The Zhitong Finance App learned that Times Electric (03898) is now up more than 9%. As of press release, it has risen 9.27% to HK$27.1, with a turnover of HK$192 million.
According to the news, Times Electric announced its 2023 results, with operating revenue of 21.799 billion yuan during the reporting period, an increase of 20.88% over the previous year; net profit to mother was 3.106 billion yuan, or 21.51% of the previous year. Among them, rail transit equipment achieved revenue of 12.91 billion yuan, an increase of 2% over the previous year; the emerging equipment business achieved revenue of 8.732 billion yuan, an increase of 69.64% over the previous year.
Everbright Securities pointed out that the company's rail transit equipment business revenue is rising steadily, and it is expected to benefit deeply from rail transit equipment updates and increased demand for EMU maintenance. In addition, the company's emerging equipment business is developing rapidly, and revenue has increased dramatically. Production capacity in new industries such as power semiconductors, electric drives for new energy vehicles, and inverters continues to expand, and there is huge room for growth, which has an effect on improving the company's valuation.