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: 2025年3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: 2025年3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 | | | 500,432,200 | RMB | | 1 | RMB | | 500,432,200 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 500,432,200 | RMB | | 1 | RMB | | 500,432,200 | | 2. 股份 ...

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating a positive outlook for the stock price performance [1]. Core Views - The company achieved a sales revenue of 24.909 billion yuan in 2024, representing a year-on-year growth of 13.42%. The net profit attributable to shareholders reached 3.703 billion yuan, up 21.77% year-on-year [4][8]. - The company is focusing on strengthening its position in the rail transit sector while expanding into emerging equipment markets, leading to overall operational efficiency improvements [8][11]. - The report highlights the company's successful acquisition of Hunan CRRC Commercial Vehicle Power Technology Co., Ltd., which will enhance its financial performance [4]. Financial Summary - **Revenue and Profitability**: The company reported a gross margin of 32.48% and a net margin of 15.85% in 2024. The operating expenses ratio decreased to 17.14% [8]. - **Segment Performance**: Rail transit equipment generated 14.636 billion yuan in revenue, a 13.37% increase, while emerging equipment products brought in 10.115 billion yuan, growing 13.71% [8]. - **Future Projections**: The company expects net profits of 4.309 billion yuan in 2025, 4.902 billion yuan in 2026, and 5.444 billion yuan in 2027, with corresponding EPS of 3.15 yuan, 3.58 yuan, and 3.98 yuan [11][12]. Key Financial Ratios - **Profitability Ratios**: The report projects a gross margin of 32.5% for 2025, with a net margin of 15.6% and ROE of 9.5% [13]. - **Valuation Ratios**: The P/E ratio is expected to decrease from 17.7 in 2024 to 12.0 by 2027, indicating improving valuation attractiveness [13]. - **Debt Ratios**: The company maintains a debt-to-asset ratio of 30.9% in 2024, with a projected decrease to 30.0% in 2025 [13].

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [1][13]. Core Views - The company achieved a record high in 2024 with operating revenue of 24.91 billion yuan, a year-on-year increase of 13.4% (adjusted) [5]. - The net profit attributable to shareholders reached 3.70 billion yuan, up 21.8% (adjusted) year-on-year, with an earnings per share (EPS) of 2.62 yuan [5]. - The gross margin was 32.5%, a decrease of 1.4 percentage points year-on-year, while the net profit margin increased by 1.4 percentage points to 15.9% [5]. - The company plans to distribute a dividend of 1.00 yuan per share, with a payout ratio of approximately 37% [5]. Summary by Sections Emerging Equipment Business - The emerging equipment segment generated revenue of 10.12 billion yuan in 2024, reflecting a year-on-year growth of 13.7% [8]. - Key areas of growth included basic components, new energy vehicle drive systems, new energy generation, marine engineering equipment, and industrial conversion, with respective revenue growth rates of 11.0%, 24.0%, 5.7%, 18.0%, and 15.9% [8]. Rail Transit Equipment Business - The rail transit equipment segment achieved revenue of 14.64 billion yuan, also a 13.4% increase year-on-year [6]. - Specific revenue contributions came from rail transit electrical equipment (10.99 billion yuan), rail engineering machinery (1.89 billion yuan), communication signals (1.11 billion yuan), and other rail transit equipment (650 million yuan), with growth rates of 7.4%, 12.2%, 67.5%, and 95.0% respectively [6]. - The company maintained over 50% market share in domestic urban rail traction systems for 13 consecutive years [6]. Future Growth Drivers - The company is expected to benefit significantly from the upcoming large-scale replacement of old diesel locomotives and the increasing demand for high-level maintenance of electric multiple units (EMUs) [7]. - In 2024, the China State Railway Group planned to bid for 509 sets of five-level repairs and 268.25 sets of four-level repairs, representing year-on-year increases of 371.3% and 136.9% respectively [7]. Financial Projections - The report forecasts net profits of 4.30 billion yuan, 4.81 billion yuan, and 5.35 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS estimates of 3.14 yuan, 3.51 yuan, and 3.91 yuan [13]. - Revenue projections for the next few years are 28.14 billion yuan in 2025, 31.09 billion yuan in 2026, and 34.26 billion yuan in 2027, with growth rates gradually decreasing [13].

公 司 报 告 2025年03月31日 电子 时代电气(688187.SH) 轨道交通领域夯基拓新，产业经营再创新高 推荐 ( 维持) 股价:47.85元 行情走势图 证券分析师 事项： 公司公布2024年年报，2024年，公司实现销售收入249.09亿元，同比增长 13.42%；实现归母净利润37.03亿元，同比增长21.77%；实现扣非归母净利 润32.26亿元，同比增长24.28%（注：公司于2024年12月收购湖南中车商用 车动力科技有限公司100%股权，将其纳入合并财务报表范围，此为追溯调整 后数据）。公司拟向全体股东每10股派发现金股利人民币10元（含税）。 平安观点： 证 券 公 司 年 报 点 评 XUYONG318@pingan.com.cn | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 21,799 | 24,909 | 27,597 | 31,662 | 36,384 | | YOY(%) | 20.9 | 14.3 | 10.8 | 14.7 ...

• 时代电气 2024 年营收达 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%，归母净利润增速超过收入增速，主要得益 于产品结构优化和运营效率提升。 • 轨道交通业务稳健增长，铁路业务牵引系统市场占有率稳定，城轨牵引系 统国内市场占有率连续 13 年领先，通信信号业务收入创新高，并中标多条 线路项目，检修收入大幅增长。 • 半导体业务加速发展，营收突破 40 亿元，IGBT 模块在轨交、电网领域市 场份额领先，并首次获得海外柔直项目大单，新能源汽车、发电领域 IGBT 模块出货量快速增长。 • 新能源汽车电驱全年交付超 80 万套，商用车电驱市场占有率领先，光伏逆 变器中标容量超 20GW，全年交付超 10GW，与多家央企签订战略合作协议。 • 工业电源矿卡电驱系统交付近 300 套，数据中心变流器获中国移动、电信 订单，海洋装备 3D 联动营收创新高，加速投放电动 ROV，巩固细分板块优 势。 • 公司将持续加大研发投入，巩固轨道交通牵引系统技术领先地位，并在功 率半导体、新能源电驱系统等核心技术领域持续突破，强化技术竞争力。 • 宜兴 IGBT 项目已投 ...

Dividend Distribution - The company plans to distribute a cash dividend of RMB 10 per 10 shares, totaling RMB 1,369,339,712, which accounts for 36.98% of the net profit attributable to shareholders for the fiscal year 2024[14]. - The total share capital as of February 26, 2025, is 1,369,339,712 shares, which will be the basis for the dividend distribution[14]. - The company has not experienced any changes in its total share capital from the date of the profit distribution announcement to the record date[14]. - The company’s board of directors has approved the profit distribution plan, pending approval from the annual shareholders' meeting[14]. Financial Performance - The company's operating revenue for 2024 reached RMB 24,908,937,548, representing a growth of 13.42% compared to RMB 21,962,105,911 in 2023[24]. - Net profit attributable to shareholders for 2024 was RMB 3,702,585,914, an increase of 21.77% from RMB 3,040,760,113 in 2023[24]. - Total assets as of December 31, 2024, amounted to RMB 64,802,246,319, up from RMB 53,778,787,056 in 2023, reflecting a growth of 20.50%[26]. - The company's total liabilities rose to RMB 20,039,828,511 in 2024, compared to RMB 15,930,081,855 in 2023, reflecting a growth of 25.80%[26]. - Operating profit for 2024 was RMB 4,286,006,426, up from RMB 3,252,450,709 in 2023, representing an increase of 31.70%[24]. - Basic earnings per share for 2024 increased to RMB 2.62 from RMB 2.15 in 2023, marking a growth of 21.86%[24]. Audit and Governance - The company has received a standard unqualified audit opinion from BDO China Shu Lun Pan Certified Public Accountants[17]. - The company emphasizes its commitment to transparency and accuracy in its financial reporting, ensuring no false statements or significant omissions[17]. - The company has not reported any non-operational fund occupation by controlling shareholders or related parties[16]. - The company has not indicated any special arrangements in corporate governance that would affect the annual report's accuracy[16]. - The company has confirmed that all directors attended the board meeting where the annual report was discussed[17]. Research and Development - Research and development expenses for 2024 were RMB 2,656,671,063, an increase of 28.78% from RMB 2,062,404,741 in 2023, indicating a strong focus on innovation[24]. - The company applied for 504 patents and published 38 international, national, and industry standards in the transportation and energy sectors[33]. - The company has been recognized with 13 provincial and industry-level science and technology awards, including 3 first-class awards[33]. - The company has established a comprehensive independent intellectual property system across various high-tech fields, including traction power supply technology and industrial conversion technology[72]. - The company has a strong focus on R&D, implementing a dual-driven strategy of "strategic guidance" and "market orientation" for its research projects[75]. Market Position and Strategy - The company aims to enhance its market presence in the transportation and energy sectors, focusing on high-quality development and innovation[31]. - The company is focusing on high-quality development and efficient operations, enhancing its core technologies in conversion and control[36]. - The company aims to expand its market presence beyond rail transportation, focusing on high-quality operations and efficiency[70]. - The company is actively expanding into new industries beyond rail transportation, including industrial conversion and new energy generation[82]. - The company is committed to deepening reforms and building a modern management mechanism to stimulate new industrial development[33]. Investment and Growth - The company achieved a historic revenue milestone of 24.9 billion yuan, marking a significant breakthrough[35]. - The company plans to continue strengthening its core businesses in rail transportation and semiconductors while accelerating the development of emerging sectors like new energy generation[35]. - The company has completed the development of high-pressure and low-pressure hydrogen production power supply products, with a total investment of 1,627 million and current investment of 668 million[124]. - The company has developed a 320kW string photovoltaic inverter, with mass production and performance parameters reaching industry-leading levels[123]. - The company is advancing the application of IGBT devices to enhance product competitiveness in the modular inverter market[123]. Challenges and Risks - The company faces risks related to unprofitability and significant performance declines, necessitating ongoing investment in new technologies and products[159]. - The international business strategy is impacted by global economic slowdowns and trade protectionism, affecting overseas operations and project management[162]. - Financial risks arise from currency fluctuations due to increased international operations, necessitating effective foreign exchange risk management[163]. - The competitive landscape in the new energy vehicle market is intensifying, requiring the company to enhance its market strategies and technological innovation[165]. - The company is actively monitoring geopolitical risks and their potential impact on overseas operations and project costs[166]. Revenue Breakdown - Revenue from rail transportation equipment business was RMB 14.64 billion, up 13.37% year-on-year[177]. - Revenue from emerging equipment business reached RMB 10.12 billion, growing by 13.71% compared to the previous year[178]. - The gross profit margin for rail transportation equipment and its extended industries was 32.48%, an increase of 3.87 percentage points year-on-year[180]. - Revenue from mainland China amounted to CNY 23,528,651,385, with a year-on-year increase of 12.27%[182]. - The production volume of semiconductor devices was 528.74 million units, with a year-on-year increase of 22.81%[183].

Core Viewpoint - The company achieved significant financial results in 2024, with total revenue of 24.909 billion yuan and a net profit of 3.703 billion yuan, but faces challenges in emerging business growth and market competition [1][5]. Group 1: Financial Performance - The company reported a total revenue of 24.909 billion yuan, representing a year-on-year increase of 13.42% [1]. - The net profit attributable to shareholders reached 3.703 billion yuan, up 21.77% year-on-year, with a non-recurring net profit of 3.226 billion yuan, increasing by 24.28% [1][5]. - The proposed cash dividend amounts to 1.369 billion yuan, accounting for 36.98% of the net profit, which may impact future capital expenditures and business expansion [5]. Group 2: Rail Transit Business - The company maintains a leading position in the rail transit sector, with a domestic market share of over 50% in urban rail traction systems for 13 consecutive years [2]. - The company secured its first order for a new energy locomotive traction system and achieved significant technological advancements, including the completion of the CR450 train set and the upgrade of the permanent magnet traction system [2]. - Despite these achievements, growth in the rail transit business is slowing, with future growth relying on maintenance and overseas orders due to limited domestic market expansion [2]. Group 3: Emerging Equipment Business - The company has made progress in the emerging equipment sector, leading the domestic market with IGBT modules in rail transit and power grid applications [3]. - The installed capacity of power modules for new energy passenger vehicles reached 2.256 million sets, holding a market share of approximately 13.7%, ranking second after BYD [3]. - However, the growth rate in the emerging equipment business has significantly slowed, with only 251,000 sets of electric drive systems installed for new energy passenger vehicles in 2024, and the solar inverter business underperforming against expectations [4][3].

关于本公司开展外汇衍生品交易的可行性分析报告 一、公司开展外汇衍生品交易业务的背景 因株洲中车时代电气股份有限公司（以下合称"公司"）业务持 续发展，收付汇规模也不断增长，外汇风险敞口不断扩大。受国际政 治、经济形势等因素影响，汇率波动幅度不断加大，外汇风险显著增 加。 在此背景下，为防范汇率大幅波动对公司造成不良影响，提高外 汇使用效率，合理降低财务费用，公司拟根据具体业务情况，通过外 汇衍生品交易业务适度开展外汇套期保值。公司开展的外汇衍生品交 易与日常经营需求紧密相关，是基于公司外币资产、负债状况以及外 汇收支业务情况进行，能够提高公司积极应对汇率风险、利率风险的 能力，增强公司财务稳健性。公司开展外汇衍生品交易业务主要用于 支付海外供应商的采购款项及海外客户回款，并将合理安排资金使用， 不会影响公司主营业务的发展。 二、公司开展外汇衍生品交易业务的基本情况 （一）交易金额 公司拟开展的外汇衍生品交易业务额度为 27.5 亿人民币或等值 其他货币，额度使用期限自该事项获董事会审议通过之日起 12 个月 内。上述额度在期限内可循环滚动使用，但期限内任一时点的投资余 额不超过等值 27.5 亿人民币或其他等 ...

证券代码：688187（A 股） 证券简称：时代电气（A 股） 公告编号：2025-011 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十一次会议决议公告 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 事会第十一次会议于 2025 年 3 月 28 日以现场会议的方式召开。会议通知和会议资 料已于 2025 年 3 月 14 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 1、审议通过《关于本公司 2024 年年度报告及其摘要的议案》 监事会认为：株洲中车时代电气股份有限公司 2024 年年度报告的编制和审核 程序符合法律、法规及监管机构的规定；报告的内容真实、准确、完整、真实地反 映了公司的实际情况；不存在虚假记载、误导 ...

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五次专门会议 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五次专门会议决议 株洲中车时代电气股份有限公司（以下简称"公司"）第七届董 事会独立董事第五次专门会议于 2025 年 3 月 27 日在时代大厦 610 会 议室以现场方式举行。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。 会议同意将该议案有关 2024 年度的持续关连交易内容提交公司 董事会审议。 2、以 4 票同意、0 票弃权、0 票反对，审议通过了《关于本公司 2024 年度非经营性资金占用及其他关联资金往来情况的议案》。 独立非执行董事一致认为：公司管理层编制的汇总表在所有重大 方面均符合《上市公司监管指引第 8 号——上市公司资金往来、对外 担保的监管要求》《科创板上市公司自律监管指南第 7 号——年度报 告相关事项》的规定，如实反映了公司 2024 年度非经营性资金占用 及其他关联资金往来情况。 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 ...