Summary of Conference Call Records Company and Industry - The conference call pertains to a company transitioning from a traditional DCS hardware provider to an industrial AI solutions provider, focusing on automation and digital transformation in the industrial sector, particularly in chemical and petrochemical industries [1][6][40]. Key Points and Arguments 1. **Financial Performance and Dividends** - The company reported a strong profit growth despite challenges during its transformation phase, with cumulative dividends nearing 1.82 billion yuan over the past five years. A proposed dividend of 558 million yuan for 2024 was announced, representing approximately 50% of the net profit [1]. 2. **Cost Management and Efficiency** - The sales expense ratio decreased from over 15% to around 8%, while management expenses were cut by more than half. R&D expenses remained stable at about 11% [2]. 3. **Growth in Industrial AI and Subscription Revenue** - The company is focusing on industrial AI, with significant growth in subscription-based revenue and orders in the robotics sector. The last quarter saw over 100 million yuan in orders from software-defined business models [3][4]. 4. **Market Share and Global Expansion** - The market share for core control systems surpassed 40%, with significant growth in overseas revenue, which doubled year-on-year. The company aims to leverage its strong position in the petrochemical sector to drive further growth [5]. 5. **Technological Transformation** - The company is transitioning to an industrial AI model, emphasizing the importance of data architecture and AI capabilities in enhancing operational efficiency and product offerings [7][8][9]. 6. **AI and Automation Integration** - The integration of AI into industrial processes is expected to revolutionize operations, improving efficiency and reducing costs. The company is developing a comprehensive AI-driven architecture to support this transition [10][12]. 7. **Product Development and Innovation** - The company is focusing on developing AI-driven products and solutions tailored to the needs of the process industry, including safety, quality, and efficiency improvements [10][11][13]. 8. **Sustainability and ESG Initiatives** - The company has made significant strides in ESG, achieving an MSCI ESG rating upgrade to 'A' and contributing to substantial carbon reduction efforts [39]. 9. **Future Growth and Strategic Goals** - The company aims to become a leading player in industrial AI, with ambitious revenue targets for subscription services and robotics, projecting revenues of over 5 billion yuan in the near future [52]. Other Important but Overlooked Content - The company is actively pursuing international expansion, particularly in high-end markets, and is establishing a research institute in Singapore to focus on advanced AI technologies [50]. - The shift to a subscription-based model is designed to make advanced industrial software more accessible, allowing clients to utilize AI technologies at a lower cost [33]. - The company is enhancing its digital infrastructure to support internal operations and customer engagement, including the development of a cloud showroom for product demonstrations [38]. This summary encapsulates the key insights from the conference call, highlighting the company's strategic direction, financial performance, and commitment to innovation in the industrial AI space.

Group 1: Financial Performance - In 2024, the company's revenue reached 9.139 billion yuan, a year-on-year increase of 6.02% [1] - The net profit attributable to shareholders was 1.117 billion yuan, up 1.38% year-on-year, while the net profit after deducting non-recurring items was 1.038 billion yuan, reflecting a 9.51% increase [1] - The operating cash flow net amount was 434 million yuan, a significant increase of 126.69% year-on-year, mainly due to optimized sales and procurement contract terms [1] Group 2: Market Position and Industry Demand - The company maintains a leading position in its industry, with a DCS market share of 40.4% and an SIS domestic market share of 31.2% [1] - Revenue from the petrochemical and chemical industries grew steadily, reaching increases of 10.59% and 5.89% respectively, while new emerging industries such as oil and gas and liquor saw significant demand growth, with oil and gas revenue increasing by 47.84% and pharmaceutical and food revenue increasing by 17.38% [1] Group 3: Technological Advancements - The company is expanding its AI+ industrial strategy, promoting a new architecture for enterprise intelligent operations driven by AI [2] - The UCS general control system features software-defined, fully digital, and cloud-native characteristics, achieving a 90% reduction in cabinet room space and an 80% decrease in cable costs [2] - The TPT time-sequence industrial model has achieved breakthroughs in real-time optimization and closed-loop control, providing over 50% efficiency improvement for clients [2] Group 4: International Expansion and New Business - The company's overseas revenue reached 749 million yuan, a year-on-year increase of 118.27%, accounting for approximately 8.25% of total revenue [3] - New signed overseas contracts totaled 1.355 billion yuan, with collaborations with top international clients such as Saudi Aramco and Mitsubishi Chemical [3] - The company's robotics business generated revenue of 56.017 million yuan, with new orders amounting to 167 million yuan, marking a significant entry into the robotics market [3] Group 5: Marketing Innovations and Customer Engagement - The company has expanded its customer base to 34,900, implementing three innovative marketing models, including the establishment of 200 5S stores and a subscription model that has signed 622 clients [4] - The S2B online platform integrates AI capabilities to provide intelligent analysis and precise matching for clients [4] - Revenue projections for 2025-2027 are estimated at 10.601 billion, 12.130 billion, and 13.776 billion yuan, with corresponding net profits of 1.290 billion, 1.584 billion, and 1.984 billion yuan [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 9.139 billion yuan for 2024, representing a year-on-year growth of 6.02%. The net profit attributable to the parent company was 1.117 billion yuan, up 1.38% year-on-year. After excluding GDR exchange losses, the net profit was 1.012 billion yuan, showing a significant growth of 20.26% [2][6] - The company is firmly embracing AI and robotics, which is expected to create new growth curves. The projected net profits for 2025-2027 are 1.3 billion, 1.52 billion, and 1.8 billion yuan, with corresponding P/E ratios of 32.0x, 27.3x, and 23.1x respectively [2][6] Revenue Summary - The company's revenue growth is relatively stable, with a notable increase in overseas markets. The total revenue for 2024 was 9.139 billion yuan, with a quarterly revenue of 2.802 billion yuan in Q4, which saw a decline of 4.73% year-on-year. The revenue growth rates for various sectors in 2024 were +6% for chemicals, +11% for petrochemicals, +48% for oil and gas, and +17% for pharmaceuticals, among others [12][12] - The overseas revenue reached 750 million yuan in 2024, with a year-on-year increase of 118%, and new contracts signed amounted to 1.36 billion yuan, up 35% year-on-year [12] Profitability Summary - The company's gross margin for 2024 was 33.8%, an increase of 0.7 percentage points year-on-year. The net profit growth for 2024 was 1% for the full year and a decline of 2% in Q4. The company faced asset impairment and credit impairment losses totaling 192 million yuan, which suppressed profit release [12][12] - The company has optimized its cost structure, with sales and management expense ratios decreasing to 8.7% and 15.2% respectively [12] Business Development - The company is actively exploring opportunities in the industrial AI sector, having launched its first time-sequence large model TPT in June 2024, which has been successfully applied in various industrial fields [12] - The robotics sector is also seeing accelerated development, with the company having developed various types of robots for specific industrial applications, generating revenue of 56.01 million yuan in 2024 [12] Investment Recommendations - The company is positioned as a leader in comprehensive solutions for intelligent manufacturing in the process industry. The new industrial AI strategy is expected to drive innovation in products, businesses, and models, facilitating further growth [12]

Core Insights - The company's 2024 net profit aligns with expectations, showing a revenue of 9.14 billion yuan, a year-on-year increase of 6.0%, and a net profit attributable to shareholders of 1.12 billion yuan, up 1.4% [1] - The company demonstrates strong competitive advantages in its core business, with industrial automation and intelligent manufacturing solutions revenue reaching 5.64 billion yuan, a 13.9% increase year-on-year [1] - The company is transitioning towards a product and platform-oriented model, leveraging AI and data to reshape industrial software, with expectations for AI's share in the industrial software market to rise from 9% to 22% between 2024 and 2028 [3] Financial Performance - The company reported a gross margin increase of 0.7 percentage points year-on-year, with operating cash flow improving and a cash dividend of 7.1 yuan per 10 shares announced, resulting in a payout ratio of 50% [2] - The company’s industrial software revenue grew by 21% to 2.65 billion yuan, with a gross margin increase of 3 percentage points to 42.1% [1][2] Market Position - The company maintains the largest market share in DCS for 14 consecutive years, achieving a market share of 63.2% in the chemical/petrochemical sector in 2024 [1] - New overseas contracts signed amounted to 1.355 billion yuan, reflecting a 35% year-on-year growth [1] Future Outlook - The company is expected to adjust its 2025 net profit forecast down by 7.9% to 1.28 billion yuan, with a new 2026 net profit forecast of 1.41 billion yuan, representing a 9.9% year-on-year growth [4] - The current trading P/E ratios for 2025 and 2026 are 32.9x and 29.9x, respectively, with a target price of 55 yuan, indicating a potential upside of 3% [4]

公 司 报 告 2025年04月03日 计算机 中控技术(688777.SH) 公司业绩保持稳健增长，国际市场加速开拓 推荐 ( 维持) 股价:52.41元 行情走势图 证券分析师 | 闫磊 | 投资咨询资格编号 | | --- | --- | | | S1060517070006 | | | YANLEI511@pingan.com.cn | | 黄韦涵 | 投资咨询资格编号 | S1060523070003 HUANGWEIHAN235@pingan.com.cn 事项： 公司公告2024年年报。2024年，公司实现营业收入91.39亿元，同比增长 6.02%；实现归母净利润11.17亿元，同比增长1.38%；实现扣非归母净利润 10.38亿元，同比增长9.51%。公司发布利润分配预案：以总股本785,715,016 为基数，拟向全体股东每10股派发现金红利7.10元（含税）。不进行资本公积 金转增股本，不送红股。 平安观点： 证 券 研究助理 王佳一 一般证券从业资格编号 S1060123070023 WANGJIAYI446@pingan.com.cn | | 2023A | 2024A | 2025 ...

Core Viewpoint - The Robot ETF (562500) continues to experience a downward adjustment trend, with a recent decline of 1.99% as of April 3, 2025, despite a strong performance over the past three months, where it has accumulated an 18.82% increase, ranking in the top 20% among comparable funds [3][4]. Performance Summary - As of April 2, 2025, the Robot ETF has seen a total net inflow of 4.37 billion yuan over the last five trading days, with an average daily net inflow of approximately 87.33 million yuan [3]. - The ETF's scale has increased by 95.44 million yuan over the past week, placing it in the top 20% among comparable funds [3]. - The ETF's shares have grown by 401 million shares in the past week, also ranking in the top 20% among comparable funds [3]. - Since its inception, the Robot ETF has achieved a maximum single-month return of 26.22% and an average monthly return of 7.74%, with a total annual profit percentage of 66.67% [3]. Risk and Fee Structure - The Robot ETF has a relatively low drawdown of 0.31% compared to its benchmark, indicating lower risk among comparable funds [4]. - The management fee for the Robot ETF is 0.50%, and the custody fee is 0.10%, which are the lowest among comparable funds [4]. - The tracking error over the past two months is 0.010%, demonstrating the highest tracking precision among comparable funds [4]. ETF Composition - The Robot ETF closely tracks the CSI Robot Index, which includes companies involved in system solutions, digital workshops, automation equipment manufacturing, and other robot-related sectors [4]. - Notable stocks within the ETF include Huichuan Technology (0.89% increase), Keda Xunfei (-0.29% decrease), and Stone Technology (-10.31% decrease) [6].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][19]. Core Views - The company is expected to maintain stable growth in overall revenue and profit in 2024, with projected revenue of 9.139 billion yuan (+6.02%) and net profit of 1.117 billion yuan (+1.38%) [9][19]. - The company is actively expanding its market share in domestic control systems and industrial software, with significant growth in the DCS and SIS segments [2][3]. - The company is increasing its investment in AI and robotics, and is transitioning to a subscription model for its software products, which is expected to enhance customer value and reduce costs [4][19]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 91.39 billion yuan, with a net profit of 11.17 billion yuan and a non-GAAP net profit of 10.38 billion yuan [9][19]. - The fourth quarter saw a revenue of 28.02 billion yuan, a decrease of 4.73%, while the net profit was 4.00 billion yuan, down 1.98% [9][19]. - The gross margin for 2024 was 33.78%, an increase of 0.61 percentage points year-on-year, with a decrease in overall expense ratios [14][19]. Market Position - The company holds a 40.4% market share in the domestic DCS market, with leading positions in the chemical and petrochemical sectors [2][3]. - The SIS product line has a domestic market share of 31.2%, maintaining its position as the market leader for three consecutive years [2][3]. Growth Opportunities - The company is experiencing rapid growth in emerging industries, with significant revenue increases in the oil and gas sector (+47.84%) and pharmaceuticals (+17.38%) [3]. - The overseas business revenue reached 749 million yuan, a remarkable increase of 118.27%, with new contracts signed exceeding 1.355 billion yuan [3][19]. Future Projections - Revenue forecasts for 2025-2027 are set at 100.19 billion yuan, 110.48 billion yuan, and 122.62 billion yuan, with growth rates of 9.6%, 10.3%, and 11.0% respectively [19][20]. - Net profit projections for the same period are 12.08 billion yuan, 13.89 billion yuan, and 16.14 billion yuan [19][20].

2024年，中控技术盈利能力有所增强，其中销售毛利率为33.86%，同比提高0.67个百分点；加权净资产 收益率为11.14%，销售净利率为12.59%。 资产方面，公司2024年资产负债率为43.06%，同比下降1.35个百分点，负债率创2016年以来新低；归属 母公司股东权益（净资产）达到103.9亿元，首次突破百亿元大关，相比上市当年，公司4年内净资产增 长1.59倍。 现金流方面，2024年公司经营性净现金流入4.34亿元，同比增长127%，期末在手现金及等价物余额为 34.22亿元，相比上年减少20.14亿元，主要由于公司购买理财产品、对外股权投资增加所致。 利润分配方面，公司计划向全体股东每10股派发现金红利7.10元（含税），拟派发的现金红利总额为 5.58亿元（含税），占2024年度归属于上市公司股东净利润的49.94%。2020年上市以来，中控技术累计 分红达到18.23亿元，累计分红率达到45.31%，累计分红金额已超过IPO的17.55亿元融资额（IPO后公司 未再融资）。 4月1日，国内工控系统龙头中控技术发布2024年年报。整体看，中控技术营收再上新台阶，首次突破90 亿元，归母净利 ...

中控技术（688777.SH） 业绩平稳增长，工业 AI+机器人蓝海可期 2025 年 04 月 01 日 投资评级：买入（维持） 机械设备/自动化设备 | 日期 | 2025/3/31 | | --- | --- | | 当前股价(元) | 53.10 | | 一年最高最低(元) | 63.20/34.20 | | 总市值(亿元) | 419.80 | | 流通市值(亿元) | 415.57 | | 总股本(亿股) | 7.91 | | 流通股本(亿股) | 7.83 | | 近 3 个月换手率(%) | 136.98 | 股价走势图 数据来源：聚源 -32% -16% 0% 16% 32% 48% 2024-04 2024-08 2024-12 中控技术 沪深300 相关研究报告 《剔除汇兑损益利润高增长，工业 AI+ 出海前景光明—公司信息更新报告》 -2024.8.20 《利润高增长，看好工业 AI 成长前景 —公司信息更新报告》-2024.4.17 《利润快速增长，设备更新+出海开启 新成长 — 公 司 信 息 更 新 报 告 》 -2024.4.9 陈宝健（分析师） 李海强（分析师） chenba ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to benefit from equipment renewal policies and overseas expansion opportunities, with industrial AI opening up long-term growth potential [4][6] - The company has shown steady revenue growth, with a 6.02% year-on-year increase in operating income for 2024, reaching 9.139 billion yuan [5][8] - The net profit attributable to the parent company for 2024 was 1.117 billion yuan, a 1.38% year-on-year increase, while excluding GDR exchange gains, the net profit grew by 20.26% [5][6] Financial Performance - The company achieved operating income of 91.39 billion yuan in 2024, with a year-on-year growth of 6.02% [5] - The net profit attributable to the parent company was 11.17 billion yuan, with a year-on-year growth of 1.38% [5] - The gross profit margin improved to 33.86%, an increase of 0.67 percentage points year-on-year [6] - The company’s overseas revenue reached 749 million yuan in 2024, marking a significant year-on-year growth of 118.27% [6] Profit Forecast - The forecast for net profit attributable to the parent company for 2025-2027 is 1.292 billion, 1.508 billion, and 1.769 billion yuan respectively [4] - The expected EPS for 2025-2027 is 1.63, 1.91, and 2.24 yuan per share respectively [4] Market Position - The company is a leader in the process industrial intelligent manufacturing sector, with increasing market share in the petrochemical and chemical industries [6] - The company has successfully launched its first UCS universal control system and TPT time series industrial model, achieving significant breakthroughs in various client applications [7] Valuation Metrics - The current price-to-earnings (P/E) ratio is projected to be 32.5, 27.8, and 23.7 for 2025-2027 [4][8] - The price-to-book (P/B) ratio is expected to decline from 4.3 in 2023 to 3.0 by 2027 [8]