Goldman Sachs: Downgrade Zhuzhou CRRC Times Electric (03898) target price to 36.2 Hong Kong dollars, rating "buy"

Goldman Sachs released a research report stating that the 12-month target price for Zhuzhou CRRC Times Electric (688187.SH) has been lowered to 49.9 yuan (originally 51 yuan) with a "neutral" rating; the 12-month target price for the H-share (03898) has been lowered to 36.2 Hong Kong dollars (originally 37 Hong Kong dollars) with a "buy" rating. Zhuzhou CRRC Times Electric's performance in the third quarter of 2025 was weak, with revenue, operating profit, and net profit at 6.62 billion yuan, 1.11 billion yuan, and 1.05 billion yuan respectively (an increase of 11%, 15%, and 5% year-on-year); gross profit margin, operating profit margin, and net profit margin were 33%, 17%, and 16% respectively. Overall, Goldman Sachs slightly adjusted downward the revenue forecast for Zhuzhou CRRC Times Electric for the years 2025 to 2030 by up to 5%, and the net income forecast by up to 6%, to reflect the performance results.