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 ...

中控技术（688777.SH） 优于大市 国内份额持续提升，创新业务积极推进 24 年公司整体收入和利润保持平稳增长。2024 年公司营业收入 91.39 亿元 （+6.02%）；归母净利润 11.17 亿元（+1.38%），扣非归母净利润 10.38 亿 元（+9.51%）；剔除 GDR 汇兑损益后，公司扣非归母净利润为 10.12 亿元 （+20.26%）。单 Q4 来看，公司收入 28.02 亿元（-4.73%），归母净利润 4.00 亿元（-1.98%），扣非归母净利润 3.82 亿元（+1.12%）。 工业软件保持较快增长，DCS 和 SIS 份额持续提升。公司控制系统（控制系 统及控制系统+仪表）共实现收入 37.33 亿元（+7.87%）；工业软件（工业 软件及控制系统+软件+其他）共实现收入 26.53 亿元（+20.70%）；仪器仪 表实现收入 6.43 亿元（+3.48%）。公司 DCS 在国内的市占率达到了 40.4%， 其中化工领域 DCS 的市场占有率达到 63.2%，石化领域 DCS 的市场占有率达 到 56.2%；公司在化工、石化、建材、造纸四大行业 DCS 市场占有率均排名 第 ...

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 ...

机械设备/自动化设备 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） 《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） chenbaojian@kysec.cn 证书编号：S0790520080001 lihaiqiang@kysec.cn 证书编号：S0790524070003 流程工业智能制造龙头，维持"买入"评级 考虑到公司加码研发，我们下调原有 2025-2026 并新增 2027 盈利预测，预计 2025-2027 年归母净利润为 12.92、15.08、17.69（2025-2026 原值为 15.46、18.75） 亿元，EPS 为 1.63、1.91、2.24（2025-2026 原值为 1.96、2.37）元/股，当前股价 对应 PE 为 32.5、27.8、23.7 倍，公司为流程工业智能制造领域龙头，有望受益 设备更新政策和出海机遇，工 ...

事件简评 盈利预测、估值与评级 预计公司 2025~2027 年营业收入分别为 105.2/123.7/141.3 亿元，归母净利润分别为 14.5/20.2/25.8 亿元。公司股票现 价对应 PE 估值为 26.7/19.1/15.0 倍，维持"买入"评级。 风险提示 0 500 1,000 1,500 2,000 2,500 3,000 35.00 40.00 45.00 50.00 55.00 60.00 65.00 240401 240701 241001 250101 人民币(元) 成交金额(百万元) 成交金额 中控技术 沪深300 | 公司基本情况（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | | 项目 | 2023 | 2024 | 2025E | 2026E | 2027E | | 营业收入(百万元) | 8,620 | 9,139 | 10,516 | 12,367 | 14,125 | | 营业收入增长率 | 30.13% | 6.02% | 15.07% | 17.60% | 14.22% | | 归母净利润(百万元) | ...

以地区结构来看，海外业务翻倍增长，加速开拓国际市场版图。2024 年，公司国际化战略不断推进和 深化，海外业务进入了新的发展阶段。公司海外业务收入7.49 亿元，同比增长118.27%，占公司主营业 收入约8.25%。 报告期内，公司新签海外合同13.55 亿元，同比增长35%以上。 事件：2025/3/31 晚，公司发布2024 年报，2024 年公司实现营业总收入913，851.40 万元，同比增长 6.02%；实现归属于母公司所有者的净利润111，698.67 万元，同比增长1.38%；剔除GDR 汇兑损益后， 实现归属于母公司所有者的扣除非经常性损益的净利润101，244.29 万元，同比增长20.26%。 以产品结构来看，仪器仪表与工业软件为公司提供最主要的增长动力。 2024 年，下游客户积极响应控制系统设备更新，工业自动化及智能制造相关产品景气度较好，控制系 统（控制系统及控制系统+仪表）共实现收入37.33 亿元，同比增长7.87%；工业软件（工业软件及控制 系统+软件+其他）共实现收入26.53 亿元，同比增长20.70%。 以行业拆分来看，石化化工维持稳健基本盘，油气、制药食品等新行业带来 ...