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 ...

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].