本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 01 日 时 代电气(688187.SH) 证券研究报告 轨交业务稳步复苏，新兴产业快速突破 铁路交通设备 投资评级 买入-A 事件： 维持评级 3 月 29 日公司发布 2023 年年报，2023 年实现营业收入 6个月目标价 55.54元 21,798,940,776 元，同比增加20.88%;实现归属于母公司股东的净利 股价 (2024-03-29) 47.50元 3,105,703,645 元，同比增加 21.51%；实现持续经营净利润 3,150,093,955 元，同比增加21.53%。 交易数据 总市值(百万元) 67,271.25 轨交业务稳步复苏，公司行业地位稳固： 流通市值(百万元) 12,347.20 2023 年中国铁路建设稳步复苏，根据国铁集团披露数据，2023 年中 总股本(百万股) 1,416.24 国铁路完成固定资产投资 7645 亿元，同比增长 7.5%。年报披露， 流通股本(百万股) 259.94 轨交业务方面，公司全力开拓新产品和新市场;关键技术持续突破， 12个月价格区间 32.1/ ...

业绩简评 2024 年 3月 29日公司披露年报，2023 年公司实现营收 218 亿元， 同增 21%；实现归母净利31亿元，同增22%，扣非归母净利为26 亿元，同增30%。其中，Q4实现营收77 亿元，同增8%；实现归母 净利11 亿元，同增6%，扣非净利9亿元，同增6%。 经营分析 分产品来看，2023 年公司轨交业务收入为129 亿元、同增2%，新 兴装备业务收入为87 亿元、同增 70%，其中功率半导体收入为31 亿元、同增69%，传感器业务收入为6 亿元、同增45%，新能源汽 车电驱系统 19 亿元、同增 75%，工业变流收入为 24 亿元、同增 74%，新兴装备各块业务快速增长。时代半导体收入达 36 亿元、 同增60%，净利达10 亿元、同增149%、净利占比达33%。 人民币(元) 成交金额(百万元) 从盈利能力来看，2023 年公司轨交业务毛利率提升2pct至 38%， 56.00 800 新兴装备业务毛利率提升2.5pct 至 28%，带动公司综合毛利率提 52.00 700 600 升1pct 至33.9%。受产品质量保证准备费用提升，带动公司销售 48.00 500 44.00 4 ...

公司点评●轨交设备Ⅱ 2024年 03 月29 日 新兴装备保持高成长，轨交装备有望受 时代电气(688187) 益行业景气向上 推荐 (维持) 分析师 核心观点： 鲁佩  投资事件： 公司披露 2023 年年报。2023 年公司实现营业收入 217.99 亿元， ：021-20257809 ：lupei_yj@chinastock.com.cn 同比增长 20.88%；实现归母净利润 31.06 亿元，同比增长 21.51%；实现扣非 分析师登记编码：S0130521060001 净利润 25.95亿元，同比增长 29.89%。  轨道交通业务稳健，新兴装备业务高增引领业绩增长。公司立足轨道交通 高峰 和新能源双赛道，2023 年我国铁路建设稳步复苏，城市轨道交通建设平稳运 ：010-80927671 行，新能源产业保持快速发展，公司业绩创历史新高，营业收入迈上 200亿元 ：gaofeng_yj@chinastock.com.cn 台阶。轨道交通业务板块，公司市场地位稳固，2023 年城轨牵引系统国内市 分析师登记编码：S0130522040001 占率保持在 50%以上，检修收入大幅增长，通 ...

证券代码：688187 证券简称：时代电气 株洲中车时代电气股份有限公司投资者关系活动记录表 编号：2024001 投资者关系活动类别 □特定对象调研 R分析师会议 □媒体采访 £业绩说明会 □新闻发布会 □路演活动 £现场参观 £其他 （请文字说明其他活动内容） 参与单位名称及人员姓名 长江证券、中信证券、广发证券、中泰证 券、民生证券、光大证券、申万宏源证券、 天风证券、中信里昂、中邮证券、德邦证 ...

Financial Performance - The company achieved a historic revenue milestone of 20 billion CNY in 2023, marking a significant increase in profitability[9]. - The company's operating revenue for 2023 reached ¥21,798,940,776, representing a 20.88% increase compared to ¥18,033,778,561 in the same period last year[14]. - Net profit attributable to shareholders was ¥3,105,703,645, up 21.51% from ¥2,555,823,375 in the previous year[14]. - The net profit after deducting non-recurring gains and losses was ¥2,595,354,684, reflecting a 29.89% increase from ¥1,998,118,899 year-on-year[14]. - The net cash flow from operating activities was ¥2,781,885,557, a 36.28% increase compared to ¥2,041,235,459 in the same period last year[14]. - Basic earnings per share for 2023 were ¥2.19, up 21.67% from ¥1.80 in 2022[15]. - The weighted average return on net assets increased to 8.70%, up 1.09 percentage points from 7.61% in the previous year[16]. - The total assets at the end of 2023 were ¥53,404,847,387, a 10.09% increase from ¥48,509,554,784 at the end of the previous year[14]. - The net assets attributable to shareholders increased by 6.76% to ¥36,865,956,579 compared to ¥34,530,700,003 at the end of 2022[14]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 7.8 per 10 shares to all shareholders, totaling approximately RMB 1,101,001,287.36, which accounts for 35.45% of the net profit attributable to shareholders for the year 2023[3]. - The board of directors has approved the profit distribution plan, which is subject to approval at the annual general meeting[3]. - The cash dividend proposal for 2023 is subject to approval at the annual general meeting[161]. Corporate Governance - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[5]. - The company has not violated any regulatory decision-making procedures for providing guarantees[5]. - The company has not disclosed any special arrangements for corporate governance[4]. - The company has not experienced any situation where more than half of the directors cannot guarantee the authenticity, accuracy, and completeness of the annual report[5]. - The company has received a standard unqualified audit report from KPMG Huazhen[2]. - The company has established a comprehensive internal control system to monitor financial, operational, compliance, and risk management aspects[163]. - KPMG Huazhen has issued an unqualified opinion on the effectiveness of the company's internal control over financial reporting[165]. - The company emphasizes the importance of shareholder returns while maintaining sustainable development[158]. Research and Development - The company has filed over 440 patents and received 11 international, national, and industry standards, enhancing its industry influence[9]. - The company achieved a total R&D investment of ¥2,145,457,133, representing a 16.18% increase compared to the previous year[42]. - Research and development expenses accounted for 9.84% of operating revenue, a decrease of 0.40 percentage points from 10.24% in 2022[16]. - The company has established a comprehensive R&D system with over 20 laboratories, including electrical systems and reliability labs, enhancing its innovation capabilities in product design and testing[57]. - The company holds a total of 3,558 patents, including 2,174 invention patents, and has participated in the formulation of 50 international standards and 174 domestic standards[57]. Market Position and Strategy - The company maintained over 50% market share in the domestic urban rail traction system market for 12 consecutive years[22]. - The company delivered 100.55 million sets of power modules for new energy passenger vehicles, achieving a market share of 12.5% and ranking third in the industry[22]. - The company secured new orders for 18.6 GW of photovoltaic inverters, ranking among the top three for the first time[22]. - The company is committed to deepening market-oriented reforms and optimizing organizational structure to enhance operational efficiency[9]. - The company aims to leverage high-quality development opportunities and challenges, focusing on its core rail transit sector and expanding into semiconductor and electric vehicle markets[9]. Environmental and Social Responsibility - The company invested ¥8.7539 million in environmental protection during the reporting period[167]. - The subsidiary Zhuzhou CRRC Times Semiconductor Co., Ltd. achieved 100% compliance in wastewater, waste gas, and noise emissions according to national standards in 2023[169]. - The company was recognized as a water-saving enterprise in Hunan Province in 2023[177]. - The company has committed to adhering to the TCFD recommendations for climate-related financial disclosures, analyzing risks and opportunities related to climate change[175]. - The company actively promotes environmental protection initiatives, integrating green concepts into market expansion and product development[187]. Talent Management and Workforce - The total number of employees in the parent company and major subsidiaries is 8,362, with 3,975 in the parent company and 4,387 in major subsidiaries[153]. - The company has a total of 1,502 production staff, 505 sales staff, and 4,841 technical staff, including 1,967 with a master's degree or higher[153]. - The company has implemented a comprehensive compensation policy focusing on talent incentives, performance management, and competitive salary structures[155]. - The company has conducted 12 empowerment sessions involving over 2,000 employees, focusing on enhancing profitability and performance[156]. - The company has established a training brand and developed a multi-level training system to enhance employee skills and align with strategic goals[156]. Risk Management - The company faces risks related to international operations, including currency fluctuations and project execution challenges, and has implemented measures to mitigate these risks[61][62]. - The company has implemented strict risk management measures for its foreign exchange derivative transactions to mitigate market and liquidity risks[96]. - The company has established a robust internal control and risk management system, as overseen by the Audit and Risk Control Committees[141]. Future Outlook - The company plans to strengthen its technological innovation, market expansion, and digital transformation strategies to achieve stable growth[9]. - The management indicated a positive outlook for future performance, expecting growth in user data and market share[111]. - The company has set ambitious performance guidance for the next fiscal year, aiming for a significant increase in revenue[111]. - The company is exploring potential acquisitions to enhance its technology portfolio, with a budget of ¥1 billion allocated for this purpose[115].

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company achieved a revenue of 21.799 billion yuan in 2023, representing a year-over-year growth of 20.88%, and a net profit attributable to shareholders of 3.106 billion yuan, up 21.51% year-over-year [2][3]. - The rail transit business continues to improve, while the emerging equipment business has rapidly increased its share, accounting for 40.06% of total revenue in 2023 [2]. - The rail transit business is expected to benefit from a new equipment replacement cycle, supported by government policies aimed at promoting the use of new energy locomotives and replacing old diesel engines by 2027 [2]. - The emerging equipment business is experiencing rapid growth, particularly in power semiconductors and new energy drives, with significant increases in revenue across various segments [2][3]. Summary by Relevant Sections Financial Performance - In 2023, the rail transit business generated revenue of 12.910 billion yuan, a 2.00% increase year-over-year, while the emerging equipment business saw revenue of 8.732 billion yuan, a remarkable 69.64% increase [2]. - For Q4 2023, the company reported revenue of 7.704 billion yuan, a 7.62% increase year-over-year and a 39.43% increase quarter-over-quarter, with a gross margin of 36.51% [2][3]. Business Segments - The rail transit segment's revenue in Q4 was 5.188 billion yuan, down 4.88% year-over-year, while the emerging equipment segment's revenue was 2.649 billion yuan, up 63.72% year-over-year [2]. - The emerging equipment business includes power semiconductors with revenue of 970 million yuan, up 78.64%, and new energy drives with revenue of 675 million yuan, up 161.63% [2]. Future Projections - The company forecasts net profits attributable to shareholders of 3.481 billion yuan, 3.804 billion yuan, and 4.299 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 19, 18, and 16 [2][3].

计算机 公 2024年03月29日 司 报 时代电气(688187.SH) 告 新兴装备乘势突破，公司业绩再创历史新高 推荐 ( 维持 ) 事项： 公司公布2023年年报，2023年，公司实现销售收入217.99亿元，同比增长 股价:44.71元 20.88%；实现归母净利润31.06亿元，同比增长21.51%；实现扣非归母净利 公 主要数据 润25.95亿元，同比增长29.89%。公司拟向全体股东每10股派发现金股利人民 行业 计算机 司 币7.8元（含税）。 ...

株洲中车时代电气股份有限公司 自 2023 年 1 月 1 日至 2023 年 12 月 31 日止年度财务报表 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 出马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街1号 东方广场毕马威大楼8层 邮政编码:100738 电话 +86(10) 8508 5000 传真 +86(10) 8518 5111 网址 kpmg.com/cn 审计报告 毕马威华振审字第 2403828 号 株洲中车时代电气股份有限公司全体股东: 一、审计意见 我们审计了后附的株洲中车时代电气股份有限公司（以下简称"中车时代电气"）财务报 表，包括 2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度的合并及母公司利润 表、合并及母公司现金流量表、合并及母公司股东权益变动表以 ...

林兆丰 各位股东及股东代表： 作为株洲中车时代电气股份有限公司（以下简称"公司"）的独 立董事，2023 年度本人严格按照《中华人民共和国公司法》（下称"《公 司法》"）、《中华人民共和国证券法》（下称"《证券法》"）、《上市公司 治理准则》等法律法规及上交所、联交所的各项规定及《株洲中车时 代电气股份有限公司章程》（以下简称"《公司章程》"）、《株洲中车时 代电气股份有限公司独立非执行董事工作制度》的规定，在工作中勤 勉、尽责地履行董事职责和义务，注重与董事会其他董事、监事会、 经理层成员的密切、有效沟通，及时、全面、深入地了解公司运营情 况和董事会决议执行情况，亲自出席董事会及各专门委员会会议，认 真审议各项议案，独立、客观、公正地发表意见，充分发挥独立董事 的作用，促进董事会及各专门委员会的规范运作和公司治理水平的不 断提高，有效维护公司全体股东尤其是中小股东的合法权益。 株洲中车时代电气股份有限公司 2023 年度独立董事述职报告 本人于2023 年6 月27日公司召开的 2022 年年度股东大会、2023 年第一次 A 股类别股东大会及 2023 年第一次 H 股类别股东大会，选 举成为公司第七届董 ...

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 开展外汇衍生品交易的核查意见 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 5 号——交易与关联交易》以及《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有关法律法规和规范性文件的要求，对公司开展外汇衍 生品交易事项进行了审慎核查，核查情况如下： 一、开展外汇衍生品交易的目的 公司及子公司随着业务持续发展，海外采购规模及外汇需求量日益增加，为 防范汇率波动带来的系统性风险，降低汇率波动给经营带来的不确定性，锁定经 营利润，公司及子公司拟开展外汇衍生品业务。 二、开展外汇衍生品交易的情况概述 1、交易金额 2、资金来源 公司及子公司拟开展的外汇衍生品交易的资金来源主要为自有资金，不涉及 使用募集资金或银行信贷资金。 3、交易方式 1 公司及子公司将按照衍生品套保原则和汇率风险中性管理原则，根据合同 ...