凯发电气：数字化供应链降本显效，新利润增长点瞄准智能电网与绿色能源

Core Insights - The company reported a 15% year-on-year decrease in operating costs in the first half of the year, attributed to both a decline in raw material prices and the implementation of a digital supply chain management system [1] - The gross profit margin for the railway power supply automation system business increased by 2.8 percentage points due to the promotion of new technologies and cost control [1] - The company is actively exploring new profit growth points, focusing on smart grids and green energy, while aligning its R&D investments with national strategic directions [1][2] Cost Control and Technology Development - The company effectively reduced project execution costs through the construction of a new information platform and project budget management [1] - Continuous growth in R&D investment is aimed at upgrading technologies in line with the national "14th Five-Year" plan for intelligent transportation [1][2] Market Expansion and International Projects - The company is involved in the Hamburg subway renovation project in Germany, which has entered the debugging phase, showcasing its ability to accumulate replicable international project experience [1] - The impact of the trade war on the company's German subsidiary, RPS, has been limited [1] Shareholder Value and Market Management - The company is focused on enhancing operational results to return value to shareholders, despite acknowledging that stock price fluctuations are influenced by multiple factors [2] - The core competitiveness of the company is derived from independent R&D and a comprehensive product system, with no "bottleneck" risks in core technologies [2]