时代电气2025年第三季度业绩疲软，收入、营业利润、净利润为66.2亿元人民币、11.1亿元人民币及 10.5亿元人民币(分别同比增长11%、15%、5%);毛利率、营业利润率、净利润率分别为33%、17%及 16%。总体而言，高盛轻微下调时代电气2025至2030年收入预测最多5%，净收入预测下降最多6%，以 反映业绩结果。 智通财经APP获悉，高盛发布研报称，将时代电气(688187.SH)12个月目标价下调至49.9元人民币(原本 51元人民币)，评级"中性";H股(03898)12个月目标价下调至36.2港元(原本37港元)，评级"买入"。 ...

Core Viewpoint - The stock of Times Electric has experienced fluctuations, with a recent decline of 2.01% and a total market capitalization of 68.78 billion yuan, while the company shows a year-to-date stock price increase of 8.97% [1] Company Overview - Times Electric, established on September 26, 2005, and listed on September 7, 2021, is located in Zhuzhou, Hunan Province. The company specializes in the research, design, manufacturing, and sales of rail transit equipment, with a product structure that includes "devices + systems + complete machines" [1] - The main business revenue composition includes rail transit equipment business at 56.58%, emerging equipment business at 42.94%, and others at 0.48% [1] Financial Performance - For the period from January to September 2025, Times Electric achieved an operating income of 18.83 billion yuan, representing a year-on-year growth of 15.83%. The net profit attributable to the parent company was 2.72 billion yuan, with a year-on-year increase of 8.77% [2] - Since its A-share listing, Times Electric has distributed a total of 5.11 billion yuan in dividends, with 3.84 billion yuan distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders of Times Electric increased to 22,500, with an average of 40,493 circulating shares per person, reflecting a 201.21% increase from the previous period [2] - The top circulating shareholder is Hong Kong Central Clearing Limited, holding 16.42 million shares, an increase of 477,500 shares from the previous period [3]

格隆汇11月4日｜高盛发表研报指，时代电气第三季度业绩疲软，收入、营业利润、净利润分别为66.2 亿元、11.1亿元及10.5亿元(分别按年增长11%、15%、5%)；毛利率、营业利润率、净利润率分别为 33%、17%及16%。总体而言，高盛轻微下调时代电气2025至2030年收入预测最多5%，净收入预测下降 最多6%，以反映业绩结果。因此，高盛将时代电气A股12个月目标价从51元下调至49.9元，评级"中 性"；H股12个月目标价从37港元下调至36.2港元，评级"买入"。 ...

社保基金持有科创板股中，从前十大流通股东名单中社保基金家数来看，英科再生、凯立新材、福昕软件等3 只股有3家社保基金集中现身，持股量分别为844.68万股、758.25万股、269.35万股。 从持股比例看，社保基金持有比例最多的是安达智能，持股量占流通股比例为10.57%，其次是三一重能，社保 基金持股比例为7.64%，持股比例居前的还有凯立新材、英科再生、杰普特等。持股数量方面，社保基金持股数量 在1000万股以上的共有8只，社保基金持股量最多的是传音控股，共持有3271.84万股，和辉光电-U、西部超导等紧 随其后，持股量分别为2671.38万股、2058.09万股。社保基金持股市值居前的有传音控股、西部超导、时代电气， 持股市值分别为30.82亿元、13.40亿元、7.96亿元。 业绩方面，社保基金持有个股中，前三季净利润同比增长的有47只，净利润增幅最高的是源杰科技，公司前三 季共实现净利润1.06亿元，同比增幅为19348.65%，净利润同比增幅居前的还有容知日新、三友医疗等，净利润分 别增长889.54%、623.19%。 从所属行业来看，社保基金持股主要集中在电子、机械设备、医药生物行业，分别 ...

Macro Analysis - The report indicates that the current macro environment in Japan is conducive to moderate economic growth, with manageable debt sustainability, improving consumer sentiment, and favorable manufacturing investment trends [1] - The report anticipates an upward potential for the yen by 2026, while the Japanese stock market's previous gains have largely reflected policy expectations, suggesting that future market momentum will depend on the effectiveness of policy implementation [1] Financial Engineering - The report predicts a year-on-year decline in profit for the coal, steel, and cement industries, while float glass profitability is expected to show positive growth [2] - A slight decrease in the breeding sow inventory is noted, with stable recovery potential for pork prices expected until Q1 of next year [2] - Weak PMI data and housing sales indicate a need to monitor the potential resumption of infrastructure support expectations [2] Real Estate - In October, the sales of the top 10 and top 100 real estate companies increased by 6% and 4% month-on-month, respectively, but year-to-date sales show a decline of 16% and 17% year-on-year [3] - The report recommends focusing on structurally strong companies with high product reputation and strong sales rankings in core cities, such as China Merchants Shekou and China Jinmao [3] - Long-term growth potential in property services is highlighted, with recommendations for companies like China Merchants Jiyu and Greentown Service [3] Petrochemical - OPEC+ announced a production increase of 137,000 barrels per day in December and a pause in production plans from January to March 2026, which is expected to support oil prices in the short term [4] - The report maintains a positive outlook on the long-term investment value of major oil companies amid ongoing geopolitical uncertainties [4] Company Research - Sanyou Chemical's profitability has declined due to falling soda ash prices, leading to a downward revision of profit forecasts for 2025-2027 [7] - Aokai Co. has seen a continuous improvement in performance, although profit forecasts for 2025-2027 have been adjusted downward due to weaker-than-expected downstream demand [8] - Qiaoyuan Co. has optimized its product structure and expanded its market, resulting in an upward revision of profit forecasts for 2025-2026 [9] - Xiyes Co. reported a 17.81% year-on-year increase in revenue for the first three quarters of 2025, with a 35.99% increase in net profit [10] - China Metallurgical Group's revenue and net profit have declined significantly, but new contracts have shown positive growth [11] - Times Electric's revenue grew by 14.9% year-on-year, with a stable growth outlook for its rail transit equipment business [12] - Oulutong's revenue reached a record high in Q3, driven by strong demand for high-power server power supplies [13] - Junshi Biosciences has adjusted its profit forecasts downward due to ongoing R&D investments and the gradual ramp-up of product sales [14] - Jinjiang Hotels reported a decline in revenue but an increase in net profit margin, leading to a downward revision of profit forecasts for 2025-2027 [15]

11 时代电气（3898） 更新报告 轨交业务平稳释放，看好反内卷政策下新兴业务发展 ➢ 25 年前三季度业绩稳健：收入 188.3 亿元，同比增长 14.9%； 归母净利润 27.2 亿元，同比增长 10.9%；扣非净利润 26.1 亿元， 同比增长 30.9%。分业务看：轨道交通业务实现收入 103.1 亿元， 同比增长 9.2%；新兴装备业务实现收入人民币 84.3 亿元，同比增 长 22.3%，其中基础器件收入 38.4 亿元，同比增长 30.4%，新能 源发电收入 15.9 亿元，同比增长 25.3%，新能源汽车电驱 18.7 亿 元，同比增长 9.3%。前三季度公司综合毛利率同比提升 3.1 个百 分点至 32.4%，主要为收入结构变化所致。 ➢ 轨交业务平稳增长，维保占比提升，新业务高速成长：国铁 客运客运量屡创新高，带动 25 年动车组招标超预期，订单持续交 付推动业绩平稳增长。以旧换新政策推动老旧内燃机车陆续退出市 场，给机车带来持续增量需求。25 年前三季度维保业务占轨交收 入比例约 22%，相比去年同期高速增长，看好国铁和城轨的维保 需求释放。此外，公司在轨交领域持续拓展新领域，通信信号 ...

时代电气首三季度营业收入及净利润同比分别增长15%及11%，至188亿元人民币及27亿元人民币，主 要受轨道交通业务(因铁路客运量健康增长)及新兴装备产品业务快速增长驱动。第三季度收入及净利润 同比各增长10%及8%，至66亿元人民币及10亿元人民币，基本符合市场预期。因轨道交通业务产品结 构升级，前三季度毛利率同比提升3个百分点。第三季度毛利率及净利率同比提升1个百分点及降0.3个 百分点，至33.2%及15.9%。前三季度经营活动现金流净流入21亿元人民币(去年同期为净流入5.54亿元 人民币)。 瑞银发布研报称，基于业绩表现，将时代电气(03898)2025至27年每股盈利预测微调上调3%(反映利润率 提升)。同时上调基于分部估值法的目标价，主要反映市场对功率半导体业务的估值重估。目标价由原 先45.2港元升至48.3港元，对应13.7倍2026年预期市盈率。考虑到其稳固的核心业务及新业务增长潜 力，维持H股"买入"评级。 ...

时代电气首三季度营业收入及净利润同比分别增长15%及11%，至188亿元人民币及27亿元人民币，主 要受轨道交通业务(因铁路客运量健康增长)及新兴装备（002933）产品业务快速增长驱动。第三季度收 入及净利润同比各增长10%及8%，至66亿元人民币及10亿元人民币，基本符合市场预期。因轨道交通 业务产品结构升级，前三季度毛利率同比提升3个百分点。第三季度毛利率及净利率同比提升1个百分点 及降0.3个百分点，至33.2%及15.9%。前三季度经营活动现金流净流入21亿元人民币(去年同期为净流入 5.54亿元人民币)。 瑞银发布研报称，基于业绩表现，将时代电气(03898)2025至27年每股盈利预测微调上调3%(反映利润率 提升)。同时上调基于分部估值法的目标价，主要反映市场对功率半导体业务的估值重估。目标价由原 先45.2港元升至48.3港元，对应13.7倍2026年预期市盈率。考虑到其稳固的核心业务及新业务增长潜 力，维持H股"买入"评级。 ...

2025 年 11 月 3 日 公司研究 轨交装备业务稳健增长，新兴装备业务发展迅速 ——时代电气（688187.SH、3898.HK）2025 年三季报点评 要点 业绩稳健增长，归母扣非净利润大幅提升 时代电气 2025Q1-Q3 实现营业收入 188.3 亿元，同比增长 14.9%（调整后， 下同）；归母净利润 27.2 亿元，同比增长 10.9%；归母扣非净利润 26.1 亿元， 同比增长 30.9%。公司毛利率为 32.4%，同比上升 3.1 个百分点；净利率为 15.3%，同比下降 0.7 个百分点。 2025Q3 公司实现营业收入 66.2 亿元，同比增长 9.6%；归母净利润 10.5 亿元，同比增长 7.7%；归母扣非净利润 10.3 亿元，同比增长 22.5%。 2025Q1-Q3 公司轨道交通装备产品实现营业收入 103.1 亿元，同比增长 9.2%。其中，轨道交通电气装备/轨道工程机械/通信信号/其他轨道交通装备收 入分别为 80.8/9.0/7.6/5.7 亿元，同比分别增长 5.8%/13.5%/14.5%/64.1%。 截至 2025 年 8 月，国铁集团年内累计招标动车组 278 ...

智通财经APP获悉，美银证券发布研报称，时代电气(03898,688187.SH)第三季收入66亿元人民币(下 同)，同比增长10%、按季下降14%，较该行预期低3%，主要因轨道装备业务收入低于预期。期内净利 润为10亿元，同比增长8%、按季增长1%，较该行预期低11%，主要因政府补助款项减少。基于下调销 售预测及政府补助收入，该行将2025至27年各年盈测各下调3%，H股目标价由43港元升至45港元，A股 目标价由53元人民币升至60元人民币;重申"中性"评级。 （原标题：美银证券：升时代电气(03898)目标价至45港元 第三季表现逊预期） ...