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 ...

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].