公司着眼于长远和可持续发展，综合考虑公司实际经营情况、经营发展规划、 行业发展趋势、目前及未来盈利能力、现金流情况、项目投资资金需求、股东回 报、社会资金成本及外部融资环境等因素，在平衡股东的合理投资回报和公司可 持续发展的基础上，建立对投资者持续、稳定、科学的回报规划与机制，从而对 利润分配作出制度性安排，以保证利润分配政策的连续性和稳定性。 二、本规划的制定原则 公司的利润分配应重视对社会公众股东的合理投资回报，以可持续发展和维 护股东权益为宗旨，应保持利润分配政策的连续性和稳定性，并符合《中华人民 共和国公司法》《中华人民共和国证券法》等相关法律法规、规范性文件和《公 司章程》关于利润分配政策的相关规定。 三、未来三年（2025 年-2027 年）股东分红回报规划具体如下： 株洲中车时代电气股份有限公司 未来三年（2025 年-2027 年）股东分红回报规划 为完善株洲中车时代电气股份有限公司（以下简称"公司"）科学、持续、 稳定的分红决策和监督机制，积极回报股东，保护投资者的合法权益，公司根据 中国证券监督管理委员会《上市公司监管指引第 3 号——上市公司现金分红》及 《株洲中车时代电气股份有限公司章 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 4,536,728,879, representing a year-on-year increase of 14.81% compared to CNY 3,924,623,207 in the same period last year[2]. - Net profit attributable to shareholders of the listed company reached CNY 631,266,879, up 13.42% from CNY 567,547,208 in the previous year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 29.52%, amounting to CNY 597,096,663 compared to CNY 460,999,116 in the previous year[6]. - The basic earnings per share for the reporting period was CNY 0.45, an increase of 15.38% compared to CNY 0.39 in the same period last year[3]. - In Q1 2025, the company achieved revenue of RMB 4.537 billion, a year-on-year increase of 14.81% from RMB 3.951 billion in the same period last year[11]. - Net profit for Q1 2025 was ¥688,485,308, up 21.6% from ¥566,518,469 in Q1 2024[17]. - Operating profit for Q1 2025 was ¥777,887,759, a 28.6% increase from ¥604,941,540 in Q1 2024[17]. Cash Flow and Assets - The net cash flow from operating activities was CNY 54,459,641, a significant improvement from a negative cash flow of CNY -482,272,409 in the same period last year[2]. - The company's cash and cash equivalents stood at RMB 10.348 billion, slightly down from RMB 10.652 billion at the end of 2024[13]. - The company reported a decrease in cash and cash equivalents by ¥2,199,881,050 during Q1 2025[20]. - Cash flow from operating activities generated a net amount of ¥54,459,641, a significant recovery from a net outflow of ¥508,704,086 in Q1 2024[20]. - Investment activities resulted in a net cash outflow of ¥3,362,874,954, compared to a net inflow of ¥411,827,928 in Q1 2024[20]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 66,471,687,057, reflecting a 2.58% increase from CNY 64,802,246,319 at the end of the previous year[3]. - The company's total assets reached RMB 66.472 billion, an increase from RMB 64.802 billion at the end of 2024[14]. - The total liabilities of the company amounted to RMB 21.913 billion, compared to RMB 20.040 billion in the previous year[14]. - The company's equity attributable to shareholders was RMB 41.268 billion, a slight decrease from RMB 41.528 billion year-on-year[14]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 24,531[8]. - The top ten shareholders held a combined 43.84% of the shares, with the largest shareholder being CRRC Zhuzhou Electric Locomotive Research Institute Co., Ltd. holding 600,381,485 shares[8]. - The number of A-share shareholders reached 23,496, while H-share shareholders numbered 1,035[10]. Business Segments - The rail transit business generated RMB 2.347 billion, up 10.72% from RMB 2.120 billion year-on-year, with the rail transit electrical equipment segment growing by 18.89% to RMB 1.923 billion[12]. - The emerging equipment business reported revenue of RMB 2.171 billion, reflecting a growth of 20.88% compared to RMB 1.795 billion in the previous year[12]. - The company reported a significant increase in industrial conversion revenue, which surged by 400.41% to RMB 205 million[12]. Research and Development - Research and development expenses accounted for a significant portion of the operating revenue, although specific figures were not disclosed in the provided content[3]. - Research and development expenses increased to ¥523,230,356, representing a 12.7% rise compared to ¥464,214,856 in the previous year[16]. Acquisition - The company made a 100% acquisition of Hunan CRRC Commercial Vehicle Power Technology Co., Ltd. in December 2024, which was included in the consolidated financial statements[3].

据了解，作为国内轨道交通行业首批按照"工业4.0"标准建设的示范生产线，该中心已实现80%以上产品 的智能化生产。20多条先进生产线承担着全球30%、全国70%的轨道交通牵引电传动部件的生产任务， 年产值超过100亿元。 "我们的产品相当于列车的'心脏'和'大脑'。"该制造中心负责人介绍，这里主要生产制造列车牵引传动 和控制系统及新能源发电装置。年产能可满足200列"复兴号"动车组、1000列标准地铁和840台重载机车 所需"心脏"和"大脑"的装车需求。生产的产品还涵盖列车监控、工业变流、新能源变流等领域。 中新网株洲4月28日电 在"双碳"目标引领下，国有企业正加速推进绿色转型。 近日，中新网随国务院国资委新闻中心"走进新国企·科技创新主力军"活动走进中车株洲电力机车研究 所有限公司(以下简称"中车株洲所")的多个生产制造基地，深入了解这家国企在科技创新与绿色发展方 面的实践成果。 走进中车株洲所时代电气制造中心，AGV机器人穿梭于智能化生产线之间。偌大的智能生产车间，每 个环节独立作业又互相配合，有条不紊。 风电是中车株洲所新能源板块的另一重要支柱。2020年，中车株洲所风电产业实现跨越式发展，年产值 突 ...

关于株洲中车时代电气股份有限公司 中国国际金融股份有限公司 首次公开发行股票并在科创板上市之持续督导保荐总结报告书 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意株洲中车时代 电气股份有限公司首次公开发行股票注册的批复》（证监许可[2021]2112 号）核准并 经上海证券交易所同意，株洲中车时代电气股份有限公司（以下简称"时代电气"或 "公司"或"上市公司"）获准在上海证券交易所上市。 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）担任公司首次 公开发行股票并在科创板上市的保荐机构，根据《证券发行上市保荐业务管理办法》 等有关规定，对公司首次公开发行股票并在科创板上市进行持续督导，持续督导期限 截至 2024 年 12 月 31 日，持续督导期已满。现根据《证券发行上市保荐业务管理办法》 《上海证券交易所科创板股票上市规则》等有关法律法规和规范性文件的要求，出具 本持续督导保荐总结报告书。 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导性陈述 或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法律责任。 2、本机构及 ...

中国国际金融股份有限公司 关于株洲中车时代电气股份有限公司 2024 年度持续督导工作现场检查报告 上海证券交易所： 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市规则》 和《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有关法律、法规 的规定，中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为正 在履行株洲中车时代电气股份有限公司（以下简称"时代电气"或"公司"）持续督导 工作的保荐机构，对公司自 2024 年 1 月 1 日至 2024 年 12 月 31 日期间（以下简称"本 持续督导期"）的规范运作情况进行了现场检查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐机构：中国国际金融股份有限公司 （二）保荐代表人：廖汉卿、李鑫 （三）现场检查时间：2025 年 4 月 3 日 （四）现场检查人员：廖汉卿 （五）现场检查内容：公司治理及内部控制、信息披露、独立性、与关联方的资金 往来、募集资金使用情况、关联交易、对外担保、重大对外投资及公司经营状况等。 （六）现场检查手段 二、现场检查的具体事项及意见 （一）公司治理和内部控制情 ...

2024 年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市规则》 和《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有关法律、法规 的规定，中国国际金融股份有限公司（以下简称"保荐机构"）作为株洲中车时代电气 股份有限公司（以下简称"时代电气"或"公司"）持续督导工作的保荐机构，负责时 代电气上市后的持续督导工作，并出具本持续督导年度报告书。 中国国际金融股份有限公司 关于株洲中车时代电气股份有限公司 序号 工作内容 完成持续督导情况 1 建立健全并有效执行持续督导工作制度，并针对具体的持 续督导工作制定相应的工作计划 保荐机构已建立健全并有效执 行了持续督导制度，已根据公 司的具体情况制定了相应的工 作计划 2 根据中国证监会相关规定，在持续督导工作开始前，与 上市公司或相关当事人签署持续督导协议，明确双方在 持续督导期间的权利义务，并报上海证券交易所备案 保荐机构已与公司签订保荐协 议，该协议已明确了双方在持 续督导期间的权利义务，并报 上海证券交易所备案 3 通过日常沟通、定期回访、现场检查、尽职调查等方式 开展持续督导工作 持续督导期间，保荐机构 ...

Investment Rating - The report maintains a "Buy" rating for both A and H shares of the company [2][8][5] Core Views - The company's revenue for 2024 is projected to be 24.91 billion RMB, representing a year-on-year increase of 14.27%, with a net profit of 3.70 billion RMB, up 19.22% year-on-year, aligning with previous expectations [2][5] - The rail transit equipment business is expected to benefit from a renewal and maintenance cycle, leading to a revenue increase of 13.37% year-on-year, while the emerging equipment business is projected to grow by 13.71% year-on-year [2][3] - The report highlights the company's strong market position in rail transit and the potential growth from silicon carbide applications and deep-sea equipment driven by policy support [2][4] Revenue and Profit Forecast - The company is expected to achieve total revenue of 29.10 billion RMB in 2025, with a net profit of 4.26 billion RMB, reflecting a growth rate of 15.09% [7][15] - The emerging equipment segment is projected to generate 11.70 billion RMB in revenue, while the rail transit segment is expected to contribute 17.24 billion RMB [16] Business Segments - Rail Transit: Revenue from rail transit equipment is expected to reach 14.64 billion RMB in 2025, with significant growth driven by the renewal and maintenance of existing infrastructure [3][4] - Emerging Equipment: This segment is anticipated to generate 11.70 billion RMB in revenue, with key growth areas including power semiconductor devices and new energy vehicle drive systems [4][16] Valuation Analysis - The target price for A shares is set at 58.89 RMB, while H shares are targeted at 39.17 HKD, based on a historical average AH premium of 61.2% [5][14] - The valuation for the emerging equipment business is estimated at 356 billion RMB, while the rail transit equipment and other businesses are valued at 450 billion RMB [14][15]

事件描述 时代电气发布2024 年年报，2024 年实现收入249.09 亿元，同比增长13.42%；归母净利润37.03 亿元， 同比增长21.77%；扣非净利润32.26 亿元，同比增长24.28%。 公司子公司中车时代半导体实现营收43.65 亿元，净利润11.93 亿元，净利率达27.3%，盈利维持较高水 平。毛利率方面，公司2024 年毛利率32.48%，同比+3.87pct；净利率方面，2024 年公司归母净利率 14.9%，同比提升约1.0pct。 轨道交通业务稳中有进。公司首次斩获新能源机车牵引系统订单；机车自动驾驶获取订单近亿元；检修 和海外业务持续推进，检修收入大幅增长，在亚洲、欧洲和美洲获得多个海外订单，金额近8 亿元；轨 道工程机械方面，电传动连续式捣稳车电气系统实现首次装车应用，高铁大轨件铺换装备实现首单突 破；通信信号业务持续推进，收入创历史新高，城轨信号业务全年中标3 条线路，长沙2 号线信号系统 无感改造顺利完成，打造国产化替代的新标杆，宁波8 号线自主FAO 实现首次示范应用，具备开通条 件；供电系统斩获重庆地铁全部4 个项目，门板块业务成功开拓国内多个新市场。 新兴装备业务 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company has shown steady growth in its operations, with significant contributions from its rail transit, semiconductor, and marine engineering equipment businesses [2][5]. - The company achieved a revenue of 24.909 billion yuan in 2024, representing a year-on-year increase of 13.42%. The net profit attributable to shareholders was 3.703 billion yuan, up 21.77% year-on-year, while the net profit excluding non-recurring items reached 3.226 billion yuan, growing by 24.28% [5]. Summary by Sections Business Performance - The rail transit equipment business generated revenue of 14.636 billion yuan, a year-on-year increase of 13.37%. The breakdown includes rail transit electrical equipment (10.990 billion yuan), rail engineering machinery (1.891 billion yuan), communication signal systems (1.105 billion yuan), and other rail transit equipment (650 million yuan) [10]. - The emerging equipment business reported revenue of 10.115 billion yuan, up 13.71% year-on-year, with contributions from basic components (4.110 billion yuan), new energy vehicle drive systems (2.569 billion yuan), new energy generation (2.036 billion yuan), marine engineering (865 million yuan), and industrial converters (535 million yuan) [10]. - The company's subsidiary, CRRC Times Semiconductor, achieved revenue of 4.365 billion yuan and a net profit of 1.193 billion yuan, with a net profit margin of 27.3% [10]. Financial Metrics - The company's gross margin for 2024 was 32.48%, an increase of 3.87 percentage points year-on-year. The net profit margin attributable to shareholders was 14.9%, up approximately 1.0 percentage point [10]. - The company expects to achieve net profits of 4.35 billion yuan and 4.90 billion yuan in 2025 and 2026, respectively, corresponding to price-earnings ratios of 14.9 and 13.2 times [10]. Market Expansion - The company is expanding its rail transit business into international markets, securing multiple overseas orders worth nearly 800 million yuan [10]. - The emerging equipment business is gaining traction, with the IGBT module achieving the highest market share in the rail transit and power grid sectors domestically, and significant growth in the new energy market [10]. Future Outlook - The company maintains a positive outlook on its dual-driven strategy of rail transit and emerging equipment, expecting continued growth and market share expansion [10].