Financial Performance - The company's operating revenue for 2024 reached RMB 53,778,787,056, representing a year-on-year increase of 20.50%[16] - Net profit attributable to shareholders for 2024 was RMB 3,948,755,845, reflecting a growth of 21.77% compared to the previous year[16] - Basic earnings per share for 2024 were RMB 2.62, up from RMB 2.15 in 2023, marking a growth of 21.86%[16] - The company's operating revenue for 2024 reached approximately ¥24.91 billion, representing a 13.9% increase from ¥21.96 billion in 2023[20] - Net profit attributable to shareholders for 2024 was approximately ¥3.70 billion, an increase of 21.8% compared to ¥3.04 billion in 2023[20] - The company achieved significant improvements in operational efficiency through digital transformation, enhancing inventory turnover rates[29] - The company achieved a historic revenue breakthrough of 24.91 billion RMB, representing a 13.42% increase compared to the previous year[41] - The net profit after deducting non-recurring gains and losses was 3.23 billion RMB, reflecting a 24.28% growth compared to the previous year[41] - The net cash flow from operating activities was 3.36 billion RMB, up 21.45% from the previous year[41] - The company's total assets increased to 64.80 billion RMB, a 20.50% rise compared to the previous year[41] - The total operating revenue for Q4 2024 reached RMB 8.52 billion, while net profit attributable to shareholders was RMB 1.25 billion, marking a significant increase[45] Assets and Liabilities - The total assets as of December 31, 2024, amounted to RMB 64,802,246,319, an increase of 12.24% from the previous year[16] - The total liabilities as of December 31, 2024, were RMB 20,039,828,511, indicating a strategic focus on maintaining a healthy balance sheet[16] - Total equity attributable to shareholders as of December 31, 2024, was RMB 41,527,759,522, showing an increase of 27.99% year-on-year[16] - Cash and cash equivalents at the end of the period were RMB 10.652 billion, which is 16.44% of total assets, an increase of 34.71% compared to the previous period[200] - The company's total liabilities increased by 30.83% in accounts payable, amounting to RMB 8.2896 billion, which is 12.79% of total assets[200] Research and Development - Research and development expenses for 2024 were approximately ¥2.66 billion, a 28.8% increase from ¥2.06 billion in 2023[20] - The R&D investment accounted for 11.41% of operating revenue, an increase of 1.45 percentage points from the previous year[42] - The company has applied for 504 patents and has led or participated in the release of 38 international, national, and industry standards[29] - The company has developed a total of 3,762 effective domestic and international registered patents to protect its core technologies as of December 31, 2024[84] - The total R&D investment reached approximately RMB 2.84 billion, representing a 29.95% increase year-on-year, with R&D investment accounting for 11.41% of operating revenue, up from 9.96%[110] Market Position and Strategy - The company aims to enhance its market presence in the transportation and energy sectors, aligning with its vision to become a world-class enterprise[7] - The company aims to deepen its engagement in the transportation energy sector and accelerate the development of emerging sectors such as new energy generation and automotive equipment[41] - The company is confident in leveraging its industry advantages to consolidate its market position and create greater value for shareholders in the future[65] - The company holds a leading position in the domestic rail transit industry, maintaining a market share of over 30% in the traction converter systems sector from 2012 to 2024[74] - The company is focused on developing green and intelligent high-end rail transit equipment systems, aligning with national strategies for smart and low-carbon transportation[81] Acquisitions and Investments - The company acquired 100% equity of Hunan CRRC Commercial Vehicle Power Technology Co., Ltd., which will be included in the consolidated financial statements[18] - The company completed the acquisition of 100% equity in Hunan CRRC Commercial Vehicle Power Technology Co., Ltd. in December 2024, which will be included in the consolidated financial statements[22] - The company plans to enhance its investment layout, with the semiconductor Yixing Phase III project fully operational and the Zhuzhou Phase III project completing pile foundation construction[27] - The company has secured its first order for a new energy locomotive traction system, maintaining over 50% market share in the domestic urban rail traction system for 2024, marking 13 consecutive years as an industry leader[60] Challenges and Risks - The company faces risks related to unprofitability and significant performance declines, necessitating ongoing R&D for new technologies and products[155] - The international business strategy is challenged by economic slowdowns, trade protectionism, and supply chain issues, impacting overseas operations[158] - Financial risks arise from currency fluctuations due to increased international operations, necessitating effective foreign exchange risk management[159] - Geopolitical risks and economic uncertainties are affecting the company's overseas operations, leading to potential cost increases and order acquisition difficulties[162] Future Outlook - The company plans to focus on high-quality development and efficient operations in 2025, enhancing its core technology support[32] - The company aims to enhance profitability as a core management objective for 2024, focusing on high-quality development[59] - The company plans to continue focusing on high-quality development and seizing opportunities in intelligent, digital, and green development[164]

关于株洲中车时代电气股份有限公司 中国国际金融股份有限公司 首次公开发行股票并在科创板上市之持续督导保荐总结报告书 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意株洲中车时代 电气股份有限公司首次公开发行股票注册的批复》（证监许可[2021]2112 号）核准并 经上海证券交易所同意，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"或"上市公司"）获准在上海证券交易所上市。 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"）担任公司首次 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》 等有关规定，对公司首次公开发行股票并在科创板上市进行持续督导，持续督导期限 截至 2024 年 12 月 31 日，持续督导期已满。现根据《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》等有关法律法规和规范性文件的要求，出具 本持续督导保荐总结报告书。 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导性陈述 或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法律责任。 2、本机构及 ...

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 2024 年度持续督导工作现场检查报告 上海证券交易所： 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》 和《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 的规定，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"）作为正 在履行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"）持续督导 工作的保荐机构，对公司自 2024 年 1 月 1 日至 2024 年 12 月 31 日期间（以下简称"本 持续督导期"）的规范运作情况进行了现场检查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐机构：中国国际金融股份有限公司 （二）保荐代表人：廖汉卿、李鑫 （三）现场检查时间：2025 年 4 月 3 日 （四）现场检查人员：廖汉卿 （五）现场检查内容：公司治理及内部控制、信息披露、独立性、与关联方的资金 往来、募集资金使用情况、关联交易、对外担保、重大对外投资及公司经营状况等。 （六）现场检查手段 二、现场检查的具体事项及意见 （一）公司治理和内部控制情 ...

2024 年度持续督导跟踪报告 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》 和《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 的规定，中国国际金融股份有限公司（以下简称"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"）持续督导工作的保荐机构，负责时 代电气上市后的持续督导工作，并出具本持续督导年度报告书。 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 序号 工作内容 完成持续督导情况 1 建立健全并有效执行持续督导工作制度，并针对具体的持 续督导工作制定相应的工作计划 保荐机构已建立健全并有效执 行了持续督导制度，已根据公 司的具体情况制定了相应的工 作计划 2 根据中国证监会相关规定，在持续督导工作开始前，与 上市公司或相关当事人签署持续督导协议，明确双方在 持续督导期间的权利义务，并报上海证券交易所备案 保荐机构已与公司签订保荐协 议，该协议已明确了双方在持 续督导期间的权利义务，并报 上海证券交易所备案 3 通过日常沟通、定期回访、现场检查、尽职调查等方式 开展持续督导工作 持续督导期间，保荐机构 ...

Investment Rating - The report maintains a "Buy" rating for both A and H shares of the company [2][8][5] Core Views - The company's revenue for 2024 is projected to be 24.91 billion RMB, representing a year-on-year increase of 14.27%, with a net profit of 3.70 billion RMB, up 19.22% year-on-year, aligning with previous expectations [2][5] - The rail transit equipment business is expected to benefit from a renewal and maintenance cycle, leading to a revenue increase of 13.37% year-on-year, while the emerging equipment business is projected to grow by 13.71% year-on-year [2][3] - The report highlights the company's strong market position in rail transit and the potential growth from silicon carbide applications and deep-sea equipment driven by policy support [2][4] Revenue and Profit Forecast - The company is expected to achieve total revenue of 29.10 billion RMB in 2025, with a net profit of 4.26 billion RMB, reflecting a growth rate of 15.09% [7][15] - The emerging equipment segment is projected to generate 11.70 billion RMB in revenue, while the rail transit segment is expected to contribute 17.24 billion RMB [16] Business Segments - Rail Transit: Revenue from rail transit equipment is expected to reach 14.64 billion RMB in 2025, with significant growth driven by the renewal and maintenance of existing infrastructure [3][4] - Emerging Equipment: This segment is anticipated to generate 11.70 billion RMB in revenue, with key growth areas including power semiconductor devices and new energy vehicle drive systems [4][16] Valuation Analysis - The target price for A shares is set at 58.89 RMB, while H shares are targeted at 39.17 HKD, based on a historical average AH premium of 61.2% [5][14] - The valuation for the emerging equipment business is estimated at 356 billion RMB, while the rail transit equipment and other businesses are valued at 450 billion RMB [14][15]

事件描述 时代电气发布2024 年年报，2024 年实现收入249.09 亿元，同比增长13.42%；归母净利润37.03 亿元， 同比增长21.77%；扣非净利润32.26 亿元，同比增长24.28%。 公司子公司中车时代半导体实现营收43.65 亿元，净利润11.93 亿元，净利率达27.3%，盈利维持较高水 平。毛利率方面，公司2024 年毛利率32.48%，同比+3.87pct；净利率方面，2024 年公司归母净利率 14.9%，同比提升约1.0pct。 轨道交通业务稳中有进。公司首次斩获新能源机车牵引系统订单；机车自动驾驶获取订单近亿元；检修 和海外业务持续推进，检修收入大幅增长，在亚洲、欧洲和美洲获得多个海外订单，金额近8 亿元；轨 道工程机械方面，电传动连续式捣稳车电气系统实现首次装车应用，高铁大轨件铺换装备实现首单突 破；通信信号业务持续推进，收入创历史新高，城轨信号业务全年中标3 条线路，长沙2 号线信号系统 无感改造顺利完成，打造国产化替代的新标杆，宁波8 号线自主FAO 实现首次示范应用，具备开通条 件；供电系统斩获重庆地铁全部4 个项目，门板块业务成功开拓国内多个新市场。 新兴装备业务 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company has shown steady growth in its operations, with significant contributions from its rail transit, semiconductor, and marine engineering equipment businesses [2][5]. - The company achieved a revenue of 24.909 billion yuan in 2024, representing a year-on-year increase of 13.42%. The net profit attributable to shareholders was 3.703 billion yuan, up 21.77% year-on-year, while the net profit excluding non-recurring items reached 3.226 billion yuan, growing by 24.28% [5]. Summary by Sections Business Performance - The rail transit equipment business generated revenue of 14.636 billion yuan, a year-on-year increase of 13.37%. The breakdown includes rail transit electrical equipment (10.990 billion yuan), rail engineering machinery (1.891 billion yuan), communication signal systems (1.105 billion yuan), and other rail transit equipment (650 million yuan) [10]. - The emerging equipment business reported revenue of 10.115 billion yuan, up 13.71% year-on-year, with contributions from basic components (4.110 billion yuan), new energy vehicle drive systems (2.569 billion yuan), new energy generation (2.036 billion yuan), marine engineering (865 million yuan), and industrial converters (535 million yuan) [10]. - The company's subsidiary, CRRC Times Semiconductor, achieved revenue of 4.365 billion yuan and a net profit of 1.193 billion yuan, with a net profit margin of 27.3% [10]. Financial Metrics - The company's gross margin for 2024 was 32.48%, an increase of 3.87 percentage points year-on-year. The net profit margin attributable to shareholders was 14.9%, up approximately 1.0 percentage point [10]. - The company expects to achieve net profits of 4.35 billion yuan and 4.90 billion yuan in 2025 and 2026, respectively, corresponding to price-earnings ratios of 14.9 and 13.2 times [10]. Market Expansion - The company is expanding its rail transit business into international markets, securing multiple overseas orders worth nearly 800 million yuan [10]. - The emerging equipment business is gaining traction, with the IGBT module achieving the highest market share in the rail transit and power grid sectors domestically, and significant growth in the new energy market [10]. Future Outlook - The company maintains a positive outlook on its dual-driven strategy of rail transit and emerging equipment, expecting continued growth and market share expansion [10].

Investment Rating - The report recommends a "Buy" rating for the semiconductor industry, specifically highlighting the potential for recovery in the IGBT market [5]. Core Insights - The IGBT market is showing signs of recovery, with shipments expected to return to positive growth by Q2 2024, indicating the end of the industry downturn. IGBT prices have stabilized after a nearly 30% year-on-year decline in Q1 2024, suggesting a potential upward trend in prices and continued growth in shipments [1][11]. - China's IGBT self-sufficiency is improving, driven by capacity expansion and technological advancements among domestic manufacturers. The report anticipates a shift in the silicon carbide (SiC) market towards oversupply in 2024, leading to a decline in SiC prices [2][12]. - Demand for IGBT is expected to rise due to increased sales of mid-range electric vehicles (EVs) and the penetration of 800V platforms, which will enhance the adoption of SiC in higher-end models. The price gap between SiC and IGBT modules is projected to narrow significantly by 2026, facilitating broader application [3][13]. Summary by Sections Overall Viewpoint - The IGBT market is entering a recovery phase, with signs of demand resurgence and price stabilization. The report highlights the importance of the automotive sector in driving IGBT demand, particularly in the context of electric vehicles [11][20]. IGBT Industry Improvement and SiC Adoption - The report emphasizes the critical role of power semiconductors in various applications, including electric vehicles and industrial control. The IGBT market is expected to grow significantly, with a projected CAGR of 11.23% from 2023 to 2030 [16][23]. Capacity Side: China's IGBT Self-Sufficiency and SiC Price Decline - China's IGBT production is forecasted to increase from 15.5 million units in 2019 to 39 million units by 2024, with a self-sufficiency rate expected to rise as domestic manufacturers enhance their capabilities [31][33]. The SiC market is anticipated to experience a shift towards oversupply, leading to price reductions [12][33]. Demand Side: Mid-Range Vehicle Demand Boosting IGBT and SiC Adoption - The report notes a significant increase in global and Chinese EV sales, with projections indicating continued growth. The demand for IGBT is expected to be bolstered by the rising sales of mid-range EVs, which are more cost-sensitive and likely to continue using IGBT technology in the short term [44][45]. The penetration of 800V platforms is also highlighted as a key driver for SiC adoption in higher-end models [50]. Competitive Landscape - The report outlines the competitive dynamics in the IGBT market, noting that while overseas manufacturers currently dominate, Chinese companies are gradually increasing their market share through technological advancements and capacity expansions [13][15]. Companies to Watch - The report suggests monitoring companies such as Sijia Semiconductor, Times Electric, Silan Microelectronics, China Resources Microelectronics, Sanan Optoelectronics, and others for potential investment opportunities [4].

香港交易及結算所有限公司及香港聯合交易所有限公司對本文件的內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 作 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 於本公告日期，本公司董事長兼執行董事為李東林；副董事長兼執行董事為尚敬； 其他執行董事為徐紹龍；以及獨立非執行董事為李開國、鍾寧樺、林兆豐及馮曉雲。 B_table indent_4.5 mm N_table indent_4 mm （於中華人民共和國註冊成立的股份有限公司） （股份代號：3898） 董事會會議通知 株洲中車時代電氣股份有限 公 司（「本 公 司」）董 事 會（「董 事 會」）謹 此公佈，本公司 將 於二零二五年四月二十 九 日（星 期 二）舉 行董事會會議，以批准發佈本 集 團（包 括 本 公司及其附屬公司）截 至二零二五年三月三十一日止三個月未經審計的業績，及 處 理 其 他 事 宜（如 有）。 承董事會命 株洲中車時代電氣股份有限公司 董事長 李東林 中國株洲，二零二五年三月三十一日 ...