Times Electric(688187)2024-10-31 10:34Financial Performance - The company's overall gross margin for the first three quarters of 2024 is 29.57%, an increase from 28.43% in the same period last year [2] - Revenue reached 2.712 billion yuan, a growth of 26.84% compared to 2.138 billion yuan in the previous year [3] - The semiconductor business maintained stable profitability, with expected net profit growth alongside revenue increases [3][4] Semiconductor Business - The company’s semiconductor production capacity is gradually increasing, with a projected annual output of 360,000 8-inch IGBT wafers from the new Yixing plant, which officially commenced operations on October 17, 2024 [5][6] - The Yixing plant is expected to generate approximately 5 million yuan in depreciation in the fourth quarter [4] - The company has established a strong position in the Chinese new energy vehicle market, with a market share of 13.4% in power module installations, ranking second after BYD Semiconductor [5] Inverter and Renewable Energy - In the first three quarters of 2024, the company secured a total of 10.6 GW in inverter bids, with a shipment volume of 6.2 GW [6] - The revenue from wind and solar storage was approximately 1.3 billion yuan, showing a slight decline compared to the previous year due to reduced EPC revenue [6] Electric Drive Systems - The company delivered over 440,000 electric drive systems in the first three quarters of 2024, a 29.41% increase from 340,000 units in the same period last year [9] - The company has expanded its customer base to 15, with a total of 30 vehicle models supported [9] Railway Equipment - Revenue from the rail transportation equipment business reached 9.434 billion yuan, a year-on-year increase of approximately 22% [10] - The company won 79 out of 165 bids for high-speed trains, achieving a market share of 47.88% [10] Research and Development - R&D investment for the first three quarters of 2024 was 1.589 billion yuan, a 20.09% increase from 1.323 billion yuan in the previous year [13] - The company plans to maintain R&D investment at around 9%-10% of revenue in the future [14] Market Trends and Policies - The company is preparing for the gradual elimination of old diesel locomotives by 2027, aligning with national policies promoting low-carbon railway development [8] - The demand for rail equipment is expected to increase due to the growth in passenger and freight transport volumes, with a 12.9% year-on-year increase in passenger traffic in the first nine months of 2024 [11]