时代电气：动车组大修加速，功率半导体新产能即将投产

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Insights - The company's performance in the first half of 2024 met expectations, with revenue of 10.28 billion RMB, a year-on-year increase of 19.99%, and a net profit attributable to shareholders of 1.506 billion RMB, up 30.56% [3]. - The rail transit equipment business generated revenue of 6.139 billion RMB, growing by 30.87%, while the emerging equipment business saw revenue of 4.094 billion RMB, an increase of 9.21% [3]. - The company is accelerating the overhaul of high-speed trains, with a record number of tenders for major repairs, indicating strong future growth potential [3]. - New production capacity for power semiconductors is expected to come online in the second half of 2024, enhancing the company's capabilities in this sector [3]. Financial Summary - For 2024, the company is projected to achieve revenues of 26.148 billion RMB, with a year-on-year growth of 19.9%, and a net profit of 3.702 billion RMB, reflecting a growth of 19.2% [4]. - The gross profit margin is expected to remain stable around 33.5% for 2024, with earnings per share projected at 2.61 RMB [4][7]. - The company's total assets are forecasted to grow from 53.405 billion RMB in 2023 to 77.158 billion RMB by 2026, indicating a strong asset base [6][7]. Business Growth Drivers - The increasing passenger traffic in China's railways and the growing fleet of high-speed trains provide a solid foundation for future maintenance and repair services [3]. - The planned elimination of old diesel locomotives by 2027 is anticipated to drive further growth in railway equipment [3]. - The company’s semiconductor subsidiary reported a revenue of 2.048 billion RMB in the first half of 2024, with a net profit margin reaching a record high [3].