丨证券研究报告丨 [Table_scodeMsg1] 联合研究丨公司点评丨时代电气（688187.SH） [Table_Title] 时代电气 25Q3 点评：业绩稳健增长，看好 半导体、新能源等业务持续突破 报告要点 [Table_Summary] 时代电气发布 2025 年三季报，2025 年前三季度公司实现收入 188.30 亿元，同比增长 14.86%； 归母净利润 27.20 亿元，同比增长 10.85%；扣非净利润 26.14 亿元，同比增长 30.92%。其 中，2025Q3 实现收入 66.16 亿元，同比增长 9.58%；归母净利润 10.49 亿元，同比增长 7.69%； 扣非净利润 10.26 亿元，同比增长 22.45%。预计 2025 年轨交业务稳中向上，半导体板块轨交 电网 IGBT 景气向上；同时新能源发电、海工装备等板块经营向好。 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 ...

Core Viewpoint - The stock of Times Electric has experienced fluctuations, with a recent decline of 2.01% on September 16, 2023, reflecting a total market capitalization of 64.733 billion yuan and a trading volume of 164 million yuan [1]. Company Overview - Times Electric, established on September 26, 2005, and listed on September 7, 2021, is located in Zhuzhou, Hunan Province. The company specializes in the research, design, manufacturing, and sales of rail transit equipment, with a product structure that includes "devices + systems + complete machines" [1]. - The main business revenue composition is as follows: rail transit equipment business accounts for 56.58%, emerging equipment business for 42.94%, and others for 0.48% [1]. Financial Performance - For the first half of 2025, Times Electric achieved an operating income of 12.214 billion yuan, representing a year-on-year growth of 18.77%. The net profit attributable to the parent company was 1.672 billion yuan, with a year-on-year increase of 10.93% [2]. - Since its A-share listing, Times Electric has distributed a total of 4.512 billion yuan in dividends, with 3.238 billion yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Times Electric was 21,800, a decrease of 11.12% from the previous period. The average circulating shares per person increased by 13.09% to 13,443 shares [2]. - The top circulating shareholders include Hong Kong Central Clearing Limited, holding 15.9467 million shares (a decrease of 4.5628 million shares), and Huaxia SSE STAR 50 ETF, holding 14.3741 million shares (a decrease of 308,500 shares) [3].

Core Viewpoint - The company reported its 1H25 performance, which met market expectations with a revenue of 12.214 billion yuan, a year-on-year increase of 17.95%, and a net profit attributable to shareholders of 1.672 billion yuan, up 12.93% year-on-year [1] Financial Performance - 1H25 revenue reached 12.214 billion yuan, with a net profit of 1.672 billion yuan and a non-recurring net profit of 1.588 billion yuan, showing a year-on-year increase of 37.04% [1] - In 2Q25, the company achieved a revenue of 7.677 billion yuan, a year-on-year increase of 19.88%, and a net profit of 1.040 billion yuan, up 12.63% year-on-year [1] - The gross margin improved significantly in 2Q25, reaching 31.13%, an increase of 4.78 percentage points year-on-year, primarily due to the improvement in the gross margin of rail transit equipment and emerging equipment businesses [1] - Operating cash flow was 1.825 billion yuan, reflecting a year-on-year increase of 58.33% [1] Segment Performance - Rail transit equipment business generated revenue of 6.910 billion yuan in 1H25, a year-on-year increase of 12.58%, with the electrical equipment segment contributing 5.515 billion yuan, up 11.48% [2] - Emerging equipment business revenue was 5.244 billion yuan, a year-on-year increase of 25.88%, with significant growth in new energy generation revenue, which rose by 42.94% to 1.047 billion yuan [2] - The company is advancing its power semiconductor projects and has received its first EROV order in the marine engineering equipment sector [2] Profit Forecast and Valuation - The company maintains its profit forecasts for 2025 and 2026, with the current stock price corresponding to 11.4 times and 10.3 times the earnings for 2025 and 2026, respectively [3] - The target price has been raised by 20.4% to 44.00 HKD, reflecting a potential upside of 12.6% from the current stock price [3]

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant growth in both revenue and net profit, driven by robust demand in its rail transit and emerging equipment sectors [1][2][3]. Financial Performance - In H1 2025, the company achieved operating revenue of 12.214 billion yuan, a year-on-year increase of 17.95% [1] - The net profit attributable to shareholders reached 1.672 billion yuan, up 12.93% year-on-year [1] - The non-recurring net profit attributable to shareholders was 1.588 billion yuan, reflecting a substantial growth of 37.04% year-on-year [1] - Q2 2025 saw a single-quarter revenue of 7.677 billion yuan, with year-on-year and quarter-on-quarter growth of 19.88% and 69.22%, respectively [1] - Q2 net profit attributable to shareholders was 1.040 billion yuan, increasing by 12.63% year-on-year and 64.79% quarter-on-quarter [1] Business Segments - Rail transit equipment revenue in H1 2025 was 6.911 billion yuan, a year-on-year increase of 12.58% [2] - Emerging equipment revenue reached 5.244 billion yuan, growing by 25.88% year-on-year [2] - Key contributors to rail transit equipment revenue included: - Rail transit electrical equipment: 5.515 billion yuan, up 11.48% [2] - Communication signal systems: 470 million yuan, up 13.11% [2] - Other rail transit equipment: 363 million yuan, up 65.65% [2] - Emerging equipment highlights included: - Industrial converters: 359 million yuan, a significant increase of 110.08% [2] - New energy generation: 1.047 billion yuan, up 42.94% [2] Profitability and Cost Management - The company's overall gross margin was 32.01%, an increase of 4.40 percentage points year-on-year [3] - The net profit margin was 14.61%, a decrease of 0.96 percentage points year-on-year [3] - The company maintained stable expense ratios, with sales, management, financial, and R&D expense ratios at 1.87%, 3.87%, -1.46%, and 9.94%, respectively [3] Market Outlook - The rail transit business is expected to benefit from high fixed asset investment and ongoing maintenance demand, with stable market share and growth in overseas projects [3] - The emerging equipment sector is positioned for rapid growth, with significant market share in various segments, including electric drive systems for new energy vehicles and photovoltaic inverters [3][4] - The company’s semiconductor business is anticipated to accelerate revenue and profitability following the completion of its production line in Yixing [4] Investment Projections - The company is projected to achieve net profits of 4.357 billion yuan, 4.775 billion yuan, and 5.187 billion yuan for the years 2025 to 2027, with corresponding EPS of 3.21, 3.52, and 3.82 yuan [4] - The projected PE ratios for the same period are 15x, 14x, and 13x, respectively, indicating a favorable investment outlook [4]

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]