思维列控创新驱动三年研发费4.36亿 产品销量提升半年最高预盈3.14亿

Core Viewpoint - The company, Siwei Control (603508.SH), is positioned as a leader in the domestic train operation control system sector, leveraging technological innovation to enhance its production capabilities and profitability [2][3]. Financial Performance - Siwei Control expects to achieve a net profit of between 276 million to 314 million yuan for the first half of 2025, representing a year-on-year growth of 45% to 65% [4]. - The company reported revenues of 1.18 billion yuan and 1.515 billion yuan for 2023 and 2024, respectively, with year-on-year growth rates of 10.6% and 28.38% [3]. - The net profit for 2023 and 2024 was 412 million yuan and 548 million yuan, showing year-on-year increases of 18.97% and 33.08% [3]. Research and Development - From 2022 to 2024, Siwei Control invested a total of 436 million yuan in R&D, with R&D expenses for Q1 2025 amounting to 30.33 million yuan, representing approximately 9.51% of revenue [6][7]. - The company has developed four generations of train control systems and has successfully launched the intelligent driving system (STO), contributing to technological advancements in the sector [7]. Product Performance - In 2024, the comprehensive gross profit margin for Siwei Control reached 67.57%, an increase of 3.44 percentage points year-on-year [4]. - The company’s main products, including train control systems, railway security, and high-speed rail monitoring, all experienced double-digit growth in revenue [4][8]. Market Position - Siwei Control's LKJ system remains the mainstream equipment for national railway train operation control systems, with a market share exceeding 49% as of the end of 2024 [8].