Changjiang Securities·2025-08-28 05:46Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - In the first half of 2025, the company's rail transit equipment business showed steady growth, while the emerging equipment business continued to make breakthroughs. The rail transit business is expected to maintain stability, and the semiconductor sector, particularly the IGBT for rail transit power grids, is on an upward trend. The company is optimistic about the dual-driven growth from rail transit equipment and emerging equipment [2][6]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 12.214 billion yuan, a year-on-year increase of 17.95%. The net profit attributable to the parent company was 1.672 billion yuan, up 12.93%, while the net profit after deducting non-recurring items reached 1.588 billion yuan, marking a significant growth of 37.04% [6]. Rail Transit Equipment Business - The revenue from the rail transit equipment business in the first half of 2025 was 6.911 billion yuan, reflecting a year-on-year increase of 12.58%. The breakdown includes 5.515 billion yuan from rail transit electrical equipment, 563 million yuan from rail engineering machinery, 470 million yuan from communication signal systems, and 363 million yuan from other rail transit equipment. The company maintained a stable market share in the bidding for high-speed trains and locomotives, with ongoing progress in the performance verification of the CR450 high-speed train series and continuous advancements in the development of new energy locomotives [6][11]. Emerging Equipment Business - The emerging equipment business generated revenue of 5.244 billion yuan in the first half of 2025, representing a year-on-year increase of 25.88%. The revenue breakdown includes 2.416 billion yuan from basic components, 999 million yuan from electric drive systems for new energy vehicles, 1.047 billion yuan from new energy power generation, 359 million yuan from industrial converters, and 423 million yuan from marine engineering equipment. The company made significant progress in various sectors, including power semiconductors, electric drive systems, and marine engineering equipment, achieving new orders and market breakthroughs [6][11]. Future Outlook - The company expects the rail transit business to continue its upward trend in 2025, with the semiconductor sector also showing positive prospects. The forecast for net profit attributable to the parent company is 4.3 billion yuan for 2025 and 4.92 billion yuan for 2026, corresponding to price-to-earnings ratios of 15.2 and 13.3 times, respectively [6][11].