Goldman Sachs released a research report raising the price target for CRRC H-shares (01766) from HK$6.2 to HK$6.8, maintaining a "Buy" rating. The A-share (601766.SH) price target was increased from RMB 5.7 to RMB 6.2, with a "Neutral" rating maintained. For TIMES ELECTRIC H-shares (03898), the price target was raised from HK$35.3 to HK$37, maintaining a "Buy" rating. The A-share (688187.SH) price target was increased from RMB 48.7 to RMB 51, with a "Neutral" rating maintained.

The firm noted that both CRRC and TIMES ELECTRIC's first-half performance generally aligned with guidance, with railway and emerging businesses showing a differentiated but stable pattern. As of now, bidding volumes for multiple units (MU) and locomotives have reached 278 standard sets and 455 units respectively, surpassing the firm's previous expectations of 230 standard sets and 400 units, providing substantial support for the group's full-year earnings.

Consequently, Goldman Sachs raised its earnings per share forecasts for CRRC by 8-12% for 2025-2030. For TIMES ELECTRIC, the firm increased earnings per share forecasts by 4-7% for 2026-2030, though the 2025 forecast was slightly reduced by 1% due to profit margins falling short of expectations.