On July 18th, Gelunhui | Changjiang Securities Research Report pointed out that Times Electric (688187.SH) maintained a high increase in performance in the first half of the year, driven by multiple businesses, and continued to be highly recommended. The company has formed a business layout of "one core and four strong, multi-point", and promoted multiple businesses at the same time. Among them, the core refers to the rail transportation sector, the four strong refers to the semiconductors sector, the automotive electric drive sector, the new energy generation sector, and the sensor sector. Multi-point refers to the offshore equipment sector, the industrial transmission sector, and the overseas business sector. In the field of rail transportation, the company fully benefits from the demand for new bids for EMUs and advanced maintenance of EMUs; at the same time, the emerging equipment sector continues to expand and is expected to continue to contribute to profit growth. We continue to be bullish on the company's dual-wheel drive of rail transit equipment + emerging equipment.