时代电气：大规模检修和以旧换新有望带动增长

Investment Rating - The report does not provide a specific investment rating for the company, but it highlights potential growth opportunities in the rail transportation equipment sector [1]. Core Insights - The company is expected to benefit from large-scale maintenance and equipment replacement, with a peak period for high-level repairs anticipated from 2024 to 2027 [1]. - The semiconductor business is under pricing pressure, but the company is actively responding to maintain growth in its electric vehicle-related semiconductor business [2]. - Innovation is driving long-term growth, with the company aligning its products with the latest developments in new energy vehicles [2]. - The company is expanding its international market presence, particularly along the Belt and Road Initiative, despite geopolitical challenges [2]. Summary by Sections Rail Transportation Equipment Business - Large-scale maintenance and equipment replacement are expected to drive growth, with a peak in high-level repairs from 2024 to 2027 [1]. - The company anticipates revenue growth from the replacement of aging diesel engines due to government policies [1]. Semiconductor Business - The company has a current annual production capacity of 225,000 pieces (6 inches) for silicon carbide and plans to achieve significant production capacity by 2025 [2]. - Despite intense competition in the electric vehicle sector, the company aims to maintain growth in its semiconductor business due to its competitive advantages [2]. Innovation and R&D - The company is closely following the direction of new energy development and has provided traction networks and battery management systems for new energy locomotives [2]. - Continuous investment in R&D is expected to support long-term growth in rail transit equipment [2]. International Market Expansion - The company's products have served 52 countries along the Belt and Road, participating in high-quality projects like the China-Laos Railway [2]. - The company is expanding its product range and market share in international markets, following the lead of major domestic manufacturers [2].