Summary of Zhongkong Technology Conference Call Company Overview - Zhongkong Technology reported a revenue of 9.35 billion yuan in 2024, representing a year-on-year growth of 8.5% [2] - The net profit attributable to shareholders increased by 2.6%, with a growth of 9.6% after excluding non-recurring gains and losses [2] - The company is focusing on industrial AI and plans to launch two core large models in 2025 [2] Key Points Financial Performance - Revenue growth of 8.5% in 2024, with net profit growth of 2.6% [2] - Non-recurring gains and losses decreased by 40%, impacting profits significantly [7] - Excluding foreign exchange gains, net profit grew by 10.9% [7] - The company achieved a 20.35% growth in net profit after excluding non-recurring items [7] Business Strategy - The strategic focus is on industrial AI, with the "One Plus Two Plus N" smart factory architecture [2][4] - The company plans to transition to a software subscription model, which is expected to impact revenue for about a year but will significantly enhance gross margins in 2025 [2][15][16] - The robot business is focused on solutions and application scenarios rather than manufacturing robots [5][19] Market Dynamics - The company anticipates a 50% increase in overseas orders in 2025, targeting markets in Southeast Asia, the Middle East, and Europe [3][17] - Key clients include Saudi Aramco, Shell, and BASF, with significant breakthroughs achieved in 2024 [3][22] - Demand in the coal and smart coal mining sectors has increased, while the petrochemical sector has secured large projects [12][13] Challenges and Adjustments - Some orders were delayed due to macroeconomic factors and project progress, leading to a discrepancy between order growth and revenue growth [8] - The separation of integrated and complete set businesses has impacted revenue, but the company remains optimistic about future growth [8][14] - The fourth quarter of 2024 saw a revenue decline of 4% to 5.2% due to the impact of business separations and foreign exchange gains [11] Future Outlook - The company expects cautious revenue growth of 5% to 15% and profit growth of 10% to 20% in 2025 [24] - New product launches planned for the first half of 2025 include smart instruments and a large model for the DA end [21] - The company is committed to enhancing production efficiency and automation through AI-driven smart factory architecture [23] Additional Insights - The transition to a subscription model is expected to lower average transaction prices but will be offset by business growth factors [15] - The gross margin for subscription revenue is projected to exceed 90% as subscription volumes increase [16] - The impact of tariffs on the business is limited, as there are no new tariffs on their products, and their pricing remains competitive [18]

Financial Performance - In 2024, the company achieved total operating revenue of RMB 935,132.69 million, a year-on-year increase of 8.49%[6] - The net profit attributable to the parent company was RMB 112,994.23 million, reflecting a growth of 2.56% compared to the previous year[6] - The net profit attributable to the parent company after deducting non-recurring gains and losses was RMB 103,841.44 million, up 9.60% year-on-year[6] - Total assets at the end of the reporting period reached RMB 1,847,733.89 million, an increase of 3.34% from the beginning of the period[8] - The equity attributable to the parent company was RMB 1,032,316.36 million, representing a year-on-year growth of 5.07%[8] - The weighted average return on net assets decreased to 11.26%, down 2.44 percentage points from the previous year[4] - The overall expense ratio was effectively reduced, leading to improved operational management performance[9] Business Development - The company introduced a new subscription-based business model called PlantMembership, focusing on industrial AI and automation[9] - The company reported significant growth in overseas business, particularly in oil and gas, PLC, and robotics sectors[9] - The company emphasized the integration of AI technology with process industries, enhancing its core competitiveness in "AI + data"[9]

Core Viewpoint - The visit and discussions between Yili Resources Group and Zhongkong Technology focus on the application of industrial AI and unmanned inspection in the chemical and calcium carbide industries, emphasizing the importance of industrial safety and intelligent management [1] Group 1: Company Collaboration - Yili Resources Group's leadership, including Chairman Wang Wenbiao and Chief Expert Jia Meiping, engaged in discussions with Zhongkong Technology regarding potential collaboration in various sectors such as calcium carbide and chemicals [1] - The meeting marks the first exploration of future cooperation opportunities between Zhongkong Technology and Yili Resources Group across multiple industries [1] Group 2: Industry Focus - The core topics of discussion included unmanned inspection applications in the chemical and calcium carbide industries, the construction of safety capabilities in smart factories, and the path towards digital transformation driven by industrial AI [1] - Wang Wenbiao highlighted the critical need for addressing industrial safety issues and advancing intelligent management within Yili Resources Group [1]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 中控技术股份有限公司（以下简称"公司"）董事会于近日收到公司副总裁 林蔚清先生的辞职报告。因个人原因，林蔚清先生辞去公司副总裁职务，辞职后， 林蔚清先生将不再担任公司其他职务。根据《中华人民共和国公司法》《公司章 程》等有关规定，林蔚清先生的辞职报告自送达公司董事会之日起生效。林蔚清 先生的辞职不会对公司正常生产经营活动产生影响。 证券代码：688777 证券简称：中控技术 公告编号：2025-003 截至本公告披露日，林蔚清先生直接持有公司股票 1,421股，林蔚清先生将继 续遵守《上海证券交易所科创板股票上市规则》《上市公司股东减持股份管理暂 行办法》《上海证券交易所上市公司自律监管指引第 15 号—股东及董事、监事、 高级管理人员减持股份》等相关法律法规及其他承诺。 中控技术股份有限公司 林蔚清先生在担任公司副总裁期间恪尽职守、勤勉尽责，公司及董事会对林 蔚清先生在任职期间为公司发展所作出的贡献表示衷心感谢！ 关于高级管理人员辞职的公告 中控技术股份有限公司董事会 20 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has fully integrated the DeepSeek large model, aiming to reshape the intelligence of process industries through AI and industry know-how [8] - The company has a strong market presence, covering over 30,000 process enterprise customers and achieving a domestic market share of nearly 40% in DCS, over 55% in the chemical sector, and nearly 50% in the petrochemical sector [8] - The company maintains its profit forecast, expecting net profits of 1.256 billion, 1.512 billion, and 1.822 billion yuan for 2024, 2025, and 2026 respectively, corresponding to PE ratios of 37X, 30X, and 25X [8] Financial Data and Profit Forecast - Total revenue is projected to grow from 8,620 million yuan in 2023 to 13,586 million yuan in 2026, with a compound annual growth rate (CAGR) of approximately 16.4% [7] - The net profit attributable to the parent company is expected to increase from 1,102 million yuan in 2023 to 1,822 million yuan in 2026, reflecting a CAGR of about 20.5% [7] - The earnings per share (EPS) is forecasted to rise from 1.44 yuan in 2023 to 2.30 yuan in 2026 [7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company announced full integration with the latest series of DeepSeek models on February 10, 2025, which is expected to lead to the launch of a new product called "Industrial BA Super Intelligent System" by mid-2025. This product aims to create multi-scenario AI applications for enterprise operations and is anticipated to drive innovation in new products, businesses, and models [10][11]. - The company is projected to achieve net profits attributable to shareholders of 1.21 billion, 1.44 billion, and 1.78 billion yuan for the years 2024 to 2026, corresponding to price-to-earnings ratios of 36.7x, 30.8x, and 24.9x respectively, indicating a positive outlook [10][11]. Summary by Sections Event Description - On February 10, 2025, the company announced its full integration with the latest DeepSeek models [4]. Event Commentary - The integration with DeepSeek is expected to enhance the company's AI capabilities significantly. The new product has achieved five major breakthroughs in data perception, data integration, application generation, business/data collaboration, and business decision-making. This positions the company to leverage AI technology effectively across various industrial applications [10][11]. - The company is committed to its "ALL IN AI" strategy, aiming to transition from an industrial automation solution provider to a leader in industrial AI. The launch of the TPT model in June 2024 is a key step in this direction, with successful applications already noted in various industries [10][11]. - The company is also exploring opportunities in the robotics sector, having developed various types of robots for specific industrial applications, which are now moving towards commercialization [10][11]. Financial Projections - The company expects total revenue to grow from 8.62 billion yuan in 2023 to 14.29 billion yuan in 2026, with a consistent gross margin of around 33% [13]. - The net profit is projected to increase from 1.12 billion yuan in 2023 to 1.81 billion yuan in 2026, reflecting a strong growth trajectory [13].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of Rmb 59.00, reflecting a 23.2% potential upside from the current price of Rmb 47.89 [4][5][24]. Core Insights - The company expects a revenue growth of 10-15% in 2024, driven by government stimulus policies and a recovery in demand, particularly in the chemical and petrochemical sectors [1][2]. - The management anticipates a significant increase in overseas orders, projecting a growth of approximately 50% [1]. - The company has implemented cost control measures, which are expected to enhance operating profit margins despite a downward adjustment in EPS forecasts for 2024-2026 [3]. Summary by Sections Revenue and Growth Projections - The company forecasts stable growth in its chemical and petrochemical business, supported by government investments in Xinjiang's coal chemical industry [2]. - The software business is transitioning to a SaaS model, aiming to penetrate the small and medium enterprise market more effectively [2]. Profitability Adjustments - EPS forecasts for 2024-2026 have been revised down by 5-11% due to lower revenue expectations, reflecting a 6-15% decrease in revenue projections [3]. - Despite the downward adjustment in revenue, the company expects a compound annual growth rate (CAGR) of approximately 15% for EPS from 2024 to 2026 [3]. Valuation and Market Position - The target price is based on a 32x PE ratio for 2025E, which is an increase from the previously implied 25x, indicating a positive outlook for the software industry [4]. - The company is recognized as the largest supplier of distributed control systems (DCS) in China, with a diversified client base across various process industries [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company has partnered with Hubei Sanning to create the first "unmanned" sulfuric acid plant in the chemical industry, leveraging AI technology for precise parameter predictions and reducing labor input [2][5]. - The company is transitioning towards becoming an industrial AI leader, with a new strategy expected to drive innovation in products, services, and business models [2][10]. - Projected net profits for the company from 2024 to 2026 are estimated at 1.21 billion, 1.44 billion, and 1.78 billion yuan, with corresponding P/E ratios of 30.1x, 25.3x, and 20.4x [2][10]. Summary by Sections Event Description - The company has made significant progress in its strategic transformation towards industrial AI, exemplified by the development of the unmanned sulfuric acid plant [5]. Event Commentary - The AI technology is enhancing operations in various sectors, including chemicals, energy, and liquor, with notable advancements in autonomous factory operations and real-time optimization projects [10]. - The company has successfully implemented AI solutions that drastically reduce manual operations in chemical plants, showcasing the effectiveness of its technology [10]. Financial Projections - Revenue projections for the company are as follows: 8.62 billion in 2023, 10.05 billion in 2024, 11.92 billion in 2025, and 14.29 billion in 2026 [13]. - The net profit attributable to the parent company is expected to grow from 1.1 billion in 2023 to 1.78 billion in 2026, indicating a strong growth trajectory [13].

证券代码：688777 证券简称：中控技术 公告编号：2025-002 中控技术股份有限公司 2019 年股票期权激励计划第二个行权期 行权限售股上市流通公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 中控技术股份有限公司（以下简称"公司"）本次股票上市类型为股权激 励股份；股票认购方式为网下，本次上市流通的限售股股份数量为 3,971,547 股。 占公司股本总数的 0.50%，限售期为自行权之日起三年。 本次股票上市流通总数为 3,971,547 股。 本次股票上市流通日期为 2025 年 1 月 21 日。 一、本次上市流通的限售股类型 2019 年 8 月 16 日，公司召开第四届董事会第十四次会议，2019 年 9 月 2 日 召开了第四届监事会第六次会议，审议通过《浙江中控技术股份有限公司 2019 年 股票期权激励计划》（以下简称"《2019 年股票期权激励计划》"）及《浙江中控技 术股份有限公司 2019 年股票期权激励计划考核管理办法》（以下简称"《考核管理 办法》"），独立董事已就 ...

证券代码：688777 证券简称：中控技术 公告编号：2025-001 中控技术股份有限公司 2025 年第一次临时股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 1 月 7 日 本次会议由公司董事会召集，现场会议由公司董事长 CUI SHAN 先生主持。 会议采用现场投票和网络投票相结合的表决方式。本次会议的召集、召开及 表决方式均符合《公司法》《上海证券交易所科创板股票上市规则》《上市公司股 东大会规则》《公司章程》及《公司股东大会议事规则》等有关规定。 （五） 公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 （一） 非累积投票议案 1、 议案名称：《关于变更公司经营范围暨修订<公司章程>的议案》 审议结果：通过 （二） 股东大会召开的地点：浙江省杭州市滨江区六和路 309 号中控科技园公 司会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决 ...