Changjiang Securities Research News pointed outabbabingo, China Railway Group (601390abbabingo.SH)Q1 Revenue fluctuationsabbabingo, causing performance to decline year-on-year. Pay attention to the continued advancement of state-owned enterprise reform and the reassessment of the value of the company's resource business. Throughout the year, state-owned enterprise reform has accelerated and infrastructure demand has become resilient. From a policy perspective, 2024 is a critical year for deepening and upgrading the reform of state-owned enterprises, and a year for connecting the past and the next. Market value management assessment is expected to be gradually implemented in the near future, and subsequent further reform measures may be gradually introduced.
From a fundamental perspective, the issuance of Q2 special bonds is expected to accelerate. Coupled with the subsequent support of trillions of special treasury bonds, infrastructure demand will be resilient throughout the year. In terms of the company's own resource business, it currently has wholly, controlled or shareholding investment in five modern mines at home and abroad, namely Heilongjiang Luming Molybdenum Mine, Congo (DRC) Green Yarn Copper Cobalt Mine, MKM Copper Cobalt Mine, Huagang SICOMINE Copper Cobalt Mine and Mongolia Ulan Lead and Zinc Mine. In 2023, the development and sales of the company's mineral resources will generally remain stable.
Looking forward to 2024, it is expected that stable growth in infrastructure will continue to contribute to the increase in orders and promote the company's continued steady growth. The resource business is also expected to provide valuation flexibility. The company's net profit attributable to the parent company from 2024 to 2026 is expected to be 373abbabingo.37, 407.75, and 44.569 billion yuan, corresponding to PE valuations of 4.36, 3.99, and 3.65 times, maintaining a "buy" rating.