智通财经APP获悉，大和发布研报称，时代电气(03898)次季净利润达10亿元人民币，同比增长13%，略 超预期，该行对其2026至27年的铁路业务前景持稳定看法，但认为功率半导体定价环境仍然疲软，并料 新生产厂房的折旧支出可能对下半年毛利率构成压力。该行将时代电气2025年净利润预测上调8%，并 将2026年净利润预测下调7%，料2025至26年收入同比升7至11%，年均毛利率32%;目标价由29港元升至 37港元，维持"持有"评级。 ...

Group 1 - The core viewpoint of the report is that Times Electric (03898) is in a favorable position within the railway order cycle, leading to an upward revision of earnings forecasts for 2023 to 2027 by 2%, 10%, and 14% respectively [1] - The valuation basis has been adjusted, with the forecasted price-to-earnings ratio for next year increased from 11 times to 12 times, and the target price for H-shares raised from HKD 36 to HKD 43, maintaining an "outperform" rating [1] - Times Electric's profit for the first half of the year increased by 13% year-on-year, with revenue and profit growth in the second quarter at 20% and 13% respectively [1] Group 2 - The growth in the railway business during the first half of the year was driven by increased demand and maintenance services, with expectations for large-scale bidding by China Railway Corporation in the second half, including 210 sets of EMUs and 455 locomotives [1] - In the emerging equipment (002933) sector, industrial power, new energy, and semiconductors are identified as the three fastest-growing segments, benefiting from economies of scale, research and development advantages, and the continuous expansion of IGBT and silicon carbide production capacity [1]

大和发布研报称，时代电气(03898)次季净利润达10亿元人民币，同比增长13%，略超预期，该行对其 2026至27年的铁路业务前景持稳定看法，但认为功率半导体定价环境仍然疲软，并料新生产厂房的折旧 支出可能对下半年毛利率构成压力。该行将时代电气2025年净利润预测上调8%，并将2026年净利润预 测下调7%，料2025至26年收入同比升7至11%，年均毛利率32%;目标价由29港元升至37港元，维持"持 有"评级。 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 63.58 RMB for A-shares and 49.30 HKD for H-shares [6][12]. Core Insights - The company achieved a revenue of 12.214 billion RMB in 1H25, representing a year-on-year increase of 17.95%. The net profit attributable to shareholders was 1.672 billion RMB, up 12.93% year-on-year. The growth was driven by increased demand in rail transit maintenance, power devices, and new energy generation sectors [1][4]. - The rail transit segment generated 6.911 billion RMB in revenue, a 12.58% increase year-on-year, primarily benefiting from the growth in national railway maintenance orders and new tenders for high-speed trains [2][4]. - The emerging equipment segment reported revenue of 5.244 billion RMB, up 25.88% year-on-year, with significant contributions from semiconductor and new energy generation businesses [3][4]. Summary by Sections Rail Transit Business - The rail transit business achieved a revenue of 6.911 billion RMB in 1H25, with significant growth in maintenance revenue, which rose by 47% year-on-year to 1.567 billion RMB. The company is expected to benefit from ongoing national railway tenders and maintenance projects [2][4]. Emerging Equipment Business - The emerging equipment segment generated 5.244 billion RMB in revenue, with notable growth in semiconductor revenue, which increased by 29.12% year-on-year. The company has successfully ramped up production capacity in its semiconductor business and made breakthroughs in new energy generation projects [3][4]. Profit Forecast and Valuation - The company is projected to achieve revenues of 28.661 billion RMB, 33.021 billion RMB, and 37.392 billion RMB for the years 2025, 2026, and 2027, respectively. The net profit estimates for the same years are adjusted to 4.175 billion RMB, 4.657 billion RMB, and 5.229 billion RMB [4][10]. The valuation is based on a sum-of-the-parts (SOTP) approach, with target market values of 345 billion RMB for emerging equipment and 519 billion RMB for rail transit equipment [12][13].

瑞银发布研报称，时代电气(03898)上半年收入及净利润分别同比增长18%及13%，基本符合预期，稳健 的销售增长主要来自于动车组新车及维修服务业务的健康增长。瑞银维持时代电气"买入"评级，根据中 期业绩表现，将2025至2027年每股盈利预测上调1%、7%及9%，目标价由39.4港元上调至45.2港元，看 好公司核心业务表现稳健，同时新业务料将带来潜在增长动力。 ...

瑞银发布研报称，时代电气(03898)上半年收入及净利润分别同比增长18%及13%，基本符合预期，稳健 的销售增长主要来自于动车组新车及维修服务业务的健康增长。瑞银维持时代电气"买入"评级，根据中 期业绩表现，将2025至2027年每股盈利预测上调1%、7%及9%，目标价由39.4港元上调至45.2港元，看 好公司核心业务表现稳健，同时新业务料将带来潜在增长动力。 ...

Core Viewpoint - UBS report indicates that Times Electric's revenue and net profit for the first half of the year increased by 18% and 13% year-on-year, respectively, meeting expectations [1] Group 1: Financial Performance - Revenue growth is primarily driven by the healthy development of new train sets and maintenance services [1] - UBS maintains a "Buy" rating for Times Electric and raises the target price from HKD 39.4 to HKD 45.2 [1]

China Machinery: Railway Equipment 2Q25 inline: Solid 2H rail delivery outlook; Buy Times Electric-H/CRRC-H, Neutral on A shares On Aug 21 after market, CRRC and Times Electric delivered largely in-line 1H25 results versus guidance and shared a mixed but stable picture across railway and emerging businesses. As ytd MU/locomotive tendering already reached 278 std trainsets/455 units, tracking ahead of prior GSe of 230 std trainsets/400 units, we believe this provides concrete support to full year earnings, a ...

瑞银发表研报指，时代电气上半年收入及净利润分别按年增长18%及13%，基本符合预期，稳健的销售 增长主要来自于动车组新车及维修服务业务的健康增长。瑞银维持时代电气"买入"评级，目标价由39.4 港元上调至45.2港元，根据中期业绩表现，将2025至2027年每股盈利预测上调1%、7%及9%，看好公司 核心业务表现稳健，同时新业务料将带来潜在增长动力。 ...

Core Viewpoint - Times Electric (03898) reported a significant increase in revenue and net profit for the first half of 2025, leading to a stock price rise of over 4% following the earnings announcement [1] Financial Performance - The company achieved an operating revenue of approximately 12.214 billion yuan, representing a year-on-year growth of 17.95% [1] - The net profit attributable to shareholders was around 1.6715 billion yuan, with a year-on-year increase of 12.93% [1] - Basic earnings per share were reported at 1.21 yuan, and the company declared a cash dividend of 4.40 yuan per 10 shares (tax included) [1] Business Strategy and Innovation - The company focuses on the rail transit traction and conversion system sector, showcasing strong technological innovation capabilities [1] - It follows a "cohesive diversification" strategy to extend its technology into related fields [1] - A comprehensive R&D system has been established, enabling continuous innovation in product design, manufacturing, and testing [1] Research and Development Capabilities - The company has formed a technical committee to support decision-making in scientific and technological work [1] - It has adopted management systems and concepts such as CMMI and IPD, creating a collaborative R&D operation model for industry product application technology and innovative frontier technology [1] - The company possesses robust research and testing capabilities, with over 20 laboratories covering various business areas for research experiments, type tests, and factory tests [1]