Group 1 - The core viewpoint of the report is that Times Electric (03898) is in a favorable position within the railway order cycle, leading to an upward revision of earnings forecasts for 2023 to 2027 by 2%, 10%, and 14% respectively [1] - The valuation basis has been adjusted, with the forecasted price-to-earnings ratio for next year increased from 11 times to 12 times, and the target price for H-shares raised from HKD 36 to HKD 43, maintaining an "outperform" rating [1] - Times Electric's profit for the first half of the year increased by 13% year-on-year, with revenue and profit growth in the second quarter at 20% and 13% respectively [1] Group 2 - The growth in the railway business during the first half of the year was driven by increased demand and maintenance services, with expectations for large-scale bidding by China Railway Corporation in the second half, including 210 sets of EMUs and 455 locomotives [1] - In the emerging equipment (002933) sector, industrial power, new energy, and semiconductors are identified as the three fastest-growing segments, benefiting from economies of scale, research and development advantages, and the continuous expansion of IGBT and silicon carbide production capacity [1]

大和发布研报称，时代电气(03898)次季净利润达10亿元人民币，同比增长13%，略超预期，该行对其 2026至27年的铁路业务前景持稳定看法，但认为功率半导体定价环境仍然疲软，并料新生产厂房的折旧 支出可能对下半年毛利率构成压力。该行将时代电气2025年净利润预测上调8%，并将2026年净利润预 测下调7%，料2025至26年收入同比升7至11%，年均毛利率32%;目标价由29港元升至37港元，维持"持 有"评级。 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 63.58 RMB for A-shares and 49.30 HKD for H-shares [6][12]. Core Insights - The company achieved a revenue of 12.214 billion RMB in 1H25, representing a year-on-year increase of 17.95%. The net profit attributable to shareholders was 1.672 billion RMB, up 12.93% year-on-year. The growth was driven by increased demand in rail transit maintenance, power devices, and new energy generation sectors [1][4]. - The rail transit segment generated 6.911 billion RMB in revenue, a 12.58% increase year-on-year, primarily benefiting from the growth in national railway maintenance orders and new tenders for high-speed trains [2][4]. - The emerging equipment segment reported revenue of 5.244 billion RMB, up 25.88% year-on-year, with significant contributions from semiconductor and new energy generation businesses [3][4]. Summary by Sections Rail Transit Business - The rail transit business achieved a revenue of 6.911 billion RMB in 1H25, with significant growth in maintenance revenue, which rose by 47% year-on-year to 1.567 billion RMB. The company is expected to benefit from ongoing national railway tenders and maintenance projects [2][4]. Emerging Equipment Business - The emerging equipment segment generated 5.244 billion RMB in revenue, with notable growth in semiconductor revenue, which increased by 29.12% year-on-year. The company has successfully ramped up production capacity in its semiconductor business and made breakthroughs in new energy generation projects [3][4]. Profit Forecast and Valuation - The company is projected to achieve revenues of 28.661 billion RMB, 33.021 billion RMB, and 37.392 billion RMB for the years 2025, 2026, and 2027, respectively. The net profit estimates for the same years are adjusted to 4.175 billion RMB, 4.657 billion RMB, and 5.229 billion RMB [4][10]. The valuation is based on a sum-of-the-parts (SOTP) approach, with target market values of 345 billion RMB for emerging equipment and 519 billion RMB for rail transit equipment [12][13].

Core Viewpoint - UBS reports that Times Electric (03898) achieved a year-on-year revenue growth of 18% and a net profit growth of 13% in the first half of the year, which is in line with expectations, driven by healthy growth in new train sets and maintenance services [1] Financial Performance - Revenue and net profit for Times Electric increased by 18% and 13% year-on-year respectively, indicating robust sales growth [1] - UBS has raised the earnings per share forecasts for 2025 to 2027 by 1%, 7%, and 9% respectively, reflecting confidence in the company's performance [1] Investment Rating and Target Price - UBS maintains a "Buy" rating for Times Electric, reflecting optimism about the company's core business performance [1] - The target price for Times Electric has been increased from HKD 39.4 to HKD 45.2, suggesting a positive outlook for the company's future growth [1] Growth Drivers - The solid sales growth is primarily attributed to the healthy performance of new train sets and maintenance services, which are expected to continue driving revenue [1] - New business initiatives are anticipated to provide additional growth momentum for the company [1]

瑞银发布研报称，时代电气(03898)上半年收入及净利润分别同比增长18%及13%，基本符合预期，稳健 的销售增长主要来自于动车组新车及维修服务业务的健康增长。瑞银维持时代电气"买入"评级，根据中 期业绩表现，将2025至2027年每股盈利预测上调1%、7%及9%，目标价由39.4港元上调至45.2港元，看 好公司核心业务表现稳健，同时新业务料将带来潜在增长动力。 ...

Core Viewpoint - UBS report indicates that Times Electric's revenue and net profit for the first half of the year increased by 18% and 13% year-on-year, respectively, meeting expectations [1] Group 1: Financial Performance - Revenue growth is primarily driven by the healthy development of new train sets and maintenance services [1] - UBS maintains a "Buy" rating for Times Electric and raises the target price from HKD 39.4 to HKD 45.2 [1]

Summary of Conference Call on CRRC and Times Electric Industry Overview - The conference call focused on the railway equipment industry, specifically discussing the performance and outlook of CRRC Corp Ltd and Times Electric, two major players in this sector. Key Points on CRRC Corp Ltd 1. **Financial Performance**: - CRRC reported 1H25 revenue of Rmb119.76 billion, operating profit of Rmb9.30 billion, and net profit of Rmb7.25 billion, reflecting year-on-year growth of +33%, +106%, and +80% respectively [8][11][12]. - 2Q25 revenue was Rmb71.09 billion, with a gross profit margin (GPM) of 20.7%, indicating stable performance despite slight declines in some areas compared to guidance [8][11]. 2. **Railway Equipment Segment**: - Revenue in the railway equipment segment for 1H25 was Rmb59.7 billion, up 42% year-on-year, driven by strong demand for multiple units (MUs) and locomotives [7][11]. - The company expects a stable delivery outlook with approximately 250 standard trainsets and over 500 locomotives tendering annually from 2025 to 2030 [7][12]. 3. **Tendering Updates**: - The National Railway announced tendering for 210 standard trainsets and 335 locomotives, marking significant activity in the sector [2][3]. - Total locomotives tendering in 2025 reached 455 units, the highest in the past decade, indicating a trend towards locomotive replacement [3][11]. 4. **Emerging Industries**: - CRRC's emerging industries revenue grew by 36% year-on-year to Rmb40.7 billion, although margins compressed due to a higher contribution from energy storage systems (ESS) [9][11]. 5. **Valuation and Outlook**: - The target price for CRRC-H was raised to HK$6.8, reflecting an upward revision of EPS estimates by 12% for 2025 and 8-10% for 2026-2030 [12][28]. Key Points on Times Electric 1. **Financial Performance**: - Times Electric reported 1H25 revenue of Rmb12.21 billion, with a net profit increase of 22% year-on-year [15][22]. - 2Q25 revenue was Rmb7.68 billion, with a gross profit margin of 31%, showing solid performance despite a slight decline in operating profit [15][22]. 2. **Emerging Industries**: - The emerging industries segment contributed significantly, with a 28% year-on-year growth, driven by demand for foundational components and converters [9][15]. - Times Electric's IGBT revenue reached Rmb2.416 billion, indicating strong demand in the electric vehicle market [18][31]. 3. **Market Position**: - Times Electric holds a 50-60% market share in China's railway traction systems, positioning it as a leader in the sector [29][31]. 4. **Valuation and Risks**: - The target price for Times Electric-H was increased to HK$37.0, based on a sum-of-the-parts valuation [22][36]. - Key risks include potential oversupply in the IGBT market and lower-than-expected tendering for MUs and locomotives [23][37]. Additional Insights - **Urban Rail and Infrastructure**: CRRC's urban rail revenue showed a slight decline, but management expects stabilization and growth in maintenance services [11][19]. - **Dividend Policy**: CRRC announced a cash dividend payout ratio of 44% for 1H25, indicating a commitment to returning value to shareholders [11][12]. - **Global Expansion**: Both companies are focusing on expanding their international presence, with Times Electric making strides in Southeast Asia and Europe [20][21]. This summary encapsulates the key financial metrics, market trends, and strategic outlooks for CRRC and Times Electric, highlighting their positions within the railway equipment industry.

瑞银发表研报指，时代电气上半年收入及净利润分别按年增长18%及13%，基本符合预期，稳健的销售 增长主要来自于动车组新车及维修服务业务的健康增长。瑞银维持时代电气"买入"评级，目标价由39.4 港元上调至45.2港元，根据中期业绩表现，将2025至2027年每股盈利预测上调1%、7%及9%，看好公司 核心业务表现稳健，同时新业务料将带来潜在增长动力。 ...

Core Viewpoint - Times Electric (03898) reported a significant increase in revenue and net profit for the first half of 2025, leading to a stock price rise of over 4% following the earnings announcement [1] Financial Performance - The company achieved an operating revenue of approximately 12.214 billion yuan, representing a year-on-year growth of 17.95% [1] - The net profit attributable to shareholders was around 1.6715 billion yuan, with a year-on-year increase of 12.93% [1] - Basic earnings per share were reported at 1.21 yuan, and the company declared a cash dividend of 4.40 yuan per 10 shares (tax included) [1] Business Strategy and Innovation - The company focuses on the rail transit traction and conversion system sector, showcasing strong technological innovation capabilities [1] - It follows a "cohesive diversification" strategy to extend its technology into related fields [1] - A comprehensive R&D system has been established, enabling continuous innovation in product design, manufacturing, and testing [1] Research and Development Capabilities - The company has formed a technical committee to support decision-making in scientific and technological work [1] - It has adopted management systems and concepts such as CMMI and IPD, creating a collaborative R&D operation model for industry product application technology and innovative frontier technology [1] - The company possesses robust research and testing capabilities, with over 20 laboratories covering various business areas for research experiments, type tests, and factory tests [1]

智通财经APP获悉，时代电气(03898)绩后涨超4%，截至发稿，涨4.15%，报40.68港元，成交额8275.01 万港元。 公司深耕于轨道交通牵引变流系统领域，形成了突出的科技创新实力，并遵循"同心多元化"战略向相关 领域进行技术延伸。目前已建立完善的研发体系，具备在产品设计、制造和检测等方面的持续创新能 力。公司组建了技术委员会，对科研技术工作提供决策支持，并引入CMMI、IPD等管理体系与理念， 建立了行业产品应用技术和创新前沿技术协同的研发运行模式。公司具备雄厚的科研实验、试验检测的 能力，检测试验体系由电气系统实验室、电机实验室、大型振动实验室、可靠性实验室、TSN网络一致 性实验室等20余个实验室，覆盖公司各业务领域的研究性试验、型式试验和出厂试验。 消息面上，8月22日，时代电气公布2025年中期业绩，营业收入约122.14亿元，同比增长17.95%；归属 于上市公司股东的净利润约16.715亿元，同比增长12.93%；基本每股收益1.21元，每10股派发现金股利 人民币4.40元(含税)。公告称，净利增长主要由于营业收入增长带来营业利润增长。 ...