China Railway Construction Corp. Ltd.

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Company Background

China Railway Construction (CRCC) is China's state-owned railway constructor. Its business operations are growing rapidly as it expands to Southeast Asia, Africa, South America and Eastern Europe. It is often ranked among the world's top general contractors.

As the successor of the Railway Corps of the People's Liberation Army, CRCC has developed railway infrastructure under the Ministry of Railways. It changed into its current form in 2007 following state-owned company reforms. Its government-controlled parent company still has 60% of outstanding shares.

CRCC builds railways as well as hydropower plants, airports and housing. It holds a 90% share in the domestic railway maintenance facilities. It is currently focusing on winning more contracts for building subways and high-speed railways overseas. It is aiming to expand its infrastructure exports, including railway design, construction, rail car manufacturing and railway traffic control systems.

As a state-owned company, its business is susceptible to Communist Party policies. Its overseas strategy is basically the same as Beijing's foreign policy. While CRCC can benefit from the government's infrastructure export policy, many developed countries argue it has problems in ensuring transparency in management and safety.

Business Summary

China Railway Construction Corp. Ltd. engages in the construction business. It operates the following business segment: Construction; Survey, Design, and Consultancy; Manufacturing; Real Estate; and Other Business Operations. The Construction Operations segment engages in the construction of infrastructure such as railways, highways, metropolitan railways and real estate projects. The Survey, Design, and Consultancy Operations segment involves in the provision of survey, design and consultancy services, as well as technology and equipment research and development services. The Manufacturing Operations segment offers design, research and development, production, and sale of large track maintenance machinery as well as the manufacturing of components for railway construction. The Real Estate Operations segment comprises development, construction, and sale of residential and commercial properties. The Other Business Operations segment focuses on the logistics, finance and insurance. The company was founded on June 1,1948 and is headquartered in Beijing, China.

Financial Highlights

Dec 2021	HKD	USD
Revenue	1,224.96B	157,595.10M
Gross Profit	112,769.74M	14,508.18M
Operating income	45,557.51M	5,861.11M
Income before tax	39,026.73M	5,020.91M
Net income	26,196.46M	3,370.25M
EBITDA	67,590.50M	8,695.73M
Diluted EPS	1.92	0.24
Dividends Per Share	0.28	0.03
Total Assets	1,655.04B	212,285.54M
Total liabilities	1,275.72B	163,631.82M
Total equity	283,579.00M	36,373.53M
Operating cash flow	-9,845.86M	-1,266.70M
	Currency in HKD	Currency in USD

Historical Data

HKD | USD

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021
Revenue	779,522.07M	859,104.73M	936,409.32M	1,018.73B	1,224.96B
Gross Profit	65,760.92M	78,030.06M	84,788.07M	89,696.60M	112,769.74M
Operating income	26,495.15M	34,273.07M	35,746.95M	37,823.68M	45,557.51M
Income before tax	24,186.05M	28,246.94M	29,062.47M	33,545.70M	39,026.73M
Net income	18,180.81M	20,216.61M	21,496.62M	22,888.11M	26,196.46M
EBITDA	40,677.03M	50,396.68M	55,667.36M	57,551.31M	67,590.50M
Diluted EPS	1.25	1.45	1.50	1.61	1.92
Dividends Per Share	0.22	0.23	0.22	0.27	0.28
Total Assets	986,630.96M	1,046.47B	1,209.46B	1,473.50B	1,655.04B
Total liabilities	787,534.44M	830,533.04M	958,657.35M	1,150.44B	1,275.72B
Total equity	163,081.44M	170,296.40M	189,904.59M	248,657.05M	283,579.00M
Operating cash flow	29,803.59M	1,937.91M	48,050.28M	46,975.40M	-9,845.86M

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021
Revenue	100,030.84M	109,614.00M	119,513.16M	131,347.52M	157,595.10M
Gross Profit	8,438.65M	9,955.93M	10,821.43M	11,564.80M	14,508.18M
Operating income	3,399.94M	4,372.93M	4,562.35M	4,876.70M	5,861.11M
Income before tax	3,103.63M	3,604.05M	3,709.21M	4,325.13M	5,020.91M
Net income	2,333.02M	2,579.45M	2,743.59M	2,951.02M	3,370.25M
EBITDA	5,219.81M	6,430.16M	7,104.78M	7,420.23M	8,695.73M
Diluted EPS	0.16	0.18	0.19	0.20	0.24
Dividends Per Share	0.02	0.03	0.02	0.03	0.03
Total Assets	126,211.21M	133,660.16M	155,223.34M	190,035.29M	212,285.54M
Total liabilities	100,742.51M	106,079.44M	123,034.13M	148,370.77M	163,631.82M
Total equity	20,861.60M	21,751.02M	24,372.36M	32,068.85M	36,373.53M
Operating cash flow	3,824.49M	247.26M	6,132.61M	6,056.65M	-1,266.70M

Valuation Measures

Dec 2021
PER	2.64
ROA	1.67%
ROE	9.84%
Operating margin	3.71%
Profit margin	2.13%

Key executives

President & Executive Director: Shang Biao Zhuang
Chief Financial Officer & Chief Accountant: Xiuming Wang
Vice President: Cheng Jun Liu
Security Affairs Representative: Hua Gang Xie
Joint Secretary: Jing Jing

Shareholders

UBS Asset Management (Hong Kong) Ltd. (4.5%)
UBS Asset Management Switzerland AG (1.3%)
Value Partners Ltd. (0.9%)
Zhongtai Securities Shanghai Assets Management Co., Ltd. (0.7%)
Essence Fund Co., Ltd. (0.4%)
Artemis Investment Management LLP (0.4%)
Fullgoal Fund Management Co., Ltd. (0.1%)
BEA Union Investment Management Ltd. (0.1%)
BOCI-Prudential Asset Management Ltd. (0.0%)
Hwabao WP Fund Management Co., Ltd. (0.0%)

Contact Details

Website:http://www.crcc.cn
Address: East, No. 40 Fuxing Road, Haidian District, Beijing, 100855, China
Phone: +86.10.52688600

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China Railway 17th Bureau Group 2nd Engineering Co., Ltd.
China Railway 12th Bureau Group 3rd Engineering Co., Ltd.
CRCC Financial Leasing Co., Ltd.
China Railway Construction Finance Co., Ltd.
Chongqing Tiefa Suiyu Expressway Co., Ltd.
CRCC Chengan Ltd.
China Railway Wuju Group the First Engineering Co., Ltd.
China Railway 16th Bureau Group No. 3 Engineering Co., Ltd.
China Railway Fifth Survey & Design Institute Group Co
Beijing CRCC Tianrui Machinery Equipment Co., Ltd.
China Railway Fourth Survey & Design Institute Group Co., Ltd.
China Railway First Survey & Design Institute Group Co., Ltd.
China Railway Maglev Transportation Investment Construction Co
China Railway Shanghai Design Institute Group Co., Ltd.

Competitors

Jinxi Axle Company Limited Class A
Beijing Tieke Shougang Railway-Tech Co., Ltd. Class A
Arcadis NV
China High-Speed Railway Technology Co. Ltd. Class A
Gem-Year Industrial Co., Ltd. Class A
Xiangtan Electric Manufacturing Co., Ltd. Class A

Last Updated on 3 Oct, 2022