1. 产品更新换代不及预期 2. 行业出现新进入者，竞争加剧，转而侵蚀毛利率新产品渗透率不及预期 3. 新产品渗透率不及预期 请务必阅读正文后的信息披露和法律声明 19 / 21 公司首次覆盖 思维列控（603508.SH） | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------|-------|-------|-------------------------|-------|------------------------|-------|-------------------------|-------|-------| | 财务报表分析和预测 \n主要财务指标 | 2023A | 2024E | 2025E | 2026E | 利润表（百万元） | 2023A | 2024E | 2025E | 2026E | | 每股指标 ( 元 ) | | | | | 营业总收入 | | 1,180 1,339 1,486 1,652 | | | | 每股收益 | | | ...

河南思维自动化设备股份有限公司 2023年年度股东大会 会议材料 二〇二四年五月六日 思维列控 2023年年度股东大会会议材料 目 录 | 2023年年度股东大会会议须知 3 | | --- | | 2023年年度股东大会会议议程 5 | | 议案一：《公司2023年度董事会工作报告》 6 | | 议案二：《公司2023年度监事会工作报告》 7 | | 议案三：《公司2023年度独立董事述职报告》 8 | | 议案四：《公司2023年度审计委员会履职情况报告》 9 | | 议案五：《关于公司董监高2023年薪酬发放及2024年薪酬方案的议案》 10 | | 议案六：《<公司2023年年度报告>及其摘要》 12 | | 议案七：《公司2023年度财务决算及2024年度财务预算报告》 13 | | 议案八：《公司2023年度利润分配预案》 17 | | 议案九：《公司2024-2026年分红规划》 18 | | 议案十：《关于提请股东大会授权董事会加强对公司闲置资金管理的议案》 | | 19 | | 议案十一：《关于公司及下属公司向银行申请综合授信额度的议案》 21 | | 议案十二：《关于审议<公司2023年度 ...

证券代码：603508 证券简称：思维列控 公告编号：2024-024 河南思维自动化设备股份有限公司 关于 2023 年度业绩说明会召开情况的公告 1 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 2024 年 4 月 16 日下午 14:00-15:30 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 2023 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 公司于2023年4月10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2023年度业绩说明会的公告》（公告编 号：2024-022），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，并就投资者普遍关注 的问题 ...

⚫ 铁路运输需求恢复，带动铁路车辆设备更新加速，公司三大产品线 均受益 2023 年随着疫情防控政策的变化，铁路运输需求有了明显的恢复性增长， 带动铁路车辆设备需求恢复增长。 机械 ——思维列控(603508)2023 年报点评 | --- | --- | --- | |---------------------|------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 市场数据 | 证券研究报告 - 年报点评 \n(2024-04-10) | 增持 ( 维持 ) \n发布日期： 2024 年 04 月 11 日 | | 收盘价 ( 元 | ) ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [1][3]. Core Insights - The company achieved a revenue of 1.18 billion in 2023, representing a year-on-year growth of 10.6%. The net profit attributable to shareholders was 412 million, up 19.0% year-on-year. In Q4 2023, revenue was 450 million, showing a slight decline of 0.2% year-on-year but a significant increase of 118.7% quarter-on-quarter, with a net profit of 167 million, up 10.1% year-on-year and 136.2% quarter-on-quarter. The dividend payout ratio has increased to 70% [1][21][22]. Summary by Sections Financial Performance - In 2023, the company reported a comprehensive gross margin of 64.6%, an increase of 2.91 percentage points year-on-year, and a net profit margin of 36.3%, up 2.3 percentage points year-on-year. The gross margin improvement is attributed to a shift in product mix towards higher-margin products [21][22]. - The company plans to distribute a cash dividend of 7.57 per 10 shares (including tax), resulting in a dividend yield of 3.9% based on the closing price on April 9 [21]. Business Segments - The LKJ control business generated revenue of 703 million in 2023, growing by 20.8% year-on-year. The high-speed rail operation monitoring business achieved revenue of 256 million, up 1.8% year-on-year, while the railway security business saw a revenue decline of 6.4% to 190 million [22][27]. - The company is expected to benefit from a new round of equipment replacement policies, with significant demand for system upgrades in the LKJ control and high-speed rail monitoring sectors [22][27]. Profit Forecast - The company forecasts net profits of 550 million, 658 million, and 759 million for 2024, 2025, and 2026, respectively, indicating a compound annual growth rate of 23% over the next three years [3][23]. - Revenue growth rates for the LKJ control business are projected at 20% for 2024, 20% for 2025, and 20% for 2026, while the high-speed rail operation monitoring business is expected to grow at rates of 16%, 17%, and 16% over the same period [27][28].

Financial Performance - The company achieved operating revenue of CNY 1.18 billion in 2023, a year-on-year increase of 10.60%[23]. - Net profit attributable to shareholders reached CNY 412 million, up 18.97% compared to the previous year[23]. - The net profit after deducting non-recurring gains and losses was CNY 406 million, reflecting a growth of 20.42% year-on-year[23]. - The company's total assets at the end of 2023 amounted to CNY 5.04 billion, with a net asset value of CNY 4.55 billion[32]. - The company's debt-to-asset ratio stood at 7.67%, with no interest-bearing debt reported[32]. - The overall gross margin improved to 64.58%, an increase of 2.91 percentage points compared to the previous year[35]. - The company achieved operating revenue of CNY 1,180,240,475.71, an increase of 10.60% year-on-year[65]. - Net profit attributable to shareholders reached CNY 412,077,300, reflecting an 18.97% increase compared to the previous year[65]. - The company's R&D expenses were CNY 139,532,459.92, a slight decrease of 1.70% year-on-year[66]. - The operating cash flow net amount increased by 26.82% to CNY 287,799,773.54, driven by improved collection of accounts receivable[66]. Dividend Distribution - The company plans to distribute a cash dividend of 7.5655 CNY per 10 shares, totaling approximately 288.45 million CNY based on the total share capital of 381,274,377 shares as of December 31, 2023[5]. - The company maintained a cash dividend payout ratio of 60%, distributing a total of 208 million yuan in cash dividends to shareholders[38]. - The company plans to distribute cash dividends of 5.4510 RMB per 10 shares for the 2022 fiscal year, totaling approximately 208 million RMB[177]. - For the 2023 fiscal year, the proposed cash dividend is 7.5655 RMB per 10 shares, amounting to an estimated total of 288,453,129.92 RMB[178]. - The company’s cash dividend ratio reached 60% of the net profit in the past two years, indicating a stable performance trend[155]. Research and Development - R&D expenses amounted to 139.53 million yuan, representing 11.82% of the current operating revenue, focusing on smart and digital transformation[37]. - The company invested CNY 139.53 million in R&D in 2023, maintaining R&D expenses above 10% of total revenue for the reporting period[60]. - The company added 41 software copyrights and 34 patents in 2023, including 30 invention patents[37]. - The company is actively involved in major projects like the CR450 technology innovation project and the intelligent driving system[37]. - The company has established a comprehensive technical support system focused on meeting the safety needs of railway transportation[64]. Market Position and Products - The LKJ system holds a market share of over 49%, with applications in 22,400 locomotives and 1,546 train sets as of the end of 2023[42]. - The company’s LSP system has a market share exceeding 50%, while the 6A and CMD systems each hold around 30% market share[47]. - The company’s railway security system products, including the LSP system, have a market share of over 50%[112]. - The company aims to become a leading provider of railway safety control and information systems, focusing on expanding into intercity and urban rail markets[115]. - The company is developing an integrated safety protection system addressing human-vehicle-object safety needs in railway operations[116]. Governance and Compliance - The company has received a standard unqualified audit report from Dahua Certified Public Accountants[4]. - The board of directors and senior management guarantee the authenticity, accuracy, and completeness of the annual report[8]. - The company has established a complete independent legal entity with clear ownership of assets, including production systems, facilities, and intellectual property rights[132]. - The company maintains an independent financial accounting department and has established a standardized financial management system, ensuring no shared bank accounts with the controlling shareholder[133]. - The company has a robust information disclosure management system to ensure transparency and protect investor rights[131]. Environmental Responsibility - The company invested 1.68 million yuan in environmental protection during the reporting period[191]. - The subsidiary, Siwei Precision, was listed as a key pollutant discharge unit, but all monitored emissions were within the regulatory limits[192]. - The company has established wastewater treatment and air pollution control systems, ensuring compliance with environmental standards[194]. - The company has conducted environmental impact assessments for construction projects and obtained necessary approvals from government authorities[195]. - The company has developed an environmental self-monitoring plan and is complying with the pollutant discharge permit requirements, submitting annual reports to the national management information platform[197]. Risk Management - The company faces risks related to product quality, which could impact its market reputation and profitability if safety incidents occur due to product failures[122]. - Economic and policy changes pose risks to the company's operations, as reliance on government investment in rail projects could affect business development[123]. - The company is focused on mitigating risks from new product launches, ensuring alignment with market demands and technological trends to maintain profitability[125]. - As of the end of 2023, the company's accounts receivable amounted to 868.95 million yuan, with 98% of it being less than three years old, indicating a low risk of bad debts[126]. - The company maintains strong relationships with clients like the National Railway Group, which helps minimize the risk of bad debts through effective communication and account management[127].

河南思维自动化设备股份有限公司 审计报告 大华审字[2024]0011008918 号 大华会计师事务所(特殊普通合伙) | 目 录 | 页 次 | | --- | --- | | 审计报告 | 1-8 | | 已审财务报表 | | | 合并资产负债表 | 1-2 | | 合并利润表 | 3 | | 合并现金流量表 | 4 | | 合并股东权益变动表 | 5-6 | | 母公司资产负债表 | 7-8 | | 母公司利润表 | 9 | | 母公司现金流量表 | 10 | | 母公司股东权益变动表 | 11-12 | | 财务报表附注 | 1-86 | 基金計師東洛呼 大华会计师事务所(特殊普通合伙) 北京市海淀区西四环中路 16 号院 7 号楼 12 层 [100039] 电话:86(10)5835 0011 传真:86 (10) 5835 0006 www.dahua-cpa. Da Hua Certified Public Accountants （Special General Partnership ） 出现场 河南思维自动化设备股份有限公司 审计报告及财务报表 (2023 年 1 月 1 日至 202 ...

《公司2023年度独立董事述职报告》 本人作为河南思维自动化设备股份有限公司（以下简称"公司"）的独立董 事，在2023年度严格按照《公司法》《证券法》《上市公司独立董事管理办法》 等有关法律法规以及《公司章程》《公司独立董事制度》的有关规定，勤勉尽责， 认真参加公司董事会和股东大会，慎重审议董事会和董事会专门委员会的各项提 案，对公司的生产经营和业务发展提出合理的建议，致力于维护全体股东尤其是 中小股东的利益，切实履行了独立董事的责任与义务。现就本人2023年度履职情 况报告如下： 一、独立董事基本情况 （一）独立董事简历 本人韩琳，女，中国国籍，无永久境外居留权，1962年出生，本科学历。1985 年开始从事律师执业。曾任河南省电子研究院、郑州大学第二附属医院、河南欧 凯龙家居集团有限公司、郑州市大浪淘沙服务有限公司、郑州大学第五附属医院 法律顾问。2000年至今，在河南秉义律师事务所任职。曾任本公司独立董事、河 南秉义律师事务所主任，河南省中原石油天然气集团有限公司董事。 （二）独立董事任职情况 2023年12月20日，公司召开第四届董事会第十七次会议，审议通过了《关于 公司董事会换届选举暨提名第五届董 ...

公司代码：603508 公司简称：思维列控 河南思维自动化设备股份有限公司 2023 年度商誉减值测试报告 请年审会计师对该报告中公司填报的内容核实并确认。 年审会计师是否已核实确认：√是 □否 年审会计师姓名：林映雪、王聪 会计师事务所名称：大华会计师事务所（特殊普通合伙） 一、 是否进行减值测试 √是 □否 注：如选是请继续填写后续内容。 二、 是否在减值测试中取得以财务报告为目的的评估报告 √是 □否 | 资产组名称 | 评估机构 | 评估师 | 评估报告编号 | | 评估价值类型 | 评估结果 | | --- | --- | --- | --- | --- | --- | --- | | 河南蓝信科技有限责任 | 北京亚太联华资产评估 | 李东峰、郭宏 | 亚评报字（2024）第 | 167 | 可回收金额 | 被评估资产组价值为 | | 公司含商誉资产组 | 有限公司 | | 号 | | | 241,858.98 万元 | 三、 是否存在减值迹象： | 资产组名称 | 是否存在减值迹象 | 备注 | 是否计提减值 | 备注 | 减值依据 | 备注 | | --- | --- | --- | --- ...

《公司2023年度独立董事述职报告》 本人作为河南思维自动化设备股份有限公司（以下简称"公司"）的独立董 事，在报告期内严格按照《公司法》《证券法》《上市公司独立董事管理办法》 等有关法律法规以及《公司章程》《公司独立董事制度》的有关规定，勤勉尽责， 认真参加公司董事会和股东大会，慎重审议董事会和董事会专门委员会的各项提 案，对公司的生产经营和业务发展提出合理的建议，致力于维护全体股东尤其是 中小股东的利益，切实履行了独立董事的责任与义务。现就本人2023年报告期内 （即2023年8月28日至2023年12月31日，详情见独立董事任职情况）述职情况报 告如下： 一、独立董事基本情况 （三）独立性说明 （二）独立董事任职情况 公司分别于2023年8月10日、2023年8月28日召开第四届董事会第十四次会议、 作为公司独立董事，本人与公司持股5%以上的股东、公司控股股东、实际控 制人及其他董事、监事、高级管理人员不存在关联关系，未在公司担任除独立董 事以外的其他任何职务，且在其他上市公司兼任独立董事未超过三家，也没有为 公司提供财务、法律、管理咨询、技术咨询等服务，没有从公司及其主要股东或 有利害关系的机构和人员 ...