Investment Rating - The investment rating for the company is "Buy" with a maintained rating of A [1] Core Views - The company has achieved rapid revenue and profit growth, with a total revenue of 8.619 billion yuan in 2023, representing a year-on-year increase of 30.1%, and a net profit attributable to shareholders of 1.1 billion yuan, up 37.8% year-on-year [1] - The company continues to expand its market share in traditional industries such as chemicals and petrochemicals while making significant progress in emerging sectors like metallurgy, batteries, and oil and gas [1] - The company has made notable breakthroughs in overseas markets, particularly in the Middle East and Southeast Asia, with a significant increase in new overseas orders [1] Financial Performance - The company reported a net profit margin of approximately 12.8% in 2023, an increase of 0.6 percentage points compared to the previous year [1] - Revenue and net profit for 2023 are projected to be 8.619 billion yuan and 1.1 billion yuan respectively, with forecasts for 2024 and 2025 set at 10.812 billion yuan and 1.306 billion yuan, and 13.748 billion yuan and 1.607 billion yuan respectively [2][4] - The company's gross profit margin is expected to decline slightly from 33.9% in 2023 to 32.7% in 2025 [2][4] Market Expansion - The company has successfully established its first overseas 5S store in Saudi Arabia and secured a project for a 350-ton sulfuric acid plant in Egypt [1] - In Southeast Asia, the company has signed a strategic cooperation memorandum with Indonesia's largest natural gas company, further solidifying its influence in the region [1] Future Outlook - The company is expected to continue its rapid expansion in overseas markets, leveraging its competitive advantages in product offerings [1] - Despite a slight downward adjustment in profit forecasts due to potential cyclical impacts from the chemical and petrochemical industries, the company maintains a positive growth outlook [1]

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 02 月 28 日 中 控技术(688777.SH) 证券研究报告 2023 年业绩稳健增长，首个生成式工业将问世 行业应用软件 投资评级 买入-A 事件概述： 维持评级 663365999 2 月 27 日，中控技术发布《2023 年度业绩快报公告》。2023 年，公 6个月目标价 57.68元 司实现营业总收入86.19亿元，同比增长30.12%；归母净利润为11.00 股价 (2024-02-27) 45.90元 亿元，同比增长 37.81%；扣非归母净利润为 9.45 亿元，同比增长 38.43%。收入和净利润均在此前业绩预告披露的范围内，符合预期。 交易数据 总市值(百万元) 36,257.10 业绩稳健增长，新兴业务市场开拓卓有成效 流通市值(百万元) 35,709.09 2023 年，公司实现营业总收入 86.19 亿元（同比+30.12%），实现归 总股本(百万股) 789.92 母净利润 11.00 亿元（同比+37.81%）；扣非归母净利润为 9.45 亿元 流通股本(百万股) 777.98 （同比+38.43% ...

Investment Rating - The report maintains a "Buy" rating for the company, with a projected price-to-earnings (PE) ratio of 30.7 for 2023, 24.4 for 2024, and 19.0 for 2025 [2][9]. Core Insights - The company is expected to achieve a revenue of 8.62 billion RMB in 2023, with a year-over-year growth of 30.1%. The net profit is projected to be 1.1 billion RMB, reflecting a 37.8% increase year-over-year [2]. - The company is set to launch its first industrial AI large model, which is anticipated to revolutionize efficiency in process industries and enhance cost-effectiveness for clients [2]. - The downstream capital expenditure (Capex) in the chemical and petrochemical sectors showed improvement throughout 2023, indicating a positive trend in demand [2]. - The company is currently at a historically low valuation, which supports a long-term growth outlook through vertical product expansion, horizontal industry diversification, and international strategies [2]. Revenue and Profit Forecast - The revenue forecasts for 2023, 2024, and 2025 are 8.62 billion RMB, 11.23 billion RMB, and 14.57 billion RMB, respectively. The net profit forecasts for the same years are 1.1 billion RMB, 1.39 billion RMB, and 1.78 billion RMB [2][5]. - The earnings per share (EPS) are projected to be 1.40 RMB for 2023, 1.76 RMB for 2024, and 2.27 RMB for 2025 [2][5]. Valuation Metrics - The company's current valuation corresponds to a PE of 31 times the 2023 profit, which is at its historical lowest level [2]. - The report indicates a consistent growth trajectory with a projected net profit growth rate of 37.69% for 2024 and 28.57% for 2025 [5][6].

公司研究 | 动态跟踪 中控技术 688777.SH 买入 （维持） 工业 AI 大模型可期，核心竞争力持续提升 股价（2024年02月26日） 42.86元 目标价格 52.48元 52周最高价/最低价 75.39/34元 总股本/流通A股（万股） 78,992/77,798 A股市值（百万元） 33,856 国家/地区 中国 核心观点 行业 计算机 ⚫ 事件：2月25日，证券时报称公司将推出首个面向流程工业运行优化与设计的AI 报告发布日期 2024年02月26日 大模型。 1周 1月 3月 12月 ⚫ 公司有望依托AI发展更智能化的解决方案。公司有望基于积累的海量的生产运行、 绝对表现% 5.83 13.84 2.95 -34.16 工艺、设备及质量等数据，依托自主研发生成式AI算法架构，建立流程工业高泛 相对表现% 4.37 10.25 5.34 -19.2 化、高可靠的大模型，为客户提供AI+安全、AI+质量、AI+效益、AI+低碳的智能化 沪深300% 1.46 3.59 -2.39 -14.96 解决方案，持续提升产品竞争力。 ⚫ 收入业绩保持稳健增长。公司在智慧企业 PA+BA 新架构下，打造 ...

上 市 公 司 机械设备 2024 年02月 26 日 中控技术 (688777) 公 司 研 究 ——首个流程工业大模型即将面世！ / 公 司 点 报告原因：有新的信息需要补充 评 买入 投资要点： （维持）  事件：根据证券时报，公司将推出首个面向流程工业运行优化与设计的AI大模型，运用海 量的生产运行、工艺、设备及质量数据，自主研发生成式 AI 算法架构（AIGC），基于工 证 市场数据： 2024年02月23日 业多源数据进行融合训练，建立流程工业高泛化、高可靠的大模型，为客户提供 AI+安全、 券 收盘价（元） 41.2 研 一年内最高/最低（元） 110.2/34 AI+质量、AI+效益、AI+低碳的智能化解决方案，或有望在流程工业的效率上实现革命性 究 市净率 3.4 的突破。 报 息率（分红/股价） - 告 流通A股市值（百万元） 32053  公司掌握海量客户和行业knowhow，预计该大模型发布后能快速落地。我们认为，工业 上证指数/深证成指 3004.88/9069.42 领域的大模型提供方，需要具备强大的行业知识积累，并获得下游头部客户的充分信任。 注：“息率”以最近一年已公布分红 ...

证券代码：688777 证券简称：中控技术 公告编号：2024-014 中控技术股份有限公司 2024 年第一次临时股东大会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2024 年 2 月 20 日 （二） 股东大会召开的地点：浙江省杭州市滨江区六和路 309 号中控科技园公 司会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 31 | | --- | --- | | 普通股股东人数 | 31 | | 2、出席会议的股东所持有的表决权数量 | 160,488,341 | | 普通股股东所持有表决权数量 | 160,488,341 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的 | 20.3755 | | 比例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例 | 20.3755 | | ...

北京金杜（杭州）律师事务所 关于中控技术股份有限公司 2024 年第一次临时股东大会 之法律意见书 致：中控技术股份有限公司 在本法律意见书中，本所仅对本次股东大会召集和召开的程序、出席本次股 东大会人员资格和召集人资格及表决程序、表决结果是否符合有关法律、行政法 规、《股东大会规则》和《公司章程》的规定发表意见，并不对本次股东大会所 审议的议案内容以及该等议案所表述的事实或数据的真实性和准确性发表意见。 本所仅根据现行有效的中国境内法律法规发表意见，并不根据任何中国境外法律 发表意见。 本所依据上述法律、行政法规、规章及规范性文件和《公司章程》的有关规 定以及本法律意见书出具日以前已经发生或者存在的事实，严格履行了法定职责， 遵循了勤勉尽责和诚实信用原则，对公司本次股东大会相关事项进行了充分的核 查验证，保证本法律意见书所认定的事实真实、准确、完整，本法律意见书所发 表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大遗漏，并承 担相应法律责任。 本所同意将本法律意见书作为本次股东大会的公告材料，随同其他会议文件 一并报送有关机构并公告。除此以外，未经本所同意，本法律意见书不得为任何 其他人用于任何 ...

证券代码：688777 证券简称：中控技术 中控技术股份有限公司 2024 年第一次临时股东大会会议资料 2024 年 2 月 中控技术股份有限公司 2024 年第一次临时股东大会会议资料 | | | | 中控技术股份有限公司 2024 | 年第一次临时股东大会会议须知 2 | | --- | --- | | 中控技术股份有限公司 2024 | 年第一次临时股东大会会议议程 4 | | 中控技术股份有限公司 2024 | 年第一次临时股东大会会议议案 6 | | 议案一：关于开展票据池业务的议案 6 | | | 议案二：关于变更注册资本、修订《公司章程》并办理工商变更登记的议案 | | | 9 | | 1 中控技术股份有限公司 2024 年第一次临时股东大会会议资料 中控技术股份有限公司 2024 年第一次临时股东大会会议须知 为维护广大投资者的合法权益，保障股东在本次股东大会期间依法行使权利， 根据《公司法》、中国证监会《上市公司股东大会规则》和公司《股东大会议事 规则》等有关规定，特制定本会议须知： 一、公司负责本次股东大会的议程安排和会务工作，为确认出席大会的股东 或其代理人或其他出席者的出席资格，会议 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a 2024 target PE of 35x, implying a market cap of 43.225 billion yuan based on the projected net profit of 1.235 billion yuan for 2024 [3] Core Views - The company is a leading provider of intelligent manufacturing solutions for process industries in China, with a comprehensive product portfolio including automation control systems, industrial software, and instrumentation [3] - Short-term growth is driven by domestic substitution opportunities, with the company holding the top market share in key products like DCS, SIS, and APC [3] - Long-term growth is supported by the company's first-mover advantage in intelligent manufacturing, which addresses pain points in process industries and aligns with national strategies for technological advancement and green development [3] - The company's "135 Strategic Control Points" strategy, focusing on business models, product platforms, and technology integration, strengthens its competitive moat [3] - Overseas expansion has yielded significant results, with the company securing major projects and recognition from top international clients like Saudi Aramco, Shell, and BASF [3] - Strategic investments and acquisitions, such as the acquisition of Hobré and stakes in Sinopec Yinke and Wood China, enhance the company's technical capabilities and global presence [3] Financial Projections - Revenue is projected to grow from 8.854 billion yuan in 2023 to 14.997 billion yuan in 2025, with a CAGR of 30.4% [3] - Net profit attributable to shareholders is expected to increase from 1.101 billion yuan in 2023 to 1.589 billion yuan in 2025, with a CAGR of 20.1% [3] - Gross margin is forecasted to remain stable at around 35% from 2023 to 2025 [4] Industry Analysis - The domestic industrial software market is expected to grow from 275.9 billion yuan in 2022 to over 400 billion yuan by 2025, driven by domestic substitution and technological advancements [7] - Process industries are transitioning from Industry 3.0 to Industry 4.0, with intelligent manufacturing becoming a key trend to address industry pain points such as high energy consumption and complex processes [7] - The company's products cover the entire production process of process industries, from enterprise resource planning to field device control, providing comprehensive solutions for intelligent manufacturing [14] Company Overview - The company has a clear equity structure, with the founder and actual controller holding 18.86% of the shares directly and indirectly [17] - The company has implemented multiple equity incentive plans to align the interests of employees and management, with five rounds of equity incentives completed by June 2023 [19][21] - R&D investment reached 692 million yuan in 2022, accounting for 10.45% of revenue, with 2,092 R&D personnel representing 34.20% of total employees [30]

证券代码：688777 证券简称：中控技术 中控技术股份有限公司投资者关系活动记录表 编号：2024-001 特定对象调研 分析师会议 现场参观 投 资 者 关 系 媒体采访 业绩说明会 新闻发布会 活动类别 路演活动 其他（ ） 1、1月 4日 第一场：电话会议 麦格理证券、碧云资本 共3人 第二场：现场调研 申万宏源证券、泰康资产 共6人 2、1月 5日 参 与 单 位 名 第一场：现场调研 东北证券、睿远基金、鼎林国际、亿衡投资、东方证券投资、海 称 及 人 员 姓 通证券、中信证券、开源证券、美的控股、拾芮基金、中化国际、 ...