Investment Rating - The investment rating for the company is "Buy - A" with a 6-month target price of 55.54 CNY [4][9]. Core Views - The company's revenue for 2023 reached 21.8 billion CNY, a year-on-year increase of 20.88%, and the net profit attributable to shareholders was 3.1 billion CNY, up 21.51% [1][9]. - The rail transit business is steadily recovering, with the company maintaining over 50% market share in domestic urban rail traction systems for 12 consecutive years [2]. - Emerging industries are rapidly advancing, particularly in the IGBT market, where the company holds the leading domestic market share [3]. Summary by Sections Financial Performance - In 2023, the company achieved operating income of 21,798.94 million CNY, a 20.88% increase year-on-year, and a net profit of 3,105.70 million CNY, up 21.51% [1][10]. - Forecasted revenues for 2024, 2025, and 2026 are 25.68 billion CNY, 30.10 billion CNY, and 35.21 billion CNY respectively, with net profits of 3.58 billion CNY, 4.19 billion CNY, and 4.90 billion CNY [9][10]. Business Segments - The rail transit business is recovering, with significant investments in China's railway construction, which reached 764.5 billion CNY in 2023, a 7.5% increase [2]. - The company has successfully developed new products and markets, achieving breakthroughs in key technologies such as the CR450 high-speed performance tests and autonomous driving trials for heavy-duty trains [2]. Market Position - The company maintains a leading position in the urban rail traction system market with over 50% market share, and its permanent magnet traction systems are becoming mainstream [2]. - In the IGBT market, the company leads with a significant share in rail transit and power grid sectors, and has made rapid inroads into the new energy vehicle market with a 12.5% market share [3]. Future Outlook - The company is expected to continue its growth trajectory, with a projected PE ratio of 22 times for 2024 and a target price of 55.54 CNY [4][9]. - The company is also expanding its overseas business, securing multiple orders in Asia, Europe, and America, and has seen significant growth in maintenance revenue [2].

业绩简评 2024 年 3月 29日公司披露年报，2023 年公司实现营收 218 亿元， 同增 21%；实现归母净利31亿元，同增22%，扣非归母净利为26 亿元，同增30%。其中，Q4实现营收77 亿元，同增8%；实现归母 净利11 亿元，同增6%，扣非净利9亿元，同增6%。 经营分析 分产品来看，2023 年公司轨交业务收入为129 亿元、同增2%，新 兴装备业务收入为87 亿元、同增 70%，其中功率半导体收入为31 亿元、同增69%，传感器业务收入为6 亿元、同增45%，新能源汽 车电驱系统 19 亿元、同增 75%，工业变流收入为 24 亿元、同增 74%，新兴装备各块业务快速增长。时代半导体收入达 36 亿元、 同增60%，净利达10 亿元、同增149%、净利占比达33%。 人民币(元) 成交金额(百万元) 从盈利能力来看，2023 年公司轨交业务毛利率提升2pct至 38%， 56.00 800 新兴装备业务毛利率提升2.5pct 至 28%，带动公司综合毛利率提 52.00 700 600 升1pct 至33.9%。受产品质量保证准备费用提升，带动公司销售 48.00 500 44.00 4 ...

公司点评●轨交设备Ⅱ 2024年 03 月29 日 新兴装备保持高成长，轨交装备有望受 时代电气(688187) 益行业景气向上 推荐 (维持) 分析师 核心观点： 鲁佩  投资事件： 公司披露 2023 年年报。2023 年公司实现营业收入 217.99 亿元， ：021-20257809 ：lupei_yj@chinastock.com.cn 同比增长 20.88%；实现归母净利润 31.06 亿元，同比增长 21.51%；实现扣非 分析师登记编码：S0130521060001 净利润 25.95亿元，同比增长 29.89%。  轨道交通业务稳健，新兴装备业务高增引领业绩增长。公司立足轨道交通 高峰 和新能源双赛道，2023 年我国铁路建设稳步复苏，城市轨道交通建设平稳运 ：010-80927671 行，新能源产业保持快速发展，公司业绩创历史新高，营业收入迈上 200亿元 ：gaofeng_yj@chinastock.com.cn 台阶。轨道交通业务板块，公司市场地位稳固，2023 年城轨牵引系统国内市 分析师登记编码：S0130522040001 占率保持在 50%以上，检修收入大幅增长，通 ...

证券代码：688187 证券简称：时代电气 株洲中车时代电气股份有限公司投资者关系活动记录表 编号：2024001 投资者关系活动类别 □特定对象调研 R分析师会议 □媒体采访 £业绩说明会 □新闻发布会 □路演活动 £现场参观 £其他 （请文字说明其他活动内容） 参与单位名称及人员姓名 长江证券、中信证券、广发证券、中泰证 券、民生证券、光大证券、申万宏源证券、 天风证券、中信里昂、中邮证券、德邦证 ...

Financial Performance - The company achieved a historic revenue milestone of 20 billion CNY in 2023, marking a significant increase in profitability[9]. - The company's operating revenue for 2023 reached ¥21,798,940,776, representing a 20.88% increase compared to ¥18,033,778,561 in the same period last year[14]. - Net profit attributable to shareholders was ¥3,105,703,645, up 21.51% from ¥2,555,823,375 in the previous year[14]. - The net profit after deducting non-recurring gains and losses was ¥2,595,354,684, reflecting a 29.89% increase from ¥1,998,118,899 year-on-year[14]. - The net cash flow from operating activities was ¥2,781,885,557, a 36.28% increase compared to ¥2,041,235,459 in the same period last year[14]. - Basic earnings per share for 2023 were ¥2.19, up 21.67% from ¥1.80 in 2022[15]. - The weighted average return on net assets increased to 8.70%, up 1.09 percentage points from 7.61% in the previous year[16]. - The total assets at the end of 2023 were ¥53,404,847,387, a 10.09% increase from ¥48,509,554,784 at the end of the previous year[14]. - The net assets attributable to shareholders increased by 6.76% to ¥36,865,956,579 compared to ¥34,530,700,003 at the end of 2022[14]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 7.8 per 10 shares to all shareholders, totaling approximately RMB 1,101,001,287.36, which accounts for 35.45% of the net profit attributable to shareholders for the year 2023[3]. - The board of directors has approved the profit distribution plan, which is subject to approval at the annual general meeting[3]. - The cash dividend proposal for 2023 is subject to approval at the annual general meeting[161]. Corporate Governance - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[5]. - The company has not violated any regulatory decision-making procedures for providing guarantees[5]. - The company has not disclosed any special arrangements for corporate governance[4]. - The company has not experienced any situation where more than half of the directors cannot guarantee the authenticity, accuracy, and completeness of the annual report[5]. - The company has received a standard unqualified audit report from KPMG Huazhen[2]. - The company has established a comprehensive internal control system to monitor financial, operational, compliance, and risk management aspects[163]. - KPMG Huazhen has issued an unqualified opinion on the effectiveness of the company's internal control over financial reporting[165]. - The company emphasizes the importance of shareholder returns while maintaining sustainable development[158]. Research and Development - The company has filed over 440 patents and received 11 international, national, and industry standards, enhancing its industry influence[9]. - The company achieved a total R&D investment of ¥2,145,457,133, representing a 16.18% increase compared to the previous year[42]. - Research and development expenses accounted for 9.84% of operating revenue, a decrease of 0.40 percentage points from 10.24% in 2022[16]. - The company has established a comprehensive R&D system with over 20 laboratories, including electrical systems and reliability labs, enhancing its innovation capabilities in product design and testing[57]. - The company holds a total of 3,558 patents, including 2,174 invention patents, and has participated in the formulation of 50 international standards and 174 domestic standards[57]. Market Position and Strategy - The company maintained over 50% market share in the domestic urban rail traction system market for 12 consecutive years[22]. - The company delivered 100.55 million sets of power modules for new energy passenger vehicles, achieving a market share of 12.5% and ranking third in the industry[22]. - The company secured new orders for 18.6 GW of photovoltaic inverters, ranking among the top three for the first time[22]. - The company is committed to deepening market-oriented reforms and optimizing organizational structure to enhance operational efficiency[9]. - The company aims to leverage high-quality development opportunities and challenges, focusing on its core rail transit sector and expanding into semiconductor and electric vehicle markets[9]. Environmental and Social Responsibility - The company invested ¥8.7539 million in environmental protection during the reporting period[167]. - The subsidiary Zhuzhou CRRC Times Semiconductor Co., Ltd. achieved 100% compliance in wastewater, waste gas, and noise emissions according to national standards in 2023[169]. - The company was recognized as a water-saving enterprise in Hunan Province in 2023[177]. - The company has committed to adhering to the TCFD recommendations for climate-related financial disclosures, analyzing risks and opportunities related to climate change[175]. - The company actively promotes environmental protection initiatives, integrating green concepts into market expansion and product development[187]. Talent Management and Workforce - The total number of employees in the parent company and major subsidiaries is 8,362, with 3,975 in the parent company and 4,387 in major subsidiaries[153]. - The company has a total of 1,502 production staff, 505 sales staff, and 4,841 technical staff, including 1,967 with a master's degree or higher[153]. - The company has implemented a comprehensive compensation policy focusing on talent incentives, performance management, and competitive salary structures[155]. - The company has conducted 12 empowerment sessions involving over 2,000 employees, focusing on enhancing profitability and performance[156]. - The company has established a training brand and developed a multi-level training system to enhance employee skills and align with strategic goals[156]. Risk Management - The company faces risks related to international operations, including currency fluctuations and project execution challenges, and has implemented measures to mitigate these risks[61][62]. - The company has implemented strict risk management measures for its foreign exchange derivative transactions to mitigate market and liquidity risks[96]. - The company has established a robust internal control and risk management system, as overseen by the Audit and Risk Control Committees[141]. Future Outlook - The company plans to strengthen its technological innovation, market expansion, and digital transformation strategies to achieve stable growth[9]. - The management indicated a positive outlook for future performance, expecting growth in user data and market share[111]. - The company has set ambitious performance guidance for the next fiscal year, aiming for a significant increase in revenue[111]. - The company is exploring potential acquisitions to enhance its technology portfolio, with a budget of ¥1 billion allocated for this purpose[115].

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company achieved a revenue of 21.799 billion yuan in 2023, representing a year-over-year growth of 20.88%, and a net profit attributable to shareholders of 3.106 billion yuan, up 21.51% year-over-year [2][3]. - The rail transit business continues to improve, while the emerging equipment business has rapidly increased its share, accounting for 40.06% of total revenue in 2023 [2]. - The rail transit business is expected to benefit from a new equipment replacement cycle, supported by government policies aimed at promoting the use of new energy locomotives and replacing old diesel engines by 2027 [2]. - The emerging equipment business is experiencing rapid growth, particularly in power semiconductors and new energy drives, with significant increases in revenue across various segments [2][3]. Summary by Relevant Sections Financial Performance - In 2023, the rail transit business generated revenue of 12.910 billion yuan, a 2.00% increase year-over-year, while the emerging equipment business saw revenue of 8.732 billion yuan, a remarkable 69.64% increase [2]. - For Q4 2023, the company reported revenue of 7.704 billion yuan, a 7.62% increase year-over-year and a 39.43% increase quarter-over-quarter, with a gross margin of 36.51% [2][3]. Business Segments - The rail transit segment's revenue in Q4 was 5.188 billion yuan, down 4.88% year-over-year, while the emerging equipment segment's revenue was 2.649 billion yuan, up 63.72% year-over-year [2]. - The emerging equipment business includes power semiconductors with revenue of 970 million yuan, up 78.64%, and new energy drives with revenue of 675 million yuan, up 161.63% [2]. Future Projections - The company forecasts net profits attributable to shareholders of 3.481 billion yuan, 3.804 billion yuan, and 4.299 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 19, 18, and 16 [2][3].

计算机 公 2024年03月29日 司 报 时代电气(688187.SH) 告 新兴装备乘势突破，公司业绩再创历史新高 推荐 ( 维持 ) 事项： 公司公布2023年年报，2023年，公司实现销售收入217.99亿元，同比增长 股价:44.71元 20.88%；实现归母净利润31.06亿元，同比增长21.51%；实现扣非归母净利 公 主要数据 润25.95亿元，同比增长29.89%。公司拟向全体股东每10股派发现金股利人民 行业 计算机 司 币7.8元（含税）。 ...

Financial Performance - The company's operating revenue for 2023 reached RMB 21.80 billion, an increase of 20.88% compared to RMB 18.03 billion in 2022[18]. - 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[18]. - The net cash flow from operating activities was RMB 2.78 billion, up 36.28% from RMB 2.04 billion in the previous year[22]. - 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[19]. - 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[19]. - Basic earnings per share for 2023 were RMB 2.19, a rise of 21.67% compared to RMB 1.80 in 2022[21]. - The company's operating revenue reached a historic milestone of 20 billion yuan in 2023, achieving a new high in profitability[9]. - The company's total non-recurring gains and losses for 2023 amounted to RMB 510.35 million, compared to RMB 557.70 million in 2022[25]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 7.8 per 10 shares, totaling approximately RMB 1,101,001,287.36, which represents 35.45% of the net profit attributable to shareholders for the year 2023[3]. - As of December 31, 2023, the total share capital is 1,416,236,912 shares, after deducting 4,696,800 repurchased H shares, the base for dividend distribution is 1,411,540,112 shares[3]. Corporate Governance - The audit report issued by KPMG indicates a standard unqualified opinion[3]. - The board of directors has confirmed the accuracy and completeness of the annual report, with no significant omissions or misleading statements[3]. - The company has confirmed that all directors attended the board meeting[4]. - The company has established service contracts with all directors and supervisors, with a term of three years for each board cycle[172]. - There are no significant transactions or contracts involving directors or supervisors that would create a direct or indirect interest in the company as of December 31, 2023[176]. - The company has not provided any loans or similar financial assistance to its directors, supervisors, or senior management[177]. - The company has implemented governance measures to protect non-controlling interests, including independent reviews of transactions with suppliers and customers[184]. Research and Development - The company achieved a total R&D investment of CNY 2,145,457,133, representing a 16.18% increase compared to the previous year[67]. - The R&D expenditure as a percentage of operating revenue was 9.84%, down from 10.24% in 2022[21]. - The company has developed a comprehensive independent intellectual property system in various high-tech fields, including electric systems and control technology[38]. - The R&D team consists of 3,180 engineering personnel, accounting for 38.03% of the total workforce, with over 43% holding a master's degree or higher[98]. - A total of 229 new invention patents were granted, bringing the total number of effective patents to 3,558, with over 50% being invention patents[64]. 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[9]. - The company is committed to deepening market-oriented reforms and optimizing organizational structure to enhance long-term industrial development[10]. - The company aims to leverage its industry advantages to consolidate its market position and create greater value for shareholders[31]. - The company is positioned in the rapidly growing new energy market, which is projected to be worth hundreds of billions, driven by the national "dual carbon" strategy[156]. - The company is actively expanding into industries outside rail transit, including power semiconductors and new energy vehicle drive systems[38]. Risks and Challenges - The company is subject to risks related to forward-looking statements regarding future plans and development strategies[4]. - The company faces risks related to core competitiveness, including uncertainties in technology development and potential delays in R&D progress[102]. - Financial risks are heightened due to international operations, with currency fluctuations impacting foreign currency assets and liabilities[105]. - The company is exposed to industry risks from changing government policies and increasing competition in the new energy vehicle parts market[106]. - Macro-environmental risks arise from rising international trade protectionism, affecting overseas operations and material procurement[108]. Investment and Expansion - The company plans to raise approximately 4.659 billion yuan through a capital increase and share expansion, with a proposed equity dilution of 19.1236% post-expansion[151]. - The strategic investors are expected to contribute 18.6871% of the new shares, while the employee stock ownership platform will account for 0.4366%[151]. - The company has approved an investment of 1,107.99 million RMB for the manufacturing base project of new energy vehicle electric drive systems and key components[141]. Operational Efficiency - The company implemented a digital-driven management approach, enhancing profitability and operational efficiency through real-time monitoring and analysis[10]. - The company emphasizes the importance of project quality, safety, and cost control in its operations[110]. - The company has established a dynamic and flexible production planning system based on sales orders and historical sales data[36]. Industry Trends - The railway market is entering a recovery phase, with a projected national railway network size of around 200,000 kilometers by 2035, including 70,000 kilometers of high-speed rail[154]. - The urban rail transit construction trend is slowing down, with local government debt rates high and investment in urban rail construction decreasing annually[155]. - The company anticipates growth in the maintenance and repair market due to the increasing stock of rail transit equipment entering the maintenance phase[154].

株洲中车时代电气股份有限公司 自 2023 年 1 月 1 日至 2023 年 12 月 31 日止年度财务报表 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 出马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街1号 东方广场毕马威大楼8层 邮政编码:100738 电话 +86(10) 8508 5000 传真 +86(10) 8518 5111 网址 kpmg.com/cn 审计报告 毕马威华振审字第 2403828 号 株洲中车时代电气股份有限公司全体股东: 一、审计意见 我们审计了后附的株洲中车时代电气股份有限公司（以下简称"中车时代电气"）财务报 表，包括 2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度的合并及母公司利润 表、合并及母公司现金流量表、合并及母公司股东权益变动表以 ...

林兆丰 各位股东及股东代表： 作为株洲中车时代电气股份有限公司（以下简称"公司"）的独 立董事，2023 年度本人严格按照《中华人民共和国公司法》（下称"《公 司法》"）、《中华人民共和国证券法》（下称"《证券法》"）、《上市公司 治理准则》等法律法规及上交所、联交所的各项规定及《株洲中车时 代电气股份有限公司章程》（以下简称"《公司章程》"）、《株洲中车时 代电气股份有限公司独立非执行董事工作制度》的规定，在工作中勤 勉、尽责地履行董事职责和义务，注重与董事会其他董事、监事会、 经理层成员的密切、有效沟通，及时、全面、深入地了解公司运营情 况和董事会决议执行情况，亲自出席董事会及各专门委员会会议，认 真审议各项议案，独立、客观、公正地发表意见，充分发挥独立董事 的作用，促进董事会及各专门委员会的规范运作和公司治理水平的不 断提高，有效维护公司全体股东尤其是中小股东的合法权益。 株洲中车时代电气股份有限公司 2023 年度独立董事述职报告 本人于2023 年6 月27日公司召开的 2022 年年度股东大会、2023 年第一次 A 股类别股东大会及 2023 年第一次 H 股类别股东大会，选 举成为公司第七届董 ...