证券代码：688187（A 股） 证券简称：时代电气（A 股） 公告编号：2024-054 证券代码： 3898（H 股） 证券简称：时代电气（H 股） 本次业绩说明会以网络互动形式召开，公司将针对 2024 年第三季度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 株洲中车时代电气股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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、准确性和完整性承担法律责任。 重要内容提示： （网址：http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 12 月 6 日(星期五) 至 12 月 12 日(星期四) 16:00 前登 录上证路演中心网首页点击"提问预征集"栏目或通过公司邮箱 ir@csrzic.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 株洲中车时代电气股份有限公司（以下简称"公司"）已于 2024 年 10 月 30 日下午休市后发布公司 ...

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: 狀態: 新提交 致:香港交易及結算所有限公司 株洲中車時代電氣股份有限公司 公司名稱: 呈交日期: 2024年12月2日 l. 法定/註冊股本變動 | 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 | | 説明 | H 股 | | | | | | | | 法定/註冊股份數目 | | 面値 | | 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 | | o | | 本月底結存 | | | 542,632,600 RMB | | 1 |RMB | | 542,632,600 | | 2. 股份分類 | 普通股 | 股份類別 | A | 於香港聯交所上市 (註1) | 否 | | | ...

本次权益变动属于同一控制人控制下不同主体内部持股调整，不涉及 向市场减持，本次转让后，本公司控股股东中车株洲所持有公司股份比例由 41.87%增加到 42.53%，中国中车股份有限公司间接持有公司股份比例 47.88%不 变。 | 一、内部转让主体的基本情况 | | --- | | 股东名称 | 股东身份 | 持股数量（股） | 持股比例 | 当前持股股份来源 | | | --- | --- | --- | --- | --- | --- | | 中车资产管 | 5%以下股东 | 9,380,769 | 0.66% | IPO 前取得：9,380,769 | 股 | | 理有限公司 | | | | | | 证券代码：688187 (A 股) 证券简称：时代电气（A 股） 公告编号：2024-053 证券代码：03898（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同一控制人 控制下不同主体内部转让股份暨权益变动的提示 性公告 本公司董事会、全体董事及相关股东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 ...

Investment Rating - Buy (Maintained) [3] Core Views - The company's revenue for Q1-3 2024 reached 16.256 billion yuan, a year-on-year increase of 15.33%, with Q3 revenue at 5.973 billion yuan, up 8.10% YoY [3] - Net profit attributable to the parent company for Q1-3 2024 was 2.501 billion yuan, a year-on-year increase of 21.82%, with Q3 net profit at 994 million yuan, up 10.61% YoY [3] - The railway equipment business achieved revenue of 9.434 billion yuan in Q1-3 2024, a year-on-year increase of 22.17%, driven by the green and low-carbon transformation of railway locomotives [3] - The emerging equipment business, including power semiconductor devices, achieved revenue of 6.755 billion yuan in Q1-3 2024, a year-on-year increase of 11.05%, with power semiconductor revenue at 2.712 billion yuan, up 26.85% YoY [3] - The company delivered over 440,000 sets of electric drive systems in Q1-3 2024, a year-on-year increase of 29.41%, and its market share in the passenger car power module segment reached 13.4% in H1 2024 [3] Financial Forecasts - Revenue is expected to grow from 25.074 billion yuan in 2024E to 34.793 billion yuan in 2026E, with a CAGR of 16.3% [4] - Net profit attributable to the parent company is forecasted to increase from 3.796 billion yuan in 2024E to 5.075 billion yuan in 2026E, with a CAGR of 13.3% [4] - EPS is projected to rise from 2.69 yuan in 2024E to 3.60 yuan in 2026E [4] - The company's PE ratio is expected to decrease from 19x in 2024E to 14x in 2026E [3] Business Highlights - The company has a comprehensive product platform covering 1000kw, 1500kw, and 2000kw power levels, which supports the green transformation of railway locomotives [3] - The Yixing factory is expected to achieve an annual production capacity of 360,000 8-inch IGBT wafers by 2025, enhancing the company's semiconductor capabilities [3] - The company has been actively investing in R&D, with R&D expenses reaching 1.589 billion yuan in Q1-3 2024, a year-on-year increase of 20.09% [3] - The company's inverter business secured 10.6GW of orders in Q1-3 2024, with 6.2GW delivered [3] Industry Outlook - The railway industry is expected to benefit from the green and low-carbon transformation policies, with the goal of increasing the proportion of electric locomotives to over 70% by 2030 [3] - The power semiconductor market is expected to grow significantly, driven by the expansion of the new energy vehicle market and the company's increasing production capacity [3]

株洲中车时代电气股份有限公司 2024 年第一次临时股东会 会议资料 二〇二四年十二月 株洲中车时代电气股份有限公司 2024 年第一次临时股东会会议资料目录 | 议案一：关于变更公司类型的议案 2 | | --- | | 议案二：关于本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议案 3 | 现提请公司股东会审议，并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。 — 2 — 议案二：关于本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 议案 各位股东及股东代表： 2024 年 10 月 30 日，株洲中车时代电气股份有限公司（以下简称"公 司"或"本公司"）第七届董事会第十三次会议审议通过了《关于本公 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 常关联交易预计的议案》，现将该议案内容提请股东会审议，具体情况 如下： 一、关联交易基本情况 — 1 — 议案一：关于变更公司类型的议案 各位股东及股东代表： 2024 年 10 月 30 日，株洲中车时代电气股 ...

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 ...