China Communications, the hottest rail transit con

Rail transit control system supplier China Communications intends to land on the scientific and technological innovation board, heavy metal overweight intelligent manufacturing

1 China Communications is the leading enterprise of rail transit control system in China, forming a diversified business layout focusing on rail transit control system business. In the field of rail transit control system, the company's design integration, equipment manufacturing and system delivery businesses complement each other, and jointly build an integrated business model covering the whole industrial chain. In the field of general contracting, the company has a full process professional service capability integrating investment and financing, planning and design, engineering construction, and operation management, which improves the comprehensive competitiveness of the enterprise

2. In, the total operating revenue of the company was 29.770 billion yuan, 34.586 billion yuan and 40.013 billion yuan respectively, with a compound annual growth rate of 15.93%; The net profit attributable to the parent company was 3.045 billion yuan, 3.222 billion yuan and 3.409 billion yuan respectively, with a compound annual growth rate of 5.8%. During the same period, the expense rate of the company decreased from 12.35% to 11.00%, and the operation efficiency gradually improved. The company has sufficient orders on hand, which has laid a solid foundation for the steady growth of subsequent performance

3. With sufficient R & D investment and rich technical reserves, the company has completed many milestone projects in the field of rail transit control system, providing important technical support for the accelerated upgrading of China's high-speed railway industry. The company has established stable cooperative relations with core customers such as China Railway Corporation, China Railway Construction Group Co., Ltd. and China Railway Engineering Group Co., Ltd. the coverage rate of domestic bid winning mileage of high-speed railway is more than 60%, and the market share of bid winning contract amount in urban rail field is about 40%. Technology and market share are driven by two wheels, which jointly build the core competitiveness of the company

4. National macro policies support the development of high-speed railway and urban rail transit, laying the main tone for the development of the industry. In terms of market space, the rail transit sector is facing a dual development opportunity of adding new construction needs and upgrading needs. Technological upgrading drives the concentration of the rail transit control system industry to increase, and China Communications, as the industry leader, will give priority to benefit

5. The company plans to raise funds to boost intelligent manufacturing, including 4.6 billion yuan to build advanced and intelligent technology research and development projects and 2.5 billion yuan to build Changsha Industrial Park Phase I project. After the raised funds are in place, the company's R & D capital strength has been significantly improved. The forward-looking technology R & D layout conforms to the development trend of the industry, which helps to consolidate the company's technology leading advantage and sustainable development ability

the leader of the global rail transit control system

business covers the whole industrial chain ecology

China Communication Signal Engineering Co., Ltd., formerly known as the communication and signaling engineering company of the Ministry of Railways of China, was founded in 2010. The controlling shareholder is China communication signal group, with a shareholding ratio of 75.14%. The actual controller of the company is the state owned assets supervision and Administration Commission of the State Council. In August 2015, the company was listed on the main board of the Hong Kong stock exchange. After the successful issuance of the sci-tech innovation board, China Communications will become the first large-scale central enterprise to land on the sci-tech innovation board, and will also be the first a+h share of the sci-tech innovation board

since its establishment, China Communications has always focused on the research and exploration of rail transit control system technology, providing a safe and efficient core support for the national rail transit operation. The company's business mainly includes rail transit control system business and general contracting business, of which rail transit control system business is the company's pillar business. In, the company achieved total operating revenue of 29.770 billion yuan, 34.586 billion yuan and 40.013 billion yuan, of which the rail transit control system business revenue was 23.769 billion yuan, 24.741 billion yuan and 28.422 billion yuan respectively, accounting for 79.84%, 71.54% and 71.03% of the operating revenue respectively

in terms of segmentation, the company's rail transit control system business includes design integration, equipment manufacturing and system delivery. The three businesses complement each other and jointly build an integrated business model covering the whole industrial chain of China Communications, forming a strong industrial moat. The design integration business mainly provides customers with the overall integration services of core equipment related to rail transit control; In the field of equipment manufacturing, the company's products fully cover the field of rail transit control. It has equipment manufacturing bases in 10 cities including Beijing, Shenyang, Xi'an and Shanghai, and the productivity of signal system products, communication system products, cable products and other products is sufficient; System delivery business mainly includes rail transit control system project construction, equipment installation and maintenance services

up to now, China Communications has completed more than 50 high-speed rail control system integration and delivery projects, including Beijing Tianjin Intercity Railway, Wuhan Guangzhou high speed railway, Beijing Shanghai high speed railway, Harbin Dalian passenger dedicated line, Shanghai Kunming high speed railway, Lanzhou Xinjiang high speed railway, and more than 110 urban rail control system integration projects, including Beijing Metro Line 1, Shanghai Metro Line 10, Beijing maglev line S1, Beijing Metro Line 8, Chongqing Metro Line 5, Shanghai metro line 17, Has rich industry experience

focusing on one industry and related diversification is the development strategy that China Communications has continuously promoted since 2015. Under the guidance of this development strategy, the company quickly entered the field of general contracting, and its business scope covers rail transit supporting infrastructure projects and smart city construction projects led by local governments. The company has a full process professional service capability integrating investment and financing, planning and design, engineering construction, and operation management. It has 11 qualifications, including first-class qualification for general contracting of housing construction projects, first-class qualification for general contracting of municipal public works, first-class qualification for general contracting of electromechanical engineering construction, first-class qualification for professional contracting of airport runway engineering, and first-class qualification for professional contracting of building decoration engineering

China Communications has successively undertaken the construction of Tongren smart city and related road projects, Tongren New Urban Planning Museum, Hunan Jishou high-speed railway Xincheng Road project, Guangxi Hezhou prefabricated construction industry base, Anning Industrial Park infrastructure in Central Yunnan new area, Jiangsu Taixing smart city and other key projects. Business income increased from 5.75 billion yuan in 2016 to 11.53 billion yuan in 2018, with a compound annual growth rate of 41.6%

steady performance growth

sufficient orders on hand

in the year, the company's total operating revenue was 29.770 billion yuan, 34.586 billion yuan and 40.013 billion yuan respectively, with a compound annual growth rate of 15.93%; The net profit attributable to the parent company was 3.045 billion yuan, 3.222 billion yuan and 3.409 billion yuan respectively, with a compound annual growth rate of 5.8%

affected by the adjustment of business structure, the company's comprehensive gross profit margin fell from 26.2% to 22.7%. It is worth mentioning that during the same period, the cost rate of the company decreased from 12.35% to 11%, and the operation efficiency gradually improved. In, the book value of the company's accounts receivable was 9.422 billion yuan, 10.941 billion yuan and 13.599 billion yuan respectively, accounting for 18.73%, 17.86% and 17.07% of the total assets respectively, and more than 75% of the accounts receivable had an accounting period of less than one year, and the collection was in good condition

in 2018, the newly signed contracts of the company's rail transit control system business increased by about 21% year-on-year compared with 2017, of which the railway business increased by about 45% year-on-year, and the urban rail transit business increased by about 6% year-on-year. Up to now, the company is implementing the control system integration projects of 15 railways including Zhengzhou Wanzhou high speed railway and Beijing Zhangjiakou high speed railway, and is participating in more than 90 urban rail transit control system related integration projects in 25 cities across the country. The company has sufficient orders on hand, laying the foundation for the continuous release of subsequent performance

strike with both technology and market

create core industry barriers

continuous R & D investment is an important means for China Communications to maintain good competitiveness. In, the R & D investment of the company was 1.05 billion yuan, 1.180 billion yuan and 1.38 billion yuan respectively, accounting for 3.53%, 3.41% and 3.45% of the operating revenue respectively. By the end of 2018, the company had 3676 R & D personnel, accounting for 19.1% of the total number of employees

China high speed railway train control system (CTCS-3, CTCS-2), China high speed railway automatic train control system (ctcs-3+ato), urban rail transit train control system (CBTC), railway electrical intelligent operation and maintenance management system, integrated transportation dispatching and command system, rail transit integrated security system, medium and low speed magnetic levitation control system (matc), modern tram intelligent control system, computer interlocking system CTC and other core systems, as well as track circuit, transponder, relay, turnout conversion and other equipment, have fully covered the domestic rail transit network, providing a prerequisite for accelerating the upgrading of the industry and a strong support for the safe and efficient operation of domestic rail transit

taking China high speed train control system (CTCS-3) as an example, the system can realize real-time safety monitoring and overspeed protection of high-speed train groups, and is applicable to the operation requirements of high-speed railway with a speed of more than 300 kilometers per hour and a minimum tracking interval of 3 minutes, reaching the international leading level. The system is the world's first 350 km/h high-speed railway auto drive system, with automatic departure, automatic parking, automatic operation, overspeed protection and other linkage control functions

by the end of 2018, the company had 1421 registered patents, and achieved 100% of the independent intellectual property rights of the core technology of train operation control and products. The national new material industry has basically achieved the goal of the '1025' plan. The company has led and participated in the formulation of 235 industry standards, including 26 national and 209 industry standards. CTCs and CBTC are the most important and cutting-edge technical standards for railway and urban rail transit control systems in China

with the development of China's rail transit industry and its own technological accumulation, China Communications has achieved many milestone projects in the field of rail transit control system, covering various difficult railway construction and operation fields in China, such as high-speed railway (Beijing Shanghai high speed railway), alpine Railway (Harbin Dalian special line), Plateau Railway (Lanzhou Xinjiang Railway), heavy haul railway (Daqin Railway (8.010, -0.10, -1.23%)

the main customers of the company are China Railway Corporation, which cannot be found directly due to such problems. Passenger dedicated lines and urban rail transit companies. China Railway Corporation, China Railway Construction Group Co., Ltd. and China Railway Engineering Group Co., Ltd. have always been the top three customers of the company. By the end of 2018, the company had accumulated experience in the construction and operation of the control system of more than 19000 kilometers of high-speed railway, more than 40000 test cases, and the coverage rate of domestic bid winning mileage exceeded 60%. In the field of urban rail transit, the company's core products and services cover more than 80 urban rail transit operations in China, and the market share of the bid winning contract amount is about 40%

high speed railway train control system is one of the most critical core technologies of China's high-speed railway. It is the nerve center of rail transit operation. It has high access threshold and high requirements for safety, accuracy and system integration ability. Relying on its deep accumulation in the rail transit control system industry, China Communications has formed a significant first mover advantage and established an industry leading position by driving the market with technology and nurturing technology with the market, creating an insurmountable industry barrier for the company

new demand superimposed and updated

there is a large space for industry demand

according to the medium and long term railway plan released in 2016, 2 the existence of these problems makes China's plastic machinery industry unable to meet the level of foreign plastic machinery as soon as possible. In 2020, China's railway scale will reach 150000 kilometers, including 30000 kilometers of high-speed railway, covering more than 80% of large cities; By 2025, the scale of China's railway will reach 175000 kilometers, forming a high-speed railway with eight vertical and eight horizontal main channels as the skeleton, regional connecting lines as the link, and intercity railways as the supplement

on October 31, 2018, the State Council issued the guiding opinions on maintaining the strength of making up weaknesses in the infrastructure field, which will accelerate the promotion of the high-speed rail eight vertical and eight horizontal main channel project and the promotion of signs