思维列控（603508）：盈利能力明显提升，派发中期特别分红

Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Insights - The company reported significant improvement in profitability, with a mid-year special dividend distribution [5][6] - Revenue for H1 2025 reached 689 million yuan, a year-on-year increase of 23.35%, while net profit attributable to shareholders was 304 million yuan, up 59.76% [1] - The gross margin for H1 2025 was 65.91%, an increase of 3.08 percentage points year-on-year, driven by a higher proportion of high-margin product sales [2] Revenue Breakdown - The revenue from the train control system in H1 2025 was 282 million yuan, a decrease of 14.52% year-on-year, primarily due to delays in customer bidding and project acceptance [3] - Revenue from railway security products increased by 39.10% year-on-year to 190 million yuan, maintaining a leading market share [3] - High-speed rail operation monitoring revenue surged by 153.19% year-on-year to 202 million yuan, with the company's subsidiary being a core supplier of safety monitoring products [3] Market Trends - The national railway fixed asset investment in 2024 was 850.6 billion yuan, with expectations for continued growth in equipment investment [4] - The company plans to increase its dividend payout ratio to 80% during its mature development phase, with a projected dividend of 100% in 2024 [5] Profit Forecast and Valuation - The forecasted net profit for the company from 2025 to 2027 is 730 million, 870 million, and 990 million yuan, respectively, with corresponding PE ratios of 17, 14, and 13 times [6]