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World's largest maker of railway rolling stock — locomotives, high-speed trains and metro cars.
World's largest maker of railway rolling stock — locomotives, high-speed trains and metro cars.
Sells trains mainly through tenders run by the state railway operator and city metro systems, so orders follow the railway investment plan and fleet replacement schedule. It was formed in 2015 by merging the two state rolling-stock makers CSR and CNR, and maintenance and overhaul of trains in service gives it a second revenue line.
In one line: China's Alstom/Wabtec, at much larger scale.
Moat: narrow (scale, installed base, IP / patents). Dominant domestic scale and technology built on absorbed foreign high-speed rail IP.
Headquarters: Beijing, China · Founded: 2015 · Employees: 151,602
Size CRRC (601766.SS) is a China Industrials company (Trucks/Construction/Farm Machinery) with a market value of $27.0B, the 68th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥6.55 on 6 Nov 2026.
Performance Over six months the shares gained 9.7%, against -10.3% for the median peer and -16.4% for the China market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 2.2% over the last twelve months (peer median +12.9%); the operating margin is 5.8% (peer median 13.2%).
Valuation It trades at 13.0× forward earnings against a peer median of 15.1× (8th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -6% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.3 points above its cost of capital (5.0% WACC).
Next results Next results expected around 26 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥284B | CN¥272B | CN¥246B | CN¥234B | CN¥222B |
| Revenue growth | — | +11% | +5% | +5% | — |
| Gross profit | CN¥67.1B | CN¥55.0B | CN¥49.5B | CN¥45.0B | CN¥44.3B |
| EBITDA | n/a | CN¥24.0B | CN¥20.8B | CN¥19.5B | CN¥18.7B |
| Net income | CN¥13.5B | CN¥13.2B | CN¥12.4B | CN¥11.7B | CN¥11.7B |
| Free cash flow | CN¥18.4B | CN¥16.6B | CN¥19.1B | CN¥7.77B | CN¥17.6B |
| Capital expenditure | CN¥8.08B | CN¥9.38B | CN¥10.2B | CN¥8.10B | CN¥7.42B |
| Total debt | CN¥74.4B | CN¥96.5B | CN¥72.8B | CN¥60.7B | CN¥58.6B |
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 601766.SS | $27.0B | +10% | +2% | 6% | 13.0× | -6.4% |
| Alstom ALO.PA | $5.56B | -40% | +4% | 4% | n/a | 2.7% |
| Siemens SIE.DE | $225B | -4% | +4% | 13% | 23.4× | 18.3% |
| Wabtec WAB | $47.6B | +7% | +13% | 18% | 23.8× | 17.0% |
| Hyundai Rotem 064350.KS | $5.75B | -73% | +12% | 15% | 9.7× | -4.0% |
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 | 601766.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.3% | -6.4% | 3rd highest of 21 |
| 6-month return | +9.7% | -10.3% | 3rd highest of 21 |
| Distance from 52-week high | -20.4% | -21.0% | 11th highest of 21 |
| Revenue growth (TTM) | +2.2% | +12.9% | 6th lowest of 21 |
| Operating margin | 5.8% | 13.2% | 2nd lowest of 21 |
| Forward P/E | 13.0× | 15.1× | 8th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -6.4% | 7.3% | 5th least demanding of 19 |
| Growth delivered (Del g) | +3.8% | +9.1% | 4th lowest of 19 |
| Hurdle (Req g minus delivered) | -10.2 pp | -1.6 pp | 5th least demanding of 19 |
| ROIC minus cost of capital | +1.3 pp | +5.1 pp | 7th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| CRRC 601766.SS | China | $27.0B | +10% | +2% | 6% | 13.0× | -6.4% | +3.8% |
| Epiroc EPI-A.ST | Sweden | $28.6B | -10% | +1% | 19% | 29.3× | 16.5% | +11.4% |
| Sany Heavy Industry 600031.SS | China | $24.6B | -4% | +18% | 11% | 17.4× | -2.6% | -2.2% |
| 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% |
| China CSSC 600150.SS | China | $39.7B | -16% | +80% | 8% | 13.3× | -7.8% | +22.4% |
| Kubota 6326.T | Japan | $18.2B | 0% | +13% | 11% | 10.0× | 7.5% | +10.3% |
| Wartsila Oyj Abp WRT1V.HE | Finland | $17.1B | -25% | -2% | 13% | 23.5× | 7.2% | +8.5% |
| Sandvik SAND.ST | Sweden | $45.8B | -1% | +14% | 20% | 21.0× | 13.3% | +6.9% |
| Metso METSO.HE | Finland | $15.8B | +14% | +8% | 15% | 23.6× | 15.3% | +9.6% |
| 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% |
| Paccar PCAR | United States | $53.7B | -11% | -1% | 11% | 15.4× | 11.2% | +8.7% |
| Yangzijiang Shipbuilding (Holdings) BS6.SI | Singapore | $13.5B | +11% | +26% | 32% | 8.2× | -10.1% | +11.8% |
| 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% |
| Volvo VOLV-A.ST | Sweden | $65.2B | -1% | -3% | 12% | 14.7× | 5.4% | +7.2% |
| 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% |