思维列控：2024年中报点评：铁路设备更新催化需求回暖，上半年新签订单增长30%

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a positive outlook for the stock over the next six months [1][15]. Core Insights - The railway equipment sector is experiencing a recovery in demand, with the company reporting a 30% increase in new orders in the first half of 2024 [1][3]. - The company's total revenue for the first half of 2024 reached 559 million yuan, a year-on-year increase of 6.16%, while net profit attributable to shareholders was 190 million yuan, up 9.39% [1][5]. - The company is well-positioned to benefit from a new round of railway equipment upgrades, with its core products entering a replacement cycle [5][4]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved total revenue of 559 million yuan, a 6.16% increase year-on-year, and a net profit of 190 million yuan, reflecting a 9.39% growth [1][5]. - The gross profit margin for the first half of 2024 was 62.83%, an increase of 4.63 percentage points compared to the previous year [1][4]. Market Dynamics - The railway investment sector is expected to accelerate, with fixed asset investments projected to reach 741.4 billion yuan annually during the 14th Five-Year Plan period [3]. - The company has a leading market share in railway control systems, with approximately 50% of the market for its LKJ2000 system, which is undergoing its third replacement cycle [4][5]. Order and Revenue Growth - The company signed new orders totaling approximately 660 million yuan in the first half of 2024, marking a year-on-year increase of over 30% [1][3]. - The breakdown of revenue by business segment shows growth in railway control, safety, and high-speed rail operations, with respective revenues of 329.85 million yuan, 136.55 million yuan, and 79.87 million yuan [1][4]. Future Projections - The company forecasts revenues of 1.427 billion yuan, 1.668 billion yuan, and 1.889 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 513 million yuan, 601 million yuan, and 683 million yuan [5][6].