Loading…
World's largest maker of railway rolling stock, building high-speed trains, subway cars and locomotives.
World's largest maker of railway rolling stock, building high-speed trains, subway cars and locomotives.
Sells trains mainly through tenders run by the state railway operator and city metro systems, so orders follow the railway investment plan. These are the Hong Kong-listed H shares of the company formed in 2015 by merging CSR and CNR, which also trades in Shanghai. Maintenance and overhaul of trains in service is its second revenue line.
In one line: The world's largest train maker, a Chinese state-owned Alstom/Siemens Mobility.
Moat: narrow (scale, installed base, regulatory licence). Dominant domestic scale and installed base, though facing rising overseas rail-equipment competition.
Headquarters: Beijing, China · Founded: 2015 · Employees: 151,602
Size CRRC (1766.HK) is a Hong Kong Industrials company (Trucks/Construction/Farm Machinery) with a market value of $26.4B, the 63rd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$5.47 on 6 Nov 2026.
Performance Over six months the shares gained 4.4%, against -10.3% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 7.0% over the last twelve months (peer median +12.9%); the operating margin is 5.8% (peer median 13.2%).
Valuation It trades at 9.2× forward earnings against a peer median of 15.1× (4th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.2 points below its cost of capital (6.9% WACC).
Next results Next results expected around 26 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$321B | HK$295B | HK$266B | HK$258B | HK$258B |
| Revenue growth | — | +11% | +3% | 0% | — |
| Gross profit | HK$75.9B | HK$59.7B | HK$53.7B | HK$49.7B | HK$51.5B |
| EBITDA | n/a | HK$26.0B | HK$22.5B | HK$21.6B | HK$21.8B |
| Net income | HK$15.4B | HK$14.3B | HK$13.4B | HK$12.9B | HK$13.6B |
| Free cash flow | HK$19.2B | HK$18.0B | HK$20.7B | HK$8.58B | HK$20.5B |
| Capital expenditure | HK$9.17B | HK$10.2B | HK$11.0B | HK$8.95B | HK$8.63B |
| Total debt | HK$87.1B | HK$108B | HK$77.5B | HK$66.8B | HK$65.8B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| CRRC 1766.HK | $26.4B | +4% | +7% | 6% | 9.2× | -2.4% |
| Alstom ALO.PA | $5.56B | -40% | +4% | 4% | n/a | 2.7% |
| Siemens SIE.DE | $225B | -4% | +4% | 13% | 23.4× | 18.3% |
| Hyundai Rotem 064350.KS | $5.75B | -73% | +12% | 15% | 9.7× | -4.0% |
| Kawasaki Heavy Industries 7012.T | $10.9B | -39% | +9% | 6% | 13.8× | 20.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 1766.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.4% | -6.4% | 3rd highest of 21 |
| 6-month return | +4.4% | -10.3% | 5th highest of 21 |
| Distance from 52-week high | -19.1% | -21.0% | 7th highest of 21 |
| Revenue growth (TTM) | +7.0% | +12.9% | 6th lowest of 21 |
| Operating margin | 5.8% | 13.2% | 2nd lowest of 21 |
| Forward P/E | 9.2× | 15.1× | 4th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -2.4% | 7.3% | 8th least demanding of 19 |
| Growth delivered (Del g) | +3.1% | +9.1% | 4th lowest of 19 |
| Hurdle (Req g minus delivered) | -5.5 pp | -1.6 pp | 6th least demanding of 19 |
| ROIC minus cost of capital | -0.2 pp | +5.1 pp | 5th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| CRRC 1766.HK | Hong Kong | $26.4B | +4% | +7% | 6% | 9.2× | -2.4% | +3.1% |
| Sany Heavy Industry 600031.SS | China | $24.6B | -4% | +18% | 11% | 17.4× | -2.6% | -2.2% |
| Epiroc EPI-A.ST | Sweden | $28.6B | -10% | +1% | 19% | 29.3× | 16.5% | +11.4% |
| Komatsu 6301.T | Japan | $32.2B | -12% | +9% | 13% | 13.1× | 9.5% | +13.6% |
| Doosan Enerbility 034020.KS | South Korea | $21.1B | -65% | +9% | 5% | 82.3× | 22.7% | +13.2% |
| Hd Hyundai Heavy Industries 329180.KS | South Korea | $20.3B | -62% | +41% | 15% | 9.5× | -7.0% | +16.2% |
| Kubota 6326.T | Japan | $18.2B | 0% | +13% | 11% | 10.0× | 7.5% | +10.3% |
| China CSSC 600150.SS | China | $39.7B | -16% | +80% | 8% | 13.3× | -7.8% | +22.4% |
| Wartsila Oyj Abp WRT1V.HE | Finland | $17.1B | -25% | -2% | 13% | 23.5× | 7.2% | +8.5% |
| Metso METSO.HE | Finland | $15.8B | +14% | +8% | 15% | 23.6× | 15.3% | +9.6% |
| Sandvik SAND.ST | Sweden | $45.8B | -1% | +14% | 20% | 21.0× | 13.3% | +6.9% |
| Wabtec WAB | United States | $47.6B | +7% | +13% | 18% | 23.8× | 17.0% | +8.1% |
| CNH Industrial CNH | United States | $14.3B | +5% | +1% | 13% | 21.1× | 7.4% | -7.0% |
| Yangzijiang Shipbuilding (Holdings) BS6.SI | Singapore | $13.5B | +11% | +26% | 32% | 8.2× | -10.1% | +11.8% |
| Paccar PCAR | United States | $53.7B | -11% | -1% | 11% | 15.4× | 11.2% | +8.7% |
| XCMG Construction Machinery 000425.SZ | China | $12.6B | -28% | +8% | 8% | 11.0× | -3.2% | +6.4% |
| Hdksoe 009540.KS | South Korea | $12.5B | -48% | +23% | 23% | 4.4× | n/a | n/a |
| Sinotruk Hong Kong 3808.HK | Hong Kong | $12.3B | -12% | +38% | 7% | 9.4× | -3.2% | +1.5% |
| Ashok Leyland ASHOKLEY.NS | India | $10.7B | +1% | +16% | 17% | 24.8× | n/a | n/a |
| Hanwha Ocean 042660.KS | South Korea | $10.7B | -64% | +18% | 13% | 8.7× | -12.4% | +13.2% |
| Volvo VOLV-A.ST | Sweden | $65.2B | -1% | -3% | 12% | 14.7× | 5.4% | +7.2% |