事项： 公司研究 证 券 研 究 报 告 思维列控（603508）2024 年报及 2025 年一季报点评 强推（维持） 营收和利润双增，坚定践行创新发展战略 近期，公司发布 2024 年年报及 2025 年一季报：2024 年，实现营业收入 15.15 亿元，同比增长 28.38%，归母净利润 5.48 亿元，同比增长 33.08%，归母扣 非净利润 5.49 亿元，同比增长 35.02%；2025 年一季度，实现营业收入 3.19 亿元，同比增长 6.72%，归母净利润 1.27 亿元，同比增长 26.40%，归母扣 非净利润 1.27 亿元，同比增长 27.05%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,515 | 1,831 | 2,185 | 2,567 | | 同比增速(%) | 28.4% | 20.8% | 19.3% | 17.4% | | 归母净利润(百万) | 548 | 669 | 798 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 319,064,376.63, representing a year-on-year increase of 6.72% compared to CNY 298,965,205.89 in the same period last year[4]. - Net profit attributable to shareholders for the same period was CNY 126,810,305.02, reflecting a growth of 26.40% from CNY 100,323,202.62 year-on-year[4]. - The basic earnings per share increased to CNY 0.33, up 26.92% from CNY 0.26 in the same quarter last year[4]. - Total operating revenue for Q1 2025 reached ¥319,064,376.63, an increase of 6.9% compared to ¥298,965,205.89 in Q1 2024[20]. - Net profit for Q1 2025 was ¥130,216,705.40, representing a 25.6% increase from ¥103,653,685.66 in Q1 2024[21]. - Operating profit for Q1 2025 was ¥154,653,708.77, up from ¥126,040,137.08 in Q1 2024, marking a growth of 22.7%[21]. Cash Flow - The net cash flow from operating activities improved significantly to CNY 1,850,154.82, compared to a negative cash flow of CNY -22,534,946.83 in the previous year[4]. - The net cash flow from operating activities for Q1 2025 was ¥1,850,154.82, a significant improvement from a net outflow of ¥22,534,946.83 in Q1 2024[25]. - The net cash flow from investment activities was 61,318,482.49, a significant improvement compared to a negative cash flow of -92,237,090.71 in the previous period[26]. - The net increase in cash and cash equivalents was 63,168,637.31, contrasting with a decrease of -114,772,037.54 in the previous period[26]. - The ending balance of cash and cash equivalents reached 250,443,203.17, compared to 143,316,938.61 at the end of the previous period, marking a 75% increase[26]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 5,256,774,793.70, a slight increase of 0.21% from CNY 5,245,982,846.09 at the end of the previous year[4]. - As of March 31, 2025, the total assets amounted to RMB 5,256,774,793.70, slightly up from RMB 5,245,982,846.09 at the end of 2024[16][17]. - Total liabilities decreased to ¥302,071,109.29 in the latest report from ¥422,207,682.99 in the previous period[18]. - The company reported a total current liabilities of RMB 289,000,000.00, down from RMB 289,000,000.00 in the previous period[17]. - The company’s non-current assets totaled RMB 2,027,466,524.65, slightly down from RMB 2,035,868,680.43[17]. Equity and Returns - The company's weighted average return on equity rose to 2.66%, an increase of 0.48 percentage points from 2.18% in the previous year[4]. - The total equity attributable to shareholders increased to ¥4,828,823,056.83 from ¥4,701,316,120.39, reflecting a growth of 2.7%[18]. - The company’s total equity remains stable, with no significant changes reported in shareholder structure[12][13]. Operational Highlights - The company received a VAT refund of CNY 24,433,742.51, which is an increase of 93.75% year-on-year, contributing positively to the net profit[6]. - The company reported a significant increase in prepayments to suppliers, which rose by 67.44% to meet production needs[7]. - Contract liabilities increased by 63.53%, indicating a rise in advance payments received from customers[7]. - The company has sufficient orders on hand to support its performance in 2025, with ongoing delivery of orders from 2024 and new contracts[13]. - The company signed new contracts totaling approximately RMB 258 million in the first quarter of 2025, representing a year-on-year growth of over 70%[13]. Investment Activities - Total cash inflow from investment activities amounted to 304,371,778.05, compared to 113,657,916.77 in the prior period, indicating a 167% increase[26]. - Cash outflow for investment activities totaled 243,053,295.56, up from 205,895,007.48, reflecting an 18% increase[26]. - The company received 273,922,248.10 in cash related to investment activities, a substantial rise from 43,506,750.00 previously, representing a 529% increase[26]. - Cash received from the disposal of fixed assets and other long-term assets was 413,991.90, significantly higher than 8,676.36 in the prior period[26]. - The company made cash payments of 150,000,000.00 for investments, slightly down from 155,000,000.00 in the previous period[26]. Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[4]. - The company plans to implement new accounting standards starting in 2025, which may affect future financial reporting[27].

思维列控（603508）公告，2025年第一季度营收为3.19亿元，同比增长6.72%；净利润为1.27亿元，同 比增长26.40%。 ...

Summary of the Conference Call for Siwei Liekong Company Overview - Siwei Liekong was founded in May 1992 and is one of the earliest companies engaged in train operation control system research in China. The company was listed on the Shanghai Stock Exchange on December 24, 2015, becoming the first A-share listed company in the train control field in China. The current registered capital is 381 million yuan, with over 1,000 employees [2][3]. Financial Performance - In 2024, Siwei Liekong achieved a revenue of 1.515 billion yuan, representing a year-on-year growth of 28.38%. The net profit attributable to shareholders was 548 million yuan, up 33.08%, while the net profit after deducting non-recurring gains and losses reached 549 million yuan, increasing by 35.02%, indicating strong growth momentum [1][5]. - All three major business segments experienced significant growth: - Train control systems revenue was 886 million yuan, up 25.89% - Railway safety business revenue was 238 million yuan, up 25.64% - High-speed rail operation monitoring revenue was 355.8 million yuan, up 39.79% [1][5]. - The company's profitability improved significantly, with both net profit and net profit after deducting non-recurring gains and losses growing by over 30%. The net cash inflow from operating activities was 439 million yuan, a year-on-year increase of 52%. By the end of 2024, cash and cash equivalents reached 1.665 billion yuan, indicating a solid financial position [1][5]. - The gross profit margin for 2024 was 67.57%, and the net profit margin was 36.17%, both showing a continuous growth trend for three consecutive years, reflecting enhanced cost control and profitability [1][5]. Market Position - The market share of the XG system in the train control business exceeded 49%, applied to over 20,000 locomotives and more than 1,500 EMUs. The market share of the 6A CMD system in railway safety exceeded 30%. The DMS US GRU module in high-speed rail achieved a market share of 100%, consolidating its market leadership [1][6][7]. Strategic Developments - The company plans to implement quality improvement and efficiency enhancement measures in 2025, develop new productive forces, strengthen market value management, and improve investor returns. Strategic reserve projects such as the intelligent driving system (STO) and smart stations will be promoted to ensure sustainable development [3][8]. - The acquisition of Nanxin Technology has enabled the strategic establishment in the high-speed rail comprehensive monitoring field, forming a business structure that includes train operation control, railway safety protection, and high-speed rail operation monitoring [3][4]. Conclusion - Siwei Liekong demonstrates robust financial performance and market leadership in its core business segments. The company's strategic initiatives and focus on innovation position it well for future growth and sustainability in the railway industry.

河南思维自动化设备股份有限公司 关于 2024 年度业绩说明会召开情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 河南思维自动化设备股份有限公司（以下简称"思维列控"或"公司"）于 2025 年 4 月 21 日 下 午 15:00-16:30 通 过 上 海 证 券 交 易 所 上 证 路 演 中 心 （http://roadshow.sseinfo.com）采用视频直播和网络互动形式召开"思维列控 2024 年度业绩说明会"。现将活动情况公告如下： 一、本次说明会召开情况 证券代码：603508 证券简称：思维列控 公告编号：2025-016 公司于2025年4月12日在上海证券交易所网站（http://www.sse.com.cn）和指 定披露媒体上披露了《思维列控关于召开2024年度业绩说明会的公告》（公告编 号：2025-015），并通过邮件、预征集问题等方式提前征集投资者所关注的问题。 公司董事长李欣先生、独立董事叶建华先生、财务总监孙坤先生、董事会秘 书骆开尚先生出席了本次说明会，与投资者进行互动交流 ...

河南思维自动化设备股份有限公司 2024年年度股东大会 会议材料 二〇二五年五月七日 思维列控 2024年年度股东大会会议材料 目 录 | 2024年年度股东大会会议须知 3 | | --- | | 2024年年度股东大会会议议程 5 | | 议案一：《公司2024年度董事会工作报告》 6 | | 议案二：《公司2024年度监事会工作报告》 7 | | 议案三：《公司2024年度独立董事述职报告》 8 | | 议案四：《公司2024年度审计委员会履职情况报告》 9 | | 议案五：《关于公司董事2024年度薪酬发放情况及2025年度薪酬方案的议案》 10 | | 议案六：《关于公司监事2024年度薪酬发放情况及2025年度薪酬方案的议案》 12 | | 议案七：《关于公司会计政策变更的议案》 13 | | 议案八：《<公司2024年年度报告>及其摘要》 15 | | 议案九：《公司2024年度财务决算及2025年度财务预算报告》 16 | | 议案十：《公司2024年度利润分配预案》 21 | | 议案十一：《关于修订<公司2024~2026年分红规划>的议案》 22 | | 议案十二：《关于公司及下属公司向 ...

2025 年 04 月 15 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn [Table_Title] 2024 年业绩增速 33%， "新品推广+设备更新" 双轮驱动 ——思维列控（603508）2024 年年报点评 最近一年走势 | 相对沪深 | 300 表现 | | 2025/04/15 | | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 思维列控 | | 1.6% | 12.7% | 26.4% | | 沪深 300 | | -6.1% | -0.9% | 6.0% | | 市场数据 | 2025/04/15 | | --- | --- | | 当前价格（元） | 25.27 | | 周价格区间（元） 52 | 16.42-27.01 | | 总市值（百万） | 9,634.80 | | 流通市值（百万） | 9,634.80 | | 总股本（万股） | 38,127.44 | | 流通股本（万股） | 38,127.44 | | 日均成交额（ ...

和内容进行泄露或外发请以任何方式索要泄露散布转发电话会议纪要任何泄露电话会议纪要等信息的行为均为侵权行为深谋红颜研究保留追究泄露转发者法律责任的权利 社会领导 上午好 我是申岸机械团队的刘建伟那么今天我们非常荣幸的邀请到了CVD控制统一的骆总来跟我们一起进行整个24年的业余情况的解读那么我们今天会议呢分成两个环节首先第一个环节呢是由公司骆总来跟我们简单介绍一下整个24年的经营情况那么第二个环节的话呢 我们针对大家比较关心的一些问题跟骆总做一些请教那么我们看到呢这个24年整个公司的这个业绩还是非常亮眼的那么跟我们年初预期的全年五个亿的利润区比的话还是超了不少预期的那么这背后呢实际上还是反映我们说行业的景气程度和公司本身的这个呃产品的见证力啊这两方面的因素同时呢公司的这个 几个参加报表也反映出工程成功的精英水亮还在持续的一个提升的过程中下面把时间就先交给陆总感谢各位大家周末还抽出时间参加公司的本次交流 CV控昨天又收了公司的年报大家也都看到了就首先把公司去年的一个经营成果跟大家做一个简要的沟通然后把一些大家关注的一些要点进行交流然后后面看大家有什么关于公司这个一些经营计划呀包括二五年利息之类的大家进一步交流 从联 ...

Investment Rating - The investment rating for the company is "Buy" [8] Core Insights - The company reported a revenue of 1.515 billion yuan in 2024, representing a year-on-year increase of 28.38%, and a net profit attributable to shareholders of 548 million yuan, up 33.08% year-on-year [1] - The company has a high dividend payout ratio of over 80% for 2024, with an expected dividend yield of 5.7% for 2025 [4] - The railway investment in 2025 is expected to remain high, with a total fixed asset investment of 850.6 billion yuan in 2024, an increase of 11.26% year-on-year [3] Revenue Breakdown - The revenue from the train control system reached 886 million yuan in 2024, a growth of 25.89% year-on-year [2] - The railway security segment generated 238 million yuan in revenue, up 25.64% year-on-year [2] - The high-speed rail operation monitoring segment saw a revenue increase of 39.79%, totaling 358 million yuan [2] Financial Forecasts - The company is projected to achieve net profits of 680 million yuan, 830 million yuan, and 980 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 24%, 22%, and 18% [5] - The expected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 14, 12, and 10 respectively [5] Dividend Policy - The company plans to distribute a cash dividend of 11.8828 yuan per 10 shares for 2024, totaling 453 million yuan, which is approximately 83% of the net profit attributable to shareholders [4] - The company aims to maintain a dividend payout ratio of 80% during its mature development phase without significant capital expenditures [4]

Summary of the Conference Call for 思维列控 (Sihui Railway Control) Company Overview - 思维列控 achieved robust growth in 2024, with total revenue reaching 1.515 billion yuan, a year-on-year increase of 28.38% [3][4] - Net profit attributable to shareholders was 548 million yuan, up 33.08% year-on-year, while net profit excluding non-recurring items was 549 million yuan, reflecting a growth of 35% [3][4] Financial Performance - Operating cash flow reached 433.9 million yuan, marking a historical high with a growth of 52.47% [3][4] - The company maintained a high dividend payout ratio, distributing 548 million yuan in dividends, which accounted for 100% of the net profit [10][11] Business Segments Performance 1.列控系统 (Control System) - Revenue from the control system business was 886 million yuan, a growth of 25.89% with a gross margin of 66.47% [5][6] - Wireless data replacement orders exceeded expectations, growing by 132% to over 200 million yuan [6][12] 2.铁路安防 (Railway Security) - Railway security business revenue reached 238 million yuan, up 25.64%, with order growth exceeding 40% [5][7] - Major contributions came from vehicle-mounted system orders exceeding 300 million yuan and new contracts for station control subsystems nearing 90 million yuan [7] 3.高铁运行监测 (High-speed Rail Monitoring) - Revenue from high-speed rail monitoring increased by nearly 40% to 358 million yuan, with order growth exceeding 50% [5][8] - Growth was driven by increased production of DMS and US related vehicle-mounted systems and the promotion of new products like the high-speed mobile video platform [8] Research and Development - R&D investment totaled 154 million yuan, a year-on-year increase of approximately 10% [9] - Key projects include the improvement of FT15 and the development of the domestically produced LKJ-15 control system [9] Dividend Policy - The company has a tradition of high dividend payouts, proposing a dividend of 11.88 yuan per share for 2024, which is 82.62% of the net profit [10][11] - The board revised the three-year dividend plan to ensure a cash dividend ratio of no less than 60% annually [11] Market Trends and Future Outlook - The wireless replacement market is expected to reach a penetration rate of nearly 60% in the next two years, contributing significantly to revenue growth [12] - The company anticipates a stable growth trajectory in 2025, with a focus on technological upgrades and new product applications [30][35] Strategic Insights - The company is well-positioned to benefit from the railway system's focus on safety, technological innovation, and equipment upgrades in 2025 [33][35] - The emphasis on digital transformation and AI applications in the railway sector is expected to create new market opportunities [33][34] Conclusion - 思维列控 demonstrated strong financial performance and growth across its business segments in 2024, with a solid outlook for 2025 driven by technological advancements and market demand for railway safety and efficiency solutions [3][30][35]