4月16日，由中国自动化学会主办的2025中国自动化产业年会（CAIAC 2025）暨第二十届中国自动化产 业世纪行活动在北京顺利召开。本届大会以"提智向新 聚势前行"为主题，全面总结了过去一年中国自 动化产业在技术创新、产业升级等方面取得的突破性进展，并对2024年度为推动自动化领域发展作出突 出贡献的先进个人、优秀团队和标杆企业进行了表彰。 中控技术表示，公司将以更加成熟稳健的步伐深耕于流程工业领域持续深耕流程工业智能化领域，加速 工业AI的产业化落地与价值转化。我们始终秉持"开放、协作、共赢"的理念，期待与全球合作伙伴携 手，共同谱写工业智能化时代的新篇章，为全球工业转型升级贡献中国智慧和中国方案。 中控技术凭借在工业AI领域的深入探索与创新实践，共斩获"年度企业""年度团队""年度最具价值解决 方案""年度最具竞争力创新产品""年度最具影响力工程项目""年度优质工业安全服务商"六项中国自动 化年度大奖。 作为工业AI领域的探路者、领路人，2024年，中控技术全面开启"All in AI"战略，并正式确立了"成为工 业AI全球领先企业，用AI推动工业可持续发展"的宏伟愿景，搭建了互联互通的数智生态平台， ...

Core Viewpoint - The company Zhongkong Technology (688777) has introduced a new industrial AI-driven operational framework called "1+2+N," which aims to enhance enterprise intelligence and has shown significant growth in various sectors, including overseas business and robotics [1][3]. Group 1: Company Performance - As of April 18, 2025, Zhongkong Technology's stock closed at 47.67 yuan, down 1.83% from the previous week [1]. - The company's total market capitalization is 37.687 billion yuan, ranking 3rd in the automation equipment sector and 352nd among all A-shares [1]. - In 2024, the company achieved revenue of 8.85 billion yuan in the oil and gas sector and over 2 billion yuan in new orders in the liquor industry [1][3]. Group 2: Technological Developments - The "1+2+N" framework consists of one factory operating system, two core models (TPT and HGT), and multiple industrial agents covering various scenarios [1]. - The HGT model is a hybrid of open-source large language models and proprietary graph attention models, featuring four core technologies and three main application scenarios [2]. Group 3: International Expansion - In 2024, Zhongkong Technology's overseas business generated 749 million yuan in revenue, marking a year-on-year increase of 118.27% [2][3]. - The company has established deep partnerships with international clients, including Saudi Aramco and Indonesia's Pertamina, with new overseas contracts totaling 1.355 billion yuan [2]. Group 4: Robotics Business - The robotics segment achieved revenue of 56.01 million yuan in 2024, with new orders amounting to 167 million yuan [2][3]. - The company launched the "Plantbot" solution for process industry robotics and successfully secured multiple high-end international projects [2].

据了解，中证浙江企业综合指数与中证浙江民营企业指数分别选取注册地在浙江省的全部上市公司证券 与民营上市公司证券作为指数样本，以反映浙江省上市公司证券和民营上市公司证券的整体表现。该指 数以2004年12月31日为基日，以1000.0点为基点。 金融界4月14日消息，上证指数高开高走，中证浙江民营企业指数 (浙江民企，000840)报7165.72点。 数据统计显示，中证浙江民营企业指数近一个月下跌12.68%，近三个月上涨3.32%，年至今下跌 1.28%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样本中剔除。样本公司发生收 购、合并、分拆等情形的处理，参照计算与维护细则处理。 从指数持仓来看，中证浙江民营企业指数十大权重分别为：同花顺（2.27%）、三花智控（2.22%）、 华友钴业（1.69%）、恒生电子（1.58%）、拓普集团（1.32%）、华东医药（1.31%）、新和成 （1.3%）、大华股份（1.23%）、中控技术（1.22%）、卫星化学（1.15%）。 从中证浙江民营企业指数持仓样 ...

Group 1: Industrial AI and Automation - The core business of the company shows stable growth, with revenue reaching 9.14 billion yuan in 2024, a year-on-year increase of 6% [3] - The industrial automation and intelligent manufacturing solutions segment achieved revenue of 5.64 billion yuan, up 14% year-on-year, accounting for 62% of total revenue [3] - The company has established a robot product business system, generating revenue of 56.01 million yuan in 2024, marking rapid growth from zero [4] Group 2: Alibaba's E-commerce and Cloud Computing - Alibaba is expected to achieve total revenue of 236.1 billion yuan in FY2025Q4, representing a year-on-year growth of 6% [9] - The Taotian Group's revenue is projected to grow by 5% to 98 billion yuan, with a gross merchandise volume (GMV) increase of 5% [10] - The cloud computing segment is anticipated to generate revenue of 30 billion yuan, reflecting a year-on-year growth of 17% [12] Group 3: Jitu Express Logistics - Jitu Express has expanded its logistics business across 13 countries, leveraging e-commerce growth in Southeast Asia and China [14] - The company achieved profitability in 2024, marking a significant turnaround [15] - Revenue projections for Jitu Express are set at 11.44 billion, 13.01 billion, and 14.89 billion USD for 2025-2027, with corresponding net profits of 343 million, 583 million, and 886 million USD [23] Group 4: Anhui Heli Engineering Machinery - Anhui Heli reported revenue of 17.325 billion yuan in 2024, a year-on-year increase of 0.99% [25] - The company has accelerated its overseas market expansion, achieving a 13% year-on-year increase in overseas revenue to 6.93 billion yuan [27] - The domestic market revenue decreased by 6% to 10.19 billion yuan, but the company is optimizing its industrial layout [27] Group 5: China Oriental Education - The company achieved revenue of 4.12 billion yuan in 2024, a year-on-year increase of 3.5%, with a net profit of 510 million yuan, up 88% [29] - The gross profit margin improved to 51.4%, driven by an optimized course structure [30] - The company plans to maintain a dividend payout ratio of no less than 60% from 2025 to 2027 [31] Group 6: Weichai Power - Weichai Power reported revenue of 215.69 billion yuan in 2024, with a net profit of 11.4 billion yuan, reflecting a year-on-year growth of 26.5% [34] - The company plans to distribute a cash dividend of 3.47 yuan per 10 shares, totaling approximately 30.24 billion yuan [37] - Revenue projections for Weichai Power are set at 227.7 billion, 244.5 billion, and 263.5 billion yuan for 2025-2027, with corresponding net profits of 12.4 billion, 13.7 billion, and 15.5 billion yuan [38] Group 7: Hehe Information Technology - Hehe Information is a leading AI and big data company, with a revenue compound annual growth rate (CAGR) of 21% from 2022 to 2024 [39] - The company has a large user base, with 168 million monthly active users (MAU) across its core products as of Q3 2024 [39] - The intelligent text recognition market is projected to reach 33 billion USD globally by 2030, with a CAGR of 14.8% from 2023 to 2030 [44]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][6]. Core Insights - The company achieved steady growth in revenue and profit, with operating cash flow significantly improving. In 2024, the company reported revenue of 9.139 billion yuan, a year-on-year increase of 6.02%, and a net profit attributable to shareholders of 1.117 billion yuan, up 1.38% year-on-year [1][4]. - The company is increasing its investment in AI technology, with R&D expenses reaching 978 million yuan, a 7.73% increase, accounting for 10.70% of revenue. The launch of innovative products like the UCS universal control system and TPT industrial model has been highlighted [2][4]. - The company is accelerating its international market expansion, with overseas revenue growing by 118.27% year-on-year to 749 million yuan, representing approximately 8.25% of total revenue. The company has established 21 subsidiaries in various countries and signed overseas contracts worth 1.355 billion yuan, a growth of over 35% [3][4]. Financial Performance Summary - The company forecasts revenue for 2025-2027 to be 10.265 billion, 11.501 billion, and 12.843 billion yuan, respectively, with net profits projected at 1.245 billion, 1.432 billion, and 1.677 billion yuan. The expected EPS for the same period is 1.57, 1.81, and 2.12 yuan per share, with corresponding P/E ratios of 30.04, 26.10, and 22.29 [4][7]. - The operating cash flow for 2024 was reported at 434 million yuan, a significant increase of 126.69% year-on-year, indicating improved operational efficiency [1][4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [6][4]. Core Insights - The company achieved steady growth in revenue and profit, with operating cash flow significantly improving. In 2024, the company reported revenue of 9.139 billion yuan, a year-on-year increase of 6.02%, and a net profit attributable to shareholders of 1.117 billion yuan, up 1.38% year-on-year [1][4]. - The company is increasing its investment in AI technology, with R&D expenses reaching 978 million yuan, a 7.73% increase, accounting for 10.70% of revenue. The launch of innovative products like the UCS universal control system and TPT industrial model has been highlighted [2][4]. - The company is accelerating its international market expansion, with overseas revenue growing by 118.27% year-on-year to 749 million yuan, representing approximately 8.25% of total revenue. The company has established 21 subsidiaries in various countries and signed overseas contracts worth 1.355 billion yuan, a growth of over 35% [3][4]. Financial Performance Summary - The company forecasts revenue for 2025-2027 to be 10.265 billion, 11.502 billion, and 12.843 billion yuan, respectively, with net profits projected at 1.245 billion, 1.432 billion, and 1.677 billion yuan. The expected EPS for the same period is 1.57, 1.81, and 2.12 yuan per share, with corresponding P/E ratios of 30.04, 26.10, and 22.29 [4][8].

Investment Rating - The investment rating for the company is maintained at "Buy-A" [4] Core Views - The company achieved a steady revenue growth of 6.02% year-on-year, reaching 9.139 billion yuan in total revenue for 2024, with a net profit of 1.117 billion yuan, reflecting a growth of 1.38% [1] - The company is focusing on industrial AI and robotics, leveraging its extensive industrial data and control systems to innovate and enhance operational efficiency [10][11] - The company plans to distribute a cash dividend of 7.10 yuan per 10 shares, totaling approximately 558 million yuan, which constitutes 49.94% of the net profit attributable to shareholders [3] Financial Performance - The company reported a net cash flow from operating activities of 434 million yuan, a significant increase of 126.69% compared to the previous year, attributed to optimized sales and procurement contracts [2] - The company’s R&D investment reached 978 million yuan, an increase of 7.73% year-on-year, with R&D personnel accounting for 39.05% of the total workforce [2] - The company’s core product, the Distributed Control System (DCS), holds a market share of 40.4% in China, maintaining its leading position for 14 consecutive years [3] Industry Trends - The petrochemical and chemical industries showed stable revenue growth, with increases of 10.59% and 5.89% respectively, while the oil and gas sector saw a remarkable growth of 47.84% [2] - The company’s international business strategy has led to a doubling of overseas revenue, which reached 749 million yuan, marking a year-on-year growth of 118.27% [4][9] - The company has established a robotics product business system, generating revenue of 56.01 million yuan and signing new orders worth 167 million yuan [10]

Core Viewpoint - The company reported a revenue of 9.139 billion yuan for 2024, a year-on-year increase of 6.02%, and a net profit attributable to shareholders of 1.117 billion yuan, a slight increase of 1.38% year-on-year [1] Group 1: Financial Performance - In Q4 2024, the company achieved a revenue of 2.802 billion yuan, a decrease of 4.73% year-on-year, and a net profit of 400 million yuan, down 1.98% year-on-year [1] - The company's gross profit margin for 2024 reached 33.86%, an increase of 0.68 percentage points compared to the previous year, driven by strategic adjustments and the divestment of low-value-added businesses [2] - The company’s net profit after excluding GDR exchange gains was 1.092 billion yuan, a year-on-year increase of 9.60%, while the non-net profit reached 1.012 billion yuan, up 20.26% year-on-year [2] Group 2: Business Segments - The industrial automation and intelligent manufacturing products benefited from control system equipment updates, with control systems generating revenue of 3.733 billion yuan, a year-on-year increase of 7.87%, and industrial software revenue reaching 2.653 billion yuan, up 20.70% [2] - The petrochemical and chemical sectors saw revenue growth of 10.59% and 5.89% respectively, while the oil and gas sector experienced a significant revenue increase of 47.84% [2] Group 3: International Expansion - The company’s overseas business generated revenue of 749 million yuan, a year-on-year increase of 118.27%, accounting for approximately 8.25% of total revenue [3] - The company established 21 subsidiaries in various countries and signed overseas contracts worth 1.355 billion yuan, a growth of over 35% year-on-year [3] Group 4: Technological Advancements - The company launched its first time-series large model TPT in June 2024, achieving significant applications in over 40 clients, enhancing system self-control rates above 95% and improving efficiency by over 50% [4] - The robotics business line generated revenue of 56 million yuan, with new orders totaling 167 million yuan, marking a breakthrough in international high-end clients [4] Group 5: Investment Outlook - The company is positioned as a leader in the domestic process industry and is rapidly expanding into overseas markets, which is expected to drive sustained performance growth [5]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 9.139 billion yuan in 2024, representing a year-on-year growth of 6.02%. The net profit attributable to the parent company was 1.092 billion yuan, up 9.60% year-on-year, while the net profit excluding GDR exchange losses grew by 20.26% to 1.012 billion yuan [1] - The company's market share in core products, particularly DCS, has increased, with a domestic market share of 40.4% in 2024, up 2.6 percentage points from the previous year. In the chemical sector, the DCS market share reached 62.6%, an increase of 6.3 percentage points, and in the petrochemical sector, it reached 56.2%, up 6.9 percentage points [1] - The company has seen steady revenue growth in the chemical and petrochemical sectors, with revenues of 3.366 billion yuan and 1.854 billion yuan respectively, and notable growth in the pharmaceutical and food sectors, which saw a revenue increase of 17.38% to 741 million yuan. The oil and gas sector, a new focus area, achieved a revenue of 885 million yuan, growing by 47.84% [1] - The international business is progressing well, with export revenue accounting for 8.25% of total revenue, a growth of 118.27% year-on-year. The company has established a robotics product business system, generating revenue of 56.01 million yuan and securing new orders worth 167 million yuan [1] Financial Summary - The total revenue for 2023 was 8.620 billion yuan, with a projected increase to 10.025 billion yuan in 2025, reflecting a growth rate of 9.7% [2] - The net profit attributable to the parent company for 2023 was 1.102 billion yuan, expected to rise to 1.275 billion yuan by 2025, indicating a growth rate of 14.2% [2] - The gross margin for 2024 is projected at 33.9%, slightly up from 33.2% in 2023, while the return on equity (ROE) is expected to be 10.8% in 2024, increasing to 14.5% by 2027 [2] - The earnings per share (EPS) for 2023 was 1.39 yuan, with projections of 1.61 yuan in 2025 and 2.32 yuan in 2027 [2] Market Position - The company maintains a leading position in the DCS market across various sectors, ranking first in the chemical, petrochemical, building materials, and paper industries [1] - The SIS market share reached 31.2% in 2024, marking the third consecutive year of being the domestic leader [1]