Core Viewpoint - The company is enhancing collaboration with its leading domestic partner in energy storage integration, leveraging its advantages in IGBT supply and domestic capabilities to expand its market presence in the energy storage PCS sector [1] Group 1: Company Strategy - The company is focusing on strengthening its collaboration with Zhuzhou, the top-ranked domestic energy storage integration business [1] - It aims to utilize its self-developed IGBT supply advantages and domestic production capabilities to create differentiated technological advantages in high-voltage PCS [1] - The company is also leveraging the cooperation established by CRRC New Energy with state-owned power generation groups to accelerate comprehensive collaboration with system integrators [1] Group 2: Market Expansion - The company is committed to fully exploring the energy storage PCS market [1]

Group 1 - The core viewpoint of the article is that Times Electric has reported an increase in its gross profit margin for the first half of 2025, reaching 32.01%, which is an increase of 4.40 percentage points compared to the same period last year [1] - The growth in gross profit margin is attributed to improvements in both the rail transit equipment business and the emerging equipment business [1]

Core Viewpoint - The company is positioned as a "cornerstone" in the new power system construction led by flexible direct current (DC) technology, emphasizing its role beyond just being a component supplier to being a core technology provider for system manufacturers [1]. Company Positioning - The company has been deeply involved in the power transmission and distribution sector for nearly 20 years, having participated in over 40 domestic and international ultra-high voltage direct current and flexible direct current transmission projects, showcasing extensive project experience [1]. - The company holds approximately 50% market share in the domestic power transmission and distribution sector, competing alongside international peers [1]. Product and Strategy Development - The company offers a wide range of products and complete solutions, with plans to continue developing higher capacity, high power density, and highly reliable products based on the needs of the power grid and energy application sectors [1].

格隆汇10月20日丨时代电气(688187.SH)在互动平台表示，公司目前没有批量供应电源转换模块给服务 器或数据中心使用，也没有给英伟达提供任何产品。公司工业变流产品中的中央空调变流器可用于数据 中心领域。 ...

Core Viewpoint - The company has successfully achieved mass production of its eighth-generation reverse IGBT chip modules in the automotive sector, with accelerated promotion in industrial control and renewable energy generation fields [1] Group 1 - The company's fourth-generation SiC trench gate products have completed design finalization and reached an industry-leading level [1] - The fifth-generation SiC technology has also been fully laid out by the company [1]

Core Viewpoint - Times Electric is positioned as a leading player in the rail transit equipment sector, benefiting from a stable long-term structure and becoming a platform for electrical solutions [1] Industry Summary - The rail transit industry is supported by a robust foundation characterized by a three-pronged structure: "new mileage + existing maintenance + equipment replacement" [1] - In 2024, national railway fixed asset investment is projected to reach 850.6 billion yuan, reflecting a year-on-year increase of 11.3% [1] - New railway lines are expected to open totaling 3,113 kilometers, including 2,457 kilometers of high-speed rail, leading to a total railway operating mileage of 162,000 kilometers and high-speed rail mileage of 48,000 kilometers [1] Company Summary - As a leader in rail transit equipment, Times Electric is actively seizing industry opportunities [1] - The company's value chain is anchored by power semiconductors, creating a closed loop of "components - modules - systems" [1] - Times Electric continues to make breakthroughs in other emerging equipment sectors [1] - The initial coverage of the company has been rated as "buy" [1]

Summary of the Conference Call for Sai Electric Company Overview - Sai Electric's main business includes three segments: high-speed trains, locomotives, and urban rail, with each segment contributing 30%, 30%, and 40% to the revenue respectively [2][4][5] - The company expects to achieve a profit of approximately 2.5 billion RMB from its main business, with steady growth anticipated [2][5] Key Business Insights - **Locomotive Replacement Demand**: The plan to phase out old diesel locomotives is expected to be completed by 2027, creating significant demand for replacements. Currently, there are about 3,000-4,000 old locomotives that need updating, with historical annual delivery around 800 units [2][5] - **Emerging Business Segments**: Emerging businesses include power semiconductors, photovoltaic inverters, and deep-sea robots. Although these segments currently contribute less to profits, they have substantial revenue potential and profit elasticity [2][6] Financial Performance and Projections - **Power Semiconductor Business**: Expected revenue of 4.4 billion RMB in 2024 with a net profit of 1.2 billion RMB, yielding a net profit margin of 27%. The market share in high-voltage applications is 50%, and in low-voltage applications for passenger vehicles, it is nearly 15% [2][6][8] - **Future Growth**: By 2027, the total output value of the power semiconductor segment is projected to triple, reaching approximately 13-14 billion RMB, with revenues expected to exceed 10 billion RMB and net profits surpassing 2 billion RMB [2][8] - **Overall Profit Expectations**: The company anticipates an overall profit of 3.7 billion RMB in 2024, with expectations to reach 4.1-4.2 billion RMB this year, indicating double-digit growth [2][12] Market Position and Competitive Advantages - **Photovoltaic Inverter Market**: Sai Electric ranks among the top three in the photovoltaic inverter market, with expected revenue of 2 billion RMB in 2024. The company is poised to expand its market share rapidly due to the booming energy storage market [2][9] - **Deep-Sea Robot Market**: The company holds the largest global market share in deep-sea robots, generating approximately 1 billion RMB annually. Although current profitability is low, upcoming policies are expected to drive significant market growth [2][10] Shareholder Returns and Valuation - The current H-share price-to-earnings (P/E) ratio is around 10 times, indicating a potentially undervalued status. The dividend payout ratio is expected to increase from 38% in 2024 to 50% [2][12] - The company has initiated share buybacks and plans to continue enhancing shareholder returns, supported by decreasing capital expenditures and increasing free cash flow [2][12] Conclusion - Sai Electric is positioned for growth in both its core and emerging business segments, with strong demand drivers in the locomotive replacement market and significant potential in power semiconductors and renewable energy sectors. The company’s financial health and shareholder return strategies suggest a positive outlook for future performance [2][3][12]

Core Points - The company announced a cash dividend of 0.44 CNY per share for the first half of 2025, totaling approximately 597.5 million CNY [2][5] - The dividend distribution was approved during the annual shareholders' meeting held on June 27, 2025, and subsequently ratified by the board on August 22, 2025 [3][4] Distribution Plan - The dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the record date [4] - The total number of shares used for the dividend calculation is 1,357,948,412 [5] Implementation Details - The cash dividends will be distributed through the clearing system of the China Securities Depository and Clearing Corporation, with specific arrangements for shareholders who have not completed designated trading [6] - H-share shareholders are not included in this cash dividend distribution [7] Taxation Information - Individual shareholders holding A-shares for over one year will not be subject to personal income tax on the dividend, while those holding for one year or less will have taxes deducted upon stock transfer [8] - Qualified Foreign Institutional Investors (QFIIs) will have a 10% corporate income tax deducted, resulting in a net dividend of 0.396 CNY per share [9] - Hong Kong investors through the Stock Connect will also receive a net dividend of 0.396 CNY per share after a 10% tax deduction [10] Contact Information - For inquiries regarding the dividend distribution, shareholders can contact the board office at the provided phone number or email [11]

Core Viewpoint - The company announced a cash dividend distribution plan for the first half of 2025, with a payout of 0.44 yuan per share (including tax) [2] Summary by Relevant Sections - **Dividend Details** - The cash dividend of 0.44 yuan per share will be distributed to shareholders [2] - The record date for the dividend is set for October 17, 2025 [2] - The ex-dividend date and the date of cash dividend payment are both scheduled for October 20, 2025 [2]

证券代码：688187 (A 股） 证券简称：时代电气 （A 股） 公告编号：2025-036 证券代码： 3898（H 股） 证券简称：时代电气（H 股） 株洲中车时代电气股份有限公司 2025年半年度权益分派实施公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 是否涉及差异化分红送转：否 每股分配比例 每股现金红利0.44元（含税） 相关日期 二、 分配方案 1. 发放年度：2025年半年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股 东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本1,357,948,412股为基数，每股派发现 金红利0.44元（含税），共计派发现金红利597,497,301.28元。 重要内容提示： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/10/17 | 2025/10/20 | 2025/10/20 ...