证券代码：688187（A 股） 证券简称：时代电气（A 股） 公告编号：2024- 052 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 召开日期时间：2024 年 12 月 13 日 10 点 00 分 关于召开 2024 年第一次临时股东会的通知 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。 重要内容提示： 一、 召开会议的基本情况 （一） 股东会类型和届次 2024 年第一次临时股东会 召开地点：株洲市石峰区时代路时代宾馆 301 室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 股东会召开日期：2024年12月13日 本次股东会采用的网络投票系统：上海证券交易所股东大会网络投票系 统 （二） 股东会召集人：董事会 （三） 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 （四） 现场会议召开的日期、时间和地点 至 2024 年 12 月 13 日 采用上海证券交易所网络投票系统，通过交易系统投票平 ...

Investment Rating - The report maintains a "Buy-A" rating for the company [1][3]. Core Views - The company's revenue for the first three quarters of 2024 reached 16.256 billion yuan, a year-on-year increase of 15.33%, while the net profit attributable to shareholders was 2.501 billion yuan, up 21.82% year-on-year [1]. - The growth in rail transit equipment business has slowed down, but the emerging equipment business remains stable [1][2]. - The company is expected to benefit from upcoming tenders for high-speed trains, which will likely boost the rail transit electrical equipment business [1][2]. Financial Performance - For Q3 2024, the company reported revenue of 5.973 billion yuan, a year-on-year increase of 8.10% but a quarter-on-quarter decrease of 6.08% [1]. - The net profit for Q3 2024 was 999 million yuan, reflecting a year-on-year increase of 10.61% and a quarter-on-quarter increase of 5.86% [1]. - The company's gross profit margin for the first three quarters of 2024 was 29.57%, while the net profit margin was 16.41% [1][3]. Business Segments - The rail transit equipment business generated revenue of 3.295 billion yuan in Q3 2024, accounting for 55.2% of total revenue, with a year-on-year increase of 5.58% [1]. - The emerging equipment business reported revenue of 2.661 billion yuan, representing a year-on-year increase of 14.1% [1]. - The power semiconductor and electric drive businesses within the emerging equipment segment showed strong performance, while industrial conversion and sensor businesses underperformed [1][2]. Future Outlook - The company is expected to enter a new phase of growth driven by the recovery in rail transit equipment demand, maintenance increments, and the city rail signal system business [2]. - The production capacity of power semiconductors is anticipated to support market share expansion and product structure optimization [2]. - The long-term strategy involves building a product matrix from "devices-components-systems," aiming for significant growth in both transportation and new energy sectors [2].

Investment Rating - The investment rating for the company is "Outperform the Market" [3][9]. Core Views - The report highlights a sequential increase in gross margin by 8.6 percentage points in Q3 2024, driven by robust growth in both rail transit and emerging equipment sectors [1]. - For the first three quarters of 2023, the company achieved revenue of 16.3 billion yuan, representing a year-on-year increase of 15.3%, and a net profit attributable to shareholders of 2.5 billion yuan, up 21.8% year-on-year [1]. - The rail transit equipment business grew by approximately 22% year-on-year, with revenue reaching 9.434 billion yuan in the first three quarters of 2024 [1]. - The emerging equipment sector also saw a year-on-year growth of 11%, with power semiconductor devices achieving revenue of 2.712 billion yuan, up 26.8% [1]. - The company is well-positioned in the domestic market, holding the largest market share in traction systems and accelerating development in maintenance and repair services [1]. Financial Performance Summary - Revenue for 2024 is projected to be 24.951 billion yuan, with a year-on-year growth of 14.5% [2]. - Net profit for 2024 is estimated at 3.705 billion yuan, reflecting a growth of 19.3% compared to 2023 [2]. - The company’s earnings per share (EPS) is expected to reach 2.62 yuan in 2024, with a projected PE ratio of 19.1 [2]. - The gross margin is anticipated to be around 30% in 2024, with an EBIT margin of 14% [2]. Business Segments Summary - The rail transit equipment segment is a significant growth driver, with a revenue increase of 22% year-on-year in the first three quarters of 2024 [1]. - The emerging equipment segment, including power semiconductors and electric drive systems for new energy vehicles, is also showing strong growth, with a notable increase in market share [1]. - The company’s semiconductor project in Yixing has entered trial production, focusing on applications in new energy vehicles [1].

Financial Performance - The company's overall gross margin for the first three quarters of 2024 is 29.57%, an increase from 28.43% in the same period last year [2] - Revenue reached 2.712 billion yuan, a growth of 26.84% compared to 2.138 billion yuan in the previous year [3] - The semiconductor business maintained stable profitability, with expected net profit growth alongside revenue increases [3][4] Semiconductor Business - The company’s semiconductor production capacity is gradually increasing, with a projected annual output of 360,000 8-inch IGBT wafers from the new Yixing plant, which officially commenced operations on October 17, 2024 [5][6] - The Yixing plant is expected to generate approximately 5 million yuan in depreciation in the fourth quarter [4] - The company has established a strong position in the Chinese new energy vehicle market, with a market share of 13.4% in power module installations, ranking second after BYD Semiconductor [5] Inverter and Renewable Energy - In the first three quarters of 2024, the company secured a total of 10.6 GW in inverter bids, with a shipment volume of 6.2 GW [6] - The revenue from wind and solar storage was approximately 1.3 billion yuan, showing a slight decline compared to the previous year due to reduced EPC revenue [6] Electric Drive Systems - The company delivered over 440,000 electric drive systems in the first three quarters of 2024, a 29.41% increase from 340,000 units in the same period last year [9] - The company has expanded its customer base to 15, with a total of 30 vehicle models supported [9] Railway Equipment - Revenue from the rail transportation equipment business reached 9.434 billion yuan, a year-on-year increase of approximately 22% [10] - The company won 79 out of 165 bids for high-speed trains, achieving a market share of 47.88% [10] Research and Development - R&D investment for the first three quarters of 2024 was 1.589 billion yuan, a 20.09% increase from 1.323 billion yuan in the previous year [13] - The company plans to maintain R&D investment at around 9%-10% of revenue in the future [14] Market Trends and Policies - The company is preparing for the gradual elimination of old diesel locomotives by 2027, aligning with national policies promoting low-carbon railway development [8] - The demand for rail equipment is expected to increase due to the growth in passenger and freight transport volumes, with a 12.9% year-on-year increase in passenger traffic in the first nine months of 2024 [11]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 株洲中車時代電氣股份有限公司 呈交日期: 2024年10月31日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03898 | 說明 | H 股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 542,632,600 | RMB | | 1 RMB | | 542,632,600 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 542,632,600 | RMB | | 1 RMB | | 542,632,600 | | 2. 股份分類 | 普通股 | 股份類 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of CNY 53.4, indicating a potential upside of 11% from the current price of CNY 48.3 [1][8]. Core Views - The company achieved a net profit growth of 11% year-on-year and 6% quarter-on-quarter in Q3, demonstrating stable business growth. The gross margin was recorded at 32.6%, a year-on-year decline of 1.9 percentage points but an increase of 8.6 percentage points quarter-on-quarter. The fluctuation in gross margin is attributed to accounting standard changes, while the operational gross margin remains relatively stable [1][2]. - The rail transit business is expected to continue its recovery, benefiting from increased demand due to major repairs. The expansion of IGBT capacity in Yixing is a solid foundation for the growth of the power semiconductor business. The current P/E ratios for the company's Hong Kong and A-shares are 9.6x and 16.4x, respectively, indicating attractive valuations [1][2]. Revenue and Profitability - In Q3, the company's revenue reached CNY 5,973 million, an 8% increase year-on-year but a 6% decrease quarter-on-quarter. The gross profit was CNY 1,945 million, reflecting a 2% year-on-year increase and a 27% quarter-on-quarter increase. The operating profit was CNY 994 million, up 15% year-on-year and 20% quarter-on-quarter [13][14]. - The emerging equipment segment generated revenue of CNY 2,661 million in Q3, a 14% year-on-year increase, with the power semiconductor revenue reaching CNY 9.65 billion, growing 27% year-on-year. The revenue from the new energy vehicle main drive segment surged by 67% year-on-year [2][15]. Financial Forecasts - The revenue forecast for the company is projected to grow from CNY 18,034 million in 2022 to CNY 31,956 million by 2026, with a compound annual growth rate (CAGR) of approximately 14%. The net profit is expected to increase from CNY 2,556 million in 2022 to CNY 3,853 million in 2026, with a slight decline in growth rate in the later years [3][10]. - The gross margin is anticipated to fluctuate, with estimates of 32.7% in 2022, peaking at 33.9% in 2023, and then stabilizing around 31.7% by 2026 [3][10]. Market Position and Valuation - The company holds a significant market share in the power semiconductor and new energy vehicle sectors, with the latter showing robust growth despite pricing pressures. The rail transit business contributes significantly to the overall revenue, accounting for 55.2% of total revenue in Q3 [2][15]. - The target P/E ratios for A-shares and Hong Kong shares are projected to decline from 29.6x in 2022 to 19.6x by 2026, indicating a potential for value appreciation as earnings grow [3][10].

Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company achieved a revenue of 16.256 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 15.33%. The net profit attributable to shareholders reached 2.501 billion yuan, up 21.83% year-on-year [1]. - The rail transit and emerging equipment sectors are both performing well, with Q3 revenue of 5.973 billion yuan, a year-on-year increase of 8.10%, and a net profit of 994 million yuan, up 10.61% year-on-year [1]. - The rail transit equipment business generated revenue of 9.434 billion yuan in the first three quarters, a year-on-year increase of 22.16% [1]. - The company’s gross margin for the first three quarters was 29.57%, a decrease of 2.84 percentage points year-on-year, while the net margin improved to 16.41%, an increase of 1.51 percentage points year-on-year [1]. - The company’s R&D expenses for the first three quarters amounted to 1.534 billion yuan, with an R&D expense ratio of 9.44% [1]. - The company is expected to achieve net profits of 3.720 billion yuan, 4.433 billion yuan, and 5.076 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 2.64, 3.14, and 3.60 yuan [1]. Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 5.973 billion yuan and a net profit of 994 million yuan, reflecting year-on-year growth of 8.10% and 10.61%, respectively [1]. - For the first three quarters of 2024, the company’s total revenue was 16.256 billion yuan, with a net profit of 2.501 billion yuan [1]. Segment Analysis - The rail transit equipment segment saw a revenue increase of 22.16% year-on-year, totaling 9.434 billion yuan in the first three quarters [1]. - Emerging equipment revenue reached 6.755 billion yuan, growing 11.05% year-on-year, with power semiconductors and electric drive systems for new energy vehicles showing significant growth [1]. Profitability Metrics - The gross margin for the first three quarters was 29.57%, while the net margin improved to 16.41% [1]. - The company effectively controlled its expense ratios, with a notable decrease in the sales, management, and financial expense ratios [1]. Future Outlook - The company is expected to benefit from the ongoing demand for new rail transit equipment and the recovery of passenger traffic, with significant bidding volumes already surpassing last year’s levels [1]. - The new production line in Yixing is expected to enhance the company’s semiconductor business, contributing to future profitability [1].

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与中车财务有限公司 签订《2024 年至 2027 年金融服务框架协议》 暨日常关联交易预计的核查意见 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 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"）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》 《上海证券交易所科创板股票上市规则》《上海证券交易所上市公司自律监管指 引第 11 号——持续督导》《上海证券交易所上市公司自律监管指引第 5 号—— 交易与关联交易》以及《科创板上市公司持续监管办法（试行）》等有关法律法 规和规范性文件的要求，对时代电气与中车财务有限公司（以下简称"中车财务 公司"）签订《2024 年至 2027 年金融服务框架协议》暨日常关联交易预计事项 进行了审慎核查，核查情况如下： 一、日常关联交易基本情况 （一）日常关联交易概述 2024 年 8 月 23 日，经公司第七届董事会独立董事第二次专门会议、第七届 董事会第十次会议及第七届监事会第七次会议审议通过，公司与中车财务公司签 订了《2024 年至 2025 年 ...

证券代码：688187（A 股） 证券简称：时代电气（A 股） 公告编号：2024-049 证券代码： 3898（H 股） 证券简称:时代电气（H 股） 2024 年 10 月 30 日 1 株洲中车时代电气股份有限公司 关于变更公司类型并办理工商变更登记的公 告 本公司董事会及全体董事保证本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。 株洲中车时代电气股份有限公司（以下简称"公司"或"时代电气"）于 2024 年 10 月 30 日召开第七届董事会第十三次会议，审议通过了《关于变更公司类型的 议案》。具体情况如下： 株洲中车时代电气股份有限公司营业执照上现登记的公司类型为"股份有限公 司（台港澳与境内合资、上市）"，根据《中华人民共和国外商投资法》《中华人民 共和国外商投资法实施条例》等法律法规及规范性文件的规定，公司拟向市场监督 管理部门申请将企业类型变更为"股份有限公司（港澳台投资、上市）"。上述变更 事项最终以市场监督管理部门核定的内容为准。 本次变更事项尚需提交公司股东会审议。董事会提请股东会授权公司管理层及 相关人员办理工商变更相关事宜 ...

证券代码：688187（A 股） 证券简称：时代电气（A 股） 公告编号：2024-050 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 关于与中车财务有限公司签订《2024 年至 2027 年金融服务框架协议》暨日常关联交易 预计公告 本公司董事会及全体董事保证本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。 重要内容提示： 是否需要提交股东会审议：是 日常关联交易对上市公司的影响：本次关联交易公允合理，对株洲中车时 代电气股份有限公司（以下简称"公司"或"本公司"）持续经营能力、损益及资 产状况无负面影响，不存在损害公司及全体股东、特别是中小股东利益的行为。公 司与关联人在业务、人员、财务、资产、机构等方面独立，本次关联交易不会对公 司的独立性构成影响，公司亦不会因此对关联人形成依赖。 一、关联交易基本情况 （一）关联交易概述 1 HK1_806553176_4 2024 年 8 月 23 日， 本公司与中车财务有限公司（以下简称"中车财务公司"） 签订了《2024 年至 2025 年金融服务框架协议 ...