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 ...

业 绩 略 超 预 期 ， 核 心 竞 争 力 不 断 增 强 中控技术（688777） 证券研究报告/公司点评 2024年04月09日 /机械设备 [Table_Industry] [评Ta级ble：_T增itle持] (维持) [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：44.85 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 6,624 8,620 10,892 14,040 18,130 分析师：冯胜 增长率yoy% 46.6% 30.1% 26.4% 28.9% 29.1% 执业证书编号：S0740519050004 净利润（百万元） 798 1,102 1,320 1,677 2,157 Email：fengsheng@zts.com.cn 增长率yoy% 37.2% 38.1% 19.8% 27.0% 28.6% 每股收益（元） 1.01 1.39 1.67 2.12 2.73 分析师：齐向阳 每股现金流量 0.46 0.24 2.52 -0.27 2.08 执业证书编号：S0740523100001 净资产收益率 15.0% 11.1% ...

Financial Performance - The company's operating revenue for 2023 reached ¥8,619,910,802.44, representing a 30.13% increase compared to ¥6,623,856,546.82 in 2022[21]. - Net profit attributable to shareholders for 2023 was ¥1,101,763,732.92, up 38.08% from ¥797,929,183.55 in the previous year[21]. - The net profit after deducting non-recurring gains and losses was ¥947,493,611.35, reflecting a 38.72% increase from ¥683,015,627.34 in 2022[21]. - The company's cash flow from operating activities for 2023 was ¥191,430,934.79, a decrease of 46.86% compared to ¥360,264,879.91 in 2022[21]. - By the end of 2023, the net assets attributable to shareholders reached ¥9,824,957,267.11, an 86.86% increase from ¥5,257,932,435.83 at the end of 2022[21]. - Total assets at the end of 2023 amounted to ¥17,879,654,035.29, a 36.88% increase from ¥13,062,623,039.84 in 2022[21]. - Basic earnings per share for 2023 were ¥1.44, up 29.73% from ¥1.11 in 2022[22]. - The company reported a comprehensive control system that integrates various control functions, visualization, networking, and information technology for industrial processes and large infrastructure, providing fully integrated solutions[12]. Research and Development - The company invested 10.53% of its operating revenue in R&D, slightly up from 10.45% in 2022[22]. - R&D expenses amounted to 90,780.70 million RMB, a year-on-year increase of 31.13%, representing 10.53% of operating revenue[34]. - The company holds a total of 669 patents as of December 31, 2023, including 467 invention patents, 169 utility model patents, and 33 design patents[90]. - In 2023, the company added 147 new patents, comprising 112 invention patents, 27 utility model patents, and 8 design patents[90]. - The company achieved a total R&D investment of approximately ¥907.81 million in 2023, representing a year-on-year increase of 31.13%[92]. - The company is focusing on AI and data technologies to enhance its core competitiveness in the industrial sector[34]. Market Expansion and Strategy - The company is focused on expanding its market presence and enhancing its product offerings through new technologies and strategic initiatives[12]. - The company has expanded its overseas operations, achieving a doubling of overseas business revenue[33]. - The company is actively exploring new business growth points in strategic emerging industries such as artificial intelligence, robotics, and green technology[37]. - The company aims to enhance its international business by focusing on digitalization and intelligence, targeting high-end markets along the Belt and Road regions[150]. - The company plans to expand its international market presence by establishing local operational headquarters in six key regions, including MEA, SEA, EU, CA, Japan, and AU, to promote the "1+2+N" smart factory model[156]. Corporate Governance - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[7]. - There are no violations of decision-making procedures for external guarantees reported[7]. - The company has received a standard unqualified audit report from Tianjian Accounting Firm[4]. - The governance structure includes a board of directors with 7 members, including 3 independent directors, ensuring compliance with legal and regulatory requirements[159]. - The company held 4 shareholder meetings and 8 board meetings in 2023, maintaining transparency and protecting shareholder rights[159]. Product Development and Innovation - The company launched new products including the PRIDE intelligent perception platform and upgraded OMC 2.0 and APEX 2.0 systems[35]. - The company has developed a new generation equipment intelligent perception platform, PRIDE, which enhances fault diagnosis capabilities and reduces unplanned downtime significantly[52]. - The company is focusing on the development of integrated safety interconnection enhancement devices and intelligent control systems, with ongoing R&D efforts[98]. - The company is advancing a general process simulation software aimed at improving modeling efficiency and stability in energy, petrochemical, and chemical industries[99]. Operational Efficiency - The company aims to build a "1+2+N" smart factory model, integrating four data bases and one intelligent engine to enhance operational efficiency[39]. - The company has implemented a supply chain management platform that optimizes production, inventory turnover, and order delivery rates, achieving a significant reduction in inventory costs[58]. - The management expense ratio decreased by 0.48 percentage points to 5.22%, while inventory turnover rate improved significantly to 1.50[38]. - The company reported a 10% reduction in operational costs due to improved efficiency measures implemented in the last quarter[171]. Risk Management - The company has outlined various operational risks and corresponding countermeasures in the report[3]. - The decline in cash flow was attributed to increased inventory and payment obligations in response to global supply chain risks[22]. - The company is facing risks related to market competition, particularly from large multinational and domestic firms in the industrial automation sector[107]. - The company is monitoring raw material price increases, which could impact cost control and is actively seeking to diversify supply channels[108]. Future Outlook - Future performance guidance remains optimistic, with expectations for continued growth in user data and market share[169]. - The company provided guidance for the next quarter, expecting revenue to be between 1.6 billion and 1.8 billion, indicating a potential growth of 7% to 20%[171]. - The company is considering strategic acquisitions to enhance its technology portfolio, with a budget of 100 million allocated for potential deals[171]. - The company aims to improve operational efficiency by implementing advanced data analytics, which is projected to reduce costs by 5%[172].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [2][12]. Core Insights - The company reported a revenue of 8.62 billion RMB for 2023, a year-on-year increase of 30.1%, and a net profit of 1.10 billion RMB, up 38.1% year-on-year, aligning with expectations [2][5]. - The company holds the top market share in key products: DCS (37.8%), SIS (33.7%), APC (28.2%), MES (20.7%), and OTS (14%) [2][7]. - The company has a strong customer base with 30,000 signed clients and over 3,000 new clients added [2]. - The company is expanding its industry presence, particularly in pharmaceuticals, energy, and oil and gas, with significant revenue growth in the battery sector, which saw a 463% increase to 634 million RMB [2][7]. - The company is increasing R&D investment, with R&D expenses rising by 31.13% to account for 10.53% of revenue, while also improving operational efficiency [2][8]. Summary by Sections Financial Performance - Revenue for 2023 was 8.62 billion RMB, with a growth rate of 30.1% [5]. - Net profit reached 1.10 billion RMB, reflecting a growth rate of 38.1% [5]. - The company expects revenues of 10.36 billion RMB, 12.98 billion RMB, and 16.66 billion RMB for 2024, 2025, and 2026 respectively [2][5]. Product and Market Analysis - The core business segments, including smart manufacturing solutions and industrial software, showed steady growth rates of 13.51% and 11.15% respectively [2][7]. - The S2B platform business experienced rapid growth at 117.07% [2][7]. - Domestic revenue accounted for 96% of total revenue, while overseas revenue reached 343 million RMB, a 37.42% increase year-on-year [2][7]. Valuation and Future Outlook - The current valuation corresponds to a 30x PE for 2024, which is considered low historically [2]. - The company is expected to benefit from the recovery of PMI and ongoing expansion in overseas markets, particularly in Southeast Asia and the Middle East [2][8].

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Insights - The company achieved a revenue of 861.99 million yuan in 2023, representing a year-on-year growth of 30.13%, and a net profit of 110.18 million yuan, up 38.08% from 2022 [2]. - The traditional DCS business remained stable, while the industrial software and instrumentation segments drove growth, with instrumentation revenue increasing by 80.27% year-on-year [2]. - The company continues to hold the largest market share in the domestic DCS market at 37.8%, maintaining its leadership for thirteen consecutive years [3]. Financial Performance Summary - Revenue for 2023 was 8620 million yuan, with a growth rate of 30.1% compared to 2022 [4]. - The net profit for 2023 was 1102 million yuan, reflecting a growth rate of 38.1% year-on-year [4]. - The company's gross margin for its main business was 33.17%, a slight decrease of 2.50 percentage points from the previous year, but core business margins showed signs of recovery [2]. Market Position and Growth Potential - The company has a strong competitive barrier, with significant market shares in various segments: 33.7% in safety instrumented systems (SIS), 28.2% in advanced process control software (APC), and 20.7% in manufacturing execution systems (MES) [3]. - The report forecasts net profits of 1.36 billion yuan, 1.66 billion yuan, and 1.99 billion yuan for 2024E, 2025E, and 2026E respectively, indicating continued growth [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company is a leader in intelligent manufacturing for process industries, benefiting from increased R&D investment and a robust growth outlook [3] - The company reported rapid growth in 2023, with operating revenue of 8.62 billion yuan, a year-on-year increase of 30.13%, and a net profit attributable to shareholders of 1.10 billion yuan, up 38.08% year-on-year [4] - The company is expanding its market share in traditional sectors while also venturing into new industries and overseas markets, with significant growth in DCS market share in the chemical and petrochemical sectors [5] - The outlook for overseas markets is promising, with the establishment of subsidiaries in countries like Singapore and Saudi Arabia, and new contracts worth nearly 1 billion yuan signed [6] Financial Summary - The projected net profit attributable to shareholders for 2024-2026 is estimated at 1.27 billion, 1.55 billion, and 1.88 billion yuan respectively, with EPS expected to be 1.61, 1.97, and 2.39 yuan per share [3][7] - The company's operating revenue is forecasted to grow from 11.28 billion yuan in 2024 to 18.52 billion yuan in 2026, reflecting a compound annual growth rate of approximately 28% [7][11] - The company's management efficiency is improving, with a decrease in management expense ratio to 5.22% and a sales expense ratio to 9.15% in 2023 [5] Market Position - The company holds a 37.8% market share in the domestic DCS market, with a 56.3% share in the chemical sector and a 49.3% share in the petrochemical sector [5] - The company is well-positioned to benefit from domestic policies promoting large-scale equipment updates and technological innovation, which are expected to boost downstream market conditions [6]

中控技术股份有限公司 关于与关联方共同对外投资暨关联交易的公告 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、准确性和完整性承担法律责任。 重要内容提示： 交易概述：中控技术股份有限公司（以下简称"公司"）拟向杭州迦智科 技有限公司（以下简称"迦智科技"或"标的公司"）进行增资，公司拟以自有资 金 2,000 万元人民币认缴标的公司新增注册资本 58.823529 万元，本次增资完成后， 公司将持有标的公司 1.1628%股权；出资形式为货币。 证券代码：688777 证券简称：中控技术 公告编号：2024-026 本次交易中，标的公司现有股东均放弃对本次交易可享有的优先认购权及 可能存在的其他任何权利。 公司控股股东、实际控制人褚健先生为标的公司股东，持有本次投资前标 的公司 4.5952%股权，本次投资构成关联交易，但未构成《上市公司重大资产重组 管理办法》《科创板上市公司重大资产重组特别规定》规定的重大资产重组。本次 交易实施不存在重大法律障碍。本次关联交易已经公司第六届董事会第四次会议及 第六届监事会第四次会议、第六届董事会独立董事第四次专门会议 ...

| | | | 一、审计报告……………………………………………………… 第 | 1—6 | 页 | | --- | --- | --- | | 二、财务报表……………………………………………………… 第 7—14 | | 页 | | （一）合并资产负债表…………………………………………… 第 | | 7 页 | | （二）母公司资产负债表………………………………………… 第 | | 8 页 | | （三）合并利润表………………………………………………… 第 | | 9 页 | | （四）母公司利润表………………………………………………第 | 10 | 页 | | （五）合并现金流量表……………………………………………第 | 11 | 页 | | （六）母公司现金流量表…………………………………………第 | 12 | 页 | | （七）合并所有者权益变动表……………………………………第 | 13 | 页 | | （八）母公司所有者权益变动表…………………………………第 | 14 | 页 | | 三、财务报表附注……………………………………………… 第 15—132 | | 页 | | 四、附件……………………… ...

（一）公司于 2023 年 4 月 26 日召开第五届董事会审计委员会第十二次会 议，审议通过了《关于续聘 2023 年度会计师事务所的议案》。公司董事会审计 中控技术股份有限公司 董事会审计委员会对会计师事务所履行监督职责情况报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《国有企业、上 市公司选聘会计师事务所管理办法》《上海证券交易所科创板上市公司自律监管 指引第 1 号——规范运作》和《中控技术股份有限公司章程》（以下简称"《公 司章程》"）等规定和要求，董事会审计委员会本着勤勉尽责的原则，恪尽职守， 认真履职。现将董事会审计委员会对会计师事务所 2023 年度履行监督职责的情 况汇报如下： 一、2023 年年审会计师事务所基本情况 （一）会计师事务所基本情况 天健会计师事务所（特殊普通合伙）（以下简称"天健所"）成立于 2011 年 7 月，注册地址为浙江省杭州市西湖区隐街道西溪路 128 号，首席合伙人为 王国海先生，拥有财政部颁发的会计师事务所执业证书，是由一批资深注册会计 师创办的首批具有 A+H 股企业审计资质的全国性大型会计审计服务机构。截至 2023 年 12 月 31 日，天健 ...

证券代码：688777 证券简称：中控技术 公告编号：2024-022 中控技术股份有限公司 ● 公司及合并报表范围内的子公司与关联方发生的日常关联交易均是正常 生产经营所必需，遵循公允、合理的原则，不存在损害公司及全体股东特别是中 小股东利益的行为，不会对关联方形成依赖，不会影响公司独立性。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 1、董事会表决情况和关联董事回避情况 中控技术股份有限公司（下称简称"公司"或"中控技术"）于 2024 年 4 月 7 日召开第六届董事会第四次会议，审议通过了《关于预计 2024 年度日常性 关联交易额度的议案》，本次日常关联交易预计金额为 178,000.00 万元，关联董 事 CUI SHAN、张克华回避了本次表决，其他非关联董事一致同意该议案。公司 第六届董事会独立董事第四次专门会议审议通过此议案。 2、监事会意见 2024 年 4 月 7 日第六届监事会第四次会议审议通过了《关于预计 2024 年度 日常性关联交易额度的议案》，监事会认为：公司预计 2024 年度日常性关联交 易额度是根据公司日常经营业务的实际情况提前进行合理预测，公司及合并报表 ...