华泰证券发表报告指出，时代电气(03898.HK) 去年收入249.1亿元人民币，按年升13.4%；净利润升21.7%至37.03亿元人民币，符合该行此前预期。公司轨道交通装备业务随着轨交进入换新和维修周期，带动去年实现收入146.36亿元人民币，按年增长13.37%。该行认为，目前处于轨交维修和以旧换新的上行周期，公司作为高市占率的轨交龙头，收入增速有望保持在较好水平；关注新兴装备业务碳化硅上车进展以及深海装备业务受益政策驱动加速情况。
该行维持对时代电气的“买入”评级。虽然目前轨交处于大规模维修周期，但考虑到整体放量节奏或存在不确定性，该行将公司今明两年的收入预测，由原预期的308.2亿及359亿元人民币，小幅下调至291亿及334.4亿元人民币，并新增2027年预测为373.7亿元人民币。
此外，由于研发费用率提升，因此该利对时代电气今明两年的净利润预测，由44.4亿与51.3亿元人民币，调整至42.6亿与48.8亿元人民币，并料其2027年达54.8亿元人民币。该行维持对其“买入”评级，目标价39.17元。(jl/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-04-07 12:25。)
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