On the evening of July 17, Times Electric (688187) disclosed the performance forecast, and according to the preliminary calculation of the financial department, the company expects to achieve a net profit of 1.507 billion yuan attributable to the parent company in the first half of 2024, a year-on-year increase of 30.56%; The net profit after deducting non-profits was 1.268 billion yuan, a year-on-year increase of 36.50%.

Times Electric's performance in the first half of the year continued the positive trend in the first quarter. In the first quarter of this year, Times Electric's total operating income and net profit attributable to the parent company were 3.924 billion yuan and 568 million yuan respectively, an increase of about 30% year-on-year.

Looking back on the operation in the first half of the year, Times Electric said that the company's revenue growth in the first half of 2024 benefited from the positive impact of railway investment growth and passenger flow recovery, and the acceptance and delivery of rail transit products increased year-on-year. The year-on-year increase in revenue scale also led to the growth of the company's net profit indicators.

Times Electric is a pioneer and leader in China's electrified railway equipment industry, and has been committed to the independent research and development and industrialization of traction transmission and control systems, which are known as the "heart" and "brain" of trains. At present, the company has formed a complete industrial chain structure of "basic devices + devices and systems + complete machines and engineering", and the industry involves rail transit, new energy power generation, power electronic devices, automotive electric drive, industrial electrical, offshore equipment and other fields. The business covers more than 20 countries and regions around the world.

In terms of rail transit business, in the first half of this year, China's national railway completed a record high in fixed asset investment in the same period in history, effectively stimulating the production and operation of rail transit enterprises such as Times Electric.

According to the China Railway Group, in the first half of the year, the national railway completed 337.3 billion yuan in fixed asset investment, a year-on-year increase of 10.6%, a record high for the same period in history. A number of new lines have been successfully put into operation: in the first half of the year, a total of 979.6 kilometers of new lines have been opened, further improving the layout of the regional road network; projects under construction have been carried out in a scientific and orderly manner: the Chongqing-Kunming high-speed railway from Chongqing West to Yibin East and the Hangzhou-Wenzhou high-speed railway have started joint commissioning and joint testing, and the Rizhao-Lankao high-speed railway from Zhuangzhai to Lankao South has started to drive according to the map.

As a leading supplier of traction converter system in China's rail transit industry, Times Electric can produce traction converter systems covering a variety of models in the fields of locomotives, bullet trains and urban rail, which not only has a complete product spectrum, but also has a dominant market share. At the same time, in the field of rail construction machinery, the company's subsidiary Baoji CRRC Times is one of the three major designated production enterprises of road maintenance machinery of China Railway Group, which can produce more than 50 kinds of products in multiple series such as heavy rail cars, catenary operation vehicles, large road maintenance machinery, and urban rail transit engineering vehicles.

Taking the CR450 EMU, a new generation of EMUs with a speed of more than 400 kilometers per hour, as an example, Times Electric provided key equipment such as traction converters, network control systems, chargers, safety monitoring, and data center equipment for the project, and completed the development of efficient and lightweight traction converters, safety intelligent network control systems, chargers, safety monitoring, and data center equipment based on the needs of CR450 EMUs. It is reported that the CR450 EMU prototype is expected to roll off the assembly line within the year.

The power semiconductor device sector, which achieved nearly seventy percent revenue growth last year, continues to bring incremental growth this year. It is reported that in this field, Times Electric has built an industrialization base of 6-inch bipolar devices, 8-inch IGBT and 6-inch silicon carbide, and has a full set of independent technologies for chips, modules, components and applications. The company's full range of high-reliability IGBT products have broken the monopoly of the core components of rail transit and UHV transmission by foreign enterprises, and is currently solving the problem of autonomy of the core components of China's new energy vehicles and new energy power generation equipment.

According to NE Times statistics, in 2023, the company's installed capacity of passenger car power modules will enter the top three in the industry, with a market share of 12.5%. At the same time, last year, the third phase of Times Electric's semiconductor project was rapidly promoted, and the Yixing production line has completed the capping of the main project, and the annual production capacity of 720,000 pieces of 8-inch medium and low voltage IGBT wafers will be achieved after the completion of the project.

In 2023, Times Electric's total revenue will historically break through the 20 billion yuan mark. Niu Jie, deputy general manager of Times Electric, recently participated in the "New Quality Productivity Industry Salon" rail transit special session, and regarded this achievement as a new starting point. "The company will continue to cultivate and build new quality productivity, lead industrial innovation with scientific and technological innovation, and promote high-quality development." Niu Jie introduced.

Times Electric said that in 2024, the company will closely follow the main line of high-quality development, continue to deepen the concept of high-quality and efficient development, seize the strategic opportunities of "wisdom" and "dual carbon", vigorously promote digital transformation and management to improve quality and efficiency, and continue to improve profitability as the main line, driven by quality innovation, and driven by reform and empowerment, to achieve steady and coordinated growth of scale and efficiency.