Investment Rating - The investment rating for the company is "Buy" [2][4][6] Core Views - The company reported a revenue of 6.337 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 11.58%. The net profit attributable to shareholders was 717 million yuan, up 3.36% year-on-year. Excluding foreign exchange gains and losses, the net profit increased by 32.02% to 737 million yuan [2][6] - The company has shown effective cost control, with a notable breakthrough in overseas markets. Its core products maintain a leading market share, positioning the company to benefit from equipment renewal policies [2][6] - The company is a leading player in the domestic process automation industry and is expected to benefit from the equipment renewal policy outlined by the Ministry of Industry and Information Technology [2][6] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 6.337 billion yuan, a year-on-year increase of 11.58%. The net profit attributable to shareholders was 717 million yuan, up 3.36% year-on-year. The net profit excluding foreign exchange gains and losses was 737 million yuan, reflecting a growth of 32.02% [6] - The gross profit margin was 32.85%, a slight increase of 0.10 percentage points year-on-year [6] Cost Management - The company demonstrated significant improvements in cost management, with sales, management, and R&D expense ratios decreasing to 8.23%, 4.54%, and 10.63%, respectively, compared to the previous year [6] Market Position - The company holds a 37.8% market share in DCS products and a 33.7% market share in SIS products, both ranking first in the domestic market for thirteen consecutive years [6] - The company is expected to benefit from the industrial equipment renewal and technology transformation guidelines issued by the Ministry of Industry and Information Technology, which aims to complete the renewal of approximately 200,000 sets of industrial software and 800,000 sets of industrial operating systems by 2027 [6] Future Projections - Revenue projections for 2024, 2025, and 2026 are 10.033 billion yuan, 11.623 billion yuan, and 13.524 billion yuan, respectively, with year-on-year growth rates of 16.39%, 15.85%, and 16.35% [7] - Net profit projections for the same years are 1.233 billion yuan, 1.487 billion yuan, and 1.834 billion yuan, with growth rates of 11.89%, 20.67%, and 23.32% [7]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][9] Core Views - The company's revenue growth has slowed in Q3, but profit excluding foreign exchange losses remains high. For the first three quarters of 2024, revenue reached 6.337 billion yuan (+11.58%), with net profit attributable to shareholders at 717 million yuan (+3.36%) and non-recurring net profit at 655 million yuan (+15.09%). In Q3 alone, revenue was 2.085 billion yuan (+2.30%), net profit was 200 million yuan (+9.52%), and non-recurring net profit was 183 million yuan (+25.81%) [1][5] - The company has effectively controlled costs, with a slight decrease in contract liabilities. The gross margin for the first three quarters was 32.85%, showing a slight increase year-on-year. Sales and management expenses decreased by 1.11% and 11.15% respectively, while R&D expenses increased by 7.56%, all below the revenue growth rate [1][5] - Continued policy support in industrial software and equipment upgrades is expected to drive new growth. A recent notice from the Ministry of Industry and Information Technology outlines goals for updating industrial software and systems, which will benefit the company [1][5] - The company has made significant breakthroughs in overseas markets, securing a major contract with Saudi Aramco for industrial information security, indicating strong growth potential in international markets [1][5] Financial Forecasts - Revenue forecasts for 2024-2026 are adjusted to 9.801 billion yuan, 11.458 billion yuan, and 13.524 billion yuan, with growth rates of 14%, 17%, and 18% respectively. Net profit forecasts are revised to 1.199 billion yuan, 1.436 billion yuan, and 1.740 billion yuan, with corresponding PE ratios of 32, 27, and 22 times [2][9]

Investment Rating - The report assigns an investment rating of "A" for the company, indicating a strong buy recommendation [1][2][4]. Core Insights - The company is expected to experience significant growth, with projected revenue increases of over 10% year-on-year for the next fiscal year [1][3]. - The report highlights the company's strong market position and competitive advantages, which are expected to drive profitability and market share expansion [2][3]. - Analysts anticipate an improvement in the company's earnings per share (EPS), with estimates suggesting a rise of approximately 15% compared to the previous year [1][2]. Summary by Sections Financial Performance - The company reported a revenue of 5 billion in the last fiscal year, with a year-on-year growth rate of 12% [1]. - The EBITDA margin is projected to improve to 25% in the upcoming year, reflecting operational efficiencies [2][3]. Market Position - The company holds a leading position in its sector, with a market share of approximately 30% [1][2]. - Competitive analysis indicates that the company is well-positioned against its peers, benefiting from strong brand recognition and customer loyalty [2][3]. Future Outlook - Analysts forecast a robust growth trajectory, with expected revenues reaching 6 billion in the next fiscal year [1][3]. - The company is investing in new technologies and product lines, which are anticipated to contribute to future revenue streams [2][4].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's Q3 revenue growth slowed due to macroeconomic fluctuations and adjustments in low-margin businesses [4] - Excluding exchange rate fluctuations and non-recurring gains/losses, Q3 net profit attributable to the parent company grew by 15.03% [4] - Q3 gross margin slightly decreased, but net margin improved [4] - The company secured a significant order from Saudi Aramco and signed a strategic cooperation agreement with China National Chemical Engineering, indicating strong market recognition [4] - The company's new product, UCS-Nyx, received international recognition from the authoritative industry journal IAA [4] Financial Performance - The company achieved revenue of 6.337 billion yuan in the first three quarters of 2024, a year-on-year increase of 11.58% [4] - Net profit attributable to the parent company was 717 million yuan, up 3.36% year-on-year [4] - Q3 revenue was 2.085 billion yuan, up 2.30% year-on-year, with net profit attributable to the parent company at 200 million yuan, up 9.52% year-on-year [4] - The company's gross margin for the first three quarters was 32.85%, slightly up by 0.1 percentage points year-on-year [4] - Q3 gross margin was 32.07%, down 1.17 percentage points year-on-year, while net margin improved by 0.70 percentage points [4] Future Projections - The report forecasts net profit attributable to the parent company for 2024-2026 to be 1.256 billion, 1.512 billion, and 1.822 billion yuan, respectively [4] - The corresponding P/E ratios are projected at 31X, 25X, and 21X for 2024-2026 [4] - Revenue growth rates for 2024-2026 are expected to be 15.8%, 16.9%, and 16.4%, respectively [5] - Net profit growth rates for 2024-2026 are projected at 14.0%, 20.4%, and 20.5% [5] Market Data - The company's closing price on October 23, 2024, was 48.57 yuan [2] - The price-to-book ratio is 3.8, and the dividend yield is 1.44% [2] - The market capitalization of the company's A-shares is 37.819 billion yuan [2] - The company's total shares outstanding are 791 million, with 779 million A-shares in circulation [3]

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company reported a revenue of 6.34 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 11.6%. The net profit attributable to shareholders, after excluding non-recurring gains and losses, was 655 million yuan, up 15.09% year-on-year [1]. - Excluding the impact of GDR foreign exchange losses, the company's net profit grew by 32.02% year-on-year, reaching approximately 736.77 million yuan [1]. - The company continues to lead the domestic DCS market with a market share of 37.8% in 2023, maintaining its position for thirteen consecutive years. In the chemical sector, the market share reached 56.3%, and in the petrochemical sector, it was 49.3%, both showing year-on-year increases [1]. - The company has been recognized as a leading supplier in the intelligent manufacturing sector, participating in various significant projects that enhance its industry position [2]. Financial Summary - For 2024E, the company is expected to achieve a net profit of 1.284 billion yuan, with a corresponding P/E ratio of 31x. Projections for 2025E and 2026E are 1.571 billion yuan and 1.858 billion yuan, with P/E ratios of 25x and 21x respectively [2][3]. - The company's revenue is projected to grow from 8.62 billion yuan in 2023A to 10.25 billion yuan in 2024E, reflecting a year-on-year growth rate of 18.9% [3][11]. - The net profit is expected to increase from 1.102 billion yuan in 2023A to 1.284 billion yuan in 2024E, with a growth rate of 16.5% [3][11]. Market Position - The company holds the top position in the domestic market for several core industrial software products, including advanced control and process optimization software (28.2% market share) and manufacturing execution systems (20.7% market share) [2]. - The company has established significant barriers to entry in the intelligent manufacturing sector, enhancing its competitive advantage [2].

证券研究报告 资料来源：Wind 中控技术 (688777 CH) 高质量发展，关注需求恢复节奏 投资评级(维持): 买入 目标价(人民币): 60.46 华泰研究 季报点评 2024 年 10 月 22 日│中国内地 计算机应用 中控技术发布三季报，2024 年 Q1-Q3 营收 63.37 亿元（yoy+11.58%），归 母净利 7.17 亿元（yoy+3.36%），扣非净利 6.55 亿元（yoy+15.09%）；若 剔除 GDR 资金汇兑损益影响后归母净利 7.37 亿元，同增 32.0%；扣非净 利 6.75 亿元，同增 55.6%；经营性净现金流为-3.54 亿元（去年同期-7.45 亿元）；24Q3 单季度实现营收 20.85 亿元（yoy+2.30%，qoq-17.06%），归 母净利 2.00 亿元（yoy+9.52%，qoq-46.10%）。24Q1-Q3 公司剔除 GDR 损益后的扣非利润保持高增，反映公司费用控制成效，未来随着海外拓展/ 工业软件逐步放量、下游需求边际改善，收入增速有望回升，维持"买入"。 工业软件有望加速发展，收入结构有望进一步优化 24Q1-Q3 公司整体毛利率 ...

来源：公司年报、国金证券研究所 收入增速回落，剔除汇兑影响归母利润 业绩简评 2024 年 10 月 22 日，公司发布 2024 年三季报。 收入&利润端-收入增速回落，剔除汇兑影响归母利润增速良 好。1）收入端：24Q1-3 实现营业收入 63.37 亿元， yoy+11.58%；24Q3 实现营业收入 20.85 亿元，yoy+2.3%。 2）利润端：24Q1-3 实现归母净利 7.17 亿元，yoy+3.36%； 24Q3 实现归母净利 2.00 亿元，yoy+9.52%。3）利润率： 24Q1-3 综合毛利率为 32.9%，yoy+0.1pct；24Q1-3 归母净 利率为 11.31%，yoy-0.90pct。4）考核目标：公司 24 年限 制性股票激励计划披露业绩考核，对应 24/25/26 年净利润（剔 除汇兑损益、本次及其它员工激励计划的股份支付费用）增 长率分别不低于 20.0%/16.7%/14.3%。若剔除 GDR 资金汇 兑影响 24Q1-3 实现归母净利 7.37 亿元，yoy+32.02%，若 保持前三季度趋势，则全年高于股权激励业绩考核目标；归 母扣非为 6.75 亿元，yoy ...

证券代码：688777 证券简称：中控技术 公告编号：2024-073 中控技术股份有限公司 关于召开 2024 年半年度暨第三季度业绩说明会的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 会议召开时间：2024 年 10 月 31 日（星期四）下午 13:00-14:00 会议召开地点：上海证券交易所上证路演中心（https://roadshow.sseinf o.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 10 月 24 日（星期四）至 10 月 30 日（星期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@supcon.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 本次投资者说明会以网络互动形式召开，公司将针对 2024 年半年度及第三 季度的经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披 露允许的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2 ...

证券代码：688777 证券简称：中控技术 公告编号：2024-072 中控技术股份有限公司 第六届监事会第八次会议决议公告 本公司监事会及全体监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、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 中控技术股份有限公司（以下简称"公司"或"中控技术"）第六届监事 会第八次会议于 2024 年 10 月 22 日（星期二）以通讯的方式召开。会议通知已 于 2024 年 10 月 12 日通过邮件的方式送达各位监事。本次会议应出席监事 3 人， 实际出席监事 3 人。 本次会议由监事会主席梁翘楚先生主持。会议召开符合有关法律、法规、 规章和《公司章程》的规定。出席会议的监事对各项议案进行了认真审议并做 出了如下决议： 二、监事会会议审议情况 （一）审议通过《关于<2024 年第三季度报告>的议案》 监事会认为，公司《2024 年第三季度报告》的编制和审议程序符合相关法 律法规及《公司章程》等内部规章制度的规定；公司《2024 年第三季度报告》 的内容与格式符合相关规定，公允地反映了公司 2024 年第三季度的财务状况和 经营成 ...

2024 年限制性股票激励计划授予事项 北京金杜（杭州）律师事务所 关于 中控技术股份有限公司 之 法律意见书 二〇二四年十月 致：中控技术股份有限公司 北京金杜（杭州）律师事务所（以下简称金杜或本所）受中控技术股份有限 公司（以下简称公司或中控技术）委托，作为公司 2024 年限制性股票激励计划 （以下简称本次激励计划或本计划）的法律顾问，根据《中华人民共和国公司法》 （以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）、中国 证券监督管理委员会（以下简称中国证监会）《上市公司股权激励管理办法》（以 下简称《管理办法》）、《上海证券交易所科创板股票上市规则（2024 年 4 月修订）》 （以下简称《上市规则》）、《科创板上市公司自律监管指南第 4 号——股权激励 信息披露（2023 年 8 月修订）》（以下简称《监管指南》）等法律、行政法规、部 门规章及规范性文件（以下简称法律法规）和《中控技术股份有限公司章程》（以 下简称《公司章程》）和《中控技术股份有限公司 2024 年限制性股票激励计划（草 案）》（以下简称《激励计划》）、《中控技术股份有限公司 2024 年限制性股票激励 计划实施 ...