Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company reported a revenue of 1.738 billion yuan for Q1 2024, representing a year-on-year growth of 20.25%. The net profit attributable to shareholders was 145 million yuan, up 57.39% year-on-year, while the net profit excluding non-recurring items reached 119 million yuan, growing by 76.05% year-on-year [1] - The company has effectively controlled expenses, with a slight decline in gross margin to 31.03%, down 6.9% from the same period last year. Sales expenses increased by 11.57% to 165 million yuan, while management expenses decreased by 4.5% to 97 million yuan. R&D expenses rose by 10.53% to 206 million yuan, indicating a slowdown in R&D investment growth [1] - The company is accelerating its layout in the AI and robotics sectors, launching the industry's first AI model for process industry optimization and design, which could lead to revolutionary efficiency improvements. Additionally, the company introduced its first humanoid robot, "Navigator 1," which is fully developed domestically [1] - The company has secured significant projects, including a digital transformation project with China National Petroleum Corporation worth over 100 million yuan, and has seen a doubling of overseas orders, with new contracts nearing 1 billion yuan [1] - The investment forecast for EPS from 2024 to 2026 is projected at 1.76, 2.28, and 3.12 yuan, respectively, with corresponding P/E ratios of 25.18X, 19.44X, and 14.26X, indicating strong long-term growth potential [1][4] Financial Summary - For 2024E, the company is expected to achieve a revenue of 10.703 billion yuan, with a growth rate of 24.17%. The net profit attributable to shareholders is projected at 1.393 billion yuan, reflecting a growth rate of 26.47% [4] - The company’s gross margin is expected to stabilize around 33.08% in 2024E, with a net profit margin of approximately 13.02% [5] - The total assets are projected to grow from 17.88 billion yuan in 2023 to 21.37 billion yuan in 2024E, indicating a healthy balance sheet [5]

计算机 公 2024年04月18日 司 报 中控技术(688777.SH) 告 业绩高速增长，看好公司主营业务成长 强烈推荐 ( 维持 ) 事项： 公司公告2024年一季报，2024年一季度，公司实现营业收入17.38亿元，同比 股价:46.98元 增长20.25%，实现归母净利润1.45亿元，同比增长57.39%。 公 主要数据 平安观点： 行业 计算机 司 公司网址 www.supcontech.com ...

2024年04月17日 公 司点评 公 买入 / 维持 司 中控技术(688777) 研 究 目标价: 昨收盘:44.42 业绩稳健增长，深化“AI+工业”布局 事件：公司发布2024年第一季度报告。2024年Q1，公司实现营业收 ◼ 走势比较 入 17.38 亿元，同比增长 20.25%；实现归母净利润 1.45 亿元，同比 +57.39%；实现扣非归母净利润1.19亿元，同比+76.05%。 10% 太 平 (2( 26 %% ))71/4/32 92/6/32 01/9/32 22/11/32 3/2/42 61/4/42 字化治经 理营 能效 力率 ，持 经续 营提 管升 理，利 能息 力收 持入 续厚 增增 强利 ，控润 费。公 成司 效近 显年 著来 。持 20续 24提 Q1升 ，内 公司部 销数 售/管理/研发/财务费用率分别为 9.50%/5.58%/11.83%/-1.70%，分别同 洋 (38%) 比下降了 0.74/1.44/1.04/2.00pct。其中财务费用率大幅下降主要是由 证 (54%) 于公司Q1实现利息收入3,514.27万元，同比大幅提升。 券 (70%) 股 全面加码 ...

证券研究报告 | 季报点评 2024年04月16日 中控技术（688777.SH） 一季报增速符合预期，智能制造带来稳健增长 事件：2024/4/16晚，公司发布一季报，2024Q1营业收入实现20.25%的同比增长， 买入（维持） 归母净利润实现57.39%的增长，公司一季报业绩符合预期。 股票信息 收入增速符合预期，利息收入带来利润端弹性。在智能制造的产业数字化大趋势下， 行业 自动化设备 2024 年一季度，公司营业收入同比增长 20.25%，成长稳健，符合预期。实现归母 前次评级 买入 净利润 1.45 亿元，同比增长 57.39%，这其中利息收入贡献较大：2024Q1 公司实 4月16日收盘价(元) 44.42 现利息收入 3514 万元，大幅超过去年同期水平（去年同期仅为 215 万元左右）。 不过，哪怕扣减利息收入带来的影响，公司归母净利润 2024Q1 同比增速也超过了 总市值(百万元) 35,088.03 20%，仍然实现了稳健亮眼的增长。 总股本(百万股) 789.92 其中自由流通股(%) 98.49 市占率多年稳居国内第一，竞争壁垒稳固，展望全年有望持续稳健增长。根据睿工 30日日均成 ...

Financial Performance - The company's operating revenue for Q1 2024 was RMB 1,738,464,204.72, representing a year-on-year increase of 20.25%[4] - Net profit attributable to shareholders was RMB 145,425,147.05, reflecting a significant increase of 57.39% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 118,565,671.14, up 76.05% year-on-year[4] - Basic earnings per share for the period was RMB 0.18, an increase of 38.46% from the previous year[4] - Total operating revenue for Q1 2024 reached ¥1,738,464,204.72, an increase of 20.2% compared to ¥1,445,707,760.34 in Q1 2023[17] - Net profit for Q1 2024 was ¥144,287,768.02, representing a 50.1% increase from ¥96,168,607.78 in Q1 2023[18] - Earnings per share for Q1 2024 were ¥0.18, compared to ¥0.13 in Q1 2023, marking a 38.5% increase[19] - The company reported a comprehensive income total of ¥137,411,574.91 for Q1 2024, compared to ¥96,029,573.36 in Q1 2023, an increase of 43.1%[19] Research and Development - Research and development expenses totaled RMB 205,643,698.10, accounting for 11.83% of operating revenue, a decrease of 1.04 percentage points year-on-year[5] - Research and development expenses for Q1 2024 totaled ¥205,643,698.10, an increase from ¥186,057,520.79 in Q1 2023, indicating a focus on innovation[17] Assets and Liabilities - The total assets at the end of the reporting period were RMB 17,481,351,566.86, a decrease of 2.23% from the end of the previous year[5] - As of March 31, 2024, the company's total assets amounted to approximately ¥17.48 billion, a decrease from ¥17.88 billion as of December 31, 2023, reflecting a decline of about 2.22%[14] - The company's cash and cash equivalents stood at ¥4.93 billion, down from ¥5.47 billion, indicating a decrease of approximately 9.87%[13] - The total current liabilities were reported at ¥6.12 billion, compared to ¥6.23 billion, indicating a decrease of approximately 1.77%[14] - The total liabilities decreased to ¥9.99 billion from ¥10.12 billion, reflecting a decline of about 1.28%[14] - The total liabilities decreased to ¥7,465,216,222.04 in Q1 2024 from ¥7,940,718,889.74 in Q1 2023, a reduction of approximately 6%[15] - Total equity increased to ¥10,016,135,344.82 in Q1 2024 from ¥9,938,935,145.55 in Q1 2023, reflecting a growth of 0.8%[15] Cash Flow - The net cash flow from operating activities was negative at RMB -676,617,158.65, primarily due to seasonal cash collection patterns[5] - In Q1 2024, the company's cash inflow from operating activities totaled CNY 1,228,941,777.59, a decrease of 12.5% compared to CNY 1,404,552,527.21 in Q1 2023[20] - The net cash outflow from operating activities was CNY -676,617,158.65, an improvement from CNY -723,143,247.46 in the same period last year[21] - Cash inflow from investment activities was CNY 1,150,137,538.30, down 20.4% from CNY 1,444,563,281.98 in Q1 2023[21] - The net cash flow from investment activities was CNY 162,645,106.91, a significant decrease of 79.2% compared to CNY 780,825,593.63 in Q1 2023[21] - The company reported a net cash outflow from financing activities of CNY -29,273,750.13, contrasting with a net inflow of CNY 95,834,165.78 in the previous year[21] - The ending balance of cash and cash equivalents was CNY 4,891,153,544.30, down from CNY 5,435,757,400.30 at the beginning of the period[22] - The total cash outflow from operating activities was CNY 1,905,558,936.24, a decrease of 10.4% from CNY 2,127,695,774.67 in Q1 2023[21] - The cash paid for purchasing goods and services was CNY 811,313,411.87, down 29.3% from CNY 1,149,442,946.37 in Q1 2023[21] - The cash paid to employees increased to CNY 792,951,442.45, up from CNY 691,020,135.43 in the previous year[21] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 30,010[9] Other Information - The company reported non-recurring gains of RMB 26,859,475.91 for the period, after accounting for tax and minority interests[7] - The company has not disclosed any new product developments or market expansion strategies in this quarter's report[12]

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 2023年度现场检查报告 根据中国证监会《证券发行上市保荐业务管理办法》、《上海证券交易所上 市公司自律监管指引第11号——持续督导》等有关法律法规的要求，申万宏源证 券承销保荐有限责任公司（以下简称"申万宏源承销保荐"或"保荐机构"）作 为中控技术股份有限公司（以下简称"中控技术"或"公司"）首次公开发行股 票并在科创板上市的保荐机构，于2024年4月9日至10日对中控技术2023年度有关 情况进行了现场检查。 一、本次现场检查的基本情况 申万宏源承销保荐针对中控技术实际情况制订了2023年度现场检查工作计 划。为顺利实施本次现场工作，提高现场工作效率，切实履行持续督导工作，保 荐代表人提前将现场检查事宜通知中控技术，并要求公司提前准备现场检查工作 所需的相关文件和资料。2024年4月9日至2024年4月10日，申万宏源承销保荐保 荐代表人根据事先制订的现场检查工作计划，采取与公司董事、监事、高级管理 人员及有关人员进行沟通和询问、查看公司生产经营场所、检查主要控股和参股 公司、查阅和复印公司账簿和原始凭证及其他相关资料等沟通交流等形式，对包 括公 ...

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首次公开发行股票并在科创板 上市之保荐总结报告书 申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"、 "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，持续督导期间为2020年11月24日 至2023年12月31日。中控技术于2024年4月9日披露《2023年年度报告》，根据《证 券发行上市保荐业务管理办法》、《上海证券交易所上市公司自律监管指引第11 号——持续督导》、《上海证券交易所科创板股票上市规则》等相关法律法规文 件要求，申万宏源承销保荐现出具保荐总结报告书，具体内容如下： 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、本保荐机构及本人自愿接受中国证监会对保荐总结报告书相关事项进行 的任何质询和调查。 3、本保荐机构及本人自愿接受中国证监会按照《证券发行上市保荐业务管 理办法》及上海证券交易所按照《上海证券交易所上市公司自律监管 ...

申万宏源证券承销保荐有限责任公司 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针 | 保荐机构已建立健全并有效执行了持续督导 | | | 对具体的持续督导工作制定相应的工作计划 | 工作制度，并针对具体持续督导工作制定了 | | | | 相应的工作计划 | | 2 | 根据中国证监会相关规定，在持续督导工作开 | 保荐机构已与中控技术签订《保荐协议》，该 | | | 始前，与上市公司或相关当事人签署持续督导 协议，明确双方在持续督导期间的权利义务， | 协议明确了双方在持续督导期间的权利和义 | | | | 务，并已报上海证券交易所备案 | | | 并报上海证券交易所备案 | | | 3 | | 保荐机构通过日常沟通、定期或不定期回访、 | | | 通过日常沟通、定期回访、现场检查、尽职调 查等方式开展持续督导工作 | 现场检查、尽职调查等方式，了解中控技术运 | | | | 行情况，对中控技术开展了持续督导工作 | | 4 | 持续督导期间，按照有关规定对上市公司违法 | 2023年度，中控技术在持续督导期间未发生 ...

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].