证券代码：688187（A 股） 证券简称：时代电气（A 股） 公告编号：2024- 052 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 召开日期时间：2024 年 12 月 13 日 10 点 00 分 关于召开 2024 年第一次临时股东会的通知 本公司董事会及全体董事保证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： 一、 召开会议的基本情况 （一） 股东会类型和届次 2024 年第一次临时股东会 召开地点：株洲市石峰区时代路时代宾馆 301 室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 股东会召开日期：2024年12月13日 本次股东会采用的网络投票系统：上海证券交易所股东大会网络投票系 统 （二） 股东会召集人：董事会 （三） 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 （四） 现场会议召开的日期、时间和地点 至 2024 年 12 月 13 日 采用上海证券交易所网络投票系统，通过交易系统投票平 ...

Investment Rating - The report maintains a "Buy-A" rating for the company [1][3]. Core Views - The company's revenue for the first three quarters of 2024 reached 16.256 billion yuan, a year-on-year increase of 15.33%, while the net profit attributable to shareholders was 2.501 billion yuan, up 21.82% year-on-year [1]. - The growth in rail transit equipment business has slowed down, but the emerging equipment business remains stable [1][2]. - The company is expected to benefit from upcoming tenders for high-speed trains, which will likely boost the rail transit electrical equipment business [1][2]. Financial Performance - For Q3 2024, the company reported revenue of 5.973 billion yuan, a year-on-year increase of 8.10% but a quarter-on-quarter decrease of 6.08% [1]. - The net profit for Q3 2024 was 999 million yuan, reflecting a year-on-year increase of 10.61% and a quarter-on-quarter increase of 5.86% [1]. - The company's gross profit margin for the first three quarters of 2024 was 29.57%, while the net profit margin was 16.41% [1][3]. Business Segments - The rail transit equipment business generated revenue of 3.295 billion yuan in Q3 2024, accounting for 55.2% of total revenue, with a year-on-year increase of 5.58% [1]. - The emerging equipment business reported revenue of 2.661 billion yuan, representing a year-on-year increase of 14.1% [1]. - The power semiconductor and electric drive businesses within the emerging equipment segment showed strong performance, while industrial conversion and sensor businesses underperformed [1][2]. Future Outlook - The company is expected to enter a new phase of growth driven by the recovery in rail transit equipment demand, maintenance increments, and the city rail signal system business [2]. - The production capacity of power semiconductors is anticipated to support market share expansion and product structure optimization [2]. - The long-term strategy involves building a product matrix from "devices-components-systems," aiming for significant growth in both transportation and new energy sectors [2].

Investment Rating - The investment rating for the company is "Outperform the Market" [3][9]. Core Views - The report highlights a sequential increase in gross margin by 8.6 percentage points in Q3 2024, driven by robust growth in both rail transit and emerging equipment sectors [1]. - For the first three quarters of 2023, the company achieved revenue of 16.3 billion yuan, representing a year-on-year increase of 15.3%, and a net profit attributable to shareholders of 2.5 billion yuan, up 21.8% year-on-year [1]. - The rail transit equipment business grew by approximately 22% year-on-year, with revenue reaching 9.434 billion yuan in the first three quarters of 2024 [1]. - The emerging equipment sector also saw a year-on-year growth of 11%, with power semiconductor devices achieving revenue of 2.712 billion yuan, up 26.8% [1]. - The company is well-positioned in the domestic market, holding the largest market share in traction systems and accelerating development in maintenance and repair services [1]. Financial Performance Summary - Revenue for 2024 is projected to be 24.951 billion yuan, with a year-on-year growth of 14.5% [2]. - Net profit for 2024 is estimated at 3.705 billion yuan, reflecting a growth of 19.3% compared to 2023 [2]. - The company’s earnings per share (EPS) is expected to reach 2.62 yuan in 2024, with a projected PE ratio of 19.1 [2]. - The gross margin is anticipated to be around 30% in 2024, with an EBIT margin of 14% [2]. Business Segments Summary - The rail transit equipment segment is a significant growth driver, with a revenue increase of 22% year-on-year in the first three quarters of 2024 [1]. - The emerging equipment segment, including power semiconductors and electric drive systems for new energy vehicles, is also showing strong growth, with a notable increase in market share [1]. - The company’s semiconductor project in Yixing has entered trial production, focusing on applications in new energy vehicles [1].

Financial Performance - The company's overall gross margin for the first three quarters of 2024 is 29.57%, an increase from 28.43% in the same period last year [2] - Revenue reached 2.712 billion yuan, a growth of 26.84% compared to 2.138 billion yuan in the previous year [3] - The semiconductor business maintained stable profitability, with expected net profit growth alongside revenue increases [3][4] Semiconductor Business - The company’s semiconductor production capacity is gradually increasing, with a projected annual output of 360,000 8-inch IGBT wafers from the new Yixing plant, which officially commenced operations on October 17, 2024 [5][6] - The Yixing plant is expected to generate approximately 5 million yuan in depreciation in the fourth quarter [4] - The company has established a strong position in the Chinese new energy vehicle market, with a market share of 13.4% in power module installations, ranking second after BYD Semiconductor [5] Inverter and Renewable Energy - In the first three quarters of 2024, the company secured a total of 10.6 GW in inverter bids, with a shipment volume of 6.2 GW [6] - The revenue from wind and solar storage was approximately 1.3 billion yuan, showing a slight decline compared to the previous year due to reduced EPC revenue [6] Electric Drive Systems - The company delivered over 440,000 electric drive systems in the first three quarters of 2024, a 29.41% increase from 340,000 units in the same period last year [9] - The company has expanded its customer base to 15, with a total of 30 vehicle models supported [9] Railway Equipment - Revenue from the rail transportation equipment business reached 9.434 billion yuan, a year-on-year increase of approximately 22% [10] - The company won 79 out of 165 bids for high-speed trains, achieving a market share of 47.88% [10] Research and Development - R&D investment for the first three quarters of 2024 was 1.589 billion yuan, a 20.09% increase from 1.323 billion yuan in the previous year [13] - The company plans to maintain R&D investment at around 9%-10% of revenue in the future [14] Market Trends and Policies - The company is preparing for the gradual elimination of old diesel locomotives by 2027, aligning with national policies promoting low-carbon railway development [8] - The demand for rail equipment is expected to increase due to the growth in passenger and freight transport volumes, with a 12.9% year-on-year increase in passenger traffic in the first nine months of 2024 [11]

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10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: 2024年10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 | | | 542,632,600 | RMB | | 1 RMB | | 542,632,600 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 542,632,600 | RMB | | 1 RMB | | 542,632,600 | | 2. 股份分類 | 普通股 | 股份類 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of CNY 53.4, indicating a potential upside of 11% from the current price of CNY 48.3 [1][8]. Core Views - The company achieved a net profit growth of 11% year-on-year and 6% quarter-on-quarter in Q3, demonstrating stable business growth. The gross margin was recorded at 32.6%, a year-on-year decline of 1.9 percentage points but an increase of 8.6 percentage points quarter-on-quarter. The fluctuation in gross margin is attributed to accounting standard changes, while the operational gross margin remains relatively stable [1][2]. - The rail transit business is expected to continue its recovery, benefiting from increased demand due to major repairs. The expansion of IGBT capacity in Yixing is a solid foundation for the growth of the power semiconductor business. The current P/E ratios for the company's Hong Kong and A-shares are 9.6x and 16.4x, respectively, indicating attractive valuations [1][2]. Revenue and Profitability - In Q3, the company's revenue reached CNY 5,973 million, an 8% increase year-on-year but a 6% decrease quarter-on-quarter. The gross profit was CNY 1,945 million, reflecting a 2% year-on-year increase and a 27% quarter-on-quarter increase. The operating profit was CNY 994 million, up 15% year-on-year and 20% quarter-on-quarter [13][14]. - The emerging equipment segment generated revenue of CNY 2,661 million in Q3, a 14% year-on-year increase, with the power semiconductor revenue reaching CNY 9.65 billion, growing 27% year-on-year. The revenue from the new energy vehicle main drive segment surged by 67% year-on-year [2][15]. Financial Forecasts - The revenue forecast for the company is projected to grow from CNY 18,034 million in 2022 to CNY 31,956 million by 2026, with a compound annual growth rate (CAGR) of approximately 14%. The net profit is expected to increase from CNY 2,556 million in 2022 to CNY 3,853 million in 2026, with a slight decline in growth rate in the later years [3][10]. - The gross margin is anticipated to fluctuate, with estimates of 32.7% in 2022, peaking at 33.9% in 2023, and then stabilizing around 31.7% by 2026 [3][10]. Market Position and Valuation - The company holds a significant market share in the power semiconductor and new energy vehicle sectors, with the latter showing robust growth despite pricing pressures. The rail transit business contributes significantly to the overall revenue, accounting for 55.2% of total revenue in Q3 [2][15]. - The target P/E ratios for A-shares and Hong Kong shares are projected to decline from 29.6x in 2022 to 19.6x by 2026, indicating a potential for value appreciation as earnings grow [3][10].

Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company achieved a revenue of 16.256 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 15.33%. The net profit attributable to shareholders reached 2.501 billion yuan, up 21.83% year-on-year [1]. - The rail transit and emerging equipment sectors are both performing well, with Q3 revenue of 5.973 billion yuan, a year-on-year increase of 8.10%, and a net profit of 994 million yuan, up 10.61% year-on-year [1]. - The rail transit equipment business generated revenue of 9.434 billion yuan in the first three quarters, a year-on-year increase of 22.16% [1]. - The company’s gross margin for the first three quarters was 29.57%, a decrease of 2.84 percentage points year-on-year, while the net margin improved to 16.41%, an increase of 1.51 percentage points year-on-year [1]. - The company’s R&D expenses for the first three quarters amounted to 1.534 billion yuan, with an R&D expense ratio of 9.44% [1]. - The company is expected to achieve net profits of 3.720 billion yuan, 4.433 billion yuan, and 5.076 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 2.64, 3.14, and 3.60 yuan [1]. Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 5.973 billion yuan and a net profit of 994 million yuan, reflecting year-on-year growth of 8.10% and 10.61%, respectively [1]. - For the first three quarters of 2024, the company’s total revenue was 16.256 billion yuan, with a net profit of 2.501 billion yuan [1]. Segment Analysis - The rail transit equipment segment saw a revenue increase of 22.16% year-on-year, totaling 9.434 billion yuan in the first three quarters [1]. - Emerging equipment revenue reached 6.755 billion yuan, growing 11.05% year-on-year, with power semiconductors and electric drive systems for new energy vehicles showing significant growth [1]. Profitability Metrics - The gross margin for the first three quarters was 29.57%, while the net margin improved to 16.41% [1]. - The company effectively controlled its expense ratios, with a notable decrease in the sales, management, and financial expense ratios [1]. Future Outlook - The company is expected to benefit from the ongoing demand for new rail transit equipment and the recovery of passenger traffic, with significant bidding volumes already surpassing last year’s levels [1]. - The new production line in Yixing is expected to enhance the company’s semiconductor business, contributing to future profitability [1].

Financial Performance - Operating revenue for the third quarter reached ¥5,972,702,299, an increase of 8.10% compared to the same period last year[4] - Net profit attributable to shareholders was ¥994,344,893, reflecting a growth of 10.61% year-on-year[4] - The basic earnings per share for the quarter was ¥0.70, an increase of 9.37% year-on-year[4] - The company achieved operating revenue of RMB 16.256 billion in Q3 2024, a year-on-year increase of 15.33% from RMB 14.095 billion in the same period last year[12] - Net profit attributable to shareholders for the first three quarters of 2024 was RMB 2,501,185,911, representing a 21.8% increase from RMB 2,053,097,956 in the same period of 2023[17] - Total comprehensive income for the first three quarters of 2024 was RMB 2,704,976,961, an increase of 27.0% from RMB 2,130,377,547 in the same period of 2023[18] Research and Development - Research and development expenses totaled ¥615,135,965, representing a significant increase of 31.28% compared to the previous year[4] - The ratio of R&D expenses to operating revenue increased to 10.30%, up by 1.82 percentage points from the previous year[4] - Research and development expenses increased to RMB 1,534,294,907 in the first three quarters of 2024, up 20.9% from RMB 1,268,225,480 in the same period of 2023[16] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥63,219,627,390, marking an 18.38% increase year-on-year[4] - The company's total current assets as of September 30, 2024, amounted to RMB 43.978 billion, an increase from RMB 37.515 billion at the end of 2023[13] - Non-current assets totaled RMB 19.242 billion as of September 30, 2024, compared to RMB 15.890 billion at the end of 2023[14] - Total liabilities increased to RMB 19.607 billion from RMB 15.688 billion at the end of 2023[15] Shareholder Information - The company reported a total equity attributable to shareholders of ¥40,540,547,152, an increase of 9.97% compared to the previous year[4] - The total number of common shareholders at the end of the reporting period is 16,562[7] - The largest shareholder, CRRC Zhuzhou Electric Locomotive Research Institute, holds 591,000,716 shares, representing 41.87% of total shares[7] - HKSCC NOMINEES LIMITED is the second-largest shareholder with 541,302,966 shares, accounting for 38.35%[7] - The top ten shareholders collectively hold a significant portion of the company's shares, with the top three alone holding over 80%[9] - The company has a total of 15,511 A-share shareholders and 1,051 H-share shareholders at the end of the reporting period[10] Cash Flow - The net cash flow from operating activities was not applicable for this reporting period[4] - In the first three quarters of 2024, the company generated a net cash flow from operating activities of ¥554,465,376, compared to a negative cash flow of ¥233,845,840 in the same period of 2023[20] - Total cash inflow from operating activities reached ¥13,389,537,887, an increase of 12.6% from ¥11,885,470,986 in the first three quarters of 2023[20] - Cash outflow from investing activities resulted in a net cash flow of -¥4,460,077,013, a significant decline from a positive cash flow of ¥238,156,412 in the same period last year[20] - Cash inflow from financing activities increased to ¥4,891,877,377, compared to only ¥653,296,466 in the same period of 2023[21] Business Segments - The rail transportation business generated RMB 9.434 billion, up 22.16% from RMB 7.722 billion year-on-year, with rail transportation electrical equipment contributing RMB 7.631 billion, also a 22.05% increase[12] - The emerging equipment business reported revenue of RMB 6.755 billion, an 11.05% increase from RMB 6.083 billion, with power semiconductor devices growing by 26.84% to RMB 2.712 billion[12] - The company reported a significant decrease in sensor device revenue, which fell by 44.87% to RMB 2.33 billion[12]

株洲中车时代电气股份有限公司 与中车财务有限公司开展金融业务风险处置预案 第一章 总则 第一条 为有效防范、及时控制和化解株洲中车时代电气股份有限公司（以下简称"公 司"）与中车财务有限公司（以下简称"中车财务公司"）之间的金融业务风险，保证 资金安全，根据中国证券监督管理委员会、国家金融监督管理总局《关于规范上市公司 与企业集团财务公司业务往来的通知》证监发［2022］48 号等有关规定，特制定本金融 业务风险处置预案。 第二章 风险处置机构及职责 第二条 公司成立风险预防处置领导小组（以下简称"领导小组"），由公司董事 长任组长，为金融业务风险防范及处置工作的第一责任人，公司总经理及分管财务副总经 理任副组长，领导小组成员包括财务中心、审计和风险控制部、证券法律部、纪委机关部 门负责人。领导小组下设工作组，工作组设置在财务中心，具体负责对与中车财务公司发 生的金融业务进行日常监管，关注中车财务公司日常经营情况，并及时向领导小组反映风 险异常情况，以便领导小组按本预案防范和处置风险。 第三条 风险处置机构职责 （一）领导小组统一领导公司金融业务风险的应急处置工作，全面负责在中车财务公 司金融业务风险的防范和 ...

Financial Performance - Operating revenue for Q3 2024 reached ¥5,972,702,299, an increase of 8.10% year-on-year[2] - Net profit attributable to shareholders was ¥994,344,893, reflecting a growth of 10.61% compared to the same period last year[2] - Basic and diluted earnings per share were both ¥0.70, up 9.37% from the previous year[3] - The company achieved operating revenue of RMB 16.256 billion in Q3 2024, representing a year-on-year increase of 15.33% from RMB 14.095 billion in the same period last year[11] - Net profit attributable to shareholders of the parent company was CNY 2,501,185,911, up 21.8% from CNY 2,053,097,956 in the previous year[19] - The company reported a gross profit of CNY 2,322,115,119, which is a 20.5% increase from CNY 1,894,215,070 in the previous year[19] - The company’s basic earnings per share for the period was CNY 1.77, compared to CNY 1.45 in the previous year, reflecting a growth of 22.1%[19] Research and Development - R&D investment totaled ¥615,135,965, representing a 31.28% increase year-on-year, accounting for 10.30% of operating revenue[3] - The company plans to continue expanding its R&D efforts and enhance its market presence through strategic initiatives[5] - The company is actively engaged in research and development of new technologies to support its growth strategy[12] - Research and development expenses for the first three quarters amounted to CNY 1,534,294,907, representing a 20.9% increase from CNY 1,268,225,480 in the same period last year[17] Assets and Liabilities - Total assets at the end of the reporting period were ¥63,219,627,390, an increase of 18.38% from the end of the previous year[3] - Total assets increased to CNY 63,219,627,390, a growth of 18.3% from CNY 53,404,847,387 year-over-year[16] - Total liabilities rose to CNY 19,606,696,154, compared to CNY 15,688,316,505 in the previous year, reflecting an increase of 25.5%[16] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥554,465,376, with no applicable comparison for the current period[2] - The net cash flow from operating activities for the first three quarters of 2024 was RMB 554,465,376, a significant improvement compared to a net outflow of RMB -233,845,840 in the same period of 2023[20] - Total cash inflow from operating activities reached RMB 13,389,537,887, up from RMB 11,885,470,986 in the previous year, reflecting a growth of approximately 12.6%[20] - Cash outflow from investment activities was RMB 16,822,719,504, an increase from RMB 13,555,765,879 in 2023, indicating a rise of about 24.5%[20] - The net cash flow from financing activities was RMB 2,690,486,512, recovering from a net outflow of RMB -501,017,915 in the same period last year[21] Market Presence and Strategy - The company is focusing on expanding its market presence and enhancing its product offerings in the rail transportation and emerging equipment sectors[12] - The company plans to continue expanding its market presence and investing in new technologies to enhance its competitive edge[19] Shareholder Information - Shareholder structure includes major stakeholders such as CRRC Zhuzhou Electric Locomotive Research Institute Co., Ltd. holding 41.87% of shares[6] - The company reported a total of 15,511 A-share shareholders and 1,051 H-share registered shareholders by the end of the reporting period[10] Inventory and Receivables - Accounts receivable increased to RMB 14.471 billion, compared to RMB 9.636 billion at the end of 2023, indicating a significant rise in outstanding payments[13] - Inventory levels rose to RMB 6.465 billion, up from RMB 5.443 billion, reflecting increased production or stockpiling[13] Cash and Cash Equivalents - The company's cash and cash equivalents stood at RMB 7.381 billion as of September 30, 2024, down from RMB 7.903 billion at the end of 2023[13] - The company’s cash and cash equivalents increased to CNY 43,977,960,941, up from CNY 37,514,972,626, indicating a growth of 17.5%[16] - The company reported a total cash and cash equivalents balance of RMB 5,792,473,531 at the end of the period, down from RMB 6,576,798,295 at the end of the previous year[21] Non-Recurring Gains and Losses - Non-recurring gains and losses amounted to ¥105,770,125 for the current period, with a total of ¥453,927,535 year-to-date[4]