25H1 净利润扭亏为盈，铁路车辆贡献高增长 2025 年 8 月 26 日 公司研究/公司快报 事件描述 铁路交通设备 晋西车轴（600495.SH） 增持-A(维持) 事件点评 轨道交通装备主业稳健发展，铁路车辆营收同比显著增长。报告期内， 公司铁路车辆产品实现营收 4.16 亿元，同比增长 69.92%，产销量均实现同 比提升；铁路车轴产品实现营收 2.41 亿元，同比增长 11.07%，在国铁集团 2024 年第三批货车车轴联合采购项目中标份额占比 30.64%，时速 350 公里 高速动车组车轴实现批量供货。 重点项目中标情况持续突破，在手订单充足。2025 年 4 月，公司中标的 中车物流有限公司 2025 年度"K6 摇枕侧架-框架协议"项目，为公司摇枕侧 架产品在国内市场取得的新突破，为公司的市场开拓与订单交付工作注入强 大动力。根据 5 月 9 日国铁集团 2025 年首批铁路货车采购项目中标公示公 告，公司合计中标 450 辆铁路货车，达到此前预期的上限值。 公司近一年市场表现 | 年 月 市场数据：2025 8 | 日 26 | | | --- | --- | --- | | 收盘价（元 ...

风险提示：市场有风险，投资需谨慎。 2025年中报显示，公司实现营业收入6.08亿元，同比增长41.73%；归母净利润1390.09万元，同比扭亏 为盈。铁路车轴业务在国铁集团采购项目中中标份额达30.64%，同时公司持续推进高速动车组车轴等 新产品的研发与应用。 截至2025年8月20日收盘，晋西车轴股价报5.96元，较前一交易日下跌0.20元，跌幅3.25%。当日成交量 为858408手，成交额5.09亿元。 晋西车轴主营业务为轨道交通装备制造，涵盖铁路车轴、铁路车辆、摇枕侧架等产品。公司具备年产10 万根以上车轴及3000辆铁路货车的生产能力，并在高速动车组车轴领域实现批量供货。 ...

Core Viewpoint - 晋西车轴 has demonstrated resilient growth in a challenging market, achieving revenue and profit increases despite industry headwinds [2][3] Group 1: Company Performance - In 2024, 晋西车轴 reported a revenue of 1.314 billion yuan, a year-on-year increase of 2.4%, and a net profit of 23.08 million yuan, up 13.39% [2] - The company aims to sell 75,400 railway axles and 1,600 railway vehicles in 2025, with a focus on expanding its new industries such as defense equipment and smart firefighting [3] Group 2: Market Position - 晋西车轴 is positioned within a competitive landscape dominated by global giants like Siemens and Alstom, facing challenges from market demand and pricing pressures [2] - The company maintains a leading market share in the procurement of railway freight car axles and has achieved record high orders for complete vehicles [3] Group 3: R&D and Investor Relations - 晋西车轴 has consistently implemented a stable dividend policy for eight years, with a proposed cash dividend of 0.14 yuan per share for 2024, amounting to 16.91 million yuan, which is 73.30% of the net profit [4] - The company allocates over 6% of its revenue to R&D annually, emphasizing the importance of innovation for future growth [4] Group 4: Recent Developments - In Q1 2024, 晋西车轴 achieved a revenue of 373 million yuan, a 52.67% increase year-on-year, and a net profit of 7.82 million yuan, marking a significant turnaround [5] - The controlling shareholder plans to increase their stake in the company by investing between 50 million and 100 million yuan, which is expected to boost investor confidence [6]