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Industrial Services

China Railway Construction Corp. Ltd.

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 2019 HKDUSD
Revenue936,409.32M119,513.16M
Gross Profit84,788.07M10,821.43M
Operating income35,746.95M4,562.35M
Income before tax29,062.47M3,709.21M
Net income21,496.62M2,743.59M
EBITDA55,667.36M7,104.78M
Diluted EPS1.500.19
Dividends Per Share0.220.02
Total Assets1,209.46B155,223.34M
Total liabilities958,657.35M123,034.13M
Total equity189,904.59M24,372.36M
Operating cash flow48,050.28M6,132.61M
Currency in HKDCurrency in USD

Historical Data

 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 721,697.51M 725,801.58M 779,522.07M 859,104.73M 936,409.32M
Gross Profit 64,193.55M 57,009.03M 65,760.92M 78,030.06M 84,788.07M
Operating income 25,906.40M 24,499.06M 26,495.15M 34,273.07M 35,746.95M
Income before tax 20,990.10M 22,198.65M 24,186.05M 28,246.94M 29,062.47M
Net income 15,597.95M 16,357.40M 18,180.81M 20,216.61M 21,496.62M
EBITDA 39,618.83M 38,753.19M 40,677.03M 50,396.68M 55,667.36M
Diluted EPS 1.20 1.18 1.25 1.45 1.50
Dividends Per Share 0.17 0.18 0.22 0.23 0.22
Total Assets 830,795.08M 847,156.76M 986,630.96M 1,046.47B 1,209.46B
Total liabilities 676,389.77M 689,807.96M 787,534.44M 830,533.04M 958,657.35M
Total equity 133,123.64M 136,806.50M 163,081.44M 170,296.40M 189,904.59M
Operating cash flow 62,317.01M 43,802.79M 29,803.59M 1,937.91M 48,050.28M
 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 93,091.35M 93,501.52M 100,030.84M 109,614.00M 119,513.16M
Gross Profit 8,280.29M 7,344.19M 8,438.65M 9,955.93M 10,821.43M
Operating income 3,341.65M 3,156.09M 3,399.94M 4,372.93M 4,562.35M
Income before tax 2,707.50M 2,859.74M 3,103.63M 3,604.05M 3,709.21M
Net income 2,011.97M 2,107.24M 2,333.02M 2,579.45M 2,743.59M
EBITDA 5,110.41M 4,992.38M 5,219.81M 6,430.16M 7,104.78M
Diluted EPS 0.15 0.15 0.16 0.18 0.19
Dividends Per Share 0.02 0.02 0.02 0.03 0.02
Total Assets 107,197.28M 109,266.13M 126,211.21M 133,660.16M 155,223.34M
Total liabilities 87,274.40M 88,971.31M 100,742.51M 106,079.44M 123,034.13M
Total equity 17,176.91M 17,645.28M 20,861.60M 21,751.02M 24,372.36M
Operating cash flow 8,038.23M 5,642.90M 3,824.49M 247.26M 6,132.61M

Valuation Measures

Dec 2019
PER5.38
ROA1.90%
ROE11.93%
Operating margin3.81%
Profit margin2.29%

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: Deng Shan Zhao

Shareholders

  • National Council for Social Security Fund (9.0%)
  • The Vanguard Group, Inc. (3.5%)
  • Credit Suisse Asset Management (Schweiz) AG (2.8%)
  • Nordea Investment Management AB (Denmark) (2.3%)
  • BlackRock Fund Advisors (2.2%)
  • JPMorgan Asset Management (UK) Ltd. (1.6%)
  • Grantham, Mayo, Van Otterloo & Co. LLC (1.6%)
  • Dimensional Fund Advisors LP (1.5%)
  • BlackRock Investment Management (UK) Ltd. (0.8%)
  • Causeway Capital Management LLC (0.8%)

Contact Details

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

Related Companies

  • China Railway Construction Property Management Co., Ltd.
  • China Railway Construction Kunlun Investment Group Co., Ltd.
  • China Railway Construction Commercial Factoring Co., Ltd.
  • 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.
  • 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.
  • CRCC Urban Engineering Co., Ltd.
  • China Railway Goods & Materials Group Co., Ltd.
  • CRCC Nanfang Construction & Investment Co., Ltd
  • China Railway Construction Real Estate Group Co., Ltd.
  • CRCC Assets Management Co., Ltd.
  • CRCC Harbour & Channel Engineering Bureau Group Co.
  • CRCC Huabei Investment & Development Co., Ltd
  • China High-Tech Equipment Co., Ltd.
  • Chenghe Insurance Broker Co., Ltd.
  • China Railway Strait Construction Group Co. Ltd.
  • CRCC Kunlun Investment Group Co., Ltd.
  • China Railway 25th Bureau Group Co., Ltd.
  • CRCC Chongqing Investment Group Co., Ltd.
  • China Railway Goods & Materials Co., Ltd.

Competitors

  • Shikun & Binui Ltd
  • Actividades de Construccion y Servicios SA
  • China Communications Construction Co. Ltd. Class H
  • Arcadis NV
Last Updated on 9 Apr, 2020

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