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 ...

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首次公开发行股票并在科创板 上市之保荐总结报告书 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"、 "保荐机构"）作为中控技术股份有限公司（以下简称"中控技术"、"公司"） 首次公开发行股票并在科创板上市的保荐机构，持续督导期间为2020年11月24日 至2023年12月31日。中控技术于2024年4月9日披露《2023年年度报告》，根据《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》、《上海证券交易所科创板股票上市规则》等相关法律法规文 件要求，申万宏源承销保荐现出具保荐总结报告书，具体内容如下： 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、本保荐机构及本人自愿接受中国证监会对保荐总结报告书相关事项进行 的任何质询和调查。 3、本保荐机构及本人自愿接受中国证监会按照《证券发行上市保荐业务管 理办法》及上海证券交易所按照《上海证券交易所上市公司自律监管 ...

申万宏源证券承销保荐有限责任公司 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针 | 保荐机构已建立健全并有效执行了持续督导 | | | 对具体的持续督导工作制定相应的工作计划 | 工作制度，并针对具体持续督导工作制定了 | | | | 相应的工作计划 | | 2 | 根据中国证监会相关规定，在持续督导工作开 | 保荐机构已与中控技术签订《保荐协议》，该 | | | 始前，与上市公司或相关当事人签署持续督导 协议，明确双方在持续督导期间的权利义务， | 协议明确了双方在持续督导期间的权利和义 | | | | 务，并已报上海证券交易所备案 | | | 并报上海证券交易所备案 | | | 3 | | 保荐机构通过日常沟通、定期或不定期回访、 | | | 通过日常沟通、定期回访、现场检查、尽职调 查等方式开展持续督导工作 | 现场检查、尽职调查等方式，了解中控技术运 | | | | 行情况，对中控技术开展了持续督导工作 | | 4 | 持续督导期间，按照有关规定对上市公司违法 | 2023年度，中控技术在持续督导期间未发生 ...

Investment Rating - The report maintains a "Buy" rating for the company, citing its strong growth potential and continuous business expansion [5] Core Viewpoints - The company achieved rapid revenue and profit growth in 2023, with revenues reaching 8.62 billion yuan, a 30.13% year-on-year increase, and net profit attributable to shareholders reaching 1.102 billion yuan, a 38.08% year-on-year increase [2] - The company's overseas business made significant breakthroughs, with new overseas contracts nearing 1 billion yuan, and it established subsidiaries in Singapore, Saudi Arabia, and Kazakhstan [3] - The company continues to invest heavily in R&D, with R&D expenses reaching 907.807 million yuan, accounting for 10.53% of total revenue, and R&D personnel accounting for 34.28% of the total workforce [4] Financial Performance - The company's domestic sales revenue increased by 29.54%, with significant growth in the metallurgical, energy, petrochemical, and chemical industries [3] - The company's gross margin was 33.19% in 2023, with a net margin of 12.78% and ROE of 11.21% [10] - The company's revenue is expected to grow to 10.806 billion yuan in 2024, 13.442 billion yuan in 2025, and 16.425 billion yuan in 2026, with corresponding net profits of 1.339 billion yuan, 1.617 billion yuan, and 1.939 billion yuan [5] Overseas Expansion - The company secured high-profile overseas projects, including digital projects with Saudi Aramco, Kuwait Oil Company, and Malaysia's national oil company, as well as digital management projects with Indorama Group and Singapore's Wilmar International [3] - The company's overseas localization capabilities have significantly improved, with major contracts in Saudi Arabia and other regions [3] R&D and Innovation - The company has made breakthroughs in AI technologies for process industries, including reinforcement learning, natural language models, and edge intelligent vision detection controllers [4] - The company's R&D team grew by 6.07% in 2023, with 2,219 R&D personnel, representing 34.28% of the total workforce [4] Market Valuation - The company's current P/E ratio is 31.46, with expected P/E ratios of 25.90, 21.44, and 17.88 for 2024, 2025, and 2026, respectively [5] - The company's target price is set at 43.88 yuan, with a 52-week high/low of 103.90 yuan and 35.23 yuan [6][7]

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Views - The company reported a revenue of 8.62 billion, a year-on-year increase of 30.13%, and a net profit attributable to the parent company of 1.10 billion, up 38.08% year-on-year, which aligns with market expectations [2][7]. - The company has a leading market share in various segments, with significant growth in international business [7][8]. - The company is expected to maintain its profit forecasts for 2024-2025 and has introduced profit forecasts for 2026, projecting net profits of 1.26 billion, 1.61 billion, and 2.01 billion respectively for those years [7][8]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 86.20 billion, with a year-on-year growth of 30.13%, and a net profit of 11.02 billion, reflecting a 38.08% increase [2][8]. - The gross margin for 2023 was 33.19%, a decrease of 2.49 percentage points year-on-year, while the net margin was 13.03%, an increase of 0.84 percentage points [7][8]. Product and Market Analysis - The company’s DCS market share reached 37.8%, maintaining the top position for thirteen consecutive years, with other segments also showing strong market positions [7][8]. - The company’s international revenue grew by 37.42% year-on-year, primarily driven by expansion in Southeast Asia and the Middle East [7][8]. Future Outlook - The company forecasts a revenue growth rate of 24.2% for 2024, with a gradual decline in growth rates expected in subsequent years [8][9]. - The projected PE ratios for 2024, 2025, and 2026 are 28X, 22X, and 17X respectively, indicating a favorable valuation outlook [7][8].

[Table_StockInfo] 买入 2024年 04月 08日 （维持） 证券研究报告•2023年年报点评 当前价： 44.85元 中控技术（688777） 机械设备 目标价： ——元（6个月） 业绩维持高增，探索“AI+机器人”领域 投资要点 西南证券研究发展中心 [T ab事le件_S：u公mm司a公ry布] 2023年年报，2023年公司实现营业收入 86.20亿元，同比增 [分Ta析bl师e_：Au邰th桂or龙] 长 30.13%；实现归母净利润 11.02亿元，同比增长 38.08%。2023Q4公司实 执业证号：S1250521050002 现营业收入 29.41亿元，同比增长 22.68%，环比增长 44.30%；实现归母净利 电话：021-58351893 润 4.08亿元，同比增长26.22%，环比增长123.52%。 邮箱：tgl@swsc.com.cn  公司仪器仪表和 S2B业务实现快速增长，前两大行业化工石化维持 20%以上增 分析师：周鑫雨 长。分业务看，2023年工业自动化及智能制造解决方案实现营收49.56亿元， 执业证号：S1250523070008 同比增长13 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 55.48 RMB [6][8] Core Views - The company's 2023 performance met expectations, with revenue reaching 8.62 billion RMB, a YoY increase of 30.13%, and net profit attributable to shareholders of 1.102 billion RMB, a YoY increase of 38.08% [2] - The company is accelerating its expansion in four strategic growth areas: internationalization, 5S stores + S2B platform, industry depth, and new business segments [6] - The company is expected to benefit from industrial equipment renewal and is a leader in the domestic process automation industry [6] Market Position - The company's DCS system holds a 37.8% domestic market share, ranking first for 13 consecutive years [3] - The SIS system has a 33.7% domestic market share, ranking first for two consecutive years [3] - The APC software holds a 28.2% domestic market share, ranking first for five consecutive years [3] - The MES system holds a 20.7% domestic market share in the process industry, ranking first for two consecutive years [3] - The OTS system holds a 14% domestic market share, ranking first for the first time [3] Domestic and International Expansion - Domestic revenue increased by 29.54% YoY, with significant growth in metallurgy (62.87%), energy (34.70%), petrochemicals (29.27%), and chemical industries (23.70%) [4] - The new energy battery segment achieved revenue of 634 million RMB, a YoY increase of 463.06% [4] - The company secured nearly 1 billion RMB in overseas contracts, including projects in Saudi Arabia, Kuwait, and Malaysia [4] Product Performance - Revenue from industrial automation and intelligent manufacturing solutions reached 4.956 billion RMB, a YoY increase of 13.51% [5] - Revenue from industrial software reached 703 million RMB, a YoY increase of 11.15% [5] - Revenue from S2B reached 1.897 billion RMB, a YoY increase of 117.07% [5] - Revenue from instruments and meters reached 621 million RMB, a YoY increase of 80.27%, driven by the acquisition of Dutch company Hobré [5] Financial Forecast - Revenue is expected to reach 10.661 billion RMB in 2024, 13.077 billion RMB in 2025, and 15.836 billion RMB in 2026, with YoY growth rates of 23.68%, 22.66%, and 21.11% respectively [6] - Net profit attributable to shareholders is expected to reach 1.252 billion RMB in 2024, 1.545 billion RMB in 2025, and 1.973 billion RMB in 2026, with YoY growth rates of 13.64%, 23.39%, and 27.68% respectively [6] - EPS is expected to be 1.59 RMB in 2024, 1.96 RMB in 2025, and 2.50 RMB in 2026, with a 3-year CAGR of 21.43% [6] Valuation - The company is valued at 35x PE for 2024, with a target price of 55.48 RMB [6] - The current price is 43.88 RMB, with a one-year high of 110.20 RMB and a low of 34.00 RMB [8]

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 11 日 中 控技术(688777.SH) 证券研究报告 新行业拓展卓有成效，深化布局 AI+机器人 行业应用软件 投资评级 买入-A 事件概述： 维持评级 1）4 月 9 日，中控技术发布《2023 年年度报告》。2023 年，公司实 6个月目标价 59.10元 现营业总收入 86.20 亿元，同比增长 30.13%；归母净利润为 11.02 股价 (2024-04-10) 43.80元 亿元，同比增长 38.08%；扣非归母净利润为 9.47 亿元，同比增长 38.72%。 交易数据 2）近日，中控技术投资的浙江人形机器人创新中心正式启动，创新 总市值(百万元) 34,598.28 中心同时发布了首台人形机器人整机“领航者 1 号”。中控技术与创 流通市值(百万元) 34,075.34 新中心合作，旨在实现人工智能“大脑”和应用场景的突破。 总股本(百万股) 789.92 流通股本(百万股) 777.98 业绩快速增长，电池行业贡献新增量 12个月价格区间 35.23/105.24元 2023 年，公司营收及利润取得较 ...

[Table_Title] 证券研究报告 收购 Hobre 实现业务拓展，业务出海有望打造 公司研究 新增长极 [Table_ReportType] 点评报告 [Table_ReportDate] 2024年04月10日 [T中ab控le技_S术toc(k6A8n8d7R7an7k.]SH) 投资评级：买入 [Table事_S件um：m中ar控y]技术发布2023年度报告，公司实现营收86.20亿元，同比 增长30.13%；实现归母净利润11.02亿元，同比增长38.08%；实现 上次评级：买入 扣非净利润9.47亿元，同比增长38.72%；实现经营性现金流净额1.91 亿元，同比下降46.86%，经营性现金流下滑主要因公司应对全球供应 [T庞ab倩le倩_Au计th算or机]行业首席分析师 链风险，增加库存储备所致。单 2023Q4 来看，公司实现营收29.41 执业编号：S1500522110006 亿元，同比增长22.68%；实现归母净利润4.08亿元，同比增长26.22%； 邮 箱：pangqianqian@cindasc.com 实现扣非净利润3.78亿元。  收购Hobre实现业务横向拓展，海 ...

证券研究报告：机械设备 | 公司点评报告 2024年4月9日 股票投资评级 中控技术(688777) 买入|维持 业绩快速增长，布局 AI+机器人 个股表现 ⚫ 业绩高速增长，运营管理效率不断提升 公司2023年实现营业收入86.20亿元，较上年同期增长30.13%; 中控技术 机械设备 实现归母净利润11.02亿元，较上年同期增长38.08%:实现扣非归母 -1% -6% 净利润9.47亿元，较上年同期增长38.72%。分行业看，公司冶金、 -11% -16% 能源、石化、化工行业收入持续保持较快增长趋势，冶金行业收入增 -21% -26% 长62.87%，能源行业收入增长34.70%，石化行业收入增长28.95%， -31% 化工行业收入增长23.70%，为公司业绩稳健增长提供了有力支撑。 -36% -41% 公司专注流程工业，紧跟自动化、数字化、智能化趋势，推出 -46% -51% “1+2+N”智能工厂新架构，核心竞争力增强。同时，公司积极拓展非 2023-04 2023-06 2023-09 2023-11 2024-01 2024-04 传统和新兴业务，海外和机器人等业务实现快速增长。公司运营管理 ...