第一上海 | 【公司研究】时代电气（3898，买入）：经营稳健，关注机车、维保、特高压招投标新变化

第一上海证券04-10

25年全年业绩回顾：收入287.0亿元，同比增长15.2%；归母净利润40.9亿元，同比增长10.6%；扣非净利润39.0亿元，同比增长20.9%。分业务看：轨道交通业务实现收入158.0亿元，同比增长8.0%；新兴装备业务实现收入人民币127.8亿元，同比增长26.4%，其中基础器件收入53.6亿元，同比增长30.4%，新能源发电收入24.0亿元，同比增长17.9%，汽车电驱32.7亿元，同比...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2626163300?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-04-10 11:27","share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","id":"2626163300","market":"other","top_or_hot":-1,"title":"第一上海 | 【公司研究】时代电气（3898，买入）：经营稳健，关注机车、维保、特高压招投标新变化","media":"第一上海证券","content":"<div>\n<p>25年全年业绩回顾：收入287.0亿元，同比增长15.2%；归母净利润40.9亿元，同比增长10.6%；扣非净利润39.0亿元，同比增长20.9%。分业务看：轨道交通业务实现收入158.0亿元，同比增长8.0%；新兴装备业务实现收入人民币127.8亿元，同比增长26.4%，其中基础器件收入53.6亿元，同比增长30.4%，新能源发电收入24.0亿元，同比增长17.9%，汽车电驱32.7亿元，同比...</p>\n\n<a href=\"https://finance.sina.com.cn/roll/2026-04-10/doc-inhtyrvy1368898.shtml\">网页链接</a>\n\n</div>\n","source":"sina","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>第一上海 | 【公司研究】时代电气（3898，买入）：经营稳健，关注机车、维保、特高压招投标新变化</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n第一上海 | 【公司研究】时代电气（3898，买入）：经营稳健，关注机车、维保、特高压招投标新变化\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-04-10 11:27 北京时间&nbsp;&nbsp;&nbsp;<a href=https://finance.sina.com.cn/roll/2026-04-10/doc-inhtyrvy1368898.shtml><strong>第一上海证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>25年全年业绩回顾：收入287.0亿元，同比增长15.2%；归母净利润40.9亿元，同比增长10.6%；扣非净利润39.0亿元，同比增长20.9%。分业务看：轨道交通业务实现收入158.0亿元，同比增长8.0%；新兴装备业务实现收入人民币127.8亿元，同比增长26.4%，其中基础器件收入53.6亿元，同比增长30.4%，新能源发电收入24.0亿元，同比增长17.9%，汽车电驱32.7亿元，同比...</p>\n\n<a href=\"https://finance.sina.com.cn/roll/2026-04-10/doc-inhtyrvy1368898.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IE0032431581.USD","symbol_name":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","start_time":0,"source_url":"https://finance.sina.com.cn/roll/2026-04-10/doc-inhtyrvy1368898.shtml","article_id":"2626163300","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2626163300","pubTimestamp":1775791620,"columns":[],"sourceInfo":{"source_id":"sina","name":"sina"},"weMediaInfo":null,"summary":"全年综合毛利率同比提升0.95个百分点至33.4%，主要为收入结构变化所致。轨交业务平稳增长，看好维保业务发展：2025年国铁客运及货运量创新历史新高，表明旺盛的铁路运输需求。维持买入评级，目标价57.0港元：预计公司2026-2028年收入315.3亿/354.4亿/397.3亿元，增9.8%/12.4%/12.1%；净利润分别为45.4亿/50.6亿/55.9亿元，增速10.7%/11.5%/10.5%。给予公司2026年15倍PE估值，目标价57.0港元，较现价有52%的上升空间，维持买入评级。建议关注国铁招标，特高压建设等新变化","collect":0,"end_time":0,"defaultTopTitle":"sina.com.cn","property":[],"viewcount":null,"language":"zh","relate_stocks":{"688187":"时代电气","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","BK0279":"运输设备","LU0048580855.USD":"富达大中华区A","LU1171460220.USD":"FULLGOAL CHINA SMALL-MID CAP GROWTH \"A1\" (USD) INC","BK1147":"投资银行业与经纪业","LU0370786039.SGD":"Fidelity Greater China A-SGD","BK1565":"高铁基建股","03898":"时代电气","BK1116":"电气部件与设备","00227":"第一上海","LU2279858448.HKD":"富国中国中小盘成长基金 A1 类（港元）","BK1171":"建筑机械与重型卡车"},"translate_title":"First Shanghai | [Company Research] Times Electric (3898, Buy): Steady operation, pay attention to new changes in locomotive, maintenance and UHV bidding","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"688187":1.5,"03898":1.5,"00227":1.5},"content_text":"25年全年业绩回顾：收入287.0亿元，同比增长15.2%；归母净利润40.9亿元，同比增长10.6%；扣非净利润39.0亿元，同比增长20.9%。分业务看：轨道交通业务实现收入158.0亿元，同比增长8.0%；新兴装备业务实现收入人民币127.8亿元，同比增长26.4%，其中基础器件收入53.6亿元，同比增长30.4%，新能源发电收入24.0亿元，同比增长17.9%，汽车电驱32.7亿元，同比增长27.2%。全年综合毛利率同比提升0.95个百分点至33.4%，主要为收入结构变化所致。公司财务健康，在手现金充足，保障业务发展和分红回购。轨交业务平稳增长，看好维保业务发展：2025年国铁客运及货运量创新历史新高，表明旺盛的铁路运输需求。机车以旧换新政策推动老旧内燃机车陆续退出市场，给机车带来持续增量需求。25年维保业务收入占比提升，在铁路投资从“增量建设”转向“存量运营”后，国铁和城轨的维保需求有望进一步释放。此外，公司在轨交领域持续拓展新领域，通信信号、自动驾驶、门系统等业务收入高速增长，有望形成新的增长极。半导体新工厂满产，新能源发电、汽车电驱趋势向好：宜兴新工厂在25年中达成3万片/月满产，收入实现高速增长。株洲8英寸碳化硅产线在2025年底实现产线拉通，将进入1-2年的产能爬坡释放期。新能源发电事业部独立运作，已实现小幅盈利，未来将凭借与中车和株洲所的业务合作，在光伏、储能PCS上有更多业务拓展。汽车电驱合作主流车企，站稳第一梯队，新突破奇瑞、上汽等客户，交付量显著提升。维持买入评级，目标价57.0港元：预计公司2026-2028年收入315.3亿/354.4亿/397.3亿元，增9.8%/12.4%/12.1%；净利润分别为45.4亿/50.6亿/55.9亿元，增速10.7%/11.5%/10.5%。给予公司2026年15倍PE估值，目标价57.0港元，较现价有52%的上升空间，维持买入评级。建议关注国铁招标，特高压建设等新变化\n\n\n海量资讯、精准解读，尽在新浪财经APP","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2626163300","isCrawlerRequest":true}