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]

2025 年 04 月 13 日 思维列控 (603508) ——动车组业务表现强势，分红比例再提升 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 11 日 | | --- | --- | | 收盘价（元） | 22.83 | | 一年内最高/最低（元） | 27.01/16.42 | | 市净率 | 1.9 | | 息率（分红/股价） | 4.41 | | 流通 A 股市值（百万元） | 8,704 | | 上证指数/深证成指 | 3,238.23/9,834.44 | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 12.33 | | 资产负债率% | 8.05 | | 总股本/流通 A 股（百万） | 381/381 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-11 05-11 06-11 07-11 08-11 09-11 10-11 11-11 12-11 01-11 02-11 03-11 04-11 ...

4月11日晚间，思维列控（603508）发布2024年年报，在铁路行业加快复苏与技术创新的双重驱动下， 思维列控展现出强劲的成长动能。报告期内，公司实现营业收入15.15亿元，同比增长28.38%；归属于 上市公司股东的净利润达5.48亿元，同比增长33.08%，扣非净利润5.49亿元，同比增长35.02%。公司拟 每10股派发现金股利11.8828元(含税)。 除大量未分配利润外，思维列控在手现金充裕且债务结构持续优化，也为后续分红提供了重要支撑。据 统计，2022—2024年，思维列控货币资金分别为14.45亿元、16.15亿元及16.65亿元。负债方面，2024 年，公司资产负债率仅8.05%，无有息负债，现金流充裕。2024年经营活动现金流净额达4.39亿元，同 比增长52.47%，反映出公司的回款能力显著增强。根据公告披露，公司延续高分红传统，2024年前三 季度已派发现金红利0.95亿元，并承诺2024—2026年分红比例不低于净利润的60%，彰显出管理层对公 司长期价值的信心。 思维列控表示，公司此次对三年分红政策调整，主要是增加分红频次，同时提高比例，并不会影响生产 经营。公司账上资金充足，选 ...

Group 1 - YN Holdings reported a revenue of approximately 12.155 billion yuan for 2024, a year-on-year increase of 1.43%, but still incurred a net loss of approximately 121 million yuan, an improvement from a loss of about 554 million yuan in 2023 [1] - The company generated a net cash flow from operating activities of approximately 2.369 billion yuan, a significant year-on-year increase of 214.51% [1] - YN Holdings operates in various sectors including thermal power generation, renewable energy, pumped storage, coal trading logistics, and comprehensive energy services [1] Group 2 - Guoji Precision reported a revenue of 2.658 billion yuan for 2024, a year-on-year decrease of 4.53%, primarily due to a strategic adjustment in trade business, leading to a 47.65% drop in trade revenue [2] - The company achieved a net profit of 280 million yuan, reflecting a year-on-year growth of 8.11% [2] - Guoji Precision's main business includes bearing, abrasive tools, and supply chain services [2] Group 3 - Siwei Liekong reported a revenue of 1.515 billion yuan for 2024, a year-on-year increase of 28.38%, with a net profit of 548 million yuan, up 33.08% [3] - The company's net profit after deducting non-recurring items was approximately 549 million yuan, a year-on-year increase of 35.02% [3] - Siwei Liekong focuses on information transmission, software, and IT services, primarily serving the national railway safety sector [3] Group 4 - XJ Electric reported a revenue of 17.089 billion yuan for 2024, a slight year-on-year increase of 0.17%, with a net profit of 1.117 billion yuan, up 11.09% [4] - The company invested 880 million yuan in R&D, a year-on-year increase of 10.84%, but its net cash flow from operating activities decreased by 52.74% to 1.299 billion yuan [4] - XJ Electric focuses on ultra-high voltage, smart grid, renewable energy, electric vehicle charging, rail transit, and industrial intelligence [4] Group 5 - Pinggao Electric reported a revenue of 12.402 billion yuan for 2024, a year-on-year increase of 11.96%, with a net profit of 1.023 billion yuan, up 25.43% [5] - The company generated a net cash flow from operating activities of 3.008 billion yuan, a year-on-year increase of 20.14% [5] - Pinggao Electric's business encompasses the R&D, design, manufacturing, and sales of power transmission and distribution equipment and core components [5] Group 6 - Linzhou Heavy Machinery reported a total revenue of approximately 1.684 billion yuan for 2024, a year-on-year decrease of 8.38%, with a net profit of approximately 95.344 million yuan, down 18.47% [6] - The company's comprehensive gross margin was 28.31%, an increase of 0.02 percentage points from the previous year [6] - The coal machinery and comprehensive service segment generated approximately 1.644 billion yuan in revenue, a year-on-year decline of 7.30% [6]

Core Insights - The company reported a total revenue of 1.515 billion yuan for 2024, representing a year-on-year increase of 28.38% and a net profit of 548 million yuan, up 33.08% year-on-year [1][3] - In Q4 2024, the revenue reached 609 million yuan, a 35.79% increase year-on-year, with a net profit of 221 million yuan, up 31.77% year-on-year [1] - The company's gross margin increased by 5.81% year-on-year, while the net margin rose by 3.65% [1] Financial Performance - The gross margin for 2024 was 66.76%, an increase of 6.56% from the previous year, and the net margin was 37.6%, up 3.65% [3] - Total expenses (selling, administrative, and financial) amounted to 185 million yuan, accounting for 12.22% of revenue, which is a 10.15% increase year-on-year [3] - Earnings per share (EPS) for 2024 was 1.44 yuan, reflecting a 33.33% increase year-on-year, while operating cash flow per share was 1.15 yuan, up 52.47% [3] Analyst Expectations - Analysts had previously estimated the net profit for 2024 to be around 511 million yuan, indicating that the actual results exceeded expectations [1][2] - The average forecast for net profit in 2025 is approximately 688 million yuan, with an average EPS of 1.8 yuan [4] Shareholder Information - Several funds have newly entered the top ten shareholders of the company, including Invesco Great Wall Jingyi Helix Bond A and CITIC Securities Zhi Yuan Mixed A [5] - The largest fund holding is Invesco Great Wall Jingyi Helix Bond A, with a scale of 710 million yuan and a recent net value of 0.998 [5]

Group 1 - The core viewpoint of the news is that Siwei Liekong (603508.SH) has reported its annual results for 2024, highlighting significant institutional investor activity [1] - As of April 11, 2025, a total of 246 institutional investors disclosed holdings in Siwei Liekong A-shares, with a combined holding of 38.78 million shares, representing 10.17% of the total share capital [1] - The top ten institutional investors collectively hold 7.12% of the shares, with a decrease of 1.98 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 18 funds reported a decrease in holdings compared to the previous quarter, with a reduction rate of 2.03% [2] - A total of 224 new public funds were disclosed this period, including notable funds such as Fuquan Innovation Technology Mixed A and Jianxin Optimized Allocation Mixed A [2] - Eleven public funds that were previously disclosed did not report this period, including Fuquan Insight Value Stock A and Guoshou Anbao Stable Xin One-Year Holding Mixed A [2]