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].

丨证券研究报告丨 联合研究丨公司点评丨时代电气（688187.SH） [Table_Title] 时代电气 25Q1 点评：扣非净利润同比+30%， 轨交装备+新兴装备双轮驱动 报告要点 [Table_Summary] 2025 年一季度时代电气轨交装备和新兴装备业务继续稳健发展。预计 2025 年轨交业务继续稳 中向上，半导体板块轨交电网 IGBT 景气向上；同时新能源发电、海工等板块经营向好，持续 看好公司轨交装备+新兴装备双轮驱动。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] 赵智勇 杨洋 倪蕤 钟智铧 屈奇 SAC：S0490517110001 SAC：S0490517070012 SAC：S0490520030003 SAC：S0490522060001 SAC：S0490524070003 SFC：BRP550 SFC：BUW100 时代电气（688187.SH） cjzqdt11111 [Table_Title 时代电气 25Q1 2] 点评：扣非净利润同比+30%， 轨交装备+新兴装备双轮驱动 [ ...

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].