Citi Research report states thatavetreelssx5.3, Times Electric announced strong first-quarter results for 2024avetreelssx5.3, although the year-on-year growth in profit during the period was lower than that of CRRC (601766). The company's net profit rose 30% year-on-year to 5%avetreelssx5.3.68 billion yuan, mainly driving a 27% year-on-year increase in revenue in the first quarter of 2024 and a 1.1% increase in gross profit margin compared with the same period last year.avetreelssx5.3.6 percentage points. The bank pointed out that unlike the previous quarters of 2023, Times Electric's rail transit business recorded a year-on-year increase of 44% in the first quarter, replacing the emerging equipment (002933) business as the main driving force for growth in the first quarter and also agreeing with management. The bank also believes that gross profit margin recorded a year-on-year increase of 1.6 percentage points, mainly due to favorable product portfolio changes, with rail transit business with high gross profit margins accounting for 54% of total revenue in the first quarter of 2024 (it was 48% in the first quarter of 2023). The bank reiterated its "buy" rating on Times Electric with a target price of HK$33.3.