Zhi Tong Cai Jing·2025-09-08 03:44Core Viewpoint - Times Electric (03898) reported a strong performance in its interim results, with significant revenue and profit growth, indicating a positive outlook for the company's future performance [1] Financial Performance - For the first half of the year, Times Electric achieved a revenue of approximately 12.214 billion yuan, representing a year-on-year increase of 17.95% [1] - The net profit for the same period was around 1.6715 billion yuan, reflecting a year-on-year growth of 12.93% [1] Market Outlook - Huatai Securities anticipates that the company's performance will continue to grow steadily in the second half of the year, driven by peak demand for national railway repairs and new train set tenders, as well as breakthroughs in high-power devices, renewable energy generation, and deep-sea equipment sectors [1] - HSBC's report highlights that the sales growth in new industries is supported by stable capacity expansion, while railway equipment sales remain stable [1] Catalysts for Growth - Key catalysts for Times Electric's growth include stronger tenders for train sets and locomotives, faster capacity enhancement at the Yixing IGBT factory, alleviated price wars, and the first interim dividend distribution [1] - HSBC has raised the target price for Times Electric's H-shares from 38 HKD to 47 HKD, implying a projected price-to-earnings ratio of 13 times for 2026, reflecting stronger long-term growth potential [1]