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 | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------|-------|-------------------------------|-------------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company has achieved steady revenue growth, with a reported revenue of 6.337 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 11.58%. The net profit attributable to the parent company was 717 million yuan, up 3.36% year-on-year [4][6] - The company has made significant progress in controlling costs, with sales, management, and R&D expenses showing a decrease in growth rates compared to the previous year [5] - The company secured a significant order from Saudi Aramco, enhancing its position in the industrial cybersecurity sector [5] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 6.337 billion yuan, a year-on-year increase of 11.58%. The net profit attributable to the parent company was 717 million yuan, up 3.36% year-on-year. After excluding the GDR exchange loss, the net profit would have been 737 million yuan, reflecting a 32.02% increase year-on-year [4][6] - In Q3 alone, the company achieved a revenue of 2.085 billion yuan, a year-on-year increase of 2.3%, with a net profit of 200 million yuan, up 9.52% year-on-year [4] Cost Control - The company has effectively controlled costs, with sales expenses, management expenses, and R&D expenses for the first three quarters of 2024 being 522 million yuan, 288 million yuan, and 674 million yuan, respectively. This reflects a year-on-year decrease of 1.11%, 11.15%, and an increase of 7.56% [5] Business Development - The company has made a breakthrough in its overseas business by securing a significant order from Saudi Aramco for the RTU Secure product, aimed at enhancing cybersecurity measures in industrial control systems [5] - The collaboration with Saudi Aramco indicates a deepening partnership and strengthens the company's leading position in the industrial cybersecurity field [5] Earnings Forecast - The company is expected to achieve steady growth in revenue and profit, with projected revenues of 9.655 billion yuan, 10.804 billion yuan, and 11.956 billion yuan for 2024, 2025, and 2026, respectively. The net profit attributable to the parent company is forecasted to be 1.220 billion yuan, 1.514 billion yuan, and 1.850 billion yuan for the same years [6][9]

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]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][9] Core Views - The company's revenue growth has slowed in Q3, but profit excluding foreign exchange losses remains high. For the first three quarters of 2024, revenue reached 6.337 billion yuan (+11.58%), with net profit attributable to shareholders at 717 million yuan (+3.36%) and non-recurring net profit at 655 million yuan (+15.09%). In Q3 alone, revenue was 2.085 billion yuan (+2.30%), net profit was 200 million yuan (+9.52%), and non-recurring net profit was 183 million yuan (+25.81%) [1][5] - The company has effectively controlled costs, with a slight decrease in contract liabilities. The gross margin for the first three quarters was 32.85%, showing a slight increase year-on-year. Sales and management expenses decreased by 1.11% and 11.15% respectively, while R&D expenses increased by 7.56%, all below the revenue growth rate [1][5] - Continued policy support in industrial software and equipment upgrades is expected to drive new growth. A recent notice from the Ministry of Industry and Information Technology outlines goals for updating industrial software and systems, which will benefit the company [1][5] - The company has made significant breakthroughs in overseas markets, securing a major contract with Saudi Aramco for industrial information security, indicating strong growth potential in international markets [1][5] Financial Forecasts - Revenue forecasts for 2024-2026 are adjusted to 9.801 billion yuan, 11.458 billion yuan, and 13.524 billion yuan, with growth rates of 14%, 17%, and 18% respectively. Net profit forecasts are revised to 1.199 billion yuan, 1.436 billion yuan, and 1.740 billion yuan, with corresponding PE ratios of 32, 27, and 22 times [2][9]

⪫⺶掾駬䫟⼴ · 駉砯勨鉿╃ 侅⪝㙨ꅌ侒罏鰆氠硅䱽⻉槏 䌑┩㳌䫟╃缥掾駬 2024 䌑 10 劓 23 傽 | --- | --- | --- | --- | --- | --- | --- | |-------|------------------------------------------------------------------------------------------|----------------------------------|-----------------------------------------------------------------------|-----------------------------|----------------------------------------------|-------| | | | | | | | | | | 呦䖦間掾 | | | | | | | l | ◜⚂ ⪫⺶䉘 . | 䌑┩㳌䍳䫟 ⼴ն ☳ ⩧+.%䓛 嬏 ⬥ ⯈ 巷 | 䌑⯼┩㳌䍳⪫⺶㵄⻓觝╃侅⪝ ☳ ⩧+.%䩽 긌 ⬥ ⯈ 巷 | . | ╚䱽䪫勘 ...

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]

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company reported a revenue of 6.34 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 11.6%. The net profit attributable to shareholders, after excluding non-recurring gains and losses, was 655 million yuan, up 15.09% year-on-year [1]. - Excluding the impact of GDR foreign exchange losses, the company's net profit grew by 32.02% year-on-year, reaching approximately 736.77 million yuan [1]. - The company continues to lead the domestic DCS market with a market share of 37.8% in 2023, maintaining its position for thirteen consecutive years. In the chemical sector, the market share reached 56.3%, and in the petrochemical sector, it was 49.3%, both showing year-on-year increases [1]. - The company has been recognized as a leading supplier in the intelligent manufacturing sector, participating in various significant projects that enhance its industry position [2]. Financial Summary - For 2024E, the company is expected to achieve a net profit of 1.284 billion yuan, with a corresponding P/E ratio of 31x. Projections for 2025E and 2026E are 1.571 billion yuan and 1.858 billion yuan, with P/E ratios of 25x and 21x respectively [2][3]. - The company's revenue is projected to grow from 8.62 billion yuan in 2023A to 10.25 billion yuan in 2024E, reflecting a year-on-year growth rate of 18.9% [3][11]. - The net profit is expected to increase from 1.102 billion yuan in 2023A to 1.284 billion yuan in 2024E, with a growth rate of 16.5% [3][11]. Market Position - The company holds the top position in the domestic market for several core industrial software products, including advanced control and process optimization software (28.2% market share) and manufacturing execution systems (20.7% market share) [2]. - The company has established significant barriers to entry in the intelligent manufacturing sector, enhancing its competitive advantage [2].

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 ...