时代电气(03898) - 2024 - 中期业绩

Definitions This chapter primarily explains professional terms and company entity abbreviations used in the report to ensure accurate information transmission - This chapter primarily explains professional terms and company entity abbreviations used in the report to ensure accurate information transmission[15][16] Company Profile and Key Financial Indicators This section provides an overview of the company's key financial performance and indicators for the first half of 2024, highlighting significant growth in revenue and net profit Key Accounting Data and Financial Indicators In the first half of 2024, the company reported significant financial growth with operating revenue increasing by 19.99% to 10.284 billion yuan and net profit attributable to shareholders rising by 30.56% to 1.507 billion yuan, alongside a positive shift in operating cash flow Key Accounting Data (January-June 2024) | Key Accounting Data | Current Period (Jan-Jun) (Yuan) | Prior Period (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 10,283,733,393 | 8,570,210,633 | 19.99 | | Net Profit Attributable to Shareholders of Listed Company | 1,506,841,018 | 1,154,168,154 | 30.56 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | 1,158,683,608 | 928,692,585 | 24.77 | | Net Cash Flow from Operating Activities | 670,363,515 | -468,059,212 | Not Applicable | Key Financial Indicators (January-June 2024) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/Share) | 1.07 | 0.81 | 32.10% | | Diluted Earnings Per Share (Yuan/Share) | 1.07 | 0.81 | 32.10% | | Weighted Average Return on Net Assets (%) | 3.93 | 3.28 | Increased by 0.65 percentage points | | R&D Investment as % of Operating Revenue (%) | 9.47 | 9.97 | Decreased by 0.50 percentage points | - The company explained the changes in key financial indicators: - Net profit attributable to parent company increased by 30.56%: Primarily due to the year-on-year increase in operating profit driven by revenue growth[26] - Net cash flow from operating activities turned positive: Primarily due to the year-on-year increase in cash received from sales of goods and provision of services[26] - Earnings per share increased by 32.10%: Primarily due to the year-on-year increase in net profit attributable to the parent company[26] Non-recurring Gains and Losses (January-June 2024) | Non-recurring Gains and Losses | Amount (Yuan) | | :--- | :--- | | Government Subsidies | 359,866,247 | | Fair Value Changes and Disposal Gains/Losses of Financial Assets/Liabilities | 56,608,780 | | Disposal Gains/Losses of Non-current Assets | 2,958,532 | | Other Non-operating Income and Expenses | 6,082,662 | | Total | 348,157,410 | Management Discussion and Analysis This section provides an in-depth analysis of the company's industry landscape, core business operations, technological advancements, and strategic initiatives during the reporting period Industry and Main Business Overview The company, a leader in rail transit traction converter systems, pursues a concentric diversification strategy by expanding into power semiconductors and new energy sectors, benefiting from national strategic opportunities - The company's main business involves R&D, design, manufacturing, sales, and service of rail transit equipment products, forming an "device + system + complete machine" industrial structure[29] - The company actively expands beyond rail transit, with businesses extending to power semiconductor devices, industrial converter products (wind, solar, storage, hydrogen, mining truck electric drives, etc.), new energy vehicle electric drive systems, sensor devices, marine engineering equipment, and other fields[29] - National top-level strategies such as the "Outline for Building a Powerful Transportation Nation" and "Dual Carbon" targets provide important opportunities for the company's business development, especially in intelligent and green transportation equipment and new energy sectors[31][32][33] Core Technologies and R&D Progress The company maintains its technological leadership through 13 core technologies and 3,540 patents, demonstrating significant R&D achievements in rail transit and new industries with a 13.95% increase in R&D investment in H1 2024 R&D Achievements In H1 2024, the company achieved international leading technical standards in CR450 EMU systems and made breakthroughs in 4500V press-pack and 1200V SiC modules, adding 142 new patents to its total of 3,540 - Rail Transit Industry: Completed the development of key traction network systems for CR450 EMU, with technical indicators reaching international leading levels; completed the installation and debugging of Fuxinghao locomotive permanent magnet traction system; further expanded application scenarios for hybrid power traction systems[47] - New Industries: Breakthroughs in 4500V press-pack product cosmic ray resistance technology; completed development of 1200V automotive-grade L5 plastic-packaged SiC modules; completed development of offshore floating 20MW full-power wind power converters; achieved demonstration application of 120t hydrogen-electric hybrid mining truck electric drive system[48] Intellectual Property Overview (First Half 2024) | Category | New Applications This Period | New Grants This Period | Cumulative Grants | | :--- | :--- | :--- | :--- | | Invention Patents | 95 | 93 | 2,215 | | Utility Model Patents | 21 | 46 | 1,200 | | Design Patents | 2 | 3 | 125 | | Total | 124 | 148 | 3,924 | R&D Investment In H1 2024, total R&D investment increased by 13.95% to 0.974 billion yuan, with expensed R&D rising by 16.69% and capitalized R&D decreasing by 35.55%, while R&D intensity slightly declined to 9.47% of revenue R&D Investment (January-June 2024) | Item | Current Period (Yuan) | Prior Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 944,888,068 | 809,725,754 | 16.69 | | Capitalized R&D Investment | 28,905,627 | 44,852,017 | -35.55 | | Total R&D Investment | 973,793,695 | 854,577,771 | 13.95 | | R&D Investment as % of Operating Revenue (%) | 9.47 | 9.97 | Decreased by 0.50 percentage points | | Capitalization Ratio of R&D Investment (%) | 2.97 | 5.25 | Decreased by 2.28 percentage points | R&D Personnel Information As of the reporting period end, the company's R&D personnel increased to 3,076, comprising 37.08% of total staff, with over 43% holding master's or higher degrees and nearly 80% under 40 years old R&D Personnel Overview | Item | Current Period | Prior Period | | :--- | :--- | :--- | | R&D Personnel Count (Persons) | 3,076 | 2,775 | | R&D Personnel as % of Total Company Headcount (%) | 37.08 | 35.26 | - The R&D team's educational background is primarily bachelor's and master's degrees, totaling over 95%. The age structure is young, with the 30-40 age group forming the backbone, accounting for nearly 50%[74][75] Analysis of Core Competitiveness The company's core competitiveness stems from its leading market position in rail transit, innovation-driven technology, high-quality service, full-chain synergy, and top-tier talent, with emerging businesses also achieving significant market presence - Market Position: High-speed rail and locomotive traction converter products lead the domestic market; urban rail traction converter systems have held the top domestic market share for twelve consecutive years from 2012 to 2023[77] - Breakthroughs in Emerging Businesses: Passenger vehicle power module installations ranked among the top two in the industry in the first half of 2024 (market share 13.4%); domestic winning bids for photovoltaic inverters entered the top five in the industry; new energy vehicle electric drive system installations ranked among the top nine domestically[78] - Technology and Talent: Possesses 6 national-level technology innovation platforms and has accumulated 3,540 authorized patents. The R&D team is led by a Chinese Academy of Engineering academician, with R&D personnel accounting for 37.08% of the total, of whom over 43% hold master's or doctoral degrees[80][84] Discussion and Analysis of Operating Conditions In H1 2024, the company achieved steady growth through its concentric diversification strategy, with rail transit maintaining market share and emerging equipment businesses expanding rapidly, though the sensor segment faced challenges - Rail Transit Industry: China National Railway Group's EMU tender volume exceeded last year's full-year total, and the company's market share remained stable; new orders for urban rail traction systems continued to lead the industry[88] - Power Semiconductors: Existing production lines are at full capacity, and the Yixing Phase III project is progressing steadily, expected to commence production in the second half of 2024. IGBT 7.5 generation chip products achieved batch delivery, and SiC products are undergoing continuous verification[89] - New Energy Passenger Vehicle Electric Drives: The national "1+N" four major production bases layout is largely complete, with capacity steadily increasing, and approximately 40,000 units exported overseas in partnership with Hozon and SAIC-GM-Wuling[89] - Sensor Segment: Revenue declined in the first half of 2024 due to decreased demand growth in the photovoltaic industry and a decline in the unit price of automotive sensor products[90] Risk Factors The company faces various risks, including uncertainties in core technology R&D, complexities of overseas operating environments, financial risks from exchange rate fluctuations, fierce market competition in new energy vehicles and other industries, and macro-environmental risks from international trade protectionism - The main risks identified by the company include: - Core Competitiveness Risk: High R&D investment with uncertainties, potentially leading to R&D failure or lower-than-expected returns from new products[91] - Operating Risk: Overseas operations face political, supply chain, and increased cost risks[93] - Financial Risk: Increased international operations may lead to asset losses or increased costs due to exchange rate fluctuations[94] - Industry Risk: Fierce price competition and rapid technological iteration in the new energy vehicle component market[95] - Macro-environmental Risk: International trade protectionism may lead to increased costs and greater difficulty in securing orders[96] Key Operating Conditions During the reporting period, the company achieved robust financial performance with operating revenue up 19.99% to 10.284 billion yuan and net profit up 30.56% to 1.507 billion yuan, driven by growth in both rail transit and emerging equipment businesses, alongside significant asset increases and a strategic capital increase for a subsidiary Main Business Analysis In H1 2024, the company's main business showed strong performance, with rail transit equipment revenue growing by 30.87% to 6.139 billion yuan, notably in communication signal systems, and emerging equipment revenue increasing by 9.21% to 4.094 billion yuan, despite a decline in sensor devices Revenue by Business Segment (Unit: Billion Yuan) | Revenue Segment | Current Period (Billion Yuan) | Prior Period (Billion Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Rail Transit Equipment Business | 6.139 | 4.691 | 30.87 | | Of which: Rail Transit Electrical Equipment | 4.947 | 3.885 | 27.33 | | Rail Engineering Machinery | 0.557 | 0.482 | 15.57 | | Communication Signal Systems | 0.416 | 0.180 | 131.47 | | Emerging Equipment Business | 4.094 | 3.749 | 9.21 | | Of which: Power Semiconductor Devices | 1.747 | 1.380 | 26.63 | | Sensor Devices | 0.136 | 0.257 | -47.01 | | New Energy Vehicle Electric Drive Systems | 0.903 | 0.833 | 8.23 | | Industrial Converters | 0.903 | 0.937 | -3.58 | | Marine Engineering Equipment | 0.405 | 0.342 | 18.61 | | Total | 10.284 | 8.570 | 19.99 | Analysis of Assets and Liabilities As of the reporting period end, total assets grew 16% to 61.936 billion yuan, primarily driven by increases in monetary funds, accounts receivable, and construction in progress, while other payables significantly rose due to unpaid dividends Major Balance Sheet Item Changes | Item Name | End of Current Period (Yuan) | End of Prior Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Monetary Funds | 10,788,369,571 | 7,903,177,340 | 36.51 | | Notes Receivable | 986,313,390 | 2,376,882,219 | -58.50 | | Accounts Receivable | 12,653,604,811 | 9,635,843,983 | 31.32 | | Construction in Progress | 3,197,950,382 | 1,261,506,969 | 153.50 | | Other Payables | 2,819,948,208 | 1,145,345,758 | 146.21 | Significant Asset and Equity Disposals During the reporting period, the company completed a 4.328 billion yuan capital increase and share expansion for its controlling subsidiary CRRC Times Semiconductor, reducing its stake to 77.7771% while retaining control - Controlling subsidiary CRRC Times Semiconductor completed capital increase and share expansion, introducing strategic investors and an employee stock ownership platform, with a capital increase of 4.328 billion yuan. The company's shareholding decreased to 77.7771%, but it maintained its controlling position[106] Corporate Governance This section details significant changes in the company's board, supervisory committee, senior management, and core technical personnel, along with share repurchase activities during the reporting period Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel During the reporting period, several changes occurred in the company's directors, supervisors, senior management, and core technical personnel, including resignations and new appointments across various key positions - Changes in Board of Directors members: - Resignations: Zhang Xinning (Non-executive Director), Liu Ke'an (Vice Chairman, Executive Director), Gao Feng (Independent Non-executive Director)[114][116][117] - New Appointments/Elections: Shang Jing (Vice Chairman, Executive Director), Xu Shaolong (Executive Director), Feng Xiaoyun (Independent Non-executive Director)[114][116][117] - Changes in Senior Management: - Resignations: Yan Changqi (Deputy General Manager), Liu Zehua (Deputy General Manager, CFO), Shang Jing (General Manager), Yi Weihua (Deputy General Manager), Li Peng (Deputy General Manager)[114][115][116][117] - Appointments: Gan Weiwei (Deputy General Manager), Sun Shan (Deputy General Manager, CFO), Xu Shaolong (General Manager)[114][115][116][117] Repurchase, Sale or Redemption of Listed Securities of the Company During the reporting period, the company repurchased a total of 4,696,800 H shares on the Hong Kong Stock Exchange in January 2024, which have since been cancelled, with a total consideration of approximately 98.56 million HKD, aiming to enhance shareholder value H-share Repurchase Details (January 2024) | Repurchase Month | Number of H-shares Repurchased | Highest Price Paid Per Share (HKD) | Lowest Price Paid Per Share (HKD) | Total Consideration (HKD) | | :--- | :--- | :--- | :--- | :--- | | January 2024 | 4,696,800 | 21.8 | 19.64 | 98,558,789.24 | Environmental and Social Responsibility This section outlines the company's environmental protection efforts, including investments, compliance, and initiatives to reduce carbon emissions through product innovation and clean energy adoption Environmental Information The company has established environmental protection mechanisms, investing 3.96 million yuan in environmental protection during the reporting period, ensuring compliance for key pollutant-discharging subsidiaries and actively pursuing carbon reduction through energy-saving products and clean energy initiatives - Environmental protection investment of 3.96 million yuan during the reporting period[131] - Contributes to carbon reduction through R&D and production of new products, for example: - SiC Traction System: Implemented in Shenzhen Metro lines, with actual measured energy savings exceeding 10%[140] - Hydrogen Energy Catenary Maintenance Vehicle: Completed online trial operation, with a single vehicle expected to reduce CO2 emissions by over 75 tons annually[140] - Achieves carbon reduction through the use of clean energy and energy-saving technical upgrades: - Added 3MW of rooftop photovoltaic capacity, with an annual power generation capacity of approximately 3 million kWh[141] - Purchased over 5 million kWh of green electricity in the first half of the year, with a full-year plan to purchase 18 million kWh, expected to reduce emissions by approximately 10,000 tons[142] - Implemented energy-saving optimization for production line equipment and smart air conditioning and lighting upgrades[141][142] Significant Matters This section covers key corporate actions and financial disclosures, including significant guarantees and the progress of raised funds utilization Significant Guarantees Provided and Outstanding During the Reporting Period During the reporting period, the company had no external guarantees, only guarantees for its subsidiaries, totaling 0.262 billion yuan, with 0.226 billion yuan provided for entities with an asset-liability ratio exceeding 70% Company Guarantee Total | Item | Amount (Yuan) | | :--- | :--- | | Total Guarantees (A+B) | 262,217,410.39 | | Total Guarantees as % of Company's Net Assets (%) | 0.71 | | Debt Guarantees for Guaranteed Entities with Asset-Liability Ratio > 70% (D) | 226,075,000.00 | Explanation of Progress in Use of Raised Funds The net proceeds from the company's initial public offering amounted to 7.443 billion yuan, with 5.450 billion yuan cumulatively invested as of the reporting period end, representing a 73.22% investment progress, while temporarily idle funds are utilized for cash management Overall Use of Raised Funds | Item | Amount (Yuan) | | :--- | :--- | | Net Proceeds from IPO (after deducting issuance expenses) | 7,443,212,046 | | Cumulative Raised Funds Invested as of End of Reporting Period | 5,449,575,035 | | Cumulative Investment Progress as of End of Reporting Period (%) | 73.22 | - The company used temporarily idle raised funds not exceeding 3.2 billion yuan for cash management to increase returns on the company's cash assets. As of the end of the reporting period, the cash management balance was 1.66 billion yuan[227] Share Changes and Shareholder Information This section details changes in the company's share capital due to repurchases and provides an overview of its shareholder structure, including major shareholders and lock-up commitments Share Capital Changes During the reporting period, the company's total share capital decreased from 1,416,236,912 shares to 1,411,540,112 shares due to the repurchase and cancellation of 4,696,800 H shares in January 2024 - The company repurchased and cancelled 4,696,800 H shares in January 2024, leading to a reduction in total share capital[233] Share Capital Change Table | Share Class | Quantity Before This Change | Change (Increase/Decrease) | Quantity After This Change | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 608,966,468 | 0 | 608,966,468 | | II. Unrestricted Tradable Shares | 807,270,444 | -4,696,800 | 802,573,644 | | Of which: Overseas Listed Foreign Shares (H-shares) | 547,329,400 | -4,696,800 | 542,632,600 | | III. Total Shares | 1,416,236,912 | -4,696,800 | 1,411,540,112 | Shareholder Information As of the reporting period end, the company had 16,516 common shareholders, with CRRC Zhuzhou Institute Co., Ltd. and HKSCC NOMINEES LIMITED as the top two largest shareholders, and the controlling shareholder extending its pre-IPO share lock-up period Top Ten Shareholders' Shareholding (As of June 30, 2024) | Shareholder Name | Shares Held at Period End | Proportion (%) | | :--- | :--- | :--- | | CRRC Zhuzhou Institute Co., Ltd. | 591,000,716 | 41.87 | | HKSCC NOMINEES LIMITED | 541,316,466 | 38.35 | | Hong Kong Securities Clearing Company Limited | 26,498,358 | 1.88 | | China Merchants Bank - Huaxia SSE STAR Market 50 ETF | 20,052,422 | 1.42 | | CRRC Zhuzhou Electric Locomotive Co., Ltd. | 10,000,000 | 0.71 | - Controlling shareholder CRRC Zhuzhou Institute pledged to voluntarily extend the lock-up period for its 589,585,699 pre-IPO shares by 12 months, until September 6, 2025[217][240] Preferred Shares Information This section confirms the company had no preferred shares outstanding or related activities during the reporting period - During the reporting period, the company had no preferred shares information[246] Bond Information This section confirms the company had no outstanding bonds or bond-related activities during the reporting period - During the reporting period, the company had no bond information[247] Financial Report This section presents the company's comprehensive financial statements for the first half of 2024, providing a detailed view of its financial position, performance, and cash flows Financial Statements This chapter provides the company's unaudited consolidated and parent company financial statements for the first half of 2024, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, showing growth in total assets, revenue, and profit, with significantly improved operating cash flow Consolidated Balance Sheet Summary (June 30, 2024) | Item | End of Period Balance (Yuan) | Beginning of Period Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 61,936,184,997 | 53,404,847,387 | | Total Liabilities | 19,395,527,401 | 15,688,316,505 | | Owners' Equity Attributable to Parent Company | 39,518,775,875 | 36,865,956,579 | | Total Owners' Equity | 42,540,657,596 | 37,716,530,882 | Consolidated Income Statement Summary (January-June 2024) | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 10,283,733,393 | 8,570,210,633 | | Operating Profit | 1,702,661,203 | 1,211,280,886 | | Total Profit | 1,708,743,865 | 1,225,639,966 | | Net Profit | 1,601,032,565 | 1,188,316,862 | | Net Profit Attributable to Parent Company Shareholders | 1,506,841,018 | 1,154,168,154 | Consolidated Cash Flow Statement Summary (January-June 2024) | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 670,363,515 | -468,059,212 | | Net Cash Flow from Investing Activities | -3,074,478,598 | 69,930,686 | | Net Cash Flow from Financing Activities | 4,495,429,019 | 37,816,024 | | Net Increase in Cash and Cash Equivalents | 2,090,396,372 | -355,366,109 |