证券研究报告·公司点评报告·自动化设备 中控技术（688777） 2024 年一季报点评：业绩符合预期，海外和 2024年 04月 22日 AI 业务增长可期 证券分析师 曾朵红 买入（维持） 执业证书：S0600516080001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E zengdh@dwzq.com.cn 证券分析师 王紫敬 营业总收入（百万元） 6,624 8,620 11,087 13,996 17,300 执业证书：S0600521080005 同比（%） 46.56 30.13 28.62 26.23 23.61 021-60199781 归母净利润（百万元） 797.93 1,101.76 1,352.49 1,636.95 2,001.22 wangzj@dwzq.com.cn 同比（%） 37.18 38.08 22.76 21.03 22.25 证券分析师 周尔双 EPS-最新摊薄（元/股） 1.01 1.39 1.71 2.07 2.53 执业证书：S0600515110002 021-601 ...

更多资料加入知识星球：水木调研纪要关注公众号：水木纪要 中控技术 20240418_原文 2024年04月19日13:12 发言人 00:00 4 月 9 日和 4 月 17 日分别披露了公司 2023 年的年报及 2024 年一季度报告。相信各位投资者 已经有了一定的了解。为了向各位深入解析公司的经营和业绩情况，今天我们也非常荣幸的邀 请到了公司的董事长兼总裁孙崔山先生出席本次业绩交流会。对中控技术 2023 年度及 2024 年 一季度的业绩情况向各位投资者进行汇报和说明。下面有请崔总。 发言人 00:46 各位线上的线下的各位来宾，投资投资者朋友们，大家下午好。有很多新的面孔，也有很多老 朋友来了，很高兴又跟大家见面了。一年又过去了，现在感谢大家过去一年对我们的中控的支 持。那么经过一年中空的一些情况，正好有这样的一个机会我想就这个机会跟大家也做一个汇 报，对，做一个汇报和解。主要在我们公司的一年的一些工作的一些情况，还有一些我们可能 在新年的一些新的一些想法，也给大家分享一下。主要的公司的主要的公司的经营成果。 发言人 01:44 发言人 03:12 这个上市之后，也实现了我们对我们的股民的承诺。在公 ...

Investment Rating - Buy (maintained) [1] Core Views - The company's profit growth is significant, with effective cost control measures in place [1] - Revenue for Q1 2024 reached RMB 17.38 billion, a year-on-year increase of 20.25% [1] - Net profit attributable to the parent company was RMB 1.45 billion, up 57.39% year-on-year [1] - Non-GAAP net profit was RMB 1.19 billion, a year-on-year increase of 76.05% [1] - Gross margin was 31.03%, a decrease of 2.3 percentage points year-on-year [1] - Management expense ratio decreased by 0.7 percentage points, and sales expense ratio decreased by 1.4 percentage points [1] Business Performance - Revenue from the metallurgy industry grew by 62.87%, energy industry by 34.70%, petrochemical industry by 28.95%, and chemical industry by 23.70% [1] - The S2B business has broken through with multiple group-type benchmark customers and is advancing cooperation with over 250 large customers [1] - The company has covered over 30,000 customers in the process industry by the end of December 2023 [1] - Overseas business continues to break through, with projects secured in Saudi Arabia, Kuwait, Malaysia, Indonesia, and Singapore [1] Emerging Business Opportunities - The company is expanding into new areas such as robotics, new energy batteries, wind and solar hydrogen production, smart laboratories, smart coal mines, smart parks, and liquor [1] - Revenue from the new energy battery business reached RMB 634 million in 2023, a year-on-year increase of 463% [1] - The company released a new generation of equipment intelligent sensing platform (PRIDE) and upgraded its intelligent operation management and control system (OMC2.0) and process simulation and design platform (APEX2.0) [1] Financial Projections - Revenue for 2024-2026 is projected to be RMB 111.1 billion, RMB 143.1 billion, and RMB 181.6 billion, respectively, with year-on-year growth rates of 28.9%, 28.8%, and 26.9% [1] - Net profit attributable to the parent company for 2024-2026 is expected to be RMB 13.39 billion, RMB 16.58 billion, and RMB 20.40 billion, respectively, with year-on-year growth rates of 21.5%, 23.8%, and 23.1% [1] Financial Metrics - Revenue for 2023 was RMB 86.2 billion, with a year-on-year growth rate of 30.1% [2] - Net profit attributable to the parent company for 2023 was RMB 11.02 billion, with a year-on-year growth rate of 38.1% [2] - Gross margin for 2023 was 33.2%, and ROE was 14.6% [2] - EPS for 2023 was RMB 1.39, with a P/E ratio of 32.51 [2] - Revenue for 2024E is projected to be RMB 111.13 billion, with a year-on-year growth rate of 28.9% [2] - Net profit attributable to the parent company for 2024E is expected to be RMB 13.39 billion, with a year-on-year growth rate of 21.5% [2] - Gross margin for 2024E is projected to be 35.2%, and ROE is expected to be 13.0% [2] - EPS for 2024E is projected to be RMB 2.71, with a P/E ratio of 16.39 [2]

注公众号： 中控技术23年报交流240418.m4a.原文 2024年04月18日17:40 发言人100:00 the line. 发言人100:22 感谢大家参加本次会议。会议即将开始，请稍后。Thanks for your participation.The meeting is ready to start. Please remain on the line. 发言人100:45 感谢大家参加本次会议。会议即将开始，请稍后。Thanks for your participation.The meeting is ready to start. Please remain on the line. 云转卖， 感谢大家参加本次会议，会议即将开始，请稍后。 发言人201:25 我们下面开始我们今天的一次。尊敬的各位嘉宾，各位投资者，您分析一，大家下午好。首先感谢各位 对中控技术的持续关注和支持，欢迎大家莅临中控参加公司2023年度及2024年第一季度业绩交流会。 我是中控技术副总裁兼董事会秘书，今天业绩交流会的小黄女士。 发言人201:58 2023年是风挑战和战略机遇并存的一年。公司迎着全球人工智能和数 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company reported a revenue of 1.738 billion yuan for Q1 2024, representing a year-on-year growth of 20.25%. The net profit attributable to shareholders was 145 million yuan, up 57.39% year-on-year, while the net profit excluding non-recurring items reached 119 million yuan, growing by 76.05% year-on-year [1] - The company has effectively controlled expenses, with a slight decline in gross margin to 31.03%, down 6.9% from the same period last year. Sales expenses increased by 11.57% to 165 million yuan, while management expenses decreased by 4.5% to 97 million yuan. R&D expenses rose by 10.53% to 206 million yuan, indicating a slowdown in R&D investment growth [1] - The company is accelerating its layout in the AI and robotics sectors, launching the industry's first AI model for process industry optimization and design, which could lead to revolutionary efficiency improvements. Additionally, the company introduced its first humanoid robot, "Navigator 1," which is fully developed domestically [1] - The company has secured significant projects, including a digital transformation project with China National Petroleum Corporation worth over 100 million yuan, and has seen a doubling of overseas orders, with new contracts nearing 1 billion yuan [1] - The investment forecast for EPS from 2024 to 2026 is projected at 1.76, 2.28, and 3.12 yuan, respectively, with corresponding P/E ratios of 25.18X, 19.44X, and 14.26X, indicating strong long-term growth potential [1][4] Financial Summary - For 2024E, the company is expected to achieve a revenue of 10.703 billion yuan, with a growth rate of 24.17%. The net profit attributable to shareholders is projected at 1.393 billion yuan, reflecting a growth rate of 26.47% [4] - The company’s gross margin is expected to stabilize around 33.08% in 2024E, with a net profit margin of approximately 13.02% [5] - The total assets are projected to grow from 17.88 billion yuan in 2023 to 21.37 billion yuan in 2024E, indicating a healthy balance sheet [5]

计算机 公 2024年04月18日 司 报 中控技术(688777.SH) 告 业绩高速增长，看好公司主营业务成长 强烈推荐 ( 维持 ) 事项： 公司公告2024年一季报，2024年一季度，公司实现营业收入17.38亿元，同比 股价:46.98元 增长20.25%，实现归母净利润1.45亿元，同比增长57.39%。 公 主要数据 平安观点： 行业 计算机 司 公司网址 www.supcontech.com ...

2024年04月17日 公 司点评 公 买入 / 维持 司 中控技术(688777) 研 究 目标价: 昨收盘:44.42 业绩稳健增长，深化“AI+工业”布局 事件：公司发布2024年第一季度报告。2024年Q1，公司实现营业收 ◼ 走势比较 入 17.38 亿元，同比增长 20.25%；实现归母净利润 1.45 亿元，同比 +57.39%；实现扣非归母净利润1.19亿元，同比+76.05%。 10% 太 平 (2( 26 %% ))71/4/32 92/6/32 01/9/32 22/11/32 3/2/42 61/4/42 字化治经 理营 能效 力率 ，持 经续 营提 管升 理，利 能息 力收 持入 续厚 增增 强利 ，控润 费。公 成司 效近 显年 著来 。持 20续 24提 Q1升 ，内 公司部 销数 售/管理/研发/财务费用率分别为 9.50%/5.58%/11.83%/-1.70%，分别同 洋 (38%) 比下降了 0.74/1.44/1.04/2.00pct。其中财务费用率大幅下降主要是由 证 (54%) 于公司Q1实现利息收入3,514.27万元，同比大幅提升。 券 (70%) 股 全面加码 ...

证券研究报告 | 季报点评 2024年04月16日 中控技术（688777.SH） 一季报增速符合预期，智能制造带来稳健增长 事件：2024/4/16晚，公司发布一季报，2024Q1营业收入实现20.25%的同比增长， 买入（维持） 归母净利润实现57.39%的增长，公司一季报业绩符合预期。 股票信息 收入增速符合预期，利息收入带来利润端弹性。在智能制造的产业数字化大趋势下， 行业 自动化设备 2024 年一季度，公司营业收入同比增长 20.25%，成长稳健，符合预期。实现归母 前次评级 买入 净利润 1.45 亿元，同比增长 57.39%，这其中利息收入贡献较大：2024Q1 公司实 4月16日收盘价(元) 44.42 现利息收入 3514 万元，大幅超过去年同期水平（去年同期仅为 215 万元左右）。 不过，哪怕扣减利息收入带来的影响，公司归母净利润 2024Q1 同比增速也超过了 总市值(百万元) 35,088.03 20%，仍然实现了稳健亮眼的增长。 总股本(百万股) 789.92 其中自由流通股(%) 98.49 市占率多年稳居国内第一，竞争壁垒稳固，展望全年有望持续稳健增长。根据睿工 30日日均成 ...

Financial Performance - The company's operating revenue for Q1 2024 was RMB 1,738,464,204.72, representing a year-on-year increase of 20.25%[4] - Net profit attributable to shareholders was RMB 145,425,147.05, reflecting a significant increase of 57.39% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 118,565,671.14, up 76.05% year-on-year[4] - Basic earnings per share for the period was RMB 0.18, an increase of 38.46% from the previous year[4] - Total operating revenue for Q1 2024 reached ¥1,738,464,204.72, an increase of 20.2% compared to ¥1,445,707,760.34 in Q1 2023[17] - Net profit for Q1 2024 was ¥144,287,768.02, representing a 50.1% increase from ¥96,168,607.78 in Q1 2023[18] - Earnings per share for Q1 2024 were ¥0.18, compared to ¥0.13 in Q1 2023, marking a 38.5% increase[19] - The company reported a comprehensive income total of ¥137,411,574.91 for Q1 2024, compared to ¥96,029,573.36 in Q1 2023, an increase of 43.1%[19] Research and Development - Research and development expenses totaled RMB 205,643,698.10, accounting for 11.83% of operating revenue, a decrease of 1.04 percentage points year-on-year[5] - Research and development expenses for Q1 2024 totaled ¥205,643,698.10, an increase from ¥186,057,520.79 in Q1 2023, indicating a focus on innovation[17] Assets and Liabilities - The total assets at the end of the reporting period were RMB 17,481,351,566.86, a decrease of 2.23% from the end of the previous year[5] - As of March 31, 2024, the company's total assets amounted to approximately ¥17.48 billion, a decrease from ¥17.88 billion as of December 31, 2023, reflecting a decline of about 2.22%[14] - The company's cash and cash equivalents stood at ¥4.93 billion, down from ¥5.47 billion, indicating a decrease of approximately 9.87%[13] - The total current liabilities were reported at ¥6.12 billion, compared to ¥6.23 billion, indicating a decrease of approximately 1.77%[14] - The total liabilities decreased to ¥9.99 billion from ¥10.12 billion, reflecting a decline of about 1.28%[14] - The total liabilities decreased to ¥7,465,216,222.04 in Q1 2024 from ¥7,940,718,889.74 in Q1 2023, a reduction of approximately 6%[15] - Total equity increased to ¥10,016,135,344.82 in Q1 2024 from ¥9,938,935,145.55 in Q1 2023, reflecting a growth of 0.8%[15] Cash Flow - The net cash flow from operating activities was negative at RMB -676,617,158.65, primarily due to seasonal cash collection patterns[5] - In Q1 2024, the company's cash inflow from operating activities totaled CNY 1,228,941,777.59, a decrease of 12.5% compared to CNY 1,404,552,527.21 in Q1 2023[20] - The net cash outflow from operating activities was CNY -676,617,158.65, an improvement from CNY -723,143,247.46 in the same period last year[21] - Cash inflow from investment activities was CNY 1,150,137,538.30, down 20.4% from CNY 1,444,563,281.98 in Q1 2023[21] - The net cash flow from investment activities was CNY 162,645,106.91, a significant decrease of 79.2% compared to CNY 780,825,593.63 in Q1 2023[21] - The company reported a net cash outflow from financing activities of CNY -29,273,750.13, contrasting with a net inflow of CNY 95,834,165.78 in the previous year[21] - The ending balance of cash and cash equivalents was CNY 4,891,153,544.30, down from CNY 5,435,757,400.30 at the beginning of the period[22] - The total cash outflow from operating activities was CNY 1,905,558,936.24, a decrease of 10.4% from CNY 2,127,695,774.67 in Q1 2023[21] - The cash paid for purchasing goods and services was CNY 811,313,411.87, down 29.3% from CNY 1,149,442,946.37 in Q1 2023[21] - The cash paid to employees increased to CNY 792,951,442.45, up from CNY 691,020,135.43 in the previous year[21] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 30,010[9] Other Information - The company reported non-recurring gains of RMB 26,859,475.91 for the period, after accounting for tax and minority interests[7] - The company has not disclosed any new product developments or market expansion strategies in this quarter's report[12]

申万宏源证券承销保荐有限责任公司 关于中控技术股份有限公司 2023年度现场检查报告 根据中国证监会《证券发行上市保荐业务管理办法》、《上海证券交易所上 市公司自律监管指引第11号——持续督导》等有关法律法规的要求，申万宏源证 券承销保荐有限责任公司（以下简称"申万宏源承销保荐"或"保荐机构"）作 为中控技术股份有限公司（以下简称"中控技术"或"公司"）首次公开发行股 票并在科创板上市的保荐机构，于2024年4月9日至10日对中控技术2023年度有关 情况进行了现场检查。 一、本次现场检查的基本情况 申万宏源承销保荐针对中控技术实际情况制订了2023年度现场检查工作计 划。为顺利实施本次现场工作，提高现场工作效率，切实履行持续督导工作，保 荐代表人提前将现场检查事宜通知中控技术，并要求公司提前准备现场检查工作 所需的相关文件和资料。2024年4月9日至2024年4月10日，申万宏源承销保荐保 荐代表人根据事先制订的现场检查工作计划，采取与公司董事、监事、高级管理 人员及有关人员进行沟通和询问、查看公司生产经营场所、检查主要控股和参股 公司、查阅和复印公司账簿和原始凭证及其他相关资料等沟通交流等形式，对包 括公 ...