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 ...

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].