CITIC CLSA has issued a research report assigning an "outperform" rating to TIMES ELECTRIC (03898). The company announced on September 30 that its new orders from July to September totaled 54 billion RMB, including 37.8 billion RMB in electric multiple unit (EMU) sales. These sales stem from the second batch of EMU tenders announced by China National Railway Group on August 19.

The report notes that year-to-date, China has tendered 278 high-speed trains capable of 350 km/h, already surpassing last year's full-year total of 247 units. This reflects robust demand for passenger rail services and equipment replacement, which will benefit TIMES ELECTRIC as a key component supplier.

CITIC CLSA anticipates that China National Railway Group's sustained tendering momentum, combined with the upcoming railway equipment maintenance cycle, will drive continuous growth in the company's railway business over the next three years.