Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's revenue for the first half of 2024 reached 10.28 billion yuan, a year-on-year increase of 20%, with a gross margin of 27.8%, down 3 percentage points year-on-year. The net profit attributable to shareholders was 1.51 billion yuan, up 31% year-on-year [2] - The railway investment in China is rapidly increasing, benefiting the company's rail transit equipment business, which saw a revenue increase of 31% year-on-year in the first half of 2024 [3] - The emerging equipment segment continues to grow, with a revenue increase of 9% year-on-year in the first half of 2024, driven by the demand for new energy vehicles and power semiconductor devices [4] Summary by Sections Financial Performance - Total revenue for 2022 was 18.034 billion yuan, with a projected increase to 22.447 billion yuan in 2023, and further to 26.672 billion yuan in 2024, reflecting a year-on-year growth rate of 19.26%, 24.47%, and 18.82% respectively [2] - The net profit attributable to shareholders was 2.556 billion yuan in 2022, expected to rise to 3.106 billion yuan in 2023 and 3.615 billion yuan in 2024, with growth rates of 26.67%, 21.51%, and 16.39% respectively [2] Business Segments Rail Transit Equipment - The company achieved revenue of 6.14 billion yuan from rail transit equipment in the first half of 2024, a 31% increase year-on-year, benefiting from a significant rise in national railway fixed asset investment [3] - The demand for rail transit equipment is expected to remain strong due to the recovery in passenger transport and increased railway investments [3] Emerging Equipment - Revenue from emerging equipment reached 4.09 billion yuan in the first half of 2024, a 9% year-on-year increase, with significant contributions from power semiconductor devices and new energy vehicle systems [4] - The company is expected to maintain growth in this segment as production capacity is released and new products are introduced [4] Profitability and Valuation - The report adjusts the expected net profit for 2024 and 2025 upwards to 3.62 billion yuan and 4.38 billion yuan respectively, with a projected net profit of 4.88 billion yuan for 2026 [4] - The price-to-earnings ratio (P/E) based on the closing price on August 28, 2024, is projected to be 10.4 for 2024, 8.6 for 2025, and 7.7 for 2026 [4]

中车时代电气（3898） 更新报告 买入 2024 年 8 月 27 日 上半年业绩高增长，轨交业务持续回暖，半导体利润增厚 陈晓霞 852-25321956 xx.chen@firstshanghai.com.hk 2024 上半年净利润增长 30.56%：公司 2024 上半年收入 102.84 亿元，增长 19.99%；净利润 15.07 亿，增长 30.56%。 分业务看，轨道交通业务收入 61.39 亿，增长 30.87%；新兴 装备业务 40.94 亿，增长 9.21%，其中，功率半导体器件 17.47 亿，增长 26.63%，传感器 1.36 亿，下降 47%，新能源汽车 电驱 9.03 亿，增长 8.23%，工业变流 9.03 亿，下降 3.58%。 轨交业务持续回暖：国铁集团动车组招标量已超过去年全年 水平，公司占有率保持稳定。截至 2023 年底，全国机车拥 有量 2.24 万辆，标准动车组保有量 4427 标准列，更新替换 和维修的需求特别是动车高级修将增厚公司今明年的收入。 预计今年动车板块收入增长乐观，机车相对持平，城轨业务 略有下滑。 新兴装备业务增速快：功率半导体宜兴三期预计今年 ...

B_table indent_4.5 mm N_table indent_4 mm 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 作 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3898） 二零二四年中期業績公告 株 洲 中 車 時 代 電 氣 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）欣 然 公 佈 本 公 司 及 其 附 屬 公 司（「本集團」）截 至 二 零 二 四 年 六 月 三 十 日 止 六 個 月 的 未 經 審 計 業 績。本 公 告 列 載 本 公 司 二 零 二 四 年 中 期 報 告 的 主 要 部 分，並 符 合 香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）證 券 上 市 規 則 中 有 關 中 期 業 績 初 步 公 告 附 載 的 資 料 之 要 求。本 公 司 二零二四年中期報告將於二零二四年九月三十日或之前發佈，並可於其 ...

机械设备/轨交设备Ⅱ 公 司 研 时代电气（03898.HK） 2024Q1 轨交显著超预期，等待设备更新政策明朗化 究 2024年04月28日 ——港股公司信息更新报告 投资评级：买入（维持） 吴柳燕（分析师） wuliuyan@kysec.cn 日期 2024/4/26 证 书编号：S0790521110001  主业受益设备更新政策，半导体业务份额扩张，维持“买入”评级 港 当前股价(港元) 30.150 综合2024Q1轨交业务盈利超预期、以及新兴装备业务增速放缓的综合影响，维 股 一年最高最低(港元) 35.300/18.100 公 持2024-2026年归母净利润预测36/40/45亿人民币，对应2024-2026年同比增速 司 总市值(亿港元) 425.58 分别为 15%/11%/13%，当前股价 30.15 港币对应 2024-2026 年 PE 分别为 信 流通市值(亿港元) 163.60 息 11.0/10.0/8.8 倍。公司轨交设备业务有望受益设备更新政策，新兴装备业务构筑 总股本(亿股) 14.12 更 第二增长曲线，维持“买入”评级。 新 流通港股(亿股) 5.43  202 ...

Financial Performance - The company's operating revenue for Q1 2024 reached CNY 3,924,623,207, representing a year-on-year increase of 27.20%[10] - Net profit attributable to shareholders for the same period was CNY 567,547,208, marking a growth of 30.44% compared to the previous year[10] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 460,999,116, which is an increase of 44.85% year-on-year[10] - Basic earnings per share for Q1 2024 were CNY 0.40, reflecting a 29.03% increase from the same period last year[10] - Operating profit for Q1 2024 was ¥616,035,912, up 31.6% from ¥467,783,206 in Q1 2023[49] - Net profit for Q1 2024 increased to ¥577,497,281, compared to ¥447,445,309 in Q1 2023, representing a growth of 29.1%[49] - Total comprehensive income for Q1 2024 was ¥592,674,740, compared to ¥461,958,859 in Q1 2023, reflecting a growth of 28.3%[53] Revenue Breakdown - The rail transportation business generated RMB 21.20 billion, up 43.74% from RMB 14.75 billion year-over-year, with the rail engineering machinery segment seeing a significant increase of 468.37%[32] - The emerging equipment business reported revenue of RMB 17.69 billion, a growth of 13.18% from RMB 15.63 billion, driven by power semiconductor devices which grew by 22.44%[32] - Total revenue for Q1 2024 reached ¥3,924,623,207, a 27.1% increase from ¥3,085,430,376 in Q1 2023[48] - Sales revenue from goods and services received cash of ¥2,917,791,196 in Q1 2024, an increase from ¥2,361,292,538 in Q1 2023[57] Assets and Liabilities - The total assets at the end of the reporting period amounted to CNY 55,106,878,479, a 3.19% increase from the end of the previous year[12] - Current assets totaled RMB 39.86 billion as of March 31, 2024, compared to RMB 37.51 billion at the end of 2023, reflecting a solid liquidity position[35] - Total liabilities rose to RMB 16.87 billion as of March 31, 2024, compared to RMB 15.69 billion at the end of 2023, primarily due to an increase in short-term borrowings[41] - The company's total assets increased to RMB 55.11 billion from RMB 53.40 billion, showcasing growth in both current and non-current assets[43] Shareholder Information - The company reported a total of 18,421 common shareholders at the end of the reporting period[18] - The total equity attributable to shareholders was CNY 37,373,161,487, reflecting a 1.38% increase from the previous year-end[12] - The largest shareholder, CRRC Zhuzhou Electric Locomotive Research Institute, holds 591,000,716 shares, accounting for 41.73% of the total shares[21] - HKSCC Nominees Limited, an overseas entity, holds 546,012,266 shares, representing 38.55% of the total shares[24] - The top ten unrestricted shareholders collectively hold 610,381,485 shares, which is 47.72% of the company's total equity[26] Cash Flow - The net cash flow from operating activities was negative at CNY -482,272,409, indicating a significant cash outflow during the quarter[10] - Cash flow from operating activities for Q1 2024 was negative at -¥482,272,409, an improvement from -¥1,272,174,259 in Q1 2023[59] - The company's cash and cash equivalents increased to RMB 8.28 billion from RMB 7.90 billion, indicating improved cash flow management[35] - The ending balance of cash and cash equivalents as of Q1 2024 was $7.13 billion, compared to $6.01 billion at the end of Q1 2023, reflecting a year-over-year increase of 18.6%[63] Research and Development - Research and development expenses totaled CNY 466,397,177, which is 11.88% of operating revenue, although this represents a decrease of 0.71 percentage points compared to the previous year[10] - Research and development expenses rose to ¥457,338,479, a 23.2% increase from ¥371,341,436 in Q1 2023[48] - The development expenditure for new technologies reached RMB 282.12 million, reflecting the company's commitment to innovation[37] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[32]

Financial Performance - The company's operating revenue for 2023 reached RMB 21.80 billion, a year-on-year increase of 20.88% compared to RMB 18.03 billion in 2022[14]. - Net profit attributable to shareholders for 2023 was RMB 3.11 billion, reflecting a growth of 21.51% from RMB 2.56 billion in 2022[14]. - The net cash flow from operating activities was RMB 2.78 billion, up 36.28% from RMB 2.04 billion in the previous year[14][18]. - The total assets at the end of 2023 amounted to RMB 53.40 billion, a 10.09% increase from RMB 48.51 billion at the end of 2022[15]. - The net assets attributable to shareholders increased to RMB 36.87 billion, representing a growth of 6.76% from RMB 34.53 billion in 2022[15]. - Basic earnings per share for 2023 were RMB 2.19, up 21.67% from RMB 1.80 in 2022[17]. - The company's operating revenue reached a historic milestone of 20 billion yuan, achieving a new high in profitability[7]. - The company's operating revenue was RMB 21.7999 billion in 2023, representing a year-on-year increase of 20.88% compared to RMB 18.034 billion in the same period last year[116]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 7.8 per 10 shares, totaling approximately RMB 1.1 billion, which represents 35.45% of the net profit attributable to shareholders for the year 2023[1]. - The company will withhold a 10% corporate income tax on dividends distributed to non-resident corporate shareholders[187]. - Foreign individuals receiving dividends from the company are exempt from personal income tax under Chinese regulations[188]. Governance and Compliance - There are no significant risks related to the company's governance or financial practices reported[2]. - The company has confirmed that it has not been profitable since its listing[1]. - The report indicates that there are no special arrangements for corporate governance[2]. - The company has received a standard unqualified audit opinion from its auditing firm[1]. - The company has confirmed that there are no violations of decision-making procedures regarding external guarantees[2]. - The independent non-executive directors confirmed that CRRC Zhuzhou has adhered to the Non-Competition Agreement in 2023, with no competitive overlap in business operations[185]. - The audit committee reviewed the company's annual performance and annual report for 2023, including the audited consolidated financial statements as of December 31, 2023[198]. Research and Development - The company achieved a total R&D investment of CNY 2,145,457,133 in the reporting period, representing a 16.18% increase compared to the previous year[63]. - The company's R&D expenditure accounted for 9.84% of operating revenue, a decrease of 0.40 percentage points from 10.24% in 2022[17]. - A total of 229 new invention patents were granted in 2023, bringing the total number of effective patents to 3,558, with over 50% being invention patents[61]. - The company holds 3,558 patents, including 2,174 invention patents, and has participated in the formulation of 50 international standards[92]. - The R&D team consists of 3,180 engineering technicians, accounting for 38.03% of the workforce, with over 43% holding postgraduate degrees, ensuring a strong foundation for core technology development[97]. Market Position and Strategy - The company maintained a leading market share in rail transit traction systems, with continuous improvement in industry rankings for power supply and signaling systems[7]. - The company aims to strengthen its dual-track industry development strategy, focusing on transportation and new energy sectors[9]. - The company is actively expanding into industries outside rail transit, including power semiconductors, industrial conversion products, and new energy vehicle drive systems[29]. - The company is committed to deepening market-oriented reforms, optimizing organizational structure, and enhancing operational efficiency[8]. - The company is focusing on market expansion through innovative product offerings and strategic partnerships in the rail transportation sector[66]. Risks and Challenges - The company faces risks related to unprofitable operations and potential significant declines in performance, necessitating ongoing investment in new technologies and products[101]. - The company is facing risks from international trade protectionism and fluctuating foreign exchange rates impacting overseas operations[107][104]. - The overall trend of urban rail transit construction is slowing down, with local government debt rates high and significant tightening of fiscal policies, leading to a year-on-year decrease in urban rail construction investment[152]. Investments and Financial Management - The company plans to invest approximately RMB 110,799,000 in the manufacturing base for new energy passenger vehicle electric drive systems and key components[140]. - The company’s total liabilities at the end of the reporting period were RMB 25.4 billion, with long-term borrowings increasing by 769.39% to RMB 631.94 million[134]. - The company’s cash flow from financing activities showed a net outflow of RMB 589 million, which was stable compared to the same period last year[133]. - The company has engaged in derivative investments for hedging purposes, with a total initial investment amount of RMB 8,490.90[142]. Operational Efficiency - The company implemented a digital-driven management approach, enhancing profitability through precise management and real-time monitoring of financial performance[8]. - The company has established a comprehensive quality management system, achieving multiple international certifications including ISO9001 and IATF16949, ensuring high reliability and efficiency of products[93]. - The company is focusing on digital transformation and improving management efficiency to adapt to the complexities of its diversified business[109]. Product Development and Innovation - The company has developed a comprehensive independent intellectual property system, enhancing its capabilities in various high-tech fields such as electrical systems and control technology[29]. - The company has successfully developed a series of traction converters that meet the application needs of high-power locomotives and urban rail vehicles[44]. - The company has achieved breakthroughs in advanced motor control technology based on direct torque control, enhancing the reliability and performance of electric drive systems[44]. - The company is focusing on enhancing system availability and reducing the impact of failures through advanced technology integration[73].

Investment Rating - The report maintains a "Buy" rating for CRRC Times Electric (3898) with a target price of HKD 38.1, indicating a potential upside of 53.6% from the current price [2]. Core Views - The report highlights a recovery in rail transit and rapid growth in new equipment, with a net profit growth of 21.5% in 2023, driven by a revenue increase of 20.9% to RMB 21.8 billion [2]. - The rail transit business is showing signs of recovery, with a significant increase in national railway passenger volume, which rose by 128.8% year-on-year, surpassing pre-pandemic levels [2]. - The emerging equipment business is experiencing high growth rates, particularly in power semiconductor devices and new energy vehicle components, with some segments growing over 69% [2]. Financial Summary - In 2023, the company reported revenues of RMB 21.8 billion, with a net profit of RMB 3.1 billion, translating to an earnings per share (EPS) of RMB 2.19 [2][7]. - The revenue breakdown shows rail transit business revenue at RMB 12.9 billion (up 2%) and emerging equipment business revenue at RMB 8.7 billion (up 69.6%) [2]. - The forecast for 2024-2026 projects revenues of RMB 24.5 billion, RMB 27.8 billion, and RMB 30.6 billion, with respective growth rates of 12.4%, 13.6%, and 10.0% [2][7]. Business Segments - The rail transit business is expected to benefit from ongoing demand for locomotive and train replacements, with a total of 22,400 locomotives and 4,427 standard train sets in operation by the end of 2023 [2]. - The emerging equipment segment focuses on two main areas: transportation and energy, with significant investments in research and development, amounting to RMB 2.02 billion in 2023, representing 9.3% of total revenue [2]. - The company has secured new orders for photovoltaic inverters totaling 18.6 GW, ranking among the top three in the industry [2].

机械设备/轨交设备Ⅱ 公 司 研 时代电气（03898.HK） 受益轨交设备更新以及电网积极规划 究 2024年04月01日 ——港股公司信息更新报告 投资评级：买入（维持） 吴柳燕（分析师） wuliuyan@kysec.cn 证 书编号：S0790521110001 日期 2024/3/28  主业受益设备更新政策，半导体业务份额扩张，维持“买入”评级 港 当前股价(港元) 24.800 考虑到公司功率产品产能利用率和良率提升带来利润率提升，我们将 2024年归 股 一年最高最低(港元) 35.300/18.100 公 母净利润预测由33亿人民币上调至36亿人民币，维持2025年归母净利润预测 司 总市值(亿港元) 351.23 40亿人民币，新增2026年归母净利润预测45亿人民币，对应2024-2026年同比 信 流通市值(亿港元) 135.74 息 增速分别为 15%/11%/13%，当前股价 24.8 港币对应 2024-2025 年 PE 分别为 总股本(亿股) 14.16 更 8.9/8.0/7.1倍。公司轨交设备业务有望受益设备更新政策，新兴装备业务构筑第 新 流通港股(亿股) 5.47 ...

Financial Performance - The company's operating revenue for 2023 reached RMB 21.80 billion, an increase of 20.88% compared to RMB 18.03 billion in 2022[18]. - Net profit attributable to shareholders for 2023 was RMB 3.11 billion, reflecting a growth of 21.51% from RMB 2.56 billion in 2022[18]. - The net cash flow from operating activities was RMB 2.78 billion, up 36.28% from RMB 2.04 billion in the previous year[22]. - The total assets at the end of 2023 amounted to RMB 53.40 billion, a 10.09% increase from RMB 48.51 billion at the end of 2022[19]. - The net assets attributable to shareholders increased to RMB 36.87 billion, representing a growth of 6.76% from RMB 34.53 billion in 2022[19]. - Basic earnings per share for 2023 were RMB 2.19, a rise of 21.67% compared to RMB 1.80 in 2022[21]. - The company's operating revenue reached a historic milestone of 20 billion yuan in 2023, achieving a new high in profitability[9]. - The company's total non-recurring gains and losses for 2023 amounted to RMB 510.35 million, compared to RMB 557.70 million in 2022[25]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 7.8 per 10 shares, totaling approximately RMB 1,101,001,287.36, which represents 35.45% of the net profit attributable to shareholders for the year 2023[3]. - As of December 31, 2023, the total share capital is 1,416,236,912 shares, after deducting 4,696,800 repurchased H shares, the base for dividend distribution is 1,411,540,112 shares[3]. Corporate Governance - The audit report issued by KPMG indicates a standard unqualified opinion[3]. - The board of directors has confirmed the accuracy and completeness of the annual report, with no significant omissions or misleading statements[3]. - The company has confirmed that all directors attended the board meeting[4]. - The company has established service contracts with all directors and supervisors, with a term of three years for each board cycle[172]. - There are no significant transactions or contracts involving directors or supervisors that would create a direct or indirect interest in the company as of December 31, 2023[176]. - The company has not provided any loans or similar financial assistance to its directors, supervisors, or senior management[177]. - The company has implemented governance measures to protect non-controlling interests, including independent reviews of transactions with suppliers and customers[184]. Research and Development - The company achieved a total R&D investment of CNY 2,145,457,133, representing a 16.18% increase compared to the previous year[67]. - The R&D expenditure as a percentage of operating revenue was 9.84%, down from 10.24% in 2022[21]. - The company has developed a comprehensive independent intellectual property system in various high-tech fields, including electric systems and control technology[38]. - The R&D team consists of 3,180 engineering personnel, accounting for 38.03% of the total workforce, with over 43% holding a master's degree or higher[98]. - A total of 229 new invention patents were granted, bringing the total number of effective patents to 3,558, with over 50% being invention patents[64]. Market Position and Strategy - The company maintained a leading market share in rail transit traction systems, with continuous improvement in industry rankings for power supply and signaling systems[9]. - The company is committed to deepening market-oriented reforms and optimizing organizational structure to enhance long-term industrial development[10]. - The company aims to leverage its industry advantages to consolidate its market position and create greater value for shareholders[31]. - The company is positioned in the rapidly growing new energy market, which is projected to be worth hundreds of billions, driven by the national "dual carbon" strategy[156]. - The company is actively expanding into industries outside rail transit, including power semiconductors and new energy vehicle drive systems[38]. Risks and Challenges - The company is subject to risks related to forward-looking statements regarding future plans and development strategies[4]. - The company faces risks related to core competitiveness, including uncertainties in technology development and potential delays in R&D progress[102]. - Financial risks are heightened due to international operations, with currency fluctuations impacting foreign currency assets and liabilities[105]. - The company is exposed to industry risks from changing government policies and increasing competition in the new energy vehicle parts market[106]. - Macro-environmental risks arise from rising international trade protectionism, affecting overseas operations and material procurement[108]. Investment and Expansion - The company plans to raise approximately 4.659 billion yuan through a capital increase and share expansion, with a proposed equity dilution of 19.1236% post-expansion[151]. - The strategic investors are expected to contribute 18.6871% of the new shares, while the employee stock ownership platform will account for 0.4366%[151]. - The company has approved an investment of 1,107.99 million RMB for the manufacturing base project of new energy vehicle electric drive systems and key components[141]. Operational Efficiency - The company implemented a digital-driven management approach, enhancing profitability and operational efficiency through real-time monitoring and analysis[10]. - The company emphasizes the importance of project quality, safety, and cost control in its operations[110]. - The company has established a dynamic and flexible production planning system based on sales orders and historical sales data[36]. Industry Trends - The railway market is entering a recovery phase, with a projected national railway network size of around 200,000 kilometers by 2035, including 70,000 kilometers of high-speed rail[154]. - The urban rail transit construction trend is slowing down, with local government debt rates high and investment in urban rail construction decreasing annually[155]. - The company anticipates growth in the maintenance and repair market due to the increasing stock of rail transit equipment entering the maintenance phase[154].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 作 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3898） 2023年第三季度報告 本公告乃根據香港法例第571章證券及期貨條例第XIVA部項下內幕消息條文及香 港聯合交易所有限公司證券上市規則第13.09(2)和 第13.10B條的要求作出。 株 洲 中 車 時 代 電 氣 股 份 有 限 公 司（「本公司」）之 董 事 會（「董事會」）欣 然 公 佈 本 公 司 及 其 附 屬 公 司（「本集團」）截 至2023年9月30日止第三季度期間按照中國企業會計準 則 編 製 的 未 經 審 計 財 務 資 料（詳 見 下 文）。 本公告分別以中、英文兩種語言編訂，如中英文版本有任何不一致，以中文版本為 準。 承董事會命 李東林 董事長 中國株洲，2023年10月26日 於本公告日期，本公司董事長兼執行董事為李東林；副董事長兼執行董事為劉可 ...