Group 1 - The core viewpoint of the report is that Times Electric (03898) is in a favorable position within the railway order cycle, leading to upward revisions in earnings forecasts for 2023 to 2027 by 2%, 10%, and 14% respectively [1] - The valuation basis has been adjusted, with the forecasted price-to-earnings ratio for next year increased from 11 times to 12 times, and the target price for H-shares raised from HKD 36 to HKD 43, maintaining an "outperform" rating [1] - Times Electric's profit for the first half of the year increased by 13% year-on-year, with revenue and profit growth in the second quarter at 20% and 13% respectively [1] Group 2 - The growth in the railway business during the first half of the year was driven by increased demand and maintenance services, with expectations for large-scale bidding by China Railway Corporation in the second half, including 210 sets of EMUs and 455 locomotives [1] - In the emerging equipment sector, industrial power, new energy, and semiconductors are identified as the three fastest-growing segments, benefiting from scale effects, research and development advantages, and continuous expansion of IGBT and silicon carbide production capacity [1]

Group 1 - The core viewpoint of the report is that Times Electric (03898) is in a favorable position within the railway order cycle, leading to an upward revision of earnings forecasts for 2023 to 2027 by 2%, 10%, and 14% respectively [1] - The valuation basis has been adjusted, with the forecasted price-to-earnings ratio for next year increased from 11 times to 12 times, and the target price for H-shares raised from HKD 36 to HKD 43, maintaining an "outperform" rating [1] - Times Electric's profit for the first half of the year increased by 13% year-on-year, with revenue and profit growth in the second quarter at 20% and 13% respectively [1] Group 2 - The growth in the railway business during the first half of the year was driven by increased demand and maintenance services, with expectations for large-scale bidding by China Railway Corporation in the second half, including 210 sets of EMUs and 455 locomotives [1] - In the emerging equipment (002933) sector, industrial power, new energy, and semiconductors are identified as the three fastest-growing segments, benefiting from economies of scale, research and development advantages, and the continuous expansion of IGBT and silicon carbide production capacity [1]