On March 28, Times Electric (688187) announced its 2024 annual report, with the company's operating income of 24.91 billion yuan, an increase of 14.3% year-on-year; the net profit attributable to the parent company was 3.7 billion yuan, an increase of 19.2% year-on-year; net profit after deducting non-attributable to the parent company was 3.23 billion yuan, an increase of 24.3% year-on-year; net operating cash flow was RMB3.361 billion, a year-on-year increase of 20.8%; EPS (fully diluted) was 2.6322 yuan.

In the fourth quarter, the company's operating income was 8.65 billion yuan, an increase of 12.3% year-on-year; the net profit attributable to the parent company was 1.20 billion yuan, an increase of 14.1% year-on-year; net profit after deducting non-attributable to the parent company was 1.18 billion yuan, an increase of 28.7% year-on-year; EPS was 0.8541 yuan.

As of the end of the fourth quarter, the company's total assets were 64.802 billion yuan, an increase of 21.3% over the end of the previous year; The net assets attributable to the parent company were 41.528 billion yuan, an increase of 12.6% over the end of the previous year.

It should be noted that the financial data of the previous year has been restated due to changes in accounting standards, and the above calculations are based on the data before the restatement.

In its 2024 annual report, the Company noted a number of significant changes in its operating operations. First of all, in terms of rail transit business, the company seized the opportunity of China Railway Group's railway investment growth and launched a number of new products and new market expansion, including successfully obtaining an order for a new energy locomotive traction system. The company has also made breakthroughs in key technologies, the prototype of CR450 EMUs has been fully completed, and the finalized upgrade of the permanent magnet traction system has enabled it to maintain a leading position in the industry.

In terms of emerging equipment business, the company's basic device segment performed outstandingly, the market share of IGBT modules increased significantly, the number of winning bids in the field of power grids increased, and the installed capacity of power modules for new energy passenger vehicles also reached 2.256 million sets. The company's sales of electric drive systems for new energy vehicles have increased, and a number of new products have been successfully developed, showing strong market competitiveness.

In addition, the report also mentioned that the company continued to promote digital transformation and technological innovation, and improved operational efficiency and promoted the high-quality development of the overall business by building a digital platform and implementing refined management. On the whole, the company has achieved high growth in revenue and profit in a number of business areas, showing good market prospects and development potential.