Core Viewpoint - The company, Siwei Control (603508), reported stable growth in new orders for the first half of 2025, supported by a sufficient backlog of orders [1] Group 1: Company Performance - The company’s three main business segments—control systems, railway security, and high-speed rail operation monitoring—are undergoing equipment upgrades, which significantly supports the continuous growth of the company's performance [1] - The railway clients are accelerating the integration of new technologies such as 5G, big data, and artificial intelligence with railway applications, providing new development opportunities and broader market space for related equipment manufacturers [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 公司于2025年8月7日在上海证券交易所网站（http://www.sse.com.cn）和指定披露媒体上披露了《思维 列控关于召开2025年半年度业绩说明会的公告》（公告编号：2025-027），并通过邮件、预征集问题等 方式提前征集投资者所关注的问题。 公司董事长李欣先生、独立董事叶建华先生、财务总监孙坤先生、董事会秘书骆开尚先生出席了本次说 明会，与投资者进行互动交流，并就投资者普遍关注的问题在信息披露允许的范围内进行了解答。 二、本次会议投资者提出的主要问题及公司的回复情况 公司在本次业绩说明会上就投资者关心的问题及回复整理如下： 证券代码：603508 证券简称：思维列控 公告编号：2025-029 河南思维自动化设备股份有限公司 关于2025年半年度业绩说明会召开情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 河南思维自动化设备股份有限公司（以下简称"思维列控"或"公司"）于2025年8月15日下午15:00-16:30 通过上海证券交易所上证路演中心（ ...

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company reported a revenue of 689 million yuan for the first half of 2025, representing a year-on-year growth of 23.35%. The net profit attributable to shareholders reached 304 million yuan, up 59.76% year-on-year, with a net cash flow from operating activities of 381 million yuan, marking a significant increase of 213.31% [5][8] - The company plans to distribute a cash dividend of 800 million yuan, which accounts for 263.77% of the net profit for the period, indicating a strong commitment to shareholder returns [8] - The company has optimized its product structure and implemented cost-reduction measures, leading to a historical high in profitability. The gross margin for the first half of 2025 was 65.91%, an increase of 3.08 percentage points year-on-year [8] Financial Data and Profit Forecast - The total revenue forecast for 2025 is 1,712 million yuan, with a projected year-on-year growth rate of 13.0%. The net profit attributable to shareholders is expected to be 654 million yuan, reflecting a growth rate of 19.2% [7][10] - The earnings per share (EPS) for 2025 is estimated at 1.71 yuan, with a price-to-earnings (PE) ratio of 19 [7][10] - The company’s return on equity (ROE) is projected to be 13.0% for 2025, increasing to 15.0% by 2027 [7]

【投资建议】 盈利预测与评级：受益于铁路装备更新、公司新产品推广，三大主业有望稳健增长；我们调整盈利预测 为：预计公司2025-2027 年收入分别为18.0/20.3/21.7亿元，同比增长18.8%/12.9%/6.8%；预计2025-2027 年公司归母净利润分别为7.0/8.0/8.5 亿元， 同比增长28.0%/13.3%/7.1% ， 对应EPS 分别为1.84/2.09/2.23 元，对应2025 年8 月5 日收盘价PE 分别为16.2/14.3/13.3X，维持"增持"评级 【风险提示】 基建投资大幅下滑、行业政策变化风险、新产品研发推广不力风险等。 重要事件：公司发布2025 年半年报，2025H1 实现营收6.9 亿元，同比+23.4%，归母净利润3.04 亿元， 同比+59.8%；2025Q2 实现营收3.7 亿元，同比+42.5%，归母净利润1.77 亿元，同比+97.1%。 精益管理，公司期间费用率下降；业务结构优化，公司盈利能力大幅提升。2025H1，公司综合毛利率 为65.9%，同比+3.1pct，公司持续优化产品结构，加快新产品推广，高铁运行监测等高毛利产品收入占 比提升拉动 ...

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].

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]