Market Brief

The articles are produced in Chinese only.

Author

郭雄略先生 (Ryan Kwok)
交易員

現職於輝立為交易員,擁有豐富的股票及期權投資經驗。本人樂意為客戶提供投資分析及買賣策略。歡迎來電交流投資心得,共同探索市場機遇。
Phone:
2277 6699

時代電器(3898.HK)

Thursday, March 5, 2026 Views207

時代電器(股票代號:3898)


基本資料 :


現價 : $40.84

市值 : $728億

市盈率 : 13.798

市賬率 : 1.281

周息率 : 3.863%

52週高/低 : $46.88 / $25.90

10天/50天/250天平均價 : $43.620/ $40.824 / $36.100


主要股東 :

中國中車股份有限公司    44.95%


評論:

時代電器(株洲中車時代電氣)是全球領先的軌道交通控制系統供應商,核心業務涵蓋軌道交通牽引變流系統、功率半導體(IGBT)及新能源汽車電驅系統。公司不僅在國內鐵路市場擁有絕對壟斷地位,更憑藉 IDM 模式在功率半導體領域成功開闢第二增長曲線,服務於新能源汽車、風電及光伏等高增長工業市場。 


根據公司最新公佈的 2025 年度業績快報,該年度表現持續穩健增長: 

  • 年度業績摘要:2025 全年營業收入約 287.61 億元(人民幣,下同),同比增長 15.46%。
  • 盈利表現:歸屬於上市公司股東的淨利潤約 41.05 億元,同比增長 10.88%;扣除非經常性損益後的淨利潤增幅更達 21.18%,顯示核心業務盈利質量極高。
  • 每股收益:基本每股收益為 3.00 元,較 2024 年顯著提升。
  • 業務亮點:增長主要動力來自軌道交通裝備的穩步回升,以及新興裝備業務(如半導體、乘用車電驅)的快速放量。特別是半導體宜興三期項目投產後,有效支撐了新能源市場的強勁需求。
  • 營運效能:公司加權平均淨資產收益率(ROE)升至 9.84%,顯示在擴張研發投入的同時,資產回報能力依然在優化。 
2025 年的數據顯示,時代電器已成功跨越單一軌交週期,轉型為具備高技術壁壘的綜合電氣平台。隨著國家推動「智能化、綠色化」交通戰略及半導體國產化需求,公司在 2025 年展現出的成本控制力與營收韌性,為其未來的市場領導地位奠定了堅實基礎。



建議買入價: $41

目標價: $42.3

止蝕價: $40.39

This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
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