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公告的內容概不負責， 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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3898） 自願公告 註銷已購回H股 本 公 告 由 株 洲 中 車 時 代 電 氣 股 份 有 限 公 司（「本公司」）自 願 作 出。 自 二 零 二 四 年 一 月 十 一 日 至 二 零 二 四 年 一 月 十 七 日，公 司 於 聯 交 所 就 其H股進行 了 一 系 列 回 購。截 至 本 公 告 日 期，公 司 共 回 購 總 計4,696,800股H股，約 佔 本 公 司 於 H股購回授權獲本公司股東大會及類別股東大會批准之日的已發行總股本的0.33% 及已發行H股總股數的0.86%。已使用資金總額為港幣98,558,789.24元（不含交易費用）。 該等本公司回購的H股 已 於 二 零 二 四 年 四 月 十 六 日 註 銷。據 此，本 公 司 的 已 發 行股份數目將減 ...

证券代码：688187（A 股） 证券简称：时代电气（A 股） 公告编号：2024-016 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 关于核心技术人员变动的公告 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： 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"）核心 技术人员甘韦韦先生近日因聘任为公司副总经理并不再兼任轨道交通技术中心主 任、刘勇先生因岗位调整由公司数据与智能技术中心主任调任为公司全资子公司湖 南中车时代通信信号有限公司总经理；刘良杰先生由公司英国研发中心主任调任为 公司数据与智能技术中心主任、窦泽春先生担任公司轨道交通技术中心主任、漆宇 先生担任公司英国研发中心主任，基于工作岗位及职责的划分，公司不再认定甘韦 韦、刘勇先生为核心技术人员，继续认定刘良杰先生为核心技术人员，新增认定窦 泽春先生、漆宇先生为核心技术人员。 截至本公告披露日，公司的生产经营与技术研发工作均正常进行，本次核心技 术人员的调整不会对公司技术研发和生产经营等方 ...

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 核心技术人员变动的核查意见 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》《上海证券交易所科创板上市公司自律 监管指引第 1 号——规范运作》等有关规定，就时代电气核心技术人员变动的情 况进行了审慎核查，具体情况如下： 一、核心技术人员变动的具体情况 公司核心技术人员甘韦韦先生近日因聘任为公司副总经理并不再兼任轨道 交通技术中心主任、刘勇先生因岗位调整由公司数据与智能技术中心主任调任为 公司全资子公司湖南中车时代通信信号有限公司总经理；刘良杰先生由公司英国 研发中心主任调任为公司数据与智能技术中心主任、窦泽春先生担任公司轨道交 通技术中心主任、漆宇先生担任公司英国研发中心主任。基于工作岗位及职责的 划分，公司不再认定甘韦韦先生、刘勇先生为核心技术人员，继续认定刘良杰先 生为核心技术人员，新增认定窦泽春先生、漆宇先生为核心技术人员。 （一）核心技术人员调 ...

证券代码：688187（A 股） 证券简称：时代电气（A 股） 公告编号：2024-015 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 关于召开 2023 年度业绩说明会的公告 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。 （一） 会议召开时间：2024 年 4 月 15 日下午 15:00-16:30 重要内容提示： （网址：http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2024 年 4 月 8 日(星期一)至 4 月 12 日(星期五)16:00 前登录上 证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@csrzic.com 进行提问。公司将在说明会上对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 2024 年 3 月 28 日下午休市后发布公司 2023 年度报告，为便于广大投资者更全面深入地了解公 司2023年度经营成果、财务状况，公司计划于 ...

Financial Performance - The company's operating revenue for 2023 reached RMB 21.80 billion, a year-on-year increase of 20.88% compared to RMB 18.03 billion in 2022[14]. - Net profit attributable to shareholders for 2023 was RMB 3.11 billion, reflecting a growth of 21.51% from RMB 2.56 billion in 2022[14]. - The net cash flow from operating activities was RMB 2.78 billion, up 36.28% from RMB 2.04 billion in the previous year[14][18]. - The total assets at the end of 2023 amounted to RMB 53.40 billion, a 10.09% increase from RMB 48.51 billion at the end of 2022[15]. - The net assets attributable to shareholders increased to RMB 36.87 billion, representing a growth of 6.76% from RMB 34.53 billion in 2022[15]. - Basic earnings per share for 2023 were RMB 2.19, up 21.67% from RMB 1.80 in 2022[17]. - The company's operating revenue reached a historic milestone of 20 billion yuan, achieving a new high in profitability[7]. - The company's operating revenue was RMB 21.7999 billion in 2023, representing a year-on-year increase of 20.88% compared to RMB 18.034 billion in the same period last year[116]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 7.8 per 10 shares, totaling approximately RMB 1.1 billion, which represents 35.45% of the net profit attributable to shareholders for the year 2023[1]. - The company will withhold a 10% corporate income tax on dividends distributed to non-resident corporate shareholders[187]. - Foreign individuals receiving dividends from the company are exempt from personal income tax under Chinese regulations[188]. Governance and Compliance - There are no significant risks related to the company's governance or financial practices reported[2]. - The company has confirmed that it has not been profitable since its listing[1]. - The report indicates that there are no special arrangements for corporate governance[2]. - The company has received a standard unqualified audit opinion from its auditing firm[1]. - The company has confirmed that there are no violations of decision-making procedures regarding external guarantees[2]. - The independent non-executive directors confirmed that CRRC Zhuzhou has adhered to the Non-Competition Agreement in 2023, with no competitive overlap in business operations[185]. - The audit committee reviewed the company's annual performance and annual report for 2023, including the audited consolidated financial statements as of December 31, 2023[198]. Research and Development - The company achieved a total R&D investment of CNY 2,145,457,133 in the reporting period, representing a 16.18% increase compared to the previous year[63]. - The company's R&D expenditure accounted for 9.84% of operating revenue, a decrease of 0.40 percentage points from 10.24% in 2022[17]. - A total of 229 new invention patents were granted in 2023, bringing the total number of effective patents to 3,558, with over 50% being invention patents[61]. - The company holds 3,558 patents, including 2,174 invention patents, and has participated in the formulation of 50 international standards[92]. - The R&D team consists of 3,180 engineering technicians, accounting for 38.03% of the workforce, with over 43% holding postgraduate degrees, ensuring a strong foundation for core technology development[97]. Market Position and Strategy - The company maintained a leading market share in rail transit traction systems, with continuous improvement in industry rankings for power supply and signaling systems[7]. - The company aims to strengthen its dual-track industry development strategy, focusing on transportation and new energy sectors[9]. - The company is actively expanding into industries outside rail transit, including power semiconductors, industrial conversion products, and new energy vehicle drive systems[29]. - The company is committed to deepening market-oriented reforms, optimizing organizational structure, and enhancing operational efficiency[8]. - The company is focusing on market expansion through innovative product offerings and strategic partnerships in the rail transportation sector[66]. Risks and Challenges - The company faces risks related to unprofitable operations and potential significant declines in performance, necessitating ongoing investment in new technologies and products[101]. - The company is facing risks from international trade protectionism and fluctuating foreign exchange rates impacting overseas operations[107][104]. - The overall trend of urban rail transit construction is slowing down, with local government debt rates high and significant tightening of fiscal policies, leading to a year-on-year decrease in urban rail construction investment[152]. Investments and Financial Management - The company plans to invest approximately RMB 110,799,000 in the manufacturing base for new energy passenger vehicle electric drive systems and key components[140]. - The company’s total liabilities at the end of the reporting period were RMB 25.4 billion, with long-term borrowings increasing by 769.39% to RMB 631.94 million[134]. - The company’s cash flow from financing activities showed a net outflow of RMB 589 million, which was stable compared to the same period last year[133]. - The company has engaged in derivative investments for hedging purposes, with a total initial investment amount of RMB 8,490.90[142]. Operational Efficiency - The company implemented a digital-driven management approach, enhancing profitability through precise management and real-time monitoring of financial performance[8]. - The company has established a comprehensive quality management system, achieving multiple international certifications including ISO9001 and IATF16949, ensuring high reliability and efficiency of products[93]. - The company is focusing on digital transformation and improving management efficiency to adapt to the complexities of its diversified business[109]. Product Development and Innovation - The company has developed a comprehensive independent intellectual property system, enhancing its capabilities in various high-tech fields such as electrical systems and control technology[29]. - The company has successfully developed a series of traction converters that meet the application needs of high-power locomotives and urban rail vehicles[44]. - The company has achieved breakthroughs in advanced motor control technology based on direct torque control, enhancing the reliability and performance of electric drive systems[44]. - The company is focusing on enhancing system availability and reducing the impact of failures through advanced technology integration[73].

致：香港交易及結算所有限公司 FF301 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: 2024年3月31日 狀態: 新提交 公司名稱: 株洲中車時代電氣股份有限公司 呈交日期: 2024年4月2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 | 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 | | | 547,329,400 | RMB | | 1 RMB | | 547,329,400 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 547,329,400 | RMB | | 1 RMB | | 547,329,400 | | 2. 股份分類 | 普通股 | 股份類別 | A | | ...

] y r t s u d n I _ e l b a T [ [ 时Ta 代bl 电e_ 气T （itl 6e 8] 8 187）2023年财报点评 公 轨交业务稳步复苏， 司 研 新兴装备业务突飞猛进 挖掘价值 投资成长 究 / [Table_Rank] 买入 交 （维持） 运 设 2024 年 04 月 02 日 备 / 证 [东Ta方bl财e_富Au证th券or研] 究所 券 [【Ta投bl资e_要Su点mm】ar y] 证券分析师：周旭辉 研 究 证书编号：S1160521050001 报 联系人：付丹蕾 告  公司盈利能力稳步向上。2023年，公司实现营业收入 217.99亿元， 电话：021-23586316 同比+20.88%；实现归母净利润31.06亿元，同比+21.51%；实现扣非 [相T对ab指le数_P表ic现Qu ote] 归母净利润 25.95 亿元，同比+29.89%。Q4 公司实现营业收入 77.04 亿元，同/环比+7.62%/+39.43%；实现归母净利润10.52亿元，同/环 9.01% 比+5.98%/+17.10%。分业务来看，2023年公司轨交装备业务实现129. ...

Investment Rating - The report maintains a "Buy" rating for the company in both A-shares and H-shares [2][6]. Core Viewpoints - The company achieved record high performance in 2023, with operating revenue of 21.8 billion yuan, a year-on-year increase of 20.9%, driven by significant growth in emerging equipment business [2][6]. - The company’s net profit attributable to shareholders reached 3.11 billion yuan, up 21.5% year-on-year, with an EPS of 2.19 yuan [2][6]. - The emerging equipment segment saw a remarkable revenue increase of 69.6%, with power semiconductor devices, electric drive systems for new energy vehicles, and photovoltaic inverters leading the growth [2][6][4]. - The rail transit equipment business also showed stable growth, with revenue of 12.91 billion yuan, a 2.0% increase year-on-year, and the company maintained a market share of over 50% in the domestic urban rail traction system for 12 consecutive years [2][3]. Summary by Relevant Sections Emerging Equipment Business - The emerging equipment business generated revenue of 8.73 billion yuan, a significant increase of 69.6%, with power semiconductor devices, industrial conversion products, and electric drive systems for new energy vehicles showing substantial growth [2][6][4]. - The company’s power semiconductor devices achieved revenue of 3.108 billion yuan, up 69.4%, and it holds the leading market share in the rail transit and power grid sectors [3]. Rail Transit Equipment Business - The rail transit equipment segment reported revenue of 12.91 billion yuan, with specific contributions from traction systems, engineering machinery, and communication signals [2][3]. - The company secured a historical high in urban rail transit signal business, winning contracts for five lines [2][3]. Financial Performance - The company’s gross profit margin improved to 33.9%, up 1.2 percentage points year-on-year, and the net profit margin was 14.5%, up 0.1 percentage points [2][6]. - The forecast for net profit attributable to shareholders for 2024-2026 has been raised by 8.5% and 11.4% to 3.70 billion and 4.30 billion yuan, respectively [6].

证券研究报告：机械设备 | 公司点评报告 2024年4月1日 股票投资评级 时代电气(688187) 买入|维持 设备换新催化轨交业务，新兴装备持续高增 个股表现 ⚫ 事件 公司发布2023年度业绩，报告期内营业收入217.99亿元，同比 时代电气 机械设备 6% +20.88%；归母净利润31.06亿元，同比+21.51%；其中轨道交通装备 2% 实现营收129.1亿元，同比+2%，新兴装备业务实现营收87.32亿元， -2% -6% 同比+69.64。 -10% -14% ⚫ 投资要点 -18% -22% 国内铁路复苏，轨交装备收入稳中有升。2023年中国铁路完成固 -26% 定资产投资7645亿元，同比增长7.5%，公司抓住国铁集团移动装备 -30% -34% 新造投资回升的契机，在保证产品交付和保持稳固市场地位的同时， 2023-04 2023-06 2023-08 2023-11 2024-01 2024-03 全力开拓新产品和新市场，2023 年轨道交通装备产品实现营业收入 资料来源：聚源，中邮证券研究所 129.1亿元，同比增长2%，其中轨道交通电气装备102.3亿元，同比 +4.8%；轨道工程 ...