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].

株洲中车时代电气股份有限公司 与中车财务有限公司开展金融业务风险处置预案 第一章 总则 第一条 为有效防范、及时控制和化解株洲中车时代电气股份有限公司（以下简称"公 司"）与中车财务有限公司（以下简称"中车财务公司"）之间的金融业务风险，保证 资金安全，根据中国证券监督管理委员会、国家金融监督管理总局《关于规范上市公司 与企业集团财务公司业务往来的通知》证监发［2022］48 号等有关规定，特制定本金融 业务风险处置预案。 第二章 风险处置机构及职责 第二条 公司成立风险预防处置领导小组（以下简称"领导小组"），由公司董事 长任组长，为金融业务风险防范及处置工作的第一责任人，公司总经理及分管财务副总经 理任副组长，领导小组成员包括财务中心、审计和风险控制部、证券法律部、纪委机关部 门负责人。领导小组下设工作组，工作组设置在财务中心，具体负责对与中车财务公司发 生的金融业务进行日常监管，关注中车财务公司日常经营情况，并及时向领导小组反映风 险异常情况，以便领导小组按本预案防范和处置风险。 第三条 风险处置机构职责 （一）领导小组统一领导公司金融业务风险的应急处置工作，全面负责在中车财务公 司金融业务风险的防范和 ...

Financial Performance - Operating revenue for Q3 2024 reached ¥5,972,702,299, an increase of 8.10% year-on-year[2] - Net profit attributable to shareholders was ¥994,344,893, reflecting a growth of 10.61% compared to the same period last year[2] - Basic and diluted earnings per share were both ¥0.70, up 9.37% from the previous year[3] - The company achieved operating revenue of RMB 16.256 billion in Q3 2024, representing a year-on-year increase of 15.33% from RMB 14.095 billion in the same period last year[11] - Net profit attributable to shareholders of the parent company was CNY 2,501,185,911, up 21.8% from CNY 2,053,097,956 in the previous year[19] - The company reported a gross profit of CNY 2,322,115,119, which is a 20.5% increase from CNY 1,894,215,070 in the previous year[19] - The company’s basic earnings per share for the period was CNY 1.77, compared to CNY 1.45 in the previous year, reflecting a growth of 22.1%[19] Research and Development - R&D investment totaled ¥615,135,965, representing a 31.28% increase year-on-year, accounting for 10.30% of operating revenue[3] - The company plans to continue expanding its R&D efforts and enhance its market presence through strategic initiatives[5] - The company is actively engaged in research and development of new technologies to support its growth strategy[12] - Research and development expenses for the first three quarters amounted to CNY 1,534,294,907, representing a 20.9% increase from CNY 1,268,225,480 in the same period last year[17] Assets and Liabilities - Total assets at the end of the reporting period were ¥63,219,627,390, an increase of 18.38% from the end of the previous year[3] - Total assets increased to CNY 63,219,627,390, a growth of 18.3% from CNY 53,404,847,387 year-over-year[16] - Total liabilities rose to CNY 19,606,696,154, compared to CNY 15,688,316,505 in the previous year, reflecting an increase of 25.5%[16] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥554,465,376, with no applicable comparison for the current period[2] - The net cash flow from operating activities for the first three quarters of 2024 was RMB 554,465,376, a significant improvement compared to a net outflow of RMB -233,845,840 in the same period of 2023[20] - Total cash inflow from operating activities reached RMB 13,389,537,887, up from RMB 11,885,470,986 in the previous year, reflecting a growth of approximately 12.6%[20] - Cash outflow from investment activities was RMB 16,822,719,504, an increase from RMB 13,555,765,879 in 2023, indicating a rise of about 24.5%[20] - The net cash flow from financing activities was RMB 2,690,486,512, recovering from a net outflow of RMB -501,017,915 in the same period last year[21] Market Presence and Strategy - The company is focusing on expanding its market presence and enhancing its product offerings in the rail transportation and emerging equipment sectors[12] - The company plans to continue expanding its market presence and investing in new technologies to enhance its competitive edge[19] Shareholder Information - Shareholder structure includes major stakeholders such as CRRC Zhuzhou Electric Locomotive Research Institute Co., Ltd. holding 41.87% of shares[6] - The company reported a total of 15,511 A-share shareholders and 1,051 H-share registered shareholders by the end of the reporting period[10] Inventory and Receivables - Accounts receivable increased to RMB 14.471 billion, compared to RMB 9.636 billion at the end of 2023, indicating a significant rise in outstanding payments[13] - Inventory levels rose to RMB 6.465 billion, up from RMB 5.443 billion, reflecting increased production or stockpiling[13] Cash and Cash Equivalents - The company's cash and cash equivalents stood at RMB 7.381 billion as of September 30, 2024, down from RMB 7.903 billion at the end of 2023[13] - The company’s cash and cash equivalents increased to CNY 43,977,960,941, up from CNY 37,514,972,626, indicating a growth of 17.5%[16] - The company reported a total cash and cash equivalents balance of RMB 5,792,473,531 at the end of the period, down from RMB 6,576,798,295 at the end of the previous year[21] Non-Recurring Gains and Losses - Non-recurring gains and losses amounted to ¥105,770,125 for the current period, with a total of ¥453,927,535 year-to-date[4]

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 ...

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：2024-050 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 ...

株洲中车时代电气股份有限公司 第七届董事会独立董事第三次专门会议决议 株洲中车时代电气股份有限公司（以下简称"公司"）第七届董 事会独立董事第三次专门会议于 2024 年 10 月 30 日在时代大厦 219 会议室举行。会议应到独立非执行董事 4 人，实到独立非执行董事 4 人，符合《公司法》《公司章程》及公司《独立非执行董事工作制度》 的有关规定，会议由独立非执行董事林兆丰先生召集并主持。 本次独立董事会议各位独立董事经过谨慎查询及讨论，通过决议 如下： 1、以 4 票同意、0 票弃权、0 票反对，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》。 独立非执行董事一致认为：中车财务有限公司作为一家经原中国 银行保险监督管理委员会（现国家金融监督管理总局）批准成立并从 业的非银行金融机构，其在经营范围内为公司提供金融服务符合有关 法律法规及规范性文件的规定，本项交易有利于提高公司的资金使用 效率，提升整体存款收益、降低融资成本和融资风险、减少结算费用， 符合公司经营发展需要，定价公允且交易上限公平合理，不存在损害 公司及非关联股东、特别是 ...

证券代码：688187（A 股） 证券简称：时代电气（A 股） 公告编号：2024-051 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 关于第七届监事会第九次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 株洲中车时代电气股份有限公司（以下简称"公司"或"本公司"）第七届监 事会第九次会议于 2024 年 10 月 30 日以现场结合通讯的方式召开。会议通知已于 2024 年 10 月 16 日以电子邮件方式发出。目前监事会共有 4 名监事，实到监事 4 名，会议由监事会主席李略先生主持。会议的召集召开符合《公司法》和《公司章 程》的有关规定，合法有效。 二、监事会会议审议情况 2、审议通过《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》。 具体内容详见同日刊登于上海证券交易所网站（www.sse.com.cn）的相关公告。 表决结果：3 票同意、0 票弃权、0 票反对、1 票 ...