Investment Rating - The investment rating for the computer industry is "Buy" [2] Core Insights - The computer industry is experiencing a bottoming out of demand in 2024, with significant differences in structural performance across various segments. Companies are enhancing operational efficiency to cope with the challenges [6][14] - The median revenue growth rate for the industry in 2024 is -1.59%, a decrease of 4.88 percentage points from 2023. The median net profit growth rate is -2.24%, down 8.35 percentage points from the previous year [15] - The report highlights that while revenue and profit metrics are declining, the rate of decline is slowing, indicating potential for improvement in Q1 2025 [15][16] Summary by Sections 1. 2024 Annual Report: Bottoming Demand and Efficiency Improvements - The report analyzes the performance of 208 listed companies in the computer industry, revealing that the overall revenue growth is stabilizing, and profit margins are showing signs of recovery [14][15] - Different segments within the industry show varying performance, with IT hardware, trusted computing, and smart vehicle sectors demonstrating positive growth trends [16][28] 2. Demand Stabilization and Financial Indicators - The report notes that contract liabilities are beginning to improve, and accounts receivable growth is declining, indicating a more stable financial environment [23][24] - Cash inflows from sales of goods and services have significantly increased, reflecting a positive trend in operational cash flow [24] 3. Investment Activity and Valuation Levels - The report indicates an increase in net cash outflow from investment activities, suggesting an expansion trend among companies [26] - As of April 30, 2025, the industry’s price-to-earnings (P/E) ratio is 46 times, with software companies showing a higher P/E increase compared to hardware companies [19][20] 4. Key Areas of Investment Value - The report identifies several key areas with strong investment potential, including AI applications, domestic software and hardware replacements, and the smart driving industry [20][21] - The acceleration of domestic orders in trusted computing and the expansion of the Harmony OS ecosystem are expected to enhance the competitive edge of leading companies in the industry [20][21]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 9.139 billion with a year-on-year growth of 6.02% for 2024, and a net profit of 1.117 billion, reflecting a growth of 1.38%. However, for Q1 2025, revenue decreased by 7.55% to 1.607 billion, and net profit fell by 17.42% to 0.120 billion [4][7] - The company has adjusted its profit forecasts for 2025-2026 and introduced a forecast for 2027, maintaining a "Buy" rating due to its potential for high growth in the intelligent manufacturing sector [7] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 9.139 billion, with an expected increase to 10.095 billion in 2025, representing a growth rate of 10.5% [6] - The net profit for 2025 is estimated at 1.351 billion, with a projected growth of 20.9% [6] - The company’s gross margin for 2024 is reported at 33.9%, with a slight increase expected in subsequent years [6] - The return on equity (ROE) for 2025 is projected at 12.3%, increasing to 14.9% by 2027 [6] Investment Highlights - The company’s intelligent manufacturing solutions have shown robust growth, particularly in overseas markets, with a 118.27% increase in overseas revenue [7] - The company maintains a leading market share in its core products, with a 40.4% share in the domestic distributed control system (DCS) market [7] - The establishment of 5S stores and subscription-based services has expanded the company’s market presence, with 622 subscription clients reported [7]

Financial Performance - The company's operating revenue for Q1 2025 was ¥1,607,199,080.04, a decrease of 7.55% compared to ¥1,738,464,204.72 in the same period last year[5] - Net profit attributable to shareholders was ¥120,092,771.78, down 17.42% from ¥145,425,147.05 year-on-year[5] - The net profit after deducting non-recurring gains and losses decreased by 34.88%, amounting to ¥77,208,535.74 compared to ¥118,565,671.14 in the previous year[5][9] - Total operating revenue for Q1 2025 was ¥1,607,199,080.04, a decrease of 7.54% compared to ¥1,738,464,204.72 in Q1 2024[19] - Net profit for Q1 2025 was ¥120,344,133.05, a decline of 16.59% compared to ¥144,287,768.02 in Q1 2024[20] - Earnings per share for Q1 2025 was ¥0.15, down from ¥0.18 in Q1 2024[20] Cash Flow - The company's cash flow from operating activities showed a net outflow of ¥523,892,801.32, an improvement from a net outflow of ¥676,617,158.65 in the same period last year[5] - In Q1 2025, the cash inflow from operating activities was CNY 1,316,428,356.10, an increase of 7.1% compared to CNY 1,228,941,777.59 in Q1 2024[22] - The net cash flow from operating activities was -CNY 523,892,801.32, an improvement from -CNY 676,617,158.65 in the same period last year[22] - Cash inflow from investment activities totaled CNY 1,350,950,260.98, up from CNY 1,150,137,538.30 in Q1 2024, marking a 17.5% increase[23] - The net cash flow from investment activities was CNY 376,752,418.55, significantly higher than CNY 162,645,106.91 in Q1 2024[23] - Cash inflow from financing activities was CNY 402,168,058.00, compared to CNY 100,967,050.00 in the previous year, reflecting a substantial increase[23] - The net cash flow from financing activities was -CNY 12,352,504.30, an improvement from -CNY 29,273,750.13 in Q1 2024[23] - The ending cash and cash equivalents balance was CNY 3,267,448,027.11, down from CNY 4,891,153,544.30 in Q1 2024[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥18,080,821,480.08, a decrease of 1.29% from ¥18,316,483,373.52 at the end of the previous year[6] - Total liabilities decreased to ¥7,528,266,004.07 from ¥7,886,204,650.09, a decline of 4.54%[17] - The company's equity increased to ¥10,552,555,476.01 from ¥10,430,278,723.43, an increase of 1.17%[17] - The total current assets as of March 31, 2025, amount to ¥14,408,598,452.39, a decrease from ¥14,677,895,470.04 on December 31, 2024, reflecting a decline of approximately 1.83%[15] - The company's cash and cash equivalents decreased to ¥3,345,612,318.29 from ¥3,463,327,933.34, representing a decline of about 3.41%[15] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 39,430[10] - The top shareholder, Chu Jian, holds 105,182,907 shares, accounting for 13.30% of the total shares[11] - The company reported a total of 105,182,907 shares held by its actual controller, indicating significant ownership concentration[13] - The top ten shareholders collectively hold a substantial portion of the company's shares, with the largest shareholder being Hangzhou Yuancheng Enterprise Management Partnership holding 57,275,000 shares[13] - The company has not reported any significant changes in the relationships among its top shareholders or any agreements for concerted action[13] Research and Development - R&D investment totaled ¥206,472,555.57, representing 12.85% of operating revenue, an increase of 1.02 percentage points from 11.83%[6] - Research and development expenses for Q1 2025 were ¥206,472,555.57, slightly up from ¥205,643,698.10 in Q1 2024[19] Other Financial Metrics - The weighted average return on net assets was 1.16%, down from 1.47% year-on-year, a decrease of 0.31 percentage points[5] - The company recognized non-recurring gains of ¥42,884,236.04 during the period, after accounting for tax and minority interests[8] - The total amount of other receivables increased slightly to ¥114,825,640.17 from ¥104,306,162.84, marking a growth of about 10.00%[15] - The company has not disclosed any significant new strategies or product developments during the reporting period[14] - Other comprehensive income after tax for Q1 2025 was -¥1,857,124.69, compared to -¥6,876,193.11 in Q1 2024[20] - The company reported an investment income of ¥32,276,583.33 in Q1 2025, down from ¥38,953,246.18 in Q1 2024[19]

Core Insights - The company reported a revenue of 1.607 billion yuan and a net profit of 120 million yuan for Q1 2025, indicating a stable performance in its core business [1] - R&D investment increased by 1.66% year-on-year, accounting for 13.01% of revenue, with cumulative R&D spending exceeding 3.4 billion yuan since its listing [1] - The company is focusing on AI and robotics to enhance its industrial solutions, with significant applications in various sectors [2] Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 1.607 billion yuan and a net profit of 120 million yuan [1] - R&D expenses grew by 1.66% year-on-year, representing 13.01% of total revenue, an increase of 1.18 percentage points [1] Group 2: Business Development - The company maintains a leading market share in DCS and SIS systems, with growth driven by AI and robotics initiatives [1] - The AI business has been successfully applied in industries such as petrochemicals and power generation, improving production efficiency by nearly 50% [1][2] Group 3: Market Expansion - The company is actively pursuing international clients in the Middle East and Southeast Asia, with new projects signed with major firms like Saudi Aramco [2] - The domestic market is seeing increased demand for localized alternatives, supported by national policies [2] Group 4: Strategic Initiatives - The company has established joint ventures and AI labs with major steel companies, aiming for significant equipment updates in the metallurgy sector [3] - It has secured contracts with leading global oil companies, enhancing its international market presence [3][4] Group 5: Future Outlook - The company is positioned to benefit from the "ALL in AI" strategy, expanding its global network to over 50 countries and 35,000 enterprises [4] - The combination of domestic policy support, enhanced AI technology penetration, and global collaboration is expected to drive future growth [4]

Market Overview - The main funds in the Shanghai and Shenzhen markets experienced a net outflow of 29.894 billion yuan, with the Sci-Tech Innovation Board seeing a net outflow of 1.687 billion yuan [1] - A total of 213 stocks saw net inflows, while 369 stocks experienced net outflows [1] Sci-Tech Innovation Board Performance - On the Sci-Tech Innovation Board, 181 stocks rose, while 399 stocks fell, with one stock, Kesi Technology, hitting the daily limit down [1] - The top three stocks with the highest net inflow of funds were Cambrian (81.9231 million yuan), Daotong Technology (56.5519 million yuan), and Chip Origin (47.8249 million yuan) [2] Continuous Fund Flow Analysis - There are 42 stocks that have seen continuous net inflows for more than three trading days, with Rendu Biotech leading at 11 consecutive days of inflow [2] - Conversely, 154 stocks have experienced continuous net outflows, with Aiko Optoelectronics and Excellent New Energy both seeing 12 consecutive days of outflow [2] Top Fund Inflows - The top stocks by net inflow include: - Cambrian: 81.9231 million yuan, with a flow rate of 2.05% and a price increase of 3.02% [2] - Daotong Technology: 56.5519 million yuan, with a flow rate of 12.75% and a price increase of 2.02% [2] - Chip Origin: 47.8248 million yuan, with a flow rate of 6.53% and a price decrease of 0.55% [2] Notable Outflows - The stock with the highest net outflow was Hengxuan Technology, which saw a net outflow of 117 million yuan despite a price increase of 5.01% [1] - Other notable outflows included Zhongkong Technology and Shijia Photon, with net outflows of 99.0516 million yuan and 92.2874 million yuan, respectively [1]

Core Viewpoint - The construction of intelligent oilfields in China is entering a new stage of high-quality development driven by the "Digital China" initiative and energy security strategy, with significant growth expected in the market size of intelligent oilfield services [1][11]. Industry Overview - Intelligent oilfields utilize modern information technologies such as IoT, big data, cloud computing, and artificial intelligence for intelligent management throughout the oilfield lifecycle, breaking down data silos and enhancing operational efficiency [2][5]. - The intelligent oilfield service market in China is projected to exceed 19 billion yuan in 2024, reflecting a year-on-year growth of 19.5%, with expectations to reach 22.1 billion yuan by 2025 [1][11]. Industry Chain - The intelligent oilfield industry ecosystem in China encompasses the entire chain from technology research and development to system integration and application scenarios, with upstream suppliers providing smart hardware and digital solutions, midstream integrators focusing on data platforms, and downstream operators implementing these technologies [5]. Market Dynamics - As of 2024, China has developed 1,159 oilfields, with 33.4% having completed intelligent upgrades, indicating a trend towards increased automation and efficiency in oilfield operations [7][9]. - The industrial crude oil output in China is expected to reach 213 million tons in 2024, maintaining a stable growth trajectory [9]. Competitive Landscape - The intelligent oilfield sector is characterized by a competitive landscape dominated by state-owned enterprises, with major players like China National Petroleum Corporation (CNPC), China Petroleum & Chemical Corporation (Sinopec), and China National Offshore Oil Corporation (CNOOC) holding over 60% market share [15][19]. - Private technology firms are also emerging, providing specialized solutions and contributing to a diverse competitive environment [17][19]. Development Trends - The intelligent oilfield industry is evolving towards ecological construction and sustainable development, with AI and digital twin technologies enhancing efficiency and supporting carbon reduction goals [21][22]. - The market is witnessing a shift towards "technological autonomy and ecological openness," with domestic equipment breaking international monopolies and collaborative efforts among companies to provide comprehensive solutions [23]. Key Players - Major state-owned enterprises like CNPC and Sinopec lead the market, supported by ICT giants such as Huawei and Alibaba Cloud, which provide foundational digital technologies [20]. - Specialized service providers like AnKong Technology and LiKong Technology focus on niche markets, establishing competitive advantages in their respective fields [20].

内容概要：数字化智能控制系统及设备是指利用数字技术、智能算法和网络通信等手段，实现对工业、 家居、交通等领域的自动化控制与优化的系统及设备，通过集成硬件、软件和网络通信技术，实现对各 种设备和过程的智能化管理与控制，是自动化技术的重要组成部分。近年来，互联网技术高速发展，云 计算、大数据、人工智能等新一代信息技术在各个领域中得到了广泛的应用，数字化智能控制系统及设 备市场规模随着终端应用领域的快速发展而不断提升。2024年，我国智能家居领域数字化智能控制系统 （有线+无线）市场规模约为361.48亿元，较2023年增加35.82亿元；酒店数字化智能控制系统市场规模 为9.9亿元，较2023年增加1.3亿元。预计2025年我国智能家居领域数字化智能控制系统（有线+无线） 市场规模约为402.33亿元，酒店数字化智能控制系统市场规模约为11.5亿元。 上市企业：拓邦股份(002139)、肯特智能(871994)、威控科技(430292)、中控技术(688777)、宏英智能 (001266.SZ) 相关企业：山东比特智能科技股份有限公司、快住智能科技(苏州)有限公司 关键词：数字化智能控制系统及设备市场规模、数字化 ...

点击上方"公众号"可订阅哦！ 兴业证券计算机小组 蒋佳霖/孙乾/ 杨本鸿/ 陈鑫/张旭光/杨海盟/桂杨 数据来源:Wind,兴业证券经济与金融研究院整理 图 2、计算机行业的标准配置比例 4. 98 4. 58% 5% 3. 86% . 57% 4 4. 11% 3. 57% 4. 18% 4. 04% 3. 36% 56% 3. 54% 23% 4% 3. 3.52% 3, 2. 919 2. 86! 3.09 2. 68% 2- 71 67% 3% 2. 19% 2. 29% 2. 60% 2. 50% 2. 08% 1_38% 1. 65% 2% 1.4 1. 44% 1. 36% 1. 29% 1% 14% 13. 36% 11. 52% 12% 11. 30% 10% 8. 97% 8. 84% 7. 88% 7.72% 8% 7. 50% 6. 3 6. 75% 6. 119 6. 51% 696 4. 67% 5. 00% 4. 80% 4. 35% 4. 8RW 01% 4 496 4. 29% 4. 44% 3.64% A 149 3.78% 3.19% 3. 24% 2. 72% 2. 6 ...

Core Viewpoint - The G60 Strategic Emerging Industries Index in A-shares has shown mixed performance, with a recent decline of 0.54% and a monthly drop of 4.70%, while it has increased by 0.02% over the past three months [1] Group 1: Index Performance - The G60 Index closed at 914.89 points with a trading volume of 15.257 billion [1] - The index reflects the overall performance of up to 50 largest strategic emerging industry companies listed in the Shanghai market from the Yangtze River Delta G60 cities [1] Group 2: Index Composition - The top ten weighted companies in the G60 Index include: Jianghuai Automobile (9.43%), Huayou Cobalt (7.14%), Hengsheng Electronics (6.17%), Zhongkong Technology (4.79%), Hengtong Optic-Electric (4.73%), Silan Microelectronics (4.55%), China Jushi (4.51%), Naxin Micro (3.21%), Zejing Pharmaceutical (3.14%), and Jingfang Technology (2.84%) [1] - The index is fully composed of companies listed on the Shanghai Stock Exchange [1] Group 3: Industry Breakdown - The industry composition of the index shows that Industrial sector accounts for 35.49%, Information Technology for 31.15%, Materials for 14.14%, Healthcare for 9.74%, and Communication Services for 9.49% [2] Group 4: Index Adjustment - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2] Group 5: Tracking Funds - Public funds tracking the G60 Index include the Shenwan Hongyuan G60 Strategic Emerging Industries ETF [3]

证券代码：688777 证券简称：中控技术 公告编号：2025-015 中控技术股份有限公司 2024年年度股东大会决议公告 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 4 月 22 日 （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持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 377 | | --- | --- | | 普通股股东人数 | 377 | | 2、出席会议的股东所持有的表决权数量 | 218,749,002 | | 普通股股东所持有表决权数量 | 218,749,002 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例 | 27.8408 | | （%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 27.8408 | （四） 表决方式是否符合《公司法》及公司章程的规 ...