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<Research>JPM's CN National Railway Industry Forecast Conservative, But Continued Overachievement Expected
Recommend 8 Positive 18 Negative 4 |
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China State Railway Group (CRC) plans to put over 2,000 km of new railway lines into operation nationwide and aims for infrastructure investment to reach RMB520 billion, according to a JPMorgan research report. In JPMorgan's opinion, China's policy direction lays a solid foundation for the next stage of the industry and supports the broker's constructive outlook on the 15th Five-Year Plan. Despite a cautious tone, actual investment delivery and new mileage have repeatedly exceeded expectations, and CRC has surpassed annual new line targets by about 20% for four consecutive years, which the broker believes will persist until 2026 and beyond. JPMorgan also highlighted the outperformance of CRRC (01766.HK) (601766.SH) and TIMES ELECTRIC (03898.HK) (688187.SH) over the market. They are expected to have better performance opportunities this year. Regarding CHINA RAILWAY (00390.HK) (601390.SH), JPMorgan said the transition to high-value national projects and robust growth in overseas orders will continue to support profit margin resilience and create new growth engines despite revenue growth normalization. AAStocks Financial News |
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