., Ltd.
Jiangsu CSR Electric Co., Ltd.
CRRC Ziyang Co. Ltd.
CRRC Industrial Investment Co., Ltd.
Zhongche Dalian Locomotive Vehicle Co. Ltd.
Zhongche Ziyang Locomotive Co. Ltd.
CRRC Sifang Co. Ltd.
CRRC Yangtze Co. Ltd.
CSR Shijiazhuang Co. Ltd.
Shanghai Xinghan Asset Management Co. Ltd.
CSR Yangtze Rolling Stock Co. Ltd.
CSR Qishuyan Locomotive & Rolling Stock Works
CSR Guiyang Vehicle Co. Ltd.
Ningbo Yinzhou District Construction Investment & Development
CRRC Investment & Leasing Co., Ltd.
Changchun Railway Vehicles Co., Ltd.
CSR (Hong Kong) Co. Ltd.
Qishuyan Locomotive & Rolling Stock Works Industrial Co.
CSR Luoyang Locomotive Co. Ltd.
CSR Shijiazhuang Rolling Stock Co., Ltd.
Shanghai Electric Transport Co. Ltd.
CSR Qingdao Sifang Locomotive & Rolling Stock Co., Ltd.
China South Locomotive & Rolling Stock Ziyang Factory
Sifang Locomotive & Rolling Stock Co. Ltd.
CRRC Zhuzhou Institute Co., Ltd.
CSR Ziyang Locomotive Co. Ltd.

Competitors

Schaltbau Holding AG
Westinghouse Air Brake Technologies Corporation
Alstom SA
Bombardier Inc. Class B
Shenzhen Inovance Technology Co., Ltd Class A
Hyundai Rotem Co.

Last Updated on 25 Apr, 2018

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