2025 年 8 月 26 日 公司研究 动车组大规模招标打开市场空间，功率半导体业务新产能投产持续贡献增量 ——时代电气（688187.SH、3898.HK）2025 年半年报点评 A 股：买入（维持） 当前价：50.18 元 H 股：买入（维持） 当前价：40.76 港元 作者 分析师：陈佳宁 执业证书编号：S0930512120001 021-52523851 chenjianing@ebscn.com 分析师：黄帅斌 执业证书编号：S0930520080005 0755-23915357 huangshuaibin@ebscn.com 分析师：汲萌 执业证书编号：S0930524010002 021-52523859 jimeng@ebscn.com 分析师：李佳琦 执业证书编号：S0930524070006 021-52523836 lijiaqi@ebscn.com 分析师：庄晓波 执业证书编号：S0930524070018 0755-25310400 zhuangxiaobo@ebscn.com 分析师：夏天宇 执业证书编号：S0930525070006 021-52523805 xiatian ...

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 ...

证券研究报告 时代电气 (3898 HK/688187 CH) 港股通 1H25 轨交维修/半导体需求稳健向上 华泰研究 中报点评 2025 年 8 月 25 日│中国内地/中国香港 半导体 公司 1H25 实现营业收入 122.14 亿元（yoy+17.95%），其中轨道交通业务 收 入 69.11 亿 元 （ yoy+12.58% ） ， 新 兴 装 备 业 务 收 入 52.44 亿 元 （yoy+25.88%）。归母净利润 16.72 亿元（yoy+12.93%）。公司收入与利 润的增长主要得益于轨交检修、功率器件（特别是高压器件）以及新能源发 电板块需求增长。展望下半年，随着国铁大修和新增动车组招标需求高峰期 持续，以及公司在高压功率器件、新能源发电、深海装备领域逐步实现订单 突破，我们认为公司业绩将保持稳健增长。维持"买入"评级，给予 A/H 股目标价 63.58 元/49.30 港币。 | (港币/人民币) | 3898 HK 688187 CH | | | --- | --- | --- | | 目标价 | 49.30 | 63.58 | | 收盘价 (截至 8 月 22 日) | 39.08 ...

IPO Review and Registration Progress - A total of 75 IPO applications were accepted last week, with 48 companies aiming for the North Exchange, 12 for the Growth Enterprise Market, 7 for the Sci-Tech Innovation Board, and 4 for the Shanghai and Shenzhen main boards [2][3] - The highest fundraising target among the new applicants is from Zhenstone Co., which plans to raise 3.981 billion yuan for various projects including production bases and R&D [2][4] - Most of the newly accepted companies are expected to be profitable in 2024, with only two companies, Shiya Technology and Dapu Micro, projected to incur losses [4][5] Company Highlights - Zhenstone Co. is a national high-tech enterprise focused on clean energy fiber-reinforced materials, with projected revenues of 5.267 billion yuan in 2022, 5.124 billion yuan in 2023, and 4.439 billion yuan in 2024 [4] - Dapu Micro, the first unprofitable company accepted for the Growth Enterprise Market, specializes in enterprise-level SSD products and aims to achieve profitability by 2026 [5] - Aomeisen, which passed the IPO review, is a smart equipment manufacturer with expected revenues of 358 million yuan in 2024 [6] New Stock Listings and Subscriptions - Guangxin Technology debuted on the North Exchange with a first-day increase of 500%, closing at 60 yuan per share [12] - Xintong Electronics is set to list on the Shenzhen main board on July 1, 2025, with projected revenues of 1.005 billion yuan in 2024 [12] - Tongyu New Materials will have its subscription on July 1, with an issue price of 84 yuan per share and expected total fundraising of 840 million yuan [13]

Core Viewpoint - The successful listing of Suzhou Huichuan United Power Co., Ltd. marks a significant development in the "A-share split" process, indicating that strict regulations do not equate to a complete halt in the market, but rather a new normal for regulatory practices [2][5]. Summary by Sections Recent Developments - Huichuan Technology's subsidiary, United Power, has received approval for its initial public offering on the ChiNext board, becoming the second case of "A-share split" after the new "National Nine Articles" policy [1]. Regulatory Environment - The approval of United Power reflects a shift in regulatory signals, suggesting that high-quality and compliant split listings are still viable under the new regulatory framework [2][4]. - The new "National Nine Articles" policy aims to curb blind splits and arbitrage, establishing a clear boundary for future split listings [4]. Company Qualifications - United Power meets stringent regulatory standards in terms of business independence, technological innovation, and sustainable growth, which are critical for passing the regulatory scrutiny [5]. - The company has established a robust independent operational framework since its inception in 2016, focusing on electric drive systems and power systems for electric vehicles [5]. - United Power has developed 26 core product technologies and holds 98 invention patents, showcasing its technological leadership [5]. Parent Company Stability - Huichuan Technology, as a leading player in the industrial control sector, has demonstrated strong financial health, with a reported revenue of 37.04 billion yuan in 2024, up 21.77% year-on-year [6]. - The split is expected to enhance both companies' focus on their core businesses and improve overall market visibility and valuation [6]. Industry Synergy - United Power plays a pivotal role in the electric vehicle supply chain, linking upstream components and serving downstream automotive manufacturers, thus contributing to the integration and upgrading of China's automotive industry [7]. - The company aligns with national strategies for developing the electric vehicle sector, which is a key area for sustainable economic growth [7]. Market Implications - The case of United Power serves as a benchmark for future split listings, emphasizing the need for financial independence and strategic necessity for subsidiaries seeking to go public [9][10]. - The regulatory focus on maintaining a balance between strict oversight and promoting high-quality development is evident in the scrutiny applied to United Power's listing process [10][11]. Conclusion - The successful split of United Power not only provides a new platform for its growth but also exemplifies the role of capital markets in supporting technology-driven companies, potentially leading to more compliant and high-quality "A-share split" cases in the future [14][15].

Core Viewpoint - Huichuan Technology's spin-off subsidiary, United Power, has received approval for its IPO on the ChiNext board, marking a significant development in the A-share spin-off listing landscape after a period of regulatory tightening [1][4]. Summary by Sections Spin-off Listing Progress - United Power's IPO application was approved by the Shenzhen Stock Exchange, representing the first spin-off IPO approval in 2025, signaling a potential revival in A-share spin-off listings [1]. - The new "National Nine Articles" issued in April 2024 has led to stricter regulations on spin-off listings, causing many companies to halt their plans, yet United Power's approval indicates that the process is not entirely stagnant [1][4]. Company Performance and Financials - United Power, established in 2016, focuses on electric drive systems and power systems, with plans to raise 4.857 billion yuan for various projects including production and R&D [1][2]. - The company reported revenues of 5.027 billion yuan in 2022, 9.365 billion yuan in 2023, and projected 16.178 billion yuan in 2024, with net profits turning from a loss of 179 million yuan in 2022 to a profit of 936 million yuan in 2024 [2]. Regulatory Scrutiny and Market Conditions - The Shenzhen Stock Exchange's listing committee emphasized the importance of sustainable revenue growth and the potential risks of being replaced as a third-party supplier during the IPO review [2][3]. - The committee also requested United Power to address the sustainability of its growth in light of industry trends, customer supply chain developments, and price fluctuations [3]. Independence and Strategic Considerations - The new regulations stress the need for the independence of spin-off companies, with a focus on their business independence, technological advancement, and reasonable valuation [4][5]. - Huichuan Technology asserts that United Power maintains a high level of operational independence from its parent company, aiming to enhance clarity in its business structure and reduce risks associated with diversification [5].

Group 1 - Three companies are set to present their IPO applications, with DaoShengTianHe planning to list on the Shanghai Main Board, while HaoChuangRuiTong and LianHeDongLi are targeting the ChiNext board [1][2] - LianHeDongLi aims to raise the most funds, with an expected amount of 4.857 billion yuan, which will be allocated to various projects related to the production of core components for new energy vehicles [1][3] - DaoShengTianHe and HaoChuangRuiTong plan to raise 694 million yuan and 477 million yuan, respectively [1][3] Group 2 - DaoShengTianHe is a national high-tech enterprise focused on the research, production, and sales of new materials [2] - LianHeDongLi's main products include electric drive systems and power systems for new energy vehicles, with a focus on self-developed components [3] - HaoChuangRuiTong specializes in smart distribution equipment and digital solutions for distribution networks [3]

Group 1 - Three companies are set to present their IPO applications, with the highest fundraising amount expected from United Power at 4.857 billion yuan [1] - United Power's fundraising will be directed towards projects related to the production of core components for new energy vehicles, including multiple production bases and R&D centers [1] - The other two companies, Huaxin Precision and Sanxie Electric, plan to raise 712 million yuan and 159 million yuan respectively [1][4] Group 2 - Huaxin Precision specializes in the research, production, and sales of precision stamping products [2] - United Power's main products include electric drive systems and power systems for new energy vehicles, with a focus on self-developed components [3] - Sanxie Electric is engaged in the research, manufacturing, and sales of control motors [4] Group 3 - The upcoming IPOs include United Power on the ChiNext board, Huaxin Precision on the Shanghai main board, and Sanxie Electric on the Beijing Stock Exchange [5]

Investment Rating - The report assigns an "Add-A" rating to the company, indicating a positive outlook for its stock performance in the near term [1][9]. Core Views - The company has established a dual pillar structure with its industrial automation and new energy vehicle (NEV) businesses, which are expected to drive growth. The NEV segment is particularly highlighted for its rapid expansion, while the industrial automation sector maintains a strong market position [4][9]. - The company aims for a sales revenue growth of 10%-30% and a net profit growth of 5%-25% for 2025, reflecting its optimistic growth strategy [4]. Financial Performance - In 2024, the company achieved a revenue of 37.041 billion yuan, a year-on-year increase of 21.77%, while the net profit was 4.285 billion yuan, a decrease of 9.62% [4]. - The first quarter of 2025 showed a significant revenue increase of 38.28% year-on-year, reaching 8.978 billion yuan, with a net profit growth of 63.08% [4]. - The company's revenue from the NEV and rail transit business reached 16.642 billion yuan in 2024, marking a 67.76% increase year-on-year, contributing 44.93% to total revenue [4]. Business Segments - The general automation business remains a leader in the market, with a domestic market share of approximately 28.3% for general servo systems and 18.6% for low-voltage frequency converters [5]. - The NEV business is a key growth driver, with sales revenue of around 16 billion yuan in 2024, reflecting a growth of about 70% year-on-year [6]. - The company is actively pursuing the development of humanoid robots, focusing on core component R&D and manufacturing, which is expected to become a third growth engine in the medium to long term [8][9]. Market Position - The company holds a strong competitive position in the NEV sector, ranking second in the domestic market for electric motor controllers with a market share of 10.7% [6]. - The report emphasizes the company's ongoing efforts to enhance its capabilities in the process industry, which is expected to grow faster than the overall automation sector [5]. Financial Projections - The company forecasts revenues of 45.195 billion yuan for 2025, with a year-on-year growth of 22% [11]. - The projected earnings per share (EPS) for 2025 is 1.98 yuan, with corresponding price-to-earnings (P/E) ratios of 34.5 for 2025, 28.4 for 2026, and 24.5 for 2027 [13][15].

Investment Rating - The report assigns an "Add-A" rating to the company, marking its first coverage [1]. Core Insights - The company has established a dual pillar structure with industrial automation and new energy vehicle (NEV) businesses. It is expected to enhance its market share in high-end scenarios and process industries while also expanding its NEV business, particularly through the progress of its joint venture, United Power, towards domestic listing [10]. Financial Performance - In 2024, the company achieved operating revenue of 37.041 billion yuan, a year-on-year increase of 21.77%. However, the net profit attributable to the parent company was 4.285 billion yuan, down 9.62% year-on-year. The first quarter of 2025 saw a significant revenue increase of 38.28% year-on-year, reaching 8.978 billion yuan, with net profit rising by 63.08% to 1.323 billion yuan [4][5]. - The company aims for a sales revenue growth of 10%-30% and a net profit growth of 5%-25% in 2025 [4]. Business Segments - The NEV and rail transit business generated revenue of 16.642 billion yuan in 2024, up 67.76% year-on-year, contributing 44.93% to total revenue. The gross margin for this segment was 17.12%, an increase of 0.57 percentage points [5]. - The general automation business reported revenue of 15.243 billion yuan, a modest increase of 1.36% year-on-year, with a gross margin of 42.03%, down 1.93 percentage points [5]. - The smart elevator business faced a decline, with revenue of 4.939 billion yuan, down 6.65% year-on-year, and a gross margin of 25.86%, down 2.88 percentage points [5]. Market Position - The company holds a leading position in the general automation sector, with a market share of approximately 28.3% in general servo systems and 18.6% in low-voltage frequency converters, both ranking first in the domestic market [6]. - In the NEV sector, the company ranks second in the domestic market for electric motor controllers with a market share of 10.7% and fourth for electric drive assemblies with a market share of 6.3% [7]. Future Outlook - The company is focusing on enhancing its capabilities in digitalization and large PLC fields, anticipating that the growth in process industries will outpace the overall automation sector [6]. - The projected earnings per share (EPS) for 2025-2027 are 1.98, 2.41, and 2.79 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 34.5, 28.4, and 24.5 based on the closing price of 68.30 yuan on May 19 [10].