Times Electric(688187) 金融界·2025-03-28 13:04Core Viewpoint - The company achieved significant financial results in 2024, with total revenue of 24.909 billion yuan and a net profit of 3.703 billion yuan, but faces challenges in emerging business growth and market competition [1][5]. Group 1: Financial Performance - The company reported a total revenue of 24.909 billion yuan, representing a year-on-year increase of 13.42% [1]. - The net profit attributable to shareholders reached 3.703 billion yuan, up 21.77% year-on-year, with a non-recurring net profit of 3.226 billion yuan, increasing by 24.28% [1][5]. - The proposed cash dividend amounts to 1.369 billion yuan, accounting for 36.98% of the net profit, which may impact future capital expenditures and business expansion [5]. Group 2: Rail Transit Business - The company maintains a leading position in the rail transit sector, with a domestic market share of over 50% in urban rail traction systems for 13 consecutive years [2]. - The company secured its first order for a new energy locomotive traction system and achieved significant technological advancements, including the completion of the CR450 train set and the upgrade of the permanent magnet traction system [2]. - Despite these achievements, growth in the rail transit business is slowing, with future growth relying on maintenance and overseas orders due to limited domestic market expansion [2]. Group 3: Emerging Equipment Business - The company has made progress in the emerging equipment sector, leading the domestic market with IGBT modules in rail transit and power grid applications [3]. - The installed capacity of power modules for new energy passenger vehicles reached 2.256 million sets, holding a market share of approximately 13.7%, ranking second after BYD [3]. - However, the growth rate in the emerging equipment business has significantly slowed, with only 251,000 sets of electric drive systems installed for new energy passenger vehicles in 2024, and the solar inverter business underperforming against expectations [4][3].