时代电气：轨交与半导体业务增长表现亮眼，工业变流等业务不及预期

Investment Rating - The report maintains a "Buy-A" rating for the company [1][3]. Core Views - The company's revenue for the first three quarters of 2024 reached 16.256 billion yuan, a year-on-year increase of 15.33%, while the net profit attributable to shareholders was 2.501 billion yuan, up 21.82% year-on-year [1]. - The growth in rail transit equipment business has slowed down, but the emerging equipment business remains stable [1][2]. - The company is expected to benefit from upcoming tenders for high-speed trains, which will likely boost the rail transit electrical equipment business [1][2]. Financial Performance - For Q3 2024, the company reported revenue of 5.973 billion yuan, a year-on-year increase of 8.10% but a quarter-on-quarter decrease of 6.08% [1]. - The net profit for Q3 2024 was 999 million yuan, reflecting a year-on-year increase of 10.61% and a quarter-on-quarter increase of 5.86% [1]. - The company's gross profit margin for the first three quarters of 2024 was 29.57%, while the net profit margin was 16.41% [1][3]. Business Segments - The rail transit equipment business generated revenue of 3.295 billion yuan in Q3 2024, accounting for 55.2% of total revenue, with a year-on-year increase of 5.58% [1]. - The emerging equipment business reported revenue of 2.661 billion yuan, representing a year-on-year increase of 14.1% [1]. - The power semiconductor and electric drive businesses within the emerging equipment segment showed strong performance, while industrial conversion and sensor businesses underperformed [1][2]. Future Outlook - The company is expected to enter a new phase of growth driven by the recovery in rail transit equipment demand, maintenance increments, and the city rail signal system business [2]. - The production capacity of power semiconductors is anticipated to support market share expansion and product structure optimization [2]. - The long-term strategy involves building a product matrix from "devices-components-systems," aiming for significant growth in both transportation and new energy sectors [2].