Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected price increase of over 15% compared to the benchmark index [2][3]. Core Insights - The company has rapidly expanded into new business areas such as robotics, hydrogen production, smart laboratories, and overseas markets, achieving significant growth in these sectors [1][2]. - In the first three quarters of 2024, the company reported revenue of 6.337 billion yuan, a year-on-year increase of 11.58%, and a net profit of 717 million yuan, up 3.36% year-on-year [2][3]. - The company is undergoing a strategic transformation, which has led to a temporary decline in revenue growth but is expected to rebound as new policies are implemented [3][4]. Financial Performance - For the third quarter of 2024, the company achieved revenue of 2.085 billion yuan, a year-on-year increase of 2.30%, and a net profit of 200 million yuan, up 9.52% year-on-year [2][3]. - The company's operating efficiency has improved, with a decrease in sales, management, and R&D expense ratios compared to the previous year [3][4]. - The forecasted earnings per share (EPS) for 2024-2026 are 1.48, 1.76, and 2.07 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 32.22, 27.14, and 23.05 [3][4]. Business Expansion - The company has successfully secured high-profile contracts with global clients, including Saudi Aramco, and has made significant inroads into the Southeast Asian market with its robotics technology [1][2]. - The collaboration with Shanxi Jinneng Duanwang Coal Industry and Pengfei Group has established a benchmark application in the smart mining sector, marking a significant breakthrough for the company [1][2].

增长 2024-08-22 2.华安证券_公司研究_计算机行业_ 点评报告_公司点评_中控技术_利润 增 速 可 观 ， 费 用 控 制 效 果 显 著 2024-04-18 中控技术（ [Table_StockNameRptType] 688777） 公司点评 前三季度扣非净利润较快增长，盈利能力持续优化 | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------|-------|-------------------------------|-------------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_MainInfo] 公司研究/信息设备/通信设备 证券研究报告 中控技术（688777）公司季报点评 2024 年 10 月 28 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | |--------------------------------------------------------------------| | 股票数据 | | 10 [ Table_StockInfo 月 28 日收盘价（元） ] | | 52 周股价波动（元） | | 总股本 / 流通 A 股（百万股） | | 总市值 / 流通市值（百万元） | | 相关研究 | | [Table_ReportInfo] 《构建" AI+ 数据"核心竞争力，持续拓展下 | | 游行业及市场》 2024.04.15 《业绩稳步增长，工业大模型、机器人业务快 | | 速发展》 2024.03.03 《稳健成长，赋能工业数字化转型，构筑中国 | | 工业数据基石》 2024.01.24 市场表现 | [Table_QuoteInfo] -26.58% -13.58% -0.58% 12.42% 25 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [11]. Core Views - The company has shown positive performance in Q3 2024, achieving a revenue of 6.337 billion yuan, a year-on-year increase of 11.58%, and a net profit attributable to shareholders of 717 million yuan, up 3.36% year-on-year. Excluding GDR exchange losses, the net profit was 737 million yuan, reflecting a 32.02% increase [2][4]. - The company is accelerating the implementation of its "AI + Robotics" strategy, with significant advancements in humanoid robotics and the introduction of a new intelligent factory construction model [2][4]. - The company is expected to continue its growth trajectory, with projected revenues of 9.815 billion yuan, 11.571 billion yuan, and 13.987 billion yuan for 2024, 2025, and 2026 respectively, alongside net profits of 1.233 billion yuan, 1.474 billion yuan, and 1.769 billion yuan for the same years [4][5]. Financial Summary - For Q3 2024, the company reported a revenue of 2.085 billion yuan, a 2.30% year-on-year increase, and a net profit of 200 million yuan, up 9.52% year-on-year. The non-GAAP net profit was 183 million yuan, reflecting a 25.81% increase [2]. - The company’s operating expenses for the reporting period included sales expenses of 522 million yuan, management expenses of 288 million yuan, and R&D expenses of 674 million yuan, with respective year-on-year changes of -1.11%, -11.15%, and +7.56% [2]. - The company’s financial metrics indicate a projected EPS of 1.56 yuan, 1.86 yuan, and 2.24 yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 32.4X, 27.1X, and 22.6X [4][7].

Investment Rating - The investment rating for the company is "Buy" [2][4][6] Core Views - The company reported a revenue of 6.337 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 11.58%. The net profit attributable to shareholders was 717 million yuan, up 3.36% year-on-year. Excluding foreign exchange gains and losses, the net profit increased by 32.02% to 737 million yuan [2][6] - The company has shown effective cost control, with a notable breakthrough in overseas markets. Its core products maintain a leading market share, positioning the company to benefit from equipment renewal policies [2][6] - The company is a leading player in the domestic process automation industry and is expected to benefit from the equipment renewal policy outlined by the Ministry of Industry and Information Technology [2][6] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 6.337 billion yuan, a year-on-year increase of 11.58%. The net profit attributable to shareholders was 717 million yuan, up 3.36% year-on-year. The net profit excluding foreign exchange gains and losses was 737 million yuan, reflecting a growth of 32.02% [6] - The gross profit margin was 32.85%, a slight increase of 0.10 percentage points year-on-year [6] Cost Management - The company demonstrated significant improvements in cost management, with sales, management, and R&D expense ratios decreasing to 8.23%, 4.54%, and 10.63%, respectively, compared to the previous year [6] Market Position - The company holds a 37.8% market share in DCS products and a 33.7% market share in SIS products, both ranking first in the domestic market for thirteen consecutive years [6] - The company is expected to benefit from the industrial equipment renewal and technology transformation guidelines issued by the Ministry of Industry and Information Technology, which aims to complete the renewal of approximately 200,000 sets of industrial software and 800,000 sets of industrial operating systems by 2027 [6] Future Projections - Revenue projections for 2024, 2025, and 2026 are 10.033 billion yuan, 11.623 billion yuan, and 13.524 billion yuan, respectively, with year-on-year growth rates of 16.39%, 15.85%, and 16.35% [7] - Net profit projections for the same years are 1.233 billion yuan, 1.487 billion yuan, and 1.834 billion yuan, with growth rates of 11.89%, 20.67%, and 23.32% [7]

证券研究报告 | 2024年10月24日 中控技术（688777.SH） 优于大市 Q3 收入增速放缓，海外市场再中大单 三季度收入增速放缓，剔除汇兑损益利润保持较高增长。2024 年前三季度， 公司收入 63.37 亿元（+11.58%），归母净利润 7.17 亿元（+3.36%），扣非 归母净利润 6.55 亿元（+15.09%）。单Q3 来看，公司收入 20.85 亿元（+2.30%）， 归母净利润 2.00 亿元（+9.52%），扣非归母净利润 1.83 亿元（+25.81%）。 前三季度，税后 GDR 资金汇兑损失金额为 2005.15 万元，若剔除 GDR 资金 汇兑损益影响，归属于上市公司股东的净利润为 7.37 亿元（+32.02%），扣 非归母净利润 6.75 亿元（+55.60%）。 费用控制较好，合同负债有所下降。公司前三季度毛利率为 32.85%，同比略 有提升。销售、管理费用同比下降 1.11%、11.15%；研发费用同比增长 7.56%， 均低于收入增速。公司收现有所下降，但净现金流回升，主要系购买商品等 支付现金下降较多。公司存货和合同负债仍然在下降。 政策持续发力，工业软件和设 ...

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Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's Q3 revenue growth slowed due to macroeconomic fluctuations and adjustments in low-margin businesses [4] - Excluding exchange rate fluctuations and non-recurring gains/losses, Q3 net profit attributable to the parent company grew by 15.03% [4] - Q3 gross margin slightly decreased, but net margin improved [4] - The company secured a significant order from Saudi Aramco and signed a strategic cooperation agreement with China National Chemical Engineering, indicating strong market recognition [4] - The company's new product, UCS-Nyx, received international recognition from the authoritative industry journal IAA [4] Financial Performance - The company achieved revenue of 6.337 billion yuan in the first three quarters of 2024, a year-on-year increase of 11.58% [4] - Net profit attributable to the parent company was 717 million yuan, up 3.36% year-on-year [4] - Q3 revenue was 2.085 billion yuan, up 2.30% year-on-year, with net profit attributable to the parent company at 200 million yuan, up 9.52% year-on-year [4] - The company's gross margin for the first three quarters was 32.85%, slightly up by 0.1 percentage points year-on-year [4] - Q3 gross margin was 32.07%, down 1.17 percentage points year-on-year, while net margin improved by 0.70 percentage points [4] Future Projections - The report forecasts net profit attributable to the parent company for 2024-2026 to be 1.256 billion, 1.512 billion, and 1.822 billion yuan, respectively [4] - The corresponding P/E ratios are projected at 31X, 25X, and 21X for 2024-2026 [4] - Revenue growth rates for 2024-2026 are expected to be 15.8%, 16.9%, and 16.4%, respectively [5] - Net profit growth rates for 2024-2026 are projected at 14.0%, 20.4%, and 20.5% [5] Market Data - The company's closing price on October 23, 2024, was 48.57 yuan [2] - The price-to-book ratio is 3.8, and the dividend yield is 1.44% [2] - The market capitalization of the company's A-shares is 37.819 billion yuan [2] - The company's total shares outstanding are 791 million, with 779 million A-shares in circulation [3]

证券研究报告 | 季报点评 gszqdatemark 2024 10 23 年 月 日 中控技术（688777.SH） 三季报收入维持稳健，剔除 GDR 汇兑损益后利润仍快速增长 事件：2024/10/22 晚，公司发布 2024 三季报，2024 年前三季度公司实 现营业收入 63.4 亿元，同比增长 11.6%；实现扣非后归母净利润 6.55 亿 元，同比增长 15.09%。 汇兑损益对公司利润端影响较大，剔除 GDR 资金汇兑损益影响后公司利 润端仍然实现快速增长。年初至报告期末，税后 GDR 资金汇兑损失金额 为 2,005.15 万元，若剔除 GDR 资金汇兑损益影响，归属于上市公司股东 的净利润为 73,676.82 万元，较上年同期增长 32.02%；归属于上市公司 股东的扣除非经常性损益的净利润为 67,526.68 万元，较上年同期增长 55.60%。 国内流程工业自动化领域的领军企业，持续多年蝉联国内 DCS 市占率第 一。根据睿工业统计，2023 年度，公司核心产品集散控制系统（DCS）在 国内的市场占有率达到了 37.8%，连续十三年蝉联国内 DCS 市场占有率 第一名。其中 2023 ...

证券研究报告 资料来源：Wind 中控技术 (688777 CH) 高质量发展，关注需求恢复节奏 投资评级(维持): 买入 目标价(人民币): 60.46 华泰研究 季报点评 2024 年 10 月 22 日│中国内地 计算机应用 中控技术发布三季报，2024 年 Q1-Q3 营收 63.37 亿元（yoy+11.58%），归 母净利 7.17 亿元（yoy+3.36%），扣非净利 6.55 亿元（yoy+15.09%）；若 剔除 GDR 资金汇兑损益影响后归母净利 7.37 亿元，同增 32.0%；扣非净 利 6.75 亿元，同增 55.6%；经营性净现金流为-3.54 亿元（去年同期-7.45 亿元）；24Q3 单季度实现营收 20.85 亿元（yoy+2.30%，qoq-17.06%），归 母净利 2.00 亿元（yoy+9.52%，qoq-46.10%）。24Q1-Q3 公司剔除 GDR 损益后的扣非利润保持高增，反映公司费用控制成效，未来随着海外拓展/ 工业软件逐步放量、下游需求边际改善，收入增速有望回升，维持"买入"。 工业软件有望加速发展，收入结构有望进一步优化 24Q1-Q3 公司整体毛利率 ...