＜Research＞M Stanley: TIMES ELECTRIC (03898.HK) 2Q24 Prelim. Results Beat; Rating Overweight

　　Morgan Stanley commented in a report that TIMES ELECTRIC (03898.HK) +1.250 (+4.505%) Short selling $36.17M; Ratio 12.117% 's preliminary 2Q24 results are better than the market expected. Net profit rose 31% YoY to RMB939 million, exceeding the broker's estimate by 15%. 1H24 net profit is equivalent to 41% of the broker's full-year forecast, compared with an average of 35% over the past five years.

　　The broker mainly attributed the company's profit growth to the increase in multiple-unit train deliveries and the steady growth of new business. Under the industry's upward cycle, the railway equipment business is expected to grow steadily this year, with the main focus in 2H24 on the bidding of new multiple-unit train tenders and maintenance contracts, as well as the progress of the increase in the production capacity of IGBT chip modules for multiple-unit trains.

　　Morgan rated TIMES ELECTRIC Overweight with a target price of $35.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-17 16:25.)