事件：公司发布2025 年中报业绩。25H1 公司实现营业收入122.14 亿元，同比增长17.95%；实现归母净 利润16.72 亿元，同比增长12.93%；实现扣非归母净利润15.88 亿元，同比增长37.04%。Q2 单季度收入 76.77 亿元，同比/ 环比增长19.88%/69.22% ； 归母净利润10.40 亿元， 同比/ 环比增长12.63%/64.79%； 扣非归母净利润9.91 亿元，同比/环比增长42.02%/65.94%。 公司宜兴三期产线已于今年6 月底达产，半导体业务收入及盈利能力有望加速提升。公司两大业务板块 景气持续，有望共筑全年业绩增长。 投资建议：公司轨交装备业务有望受益铁路高景气+轨交维保需求陆续释放+老旧内燃机车更新，新兴 装备仍处高速成长阶段。预计公司2025-2027 年将分别实现归母净利润43.57 亿元、47.75 亿元、51.87 亿元，对应EPS 为3.21、3.52、3.82 元，对应PE 为15 倍、14 倍、13 倍，维持推荐评级。 风险提示：固定资产投资不及预期的风险，新产品拓展不及预期的风险，市场竞争加剧的风险等。 轨交装备增长稳健，新兴装备快速发 ...

11 时代电气（3898） 更新报告 买入 2025 年 8 月 25 日 轨交业务持续向好，半导体进入产能爬坡期 陈晓霞 852-2532 1956 xx.chen@firstshanghai.com.hk 黄晨 852-2532 1954 chen.huang@firstshanghai.com.hk | 行业 | 电气制造 | | --- | --- | | 股价 | 39.08 港元 | | 目标价 | 51.3 港元 | | | (+31%) | | 总市值 | 530.7 亿港元 | | 已发行股本 | 13.58 亿股 | | 52 周高/低 | 39.12 港元/23.99 港元 | | 每股净资产 | 29.93 元人民币 | 中车株洲电力机车研究所 44.21% 主要股东 盈利摘要 股价表现 | 截止日12月31日 | 2023实际 | 2024实际 | 2025预测 | 2026预测 | 2027预测 | | --- | --- | --- | --- | --- | --- | | 收入 (百万元人民币) | 21,799 | 24,909 | 27,435 | 30,298 | 33 ...

Core Viewpoint - The company reported a strong performance in Q1 2025, with revenue and net profit showing significant year-on-year growth, indicating robust business operations across various segments [1][2]. Financial Performance - In Q1 2025, the company achieved revenue of 4.537 billion yuan, a year-on-year increase of 14.81%, and a net profit attributable to shareholders of 631 million yuan, up 13.42% [1]. - The non-recurring net profit reached 597 million yuan, reflecting a substantial growth of 29.52% year-on-year [1]. Segment Analysis - The rail transit equipment business generated revenue of 2.347 billion yuan, a year-on-year increase of 10.72%, with the electrical equipment segment contributing 1.923 billion yuan [2]. - The emerging equipment business reported revenue of 2.171 billion yuan, up 20.88% year-on-year, with significant contributions from basic components and new energy vehicle electric drive systems [2]. - The overall gross margin for Q1 2025 was 33.50%, an increase of 3.84 percentage points from the previous year, driven by changes in revenue structure and cost reduction efforts [2]. Semiconductor Business - The semiconductor segment saw revenue of approximately 1.172 billion yuan, a year-on-year increase of 22.63%, with IGBT revenue growing by 35.01% [3]. - High-voltage IGBT revenue reached 403 million yuan, marking a remarkable year-on-year growth of 171.91% [3]. - New production lines are being established, with expectations to reach design capacity by the end of 2025 [3]. Deep Sea Business Strategy - The company aims to enhance its deep-sea robotics business through market opportunity capture, technological innovation, and improved manufacturing capabilities [4]. - There is a focus on developing electric and intelligent deep-sea equipment to meet the growing market demand in underwater oil and gas, wind power, and mining sectors [4]. - The company is confident in leveraging policy and market opportunities to drive growth in its marine equipment sector [4]. Future Outlook - The company maintains a "buy" rating, anticipating continued growth in rail transit and semiconductor sectors, with projected net profits of 4.35 billion yuan and 4.9 billion yuan for 2025 and 2026, respectively [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - In Q1 2025, the company achieved a revenue of 4.537 billion yuan, representing a year-on-year growth of 14.81%. The net profit attributable to shareholders was 631 million yuan, up 13.42% year-on-year, while the net profit excluding non-recurring items reached 597 million yuan, marking a significant increase of 29.52% [5][11] - The company's rail transit equipment and emerging equipment businesses continue to develop steadily, with expectations for ongoing growth in the rail transit sector and favorable conditions in semiconductor and new energy generation sectors [2][11] - The semiconductor segment showed a positive trend, with revenues of approximately 1.172 billion yuan in Q1 2025, a year-on-year increase of 22.63%. The IGBT revenue specifically grew by 35.01% to 1.063 billion yuan, with high-voltage IGBT revenue soaring by 171.91% [11] - The company is strategically focusing on deep-sea robotics, aiming to enhance its market position through technological innovation and improved manufacturing capabilities [11] Summary by Sections Financial Performance - In Q1 2025, the company reported a total revenue of 4.537 billion yuan, with a gross profit margin of 33.50%, an increase of 3.84 percentage points from the previous year [5][11] - The rail transit equipment business generated 2.347 billion yuan in revenue, up 10.72% year-on-year, while the emerging equipment business saw revenues of 2.171 billion yuan, a growth of 20.88% [11] Business Segments - The rail transit equipment segment's revenue structure improved, with the share of electrical equipment increasing from 76% to 82% of total rail transit equipment revenue [11] - The emerging equipment segment's revenue from basic components rose from 49% to 53% of its total revenue [11] Future Outlook - The company expects to achieve net profits of 4.35 billion yuan and 4.90 billion yuan for 2025 and 2026, respectively, corresponding to price-earnings ratios of 14.3 and 12.7 times [11]

Core Viewpoint - The company reported a solid performance in Q1 2025, with revenue and net profit showing significant year-on-year growth, driven by both rail transit equipment and emerging equipment sectors [1][2]. Group 1: Financial Performance - In Q1 2025, the company achieved operating revenue of 4.537 billion yuan, a year-on-year increase of 14.81% [1]. - The net profit attributable to shareholders reached 631 million yuan, up 13.42% year-on-year, while the non-recurring net profit was 597 million yuan, reflecting a growth of 29.52% [1]. - The overall gross margin for Q1 2025 was 33.50%, an increase of 3.84 percentage points year-on-year, attributed to a higher proportion of high-margin rail transit electrical equipment [2]. Group 2: Business Segments - The rail transit equipment segment generated revenue of 2.347 billion yuan, a year-on-year increase of 10.72%, with rail transit electrical equipment revenue at 1.923 billion yuan, up 18.89% [2]. - The emerging equipment segment reported revenue of 2.171 billion yuan, a growth of 20.88% year-on-year, with significant contributions from basic components and industrial converters [2]. - The semiconductor business, particularly in the new energy vehicle market, saw a revenue increase of 22.63% in Q1 2025 [3]. Group 3: Future Outlook - The company is expected to benefit from the high demand in rail transit maintenance and the replacement of old diesel locomotives, alongside the rapid growth of the emerging equipment sector [3]. - Forecasts indicate that the company will achieve net profits of 4.357 billion yuan, 4.841 billion yuan, and 5.234 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 3.18, 3.54, and 3.82 yuan [3].

Summary of the Conference Call for Times Electric (2025 Q1) Company Overview - **Company**: Times Electric - **Industry**: Rail Transportation Equipment and Emerging Equipment Key Financial Performance - **Q1 2025 Revenue**: 4.537 billion RMB, up 14.81% YoY [2][3] - **Net Profit**: 631 million RMB, up 13.42% YoY [2][3] - **Earnings Per Share**: 0.45 RMB, up 15.38% YoY [2][3] - **Gross Margin**: 33.5%, up 3.84 percentage points YoY, attributed to product structure optimization and efficiency improvements [2][5][14] Business Segment Performance Rail Transportation Equipment - **Revenue**: 2.347 billion RMB, up 10.72% YoY [2][4] - **Electrical Equipment**: 1.923 billion RMB, up 18.89% YoY [4] - **Engineering Machinery**: 153 million RMB, down 48% YoY [4] - **Communication Signal**: 133 million RMB, down 6.5% YoY [4] - **Other Equipment**: 138 million RMB, up 111% YoY [4] Emerging Equipment - **Revenue**: 2.17 billion RMB, up 20.88% YoY [2][4] - **Basic Components**: 1.16 billion RMB, up 29.86% YoY [4] - **New Energy Vehicle Drive Systems**: 386 million RMB, down 3.92% YoY [4] - **New Energy Power Generation**: 250 million RMB, down 2.54% YoY [4] Research and Development - **R&D Investment**: Over 500 million RMB, up more than 13% YoY, focusing on technology upgrades and enhancing research capabilities, particularly in silicon carbide [2][6] Production Capacity and Future Outlook - **HBT New Capacity**: Expected to reach design capacity in the second half of 2025, contributing to revenue and profit growth [2][8][9] - **Silicon Carbide Project**: Main plant in Zhuzhou completed, expected to start production by the end of 2025, supporting the commercialization of silicon carbide products [2][12] Market Trends and Opportunities - **Old Diesel Locomotive Replacement**: Anticipated increase in demand for new energy-related locomotives due to the replacement of old diesel engines [2][7] - **Marine Equipment**: Despite a decline in Q1, the company maintains a strong position in the deep-sea economy, with expectations for growth in marine equipment orders [2][10][11] Cost Management and Profitability - **Cost Control**: Enhanced cost control measures and increased production efficiency contributed to the rise in gross margin [2][14] - **Expense Overview**: Sales expenses increased by over 20%, management expenses by over 17%, and financial expenses net income grew by over 28% [5] Strategic Initiatives - **Share Buyback**: The company approved a buyback of up to 54.26 million H shares, with 42 million shares already repurchased by February 2025 [2][15] Conclusion - **Overall Performance**: Times Electric demonstrated robust growth in Q1 2025, driven by strong performance in rail transportation and emerging equipment sectors, alongside strategic investments in R&D and production capacity expansion. The company is well-positioned to capitalize on market opportunities in the context of national policies promoting green and efficient transportation solutions.