Times Electric(688187) 光大证券·2024-08-27 12:14Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [1][10] Core Insights - The company's performance in the first half of 2024 reached new highs, with operating revenue of 10.28 billion yuan, a year-on-year increase of 20.0%, and a net profit attributable to shareholders of 1.51 billion yuan, up 30.6% year-on-year [2] - The rail transit equipment business and power semiconductor sectors are significant contributors to the company's growth, with the rail transit equipment revenue growing by 30.9% year-on-year [3][4] - The company is expected to benefit from the increasing demand for rail transit equipment updates and maintenance, particularly in high-level repairs for train sets [4][10] Revenue Performance - The rail transit equipment segment generated 6.14 billion yuan in revenue in H1 2024, with various product lines showing significant growth: electrical equipment (+27.3%), engineering machinery (+15.6%), communication signals (+131.5%), and other equipment (+52.2%) [3] - The emerging equipment business also saw steady growth, with revenue of 4.09 billion yuan, a 9.2% increase year-on-year, driven by power semiconductors and new energy vehicle drive systems [5][9] Market Position and Future Outlook - The company maintains a stable market share in the rail transit sector, with ongoing development in new energy locomotives and traction systems [3][4] - The demand for high-level maintenance of train sets is expected to rise, with significant increases in tender volumes for repairs compared to previous years [4][10] - The power semiconductor segment is expanding rapidly, with revenue of 1.75 billion yuan in H1 2024, reflecting a 26.6% year-on-year growth [8]