Monday, November 19, 2018
 
Columnist
Martin Hennecke
 
CSR TIMES ELEC
HKEx Stock Code : 03898 
 
Corporate Profile
Mainly engaged in the research, development, manufacture and sales of locomotive train power converters, control systems and other train-borne electrical systems, as well as the development, manufacturing and sales of urban railway train electrical systems.

Business Review - For the year ended December 31, 2012

In 2012, faced with the impact of the changing macroeconomic situation and adjustment to the development of the railway industry, the Group adhered to its ˇ§efficient organizationˇ¨ and ˇ§global operationˇ¨ strategies, and focused on the R&D of new products and market positioning. The industrial sectors of urban railway and metro, railway engineering machinery, communication and signaling, and highend parts and components delivered satisfactory results. Despite a decrease in the businesses of locomotives and electric multiple units used for mainline railway by nearly 20% year-on-year, the overall businesses and profits of the Company realized an ultimate increase year-on-year which was not easy.

Meanwhile, all industrial sectors respectively made new br eakthroughs in technology, products and markets, which mainly included:

In respect of the traction systems for electric multiple units, the Company won the bids for the Guangzhou-Shenzhen-Hong Kong High-speed Railway project and the CRH6-200 inter-city electric multiple units project, completed the first article inspection of its own inter-city electric multiple units project;

In respect of the traction systems for locomotives, the Company received locomotives purchase orders from South Africa, completed trial production and commenced mass production of eight-axle locomotives for the Ministry of Railways and eightaxle locomotives for China Shenhua. The Company also completed pre-application examination and commenced mass production of HXD1C plateau locomotives, and commenced trial operation of its first 4,400hp diesel locomotive;

In respect of urban railway and metro, the Company possessed an obvious advantage and obtained a more satisfactory market share in the domestic tenders of traction systems during the year, expanding the influence of its own brand in the market.

Particularly, in respect of Changsha Metro Line 2, the Company realized integrated supply of three critical systems ˇX traction, signaling and braking , for the first time, creating new room for future development of the urban railway and metro sector; In respect of railway engineering machinery, orders increased rapidly, while market position was further improved in respect of safety monitoring products. The sector of parts and components achieved stable development.

During the past year, the Company also emphasized on performance management, wid ely promoted and improved its information system platform.

Business Outlook - For the year ended December 31, 2012

Entering 2013, affected by the transition of the Chinese government leadership and railway marketization, railway orders were delayed in light of uncertainties in policies and market.

However, for a long period in future, with continuous progress in the construction of railway and urban railway in the PRC and the development of the PRC economy, transportation demand for mainline and urban railway will still be strong. Railway transport, being a mode of transport with low energy consumption and low emissions, will be a better solution for the various problems facing the future development of China.

We believe the Company will be able to capture more opportunities and meet more challenges in future. The Company will offer quality service to national railway and urban railway transit sectors as well as other sectors as the Company always does, and the Company will strengthen its efforts in expanding overseas markets.

In the fields of locomotives and electric multiple units, the Company will focus on the promotion of the products with its own systems for eight-axle 9,600kW freight locomotive, HXD1C plateau locomotive, 160km/h passenger locomotive, HXN5 diesel locomotive, 4,400hp diesel locomotive and Guangzhou-Shenzhen-Hong Kong High-speed Railway electric multiple units. The Company will also refine and expand its overhaul business.

In the field of urban railway and metro, the Company will seize business opportunities in the market brought by governmental policies, continue to strengthen the continuous R&D and brand promotion of self-developed system, and complete on-time delivery of orders on hand while maintaining quality standards.

The Company will also increase its efforts of integration in the railway engineering machinery sector to realize the scale expansion of this sector, capture new opportunities in the railway signaling market, develop and upgrade new products of the signaling system, and increase the market expansion efforts for extended sectors.

In the fields of parts and components, the Company will focus equally on R&D and market expansion, accelerate the batch application of self-developed IGBT components, expand the market application of new components, and specialize in and strengthen its key component sector including laminated busbars, sensors and PCB.

Looking ahead, the Group is confident in endeavoring to expand its competitive edge in all industrial sectors while consolidating its status in the industry and ensuring the healthy and stable development of the Group, thereby creating greater value for its shareholders.


Source: CSR Times Elec (03898) Annual Results Announcement
Chairman Ding Rongjun Issued Capital (shares) 456M
Par Value RMB 1 Market Capitalisation (HKD) 10,217M
 
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