Industry Overview - The advanced rail transit industry is experiencing significant growth, with a projected fixed asset investment of 850.6 billion yuan in 2024, representing an 11.3% year-on-year increase [1] - By 2025, the national railway aims to complete infrastructure investments of 590 billion yuan and add 2,600 kilometers of new lines, with total railway operating mileage expected to reach approximately 180,000 kilometers by 2030 [2] Company Developments - Times Electric is focusing on the development of power semiconductor devices, breaking the foreign monopoly in core components for rail transit and ultra-high voltage transmission [3] - The company is set to launch its third-phase silicon carbide (SiC) production line in Zhuzhou by the end of 2025, with a focus on automotive-grade SiC modules for electric vehicles [3][4] - Times Electric's SiC products are positioned for various applications, including electric vehicles, UPS, wind power generation, and smart grids, with expectations for significant growth in shipments by 2025 [4] Strategic Initiatives - Iron Science Rail aims to align with national railway construction demands, focusing on high-speed rail fasteners and expanding into new products and technologies for urban rail systems [5][6] - The company is committed to enhancing its profitability and market presence by promoting product marketing and advancing integrated research and development [5][6] - Sanwang Communication plans to deepen its focus on industrial railway signal control and intelligent scheduling, leveraging AI and IoT technologies to address customer needs and drive growth [6]

据Yole分析及行业研究机构预测，2025年中国IGBT市场规模达458亿元。时至今日,英飞凌、安森美等国际巨头仍占据着全球超过50%的市场份额，其中新能 源汽车、光伏储能等高端应用领域占比远超国内品牌。如今，一家成立仅7年的中国功率半导体企业——江苏长晶科技股份有限公司（下称"长晶科技"）， 推出FST3.0 IGBT产品,以对标国际主流品牌最新代次产品性能参数的硬实力，实现高端应用行业对国际巨头追赶与迫近。 国产化突围攻坚克难 IGBT（绝缘栅双极晶体管）被誉为电力电子行业的"工业CPU"。随着全球能源结构的转型和新能源汽车市场的迅猛发展，新能源应用IGBT市场需求呈现出 爆发式增长的趋势，广泛覆盖电动汽车、光伏储能、充电桩等多个应用场景。 长晶科技的IGBT系列产品，从产品定义阶段，就对标国际最先进的工艺和工程技术，结合不同应用场景需求，开展自主研发设计工艺平台优化和产品持续 迭代，实现IGBT系列产品的快速推出和不断创新。 据了解，长晶科技最新一代IGBT系列产品最关键的挑战在于高短路和高输出特性之间的兼顾。随着IGBT产品的发展，其功率密度越来越高，相同电流下芯 片越来越小，而IGBT在很多情况下需 ...

事件： 4 月25 日公司发布2024 年度报告及2025 年一季度报告，2024 年公司实现营业收入33.91 亿元，同比增 长-7.44%，归母净利润5.08亿元，同比增长-44.24%，2025 年一季度公司实现营业收入9.19亿元，同比 增长14.22%，归母净利润1.04 亿元，同比增长-36.22%。 加强研发投入，积极开拓新市场： 公司坚定以"研发推动市场，市场反馈研发"的发展思路，不断开拓新市场。工控及电源领域，公司在变 频器、电焊机、电梯控制器、伺服器、电源等领域持续发力，提高现有客户的采购份额，加大海外市场 的开拓力度，突破海外头部客户。新能源发电领域，公司将抓住市场快速发展机遇，不断提高市场份 额。变频白色家电领域，公司持续加大投入力度，给客户提供从芯片-模块的一站式系统解决方案。在 高压IGBT 领域，公司持续加大自主的 3300V-6500V 高压 IGBT 产品在轨道交通、高压直流柔性输变电 等行业的推广力度，紧抓核心零部件国产化的机会。公司在各领域积极开拓新市场，不断增强市场竞争 力。 投资建议： 我们预计公司2025 年~2027 年收入分别为42.72 亿元、51.27 亿元 ...