机构：第一上海 研究员：陈晓霞/黄晨 25H1 业绩回顾，扣非净利润环比提速：收入122.1 亿元，同比增长17.9%；归母净利润16.7 亿元，同比 增长12.9%；扣非净利润15.9 亿元，同比增长37.0%，相比25Q1 的29.5%进一步提速。分业务看：轨道 交通业务实现收入69.1 亿元，同比增长12.6%；新兴装备业务实现收入人民币52.4 亿元，同比增长 25.9%，其中基础器件收入24.2 亿元，同比增长29.1%，新能源发电收入10.5 亿元，同比增长42.9%，新 能源汽车电驱10.0亿元，同比增长1.3%。上半年公司各板块业务毛利率均有所提升，叠加收入结构变 化，综合毛利率同比提升4.4 个百分点至32.0%。公司每股派息0.44 元人民币（含税），派息比率 35.75%。 轨交业务增长乐观，维保占比持续提升：国铁客运畅旺，客运量屡创新高，带动25 年动车组招标超预 期。以旧换新政策推动老旧内燃机车陆续退出市场，给机车带来持续增量需求。25H1维保业务占轨交 收入比例约23%，相比去年同期高速增长，看好未来国铁和城轨的维保需求释放。此外，公司在轨交领 域持续拓展新领域，通信信号、其他轨道 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 51.3, representing a potential upside of 31% from the current price of HKD 39.08 [2][5]. Core Insights - The company's rail transit business continues to perform well, with maintenance services gaining a larger share of revenue. The demand for new trains is expected to increase due to high passenger volumes and government policies promoting the replacement of old locomotives [5]. - The semiconductor segment is entering a capacity ramp-up phase, with significant growth in revenue from core components and new energy generation. The company is also establishing itself in the automotive electric drive sector [5]. - Revenue and net profit forecasts for 2025-2027 are optimistic, with projected revenues of RMB 27.4 billion, RMB 30.3 billion, and RMB 33.0 billion, respectively, and net profits of RMB 4.3 billion, RMB 4.8 billion, and RMB 5.3 billion [4][5]. Financial Summary - For the fiscal year ending December 31, 2023, the company reported revenue of RMB 21.8 billion, a year-on-year increase of 20.9%, and a net profit of RMB 3.1 billion, up 21.5% [4][6]. - The company’s gross margin improved by 4.4 percentage points to 32.0%, driven by a favorable change in revenue structure across its business segments [5]. - The earnings per share (EPS) is projected to grow from RMB 2.20 in 2023 to RMB 3.12 in 2025, reflecting a compound annual growth rate of 19.1% [4][6].

本报讯 （记者肖伟）8月22日，株洲中车时代电气股份有限公司（以下简称"时代电气"）发布2025年半 年度报告。报告显示，公司上半年营业收入约122.14亿元，同比增长17.95%；归属于上市公司股东的净 利润约16.72亿元，同比增长12.93%。 科技创新成为时代电气业绩增长的不竭动力。时代电气深耕于轨道交通牵引变流系统领域，形成了突出 的科技创新实力，并遵循"同心多元化"战略向相关领域进行技术延伸，建立了完善的研发体系，具备在 产品设计、制造和检测等方面的持续创新能力。截至2025年6月30日，时代电气拥有6个国家级技术创新 平台、7个省级技术创新平台，1个博士后工作站。在境内外累计获得专利授权数量3654件，其中发明专 利2473件；累计主持和参与制定国际标准51项、国内标准198项（含国家标准，行业标准和团体标 准）。 未来，时代电气将继续依托自身技术优势，把握市场机遇，在轨道交通和新能源等领域持续发力，为公 司业绩增长注入新动力。 （编辑 张昕） 作为中国中车旗下核心装备企业，时代电气在轨道交通装备主业上稳中有升。2025年上半年，国内铁路 固定资产投资增长，铁路客货运量增势良好。凭借在高铁、城轨 ...

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].