中控技术（688777.SH） 业绩平稳增长，工业 AI+机器人蓝海可期 2025 年 04 月 01 日 投资评级：买入（维持） 机械设备/自动化设备 | 日期 | 2025/3/31 | | --- | --- | | 当前股价(元) | 53.10 | | 一年最高最低(元) | 63.20/34.20 | | 总市值(亿元) | 419.80 | | 流通市值(亿元) | 415.57 | | 总股本(亿股) | 7.91 | | 流通股本(亿股) | 7.83 | | 近 3 个月换手率(%) | 136.98 | 股价走势图 数据来源：聚源 -32% -16% 0% 16% 32% 48% 2024-04 2024-08 2024-12 中控技术 沪深300 相关研究报告 《剔除汇兑损益利润高增长，工业 AI+ 出海前景光明—公司信息更新报告》 -2024.8.20 《利润高增长，看好工业 AI 成长前景 —公司信息更新报告》-2024.4.17 《利润快速增长，设备更新+出海开启 新成长 — 公 司 信 息 更 新 报 告 》 -2024.4.9 陈宝健（分析师） 李海强（分析师） chenba ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to benefit from equipment renewal policies and overseas expansion opportunities, with industrial AI opening up long-term growth potential [4][6] - The company has shown steady revenue growth, with a 6.02% year-on-year increase in operating income for 2024, reaching 9.139 billion yuan [5][8] - The net profit attributable to the parent company for 2024 was 1.117 billion yuan, a 1.38% year-on-year increase, while excluding GDR exchange gains, the net profit grew by 20.26% [5][6] Financial Performance - The company achieved operating income of 91.39 billion yuan in 2024, with a year-on-year growth of 6.02% [5] - The net profit attributable to the parent company was 11.17 billion yuan, with a year-on-year growth of 1.38% [5] - The gross profit margin improved to 33.86%, an increase of 0.67 percentage points year-on-year [6] - The company’s overseas revenue reached 749 million yuan in 2024, marking a significant year-on-year growth of 118.27% [6] Profit Forecast - The forecast for net profit attributable to the parent company for 2025-2027 is 1.292 billion, 1.508 billion, and 1.769 billion yuan respectively [4] - The expected EPS for 2025-2027 is 1.63, 1.91, and 2.24 yuan per share respectively [4] Market Position - The company is a leader in the process industrial intelligent manufacturing sector, with increasing market share in the petrochemical and chemical industries [6] - The company has successfully launched its first UCS universal control system and TPT time series industrial model, achieving significant breakthroughs in various client applications [7] Valuation Metrics - The current price-to-earnings (P/E) ratio is projected to be 32.5, 27.8, and 23.7 for 2025-2027 [4][8] - The price-to-book (P/B) ratio is expected to decline from 4.3 in 2023 to 3.0 by 2027 [8]

事件简评 盈利预测、估值与评级 预计公司 2025~2027 年营业收入分别为 105.2/123.7/141.3 亿元，归母净利润分别为 14.5/20.2/25.8 亿元。公司股票现 价对应 PE 估值为 26.7/19.1/15.0 倍，维持"买入"评级。 风险提示 0 500 1,000 1,500 2,000 2,500 3,000 35.00 40.00 45.00 50.00 55.00 60.00 65.00 240401 240701 241001 250101 人民币(元) 成交金额(百万元) 成交金额 中控技术 沪深300 | 公司基本情况（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | | 项目 | 2023 | 2024 | 2025E | 2026E | 2027E | | 营业收入(百万元) | 8,620 | 9,139 | 10,516 | 12,367 | 14,125 | | 营业收入增长率 | 30.13% | 6.02% | 15.07% | 17.60% | 14.22% | | 归母净利润(百万元) | ...

以地区结构来看，海外业务翻倍增长，加速开拓国际市场版图。2024 年，公司国际化战略不断推进和 深化，海外业务进入了新的发展阶段。公司海外业务收入7.49 亿元，同比增长118.27%，占公司主营业 收入约8.25%。 报告期内，公司新签海外合同13.55 亿元，同比增长35%以上。 事件：2025/3/31 晚，公司发布2024 年报，2024 年公司实现营业总收入913，851.40 万元，同比增长 6.02%；实现归属于母公司所有者的净利润111，698.67 万元，同比增长1.38%；剔除GDR 汇兑损益后， 实现归属于母公司所有者的扣除非经常性损益的净利润101，244.29 万元，同比增长20.26%。 以产品结构来看，仪器仪表与工业软件为公司提供最主要的增长动力。 2024 年，下游客户积极响应控制系统设备更新，工业自动化及智能制造相关产品景气度较好，控制系 统（控制系统及控制系统+仪表）共实现收入37.33 亿元，同比增长7.87%；工业软件（工业软件及控制 系统+软件+其他）共实现收入26.53 亿元，同比增长20.70%。 以行业拆分来看，石化化工维持稳健基本盘，油气、制药食品等新行业带来 ...

事件简评 盈利预测、估值与评级 预计公司 2025~2027 年营业收入分别为 105.2/123.7/141.3 亿元，归母净利润分别为 14.5/20.2/25.8 亿元。公司股票现 价对应 PE 估值为 26.7/19.1/15.0 倍，维持"买入"评级。 风险提示 国内行业拓展节奏不及预期；海外标杆客户开拓进程不及预 期的风险；特定下游行业固定资产支出增速回落的风险。 0 500 1,000 1,500 2,000 2,500 3,000 35.00 40.00 45.00 50.00 55.00 60.00 65.00 240401 240701 241001 250101 人民币(元) 成交金额(百万元) 成交金额 中控技术 沪深300 | 公司基本情况（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | | 项目 | 2023 | 2024 | 2025E | 2026E | 2027E | | 营业收入(百万元) | 8,620 | 9,139 | 10,516 | 12,367 | 14,125 | | 营业收入增长率 | 30.13 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company reported a stable and impressive performance in its annual report for 2024, achieving total revenue of 913.85 million yuan, a year-on-year increase of 6.02%, and a net profit attributable to the parent company of 111.70 million yuan, up 1.38% year-on-year. After excluding GDR exchange losses, the net profit attributable to the parent company, adjusted for non-recurring gains and losses, reached 101.24 million yuan, reflecting a growth of 20.26% year-on-year [1]. - The company is experiencing rapid growth in its overseas business, with international revenue reaching 74.9 million yuan, a significant increase of 118.27% year-on-year, accounting for approximately 8.25% of total revenue [2]. - The company continues to solidify its leading position in the smart manufacturing sector, with a domestic market share of 40.4% in distributed control systems (DCS) and 31.2% in safety instrumented systems (SIS) [3]. Financial Performance - In 2024, the company achieved total revenue of 913.85 million yuan, with a year-on-year growth rate of 6.0%. The net profit attributable to the parent company was 111.70 million yuan, with a growth rate of 1.4% [4]. - The projected net profits for 2025, 2026, and 2027 are estimated to be 1.29 billion yuan, 1.49 billion yuan, and 1.73 billion yuan, respectively, with corresponding P/E ratios of 32, 28, and 24 times [3][4]. - The company’s core products, including DCS and SIS, maintain a strong market presence, particularly in the chemical and petrochemical sectors, where market shares are 63.2% and 56.2%, respectively [3]. Industry Analysis - The petrochemical and chemical industries show stable revenue growth, with the petrochemical sector growing by 10.59% and the chemical sector by 5.89%. New industries such as oil and gas, pharmaceuticals, and food and beverage are contributing to new growth opportunities, with oil and gas revenue increasing by 47.84% and pharmaceuticals by 17.38% [2]. - The company’s international strategy is advancing, with a focus on expanding its international market presence, evidenced by new overseas contracts signed amounting to 1.355 billion yuan, a growth of over 35% year-on-year [2].

公募基金方面，本期较上一期持股增加的公募基金共计16个，主要包括华夏中证机器人ETF、天弘中证 机器人ETF、中欧中证机器人指数发起A、嘉实中证机器人ETF、机器人YH等，持股增加占比达 0.68%。本期较上一季度持股减少的公募基金共计25个，主要包括泓德睿源三年持有期混合、易方达上 证科创板50ETF、南方中证500ETF、华夏上证科创板50成份ETF、汇添富科创板2年定开混合等，持股 减少占比达1.53%。本期较上一季度新披露的公募基金共计331个，主要包括科创ETF、广发科创 50ETF、易方达中证科创创业50ETF、科创板ETF、国联安科创ETF等。本期较上一季未再披露的公募 基金共计17个，主要包括泓德臻远回报混合、泓德远见回报混合、泓德睿诚混合A、银华优势企业混 合、泓德泓华混合等。 2025年4月1日，中控技术(688777.SH)发布2024年年度报告。截至2025年3月31日，共有381个机构投资 者披露持有中控技术A股股份，合计持股量达2.87亿股，占中控技术总股本的36.29%。其中，前十大机 构投资者包括杭州元骋企业管理合伙企业(有限合伙)、香港中央结算有限公司、招商银行股份有限公司- ...

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company reported a stable and impressive annual performance for 2024, achieving total revenue of 913.85 million yuan, a year-on-year increase of 6.02%, and a net profit attributable to shareholders of 111.70 million yuan, up 1.38%. After excluding GDR exchange losses, the net profit attributable to shareholders, adjusted for non-recurring gains and losses, reached 101.24 million yuan, reflecting a growth of 20.26% [1]. - The company is experiencing rapid growth in its overseas business, with international revenue reaching 74.9 million yuan, a significant increase of 118.27%, accounting for approximately 8.25% of total revenue [2]. - The company continues to solidify its leading position in the smart manufacturing sector, with a domestic market share of 40.4% in distributed control systems (DCS) and 31.2% in safety instrumented systems (SIS) [3]. Financial Performance - For 2024, the company achieved total revenue of 913.85 million yuan, with a year-on-year growth rate of 6.0%. The net profit attributable to shareholders was 111.70 million yuan, with a growth rate of 1.4% [4]. - The projected net profits for 2025, 2026, and 2027 are estimated to be 1.29 billion yuan, 1.49 billion yuan, and 1.73 billion yuan, respectively, with corresponding P/E ratios of 32, 28, and 24 times [3][4]. - The company’s core products, including DCS and SIS, maintain strong market positions, particularly in the chemical and petrochemical sectors, where market shares are 63.2% and 56.2%, respectively [3]. Industry Insights - The petrochemical and chemical industries show stable revenue growth, with the petrochemical sector growing by 10.59% and the chemical sector by 5.89%. New industries such as oil and gas, pharmaceuticals, and food and beverage are contributing to growth, with oil and gas revenue increasing by 47.84% and pharmaceuticals by 17.38% [2]. - The company’s international strategy is advancing, with new overseas contracts signed amounting to 1.355 billion yuan, reflecting a growth of over 35% [2].

天健审〔2025〕2797 号 中控技术股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了中控技术股份有限公司（以下简称中控技术）2024 年 12 月 31 日的财 务报告内部控制的有效性。 一、企业对内部控制的责任 目 录 一、内部控制审计报告…………………………………………第 1—2 页 内部控制审计报告 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为，中控技术于 2024 年 12 月 31 日按照《企业内部控制基本规范》 第 1 页 共 2 页 和相关规定在所有重大方面保持了有效的财务报告内部控制。 天健会计师事务所（特殊普通合伙） 中国注册会计师： 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是中控 技术董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基 ...

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 2024 年度募集资金存放与实际使用情况的核查意见 申万宏源证券承销保荐有限责任公司（以下简称"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，根据《证券发行上市保荐业务管理办法》《上市公司监管指 引第 2 号——上市公司募集资金管理和使用的监管要求》《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》等相关规定，对中控技术 2024 年度募集资金存放与使用情况进行了审慎核查，核查意见如下： 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 经中国证券监督管理委员会《关于同意浙江中控技术股份有限公司首次公开 发行股票注册的批复》（证监许可〔2020〕2448 号）核准，公司以首次公开发行 方式向社会公众发行人民币普通股 4,913 万股，发行价格为 35.73 元/股，募集资 金总额为 175,541.49 万元，扣除各项发行费用（不含增值税）人民币 11,808.88 万元后，实际募集资金净额为人民币 163,732.61 万元。天健会计师事务所（特殊 普 ...