会议召开时间：2025 年 9 月 2 日(星期二) 上午 9:00-12:00 会议召开方式：线下参会+视频直播 证券代码：688187（A 股） 证券简称：时代电气（A 股） 公告编号：2025-032 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 关于参加湖南省科创板上市公司 2025 年半年度集体业绩说明会的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 线下参会地点：湖南省长沙市岳麓区滨江景观道湘江基金小镇 13 栋 5 楼 大会议厅 视频直播平台：上交所"星企航企业信息服务"微信视频号 投资者可于 2025 年 9 月 1 日(星期一)16:00 前通过邮件、电话等形式将需 要了解和关注的问题提前提供给公司。公司将通过本次业绩说明会，在信息披露允 许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（以下简称"公司"）已于 2025 年 8 月 23 日 发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 ...

智通财经APP获悉，中金发布研报称，时代电气(03898)上半年符合市场预期，当中收入同比增长 17.95%;纯利升12.93%至16.72亿元人民币(下同)。单计第二季，收入同比增19.88%;纯利升12.63%至10.4 亿元。该行维持时代电气"跑赢行业"评级，但由于行业估值中枢上行，将目标价调升20.4%至44港元。 ...

中金发布研报称，时代电气(03898)上半年符合市场预期，当中收入同比增长17.95%;纯利升12.93%至 16.72亿元人民币(下同)。单计第二季，收入同比增19.88%;纯利升12.63%至10.4亿元。该行维持时代电 气"跑赢行业"评级，但由于行业估值中枢上行，将目标价调升20.4%至44港元。 ...

（原标题：社保基金持有31只科创板股：新进7股 增持8股） 财报季，社保基金持股动向曝光！二季度末社保基金共现身31只个股前十大流通股东榜，新进7只，增持8只。 证券时报·数据宝统计显示，社保基金最新出现在31只科创板股前十大流通股东名单中，合计持股量1.14亿股，期末持股市值合计49.79亿元。持股 变动显示，新进7只，增持8只，减持6只，10只股持股量保持不变。新进股中，中触媒、柏楚电子、苑东生物等持股量居前。 社保基金持有科创板股中，从前十大流通股东名单中社保基金家数来看，南微医学、凯立新材、八亿时空、凯因科技等4只股有2家社保基金集中 现身，持股量分别为523.30万股、503.14万股、423.10万股、339.40万股。 从持股比例看，社保基金持有比例最多的是海泰新光，持股量占流通股比例为4.20%，其次是奥浦迈，社保基金持股比例为4.00%，持股比例居前 的还有龙迅股份、凯立新材、中触媒等。持股数量方面，社保基金持股量最多的是珠海冠宇，共持有1804.68万股，道通科技、时代电气等紧随其 后，持股量分别为927.09万股、630.98万股。社保基金持股市值居前的有纳芯微、安集科技、柏楚电子，持股 ...

Core Viewpoint - On August 25, 2023, Times Electric's stock rose by 4.45%, with a trading volume of 806 million yuan, indicating strong market interest and activity in the company's shares [1]. Financing and Margin Trading - On the same day, Times Electric recorded a financing purchase amount of 71.91 million yuan and a financing repayment of 105 million yuan, resulting in a net financing outflow of 33.24 million yuan [1]. - As of August 25, the total margin trading balance for Times Electric was 428 million yuan, with the financing balance accounting for 3.04% of the circulating market value, which is above the 50th percentile level over the past year, indicating a relatively high level of financing activity [1]. - In terms of securities lending, Times Electric repaid 15,600 shares and sold 5,501 shares on August 25, with a selling amount of 276,000 yuan based on the closing price [1]. Company Overview - Times Electric, officially known as Zhuzhou CRRC Times Electric Co., Ltd., was established on September 26, 2005, and listed on September 7, 2021. The company specializes in the research, design, manufacturing, and sales of rail transit equipment, with a product structure that includes "devices + systems + complete machines" [1]. - The main business revenue composition includes 56.58% from rail transit equipment and 42.94% from emerging equipment, with other sources contributing 0.48% [1]. Financial Performance - For the first half of 2025, Times Electric achieved an operating income of 12.214 billion yuan, representing a year-on-year growth of 18.77%, and a net profit attributable to shareholders of 1.672 billion yuan, up by 10.93% year-on-year [2]. - Since its A-share listing, Times Electric has distributed a total of 4.512 billion yuan in dividends, with 3.238 billion yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, Times Electric had 21,800 shareholders, a decrease of 11.12% from the previous period, with an average of 13,443 circulating shares per shareholder, an increase of 13.09% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder with 15.9467 million shares, a decrease of 4.5628 million shares from the previous period [3].

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant growth in both revenue and net profit, driven by robust demand in its rail transit and emerging equipment sectors [1][2][3]. Financial Performance - In H1 2025, the company achieved operating revenue of 12.214 billion yuan, a year-on-year increase of 17.95% [1] - The net profit attributable to shareholders reached 1.672 billion yuan, up 12.93% year-on-year [1] - The non-recurring net profit attributable to shareholders was 1.588 billion yuan, reflecting a substantial growth of 37.04% year-on-year [1] - Q2 2025 saw a single-quarter revenue of 7.677 billion yuan, with year-on-year and quarter-on-quarter growth of 19.88% and 69.22%, respectively [1] - Q2 net profit attributable to shareholders was 1.040 billion yuan, increasing by 12.63% year-on-year and 64.79% quarter-on-quarter [1] Business Segments - Rail transit equipment revenue in H1 2025 was 6.911 billion yuan, a year-on-year increase of 12.58% [2] - Emerging equipment revenue reached 5.244 billion yuan, growing by 25.88% year-on-year [2] - Key contributors to rail transit equipment revenue included: - Rail transit electrical equipment: 5.515 billion yuan, up 11.48% [2] - Communication signal systems: 470 million yuan, up 13.11% [2] - Other rail transit equipment: 363 million yuan, up 65.65% [2] - Emerging equipment highlights included: - Industrial converters: 359 million yuan, a significant increase of 110.08% [2] - New energy generation: 1.047 billion yuan, up 42.94% [2] Profitability and Cost Management - The company's overall gross margin was 32.01%, an increase of 4.40 percentage points year-on-year [3] - The net profit margin was 14.61%, a decrease of 0.96 percentage points year-on-year [3] - The company maintained stable expense ratios, with sales, management, financial, and R&D expense ratios at 1.87%, 3.87%, -1.46%, and 9.94%, respectively [3] Market Outlook - The rail transit business is expected to benefit from high fixed asset investment and ongoing maintenance demand, with stable market share and growth in overseas projects [3] - The emerging equipment sector is positioned for rapid growth, with significant market share in various segments, including electric drive systems for new energy vehicles and photovoltaic inverters [3][4] - The company’s semiconductor business is anticipated to accelerate revenue and profitability following the completion of its production line in Yixing [4] Investment Projections - The company is projected to achieve net profits of 4.357 billion yuan, 4.775 billion yuan, and 5.187 billion yuan for the years 2025 to 2027, with corresponding EPS of 3.21, 3.52, and 3.82 yuan [4] - The projected PE ratios for the same period are 15x, 14x, and 13x, respectively, indicating a favorable investment outlook [4]

（记者 谭玉涵） 每经AI快讯，有投资者在投资者互动平台提问：科改标杆评审中，国资委是否认可公司海工装备/光伏 逆变器的增长逻辑？挪威6000米级ROV项目量产进度如何？2025年新兴业务营收占比能否突破25%？ 时代电气（688187.SH）8月25日在投资者互动平台表示，据了解挪威海底采矿商业化尚未进入实质性 阶段。公司2025年上半年新兴装备业务收入约52.44亿元，占营业总收入比约42.93%。 ...

每经AI快讯，有投资者在投资者互动平台提问：法雷奥250万台IGBT模块供货进度是否达标？是否新增 国际车企（如雷诺、特斯拉 小米）合作项目？ 时代电气（688187.SH）8月25日在投资者互动平台表示，法雷奥功率模块交付正常进行，其他项目也 在积极推进中。 （记者 谭玉涵） ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 51.3, representing a potential upside of 31% from the current price of HKD 39.08 [2][5]. Core Insights - The company's rail transit business continues to perform well, with maintenance services gaining a larger share of revenue. The demand for new trains is expected to increase due to high passenger volumes and government policies promoting the replacement of old locomotives [5]. - The semiconductor segment is entering a capacity ramp-up phase, with significant growth in revenue from core components and new energy generation. The company is also establishing itself in the automotive electric drive sector [5]. - Revenue and net profit forecasts for 2025-2027 are optimistic, with projected revenues of RMB 27.4 billion, RMB 30.3 billion, and RMB 33.0 billion, respectively, and net profits of RMB 4.3 billion, RMB 4.8 billion, and RMB 5.3 billion [4][5]. Financial Summary - For the fiscal year ending December 31, 2023, the company reported revenue of RMB 21.8 billion, a year-on-year increase of 20.9%, and a net profit of RMB 3.1 billion, up 21.5% [4][6]. - The company’s gross margin improved by 4.4 percentage points to 32.0%, driven by a favorable change in revenue structure across its business segments [5]. - The earnings per share (EPS) is projected to grow from RMB 2.20 in 2023 to RMB 3.12 in 2025, reflecting a compound annual growth rate of 19.1% [4][6].

时代电气上半年盈利同比升13%，次季收入与盈利分别同比增长20%与13%。上半年铁路业务增长由需 求增加及维修业务推动，公司预期下半年中铁总将大规模招标，包括210组动车组(EMU)及455台机车。 新兴装备业务中，工业动力、新能源及半导体成为三大增长最快的细分领域，主要受惠于规模效应、研 发优势以及IGBT及碳化硅产能持续扩张。 智通财经APP获悉，里昂发布研报称，时代电气(03898)在铁路订单周期中处于有利地位，上调今年至 2027年各年盈测分别2%、10%及14%，并上调估值基础，由预测明年市盈率11倍上调至12倍，将H股目 标价由36港元上调至43港元，重申"跑赢大市"评级。 ...