Core Viewpoint - Goldman Sachs has downgraded the target price for Times Electric (688187.SH) to RMB 49.9 from RMB 51, maintaining a "Neutral" rating, while the target price for its H-shares (03898) is lowered to HKD 36.2 from HKD 37, with a "Buy" rating [1] Financial Performance - Times Electric reported weak Q3 2025 results with revenues of RMB 6.62 billion, operating profit of RMB 1.11 billion, and net profit of RMB 1.05 billion, reflecting year-on-year growth of 11%, 15%, and 5% respectively [1] - The company's gross margin, operating margin, and net margin stood at 33%, 17%, and 16% respectively [1] Forecast Adjustments - Goldman Sachs has slightly reduced its revenue forecasts for Times Electric for the years 2025 to 2030 by up to 5% and net income forecasts by up to 6% to reflect the recent performance results [1]

Core Viewpoint - The stock of Times Electric has experienced fluctuations, with a recent decline of 2.01% and a total market capitalization of 68.78 billion yuan, while the company shows a year-to-date stock price increase of 8.97% [1] Company Overview - Times Electric, established on September 26, 2005, and listed on September 7, 2021, is located in Zhuzhou, Hunan Province. The company specializes in the research, design, manufacturing, and sales of rail transit equipment, with a product structure that includes "devices + systems + complete machines" [1] - The main business revenue composition includes rail transit equipment business at 56.58%, emerging equipment business at 42.94%, and others at 0.48% [1] Financial Performance - For the period from January to September 2025, Times Electric achieved an operating income of 18.83 billion yuan, representing a year-on-year growth of 15.83%. The net profit attributable to the parent company was 2.72 billion yuan, with a year-on-year increase of 8.77% [2] - Since its A-share listing, Times Electric has distributed a total of 5.11 billion yuan in dividends, with 3.84 billion yuan distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders of Times Electric increased to 22,500, with an average of 40,493 circulating shares per person, reflecting a 201.21% increase from the previous period [2] - The top circulating shareholder is Hong Kong Central Clearing Limited, holding 16.42 million shares, an increase of 477,500 shares from the previous period [3]

Core Viewpoint - Goldman Sachs reported that Times Electric's third-quarter performance was weak, with revenue, operating profit, and net profit at 6.62 billion, 1.11 billion, and 1.05 billion yuan respectively, reflecting year-on-year growth of 11%, 15%, and 5% [1] Financial Performance - Revenue for the third quarter was 6.62 billion yuan, showing a year-on-year increase of 11% [1] - Operating profit reached 1.11 billion yuan, with a year-on-year growth of 15% [1] - Net profit was 1.05 billion yuan, reflecting a year-on-year increase of 5% [1] - Gross margin, operating margin, and net margin were reported at 33%, 17%, and 16% respectively [1] Forecast Adjustments - Goldman Sachs slightly lowered its revenue forecast for Times Electric for the years 2025 to 2030 by up to 5% [1] - The net income forecast was also reduced by up to 6% to reflect the performance results [1] Target Price Changes - The 12-month target price for Times Electric's A-shares was adjusted from 51 yuan to 49.9 yuan, maintaining a "Neutral" rating [1] - The 12-month target price for H-shares was revised down from 37 Hong Kong dollars to 36.2 Hong Kong dollars, with a "Buy" rating [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 55.0, indicating a potential upside of 39% from the current price of HKD 39.62 [4][6]. Core Insights - The company reported a steady performance in the first three quarters of 2025, with revenue of RMB 18.83 billion, a year-on-year increase of 14.9%, and a net profit of RMB 2.72 billion, up 10.9% year-on-year. The adjusted net profit grew by 30.9% year-on-year to RMB 2.61 billion [2][3]. - The rail transit business showed stable growth, with maintenance services accounting for approximately 22% of rail transit revenue, reflecting a significant increase compared to the previous year. The company is expected to benefit from the growing demand for maintenance services in national rail and urban rail systems [3]. - The semiconductor factory reached full production capacity, generating significant revenue growth. The new energy generation division has started to operate independently and has achieved slight profitability, with plans for further business expansion in solar and energy storage sectors [3]. Financial Projections - The company is projected to achieve revenues of RMB 27.83 billion, RMB 30.92 billion, and RMB 34.63 billion for the years 2025, 2026, and 2027, respectively, with growth rates of 11.7%, 11.1%, and 12.0% [4][7]. - Net profits are expected to be RMB 4.10 billion, RMB 4.58 billion, and RMB 5.06 billion for the same years, with growth rates of 10.7%, 11.8%, and 10.4% [4][7]. - The report estimates a price-to-earnings (PE) ratio of 15 times for 2026, supporting the target price of HKD 55.0 [4].

Core Viewpoint - UBS has adjusted the earnings per share forecast for Times Electric (03898) for 2025 to 2027 upwards by 3%, reflecting an improvement in profit margins [1] - The target price based on the sum-of-the-parts valuation method has been raised from HKD 45.2 to HKD 48.3, corresponding to a 13.7 times expected price-to-earnings ratio for 2026, due to a market revaluation of the power semiconductor business [1] - The company maintains a "Buy" rating for its H-shares, considering its solid core business and growth potential in new business areas [1] Financial Performance - For the first three quarters, the company's operating revenue and net profit increased by 15% and 11% year-on-year, reaching RMB 18.8 billion and RMB 2.7 billion, respectively, driven by healthy growth in rail passenger volume and rapid growth in emerging equipment products [1] - In the third quarter, revenue and net profit grew by 10% and 8% year-on-year, amounting to RMB 6.6 billion and RMB 1 billion, which is in line with market expectations [1] - The gross margin for the first three quarters improved by 3 percentage points due to product structure upgrades in the rail transit business [1] - The gross margin and net margin for the third quarter increased by 1 percentage point and decreased by 0.3 percentage points, reaching 33.2% and 15.9%, respectively [1] - The net cash inflow from operating activities for the first three quarters was RMB 2.1 billion, compared to a net inflow of RMB 554 million in the same period last year [1]

Core Viewpoint - UBS has adjusted the earnings per share forecast for Times Electric (03898) for 2025 to 2027 upwards by 3%, reflecting an improvement in profit margins [1] - The target price based on the sum-of-the-parts valuation method has been raised from HKD 45.2 to HKD 48.3, corresponding to a 13.7 times expected price-to-earnings ratio for 2026, due to a market re-evaluation of the power semiconductor business [1] - The company maintains a "Buy" rating for its H-shares, considering its solid core business and growth potential in new business areas [1] Financial Performance - For the first three quarters, the company's operating revenue and net profit increased by 15% and 11% year-on-year, reaching RMB 18.8 billion and RMB 2.7 billion, respectively, driven by healthy growth in rail transit business and rapid growth in emerging equipment products [1] - In the third quarter, revenue and net profit grew by 10% and 8% year-on-year, amounting to RMB 6.6 billion and RMB 1 billion, respectively, which is in line with market expectations [1] - The gross margin for the first three quarters improved by 3 percentage points due to product structure upgrades in the rail transit business [1] - The third quarter gross margin and net profit margin increased by 1 percentage point and decreased by 0.3 percentage points, reaching 33.2% and 15.9%, respectively [1] - The net cash inflow from operating activities for the first three quarters was RMB 2.1 billion, compared to a net inflow of RMB 554 million in the same period last year [1]

Investment Rating - The report maintains a "Buy" rating for the company’s A-shares and H-shares [4][6] Core Insights - The company achieved a revenue of 18.83 billion CNY in the first three quarters of 2025, representing a year-on-year growth of 14.9%. The net profit attributable to shareholders was 2.72 billion CNY, up 10.9%, while the net profit excluding non-recurring items reached 2.61 billion CNY, marking a significant increase of 30.9% [1][4] - The company's gross margin improved to 32.4%, an increase of 3.1 percentage points year-on-year, while the net margin slightly decreased to 15.3%, down 0.7 percentage points [1] - The rail transit equipment business showed stable growth, with revenue reaching 10.31 billion CNY, a year-on-year increase of 9.2%. The company maintained a stable market share in the bidding for train sets and locomotives, which is expected to support the annual performance [2] - The emerging equipment business experienced rapid development, with revenue of 8.43 billion CNY, reflecting a year-on-year growth of 22.3%. The company made significant progress in IGBT chip technology and is expanding its production capacity in power semiconductors [3] Summary by Sections Financial Performance - For Q3 2025, the company reported a revenue of 6.62 billion CNY, a 9.6% increase year-on-year, and a net profit of 1.05 billion CNY, up 7.7% [1] - The company’s projected net profits for 2025-2027 are 4.30 billion CNY, 4.81 billion CNY, and 5.35 billion CNY, respectively, with corresponding EPS of 3.17 CNY, 3.54 CNY, and 3.94 CNY [4][5] Revenue Breakdown - The rail transit equipment segment generated 10.31 billion CNY in revenue, with specific contributions from various sub-segments: electrical equipment (8.08 billion CNY), engineering machinery (0.90 billion CNY), communication signals (0.76 billion CNY), and other equipment (0.57 billion CNY) [2] - The emerging equipment segment's revenue was 8.43 billion CNY, with notable growth in basic components (3.84 billion CNY), electric drive systems for new energy vehicles (1.87 billion CNY), and renewable energy generation (1.59 billion CNY) [3] Profitability and Valuation - The company’s projected P/E ratios for A-shares are 23, 19, 16, 15, and 13 for the years 2023 to 2027, respectively [5][11] - The return on equity (ROE) is expected to improve from 8.42% in 2023 to 10.45% in 2027, indicating enhanced profitability [11]

Core Viewpoint - Bank of America Securities has raised the target price for Times Electric (03898) to HKD 45, despite the company's third-quarter performance falling short of expectations [1] Financial Performance - Times Electric reported third-quarter revenue of RMB 6.6 billion, representing a year-on-year increase of 10% but a quarter-on-quarter decline of 14%, which was 3% lower than the bank's expectations [1] - The net profit for the period was RMB 1 billion, showing a year-on-year growth of 8% and a quarter-on-quarter increase of 1%, but was 11% below the bank's forecast due to a reduction in government subsidies [1] Target Price Adjustment - Based on the downward revision of sales forecasts and government subsidy income, the bank has adjusted its earnings estimates for 2025 to 2027 down by 3% each year [1] - The target price for H-shares has been increased from HKD 43 to HKD 45, while the target price for A-shares has been raised from RMB 53 to RMB 60 [1] - The bank maintains a "Neutral" rating on the stock [1]

美银证券发布研报称，时代电气(03898,688187.SH)第三季收入66亿元人民币(下同)，同比增长10%、按 季下降14%，较该行预期低3%，主要因轨道装备业务收入低于预期。期内净利润为10亿元，同比增长 8%、按季增长1%，较该行预期低11%，主要因政府补助款项减少。基于下调销售预测及政府补助收 入，该行将2025至27年各年盈测各下调3%，H股目标价由43港元升至45港元，A股目标价由53元人民币 升至60元人民币;重申"中性"评级。 ...

Core Viewpoint - The company is actively monitoring and evaluating market opportunities in the data center power supply sector, indicating a strategic focus on this growing industry [1]. Company Summary - The company has already integrated a small number of bipolar devices into data center equipment, showcasing its current involvement in the sector [1].