Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 8.62 billion yuan in 2023, representing a year-on-year growth of 30.13%, and a net profit attributable to shareholders of 1.10 billion yuan, up 38.08% year-on-year [2] - The company is exploring the "AI + Robotics" field, implementing over 4,000 sets of intelligent factory solutions, and aims to set new industry standards [2] - The company expects a compound annual growth rate (CAGR) of 26% in net profit from 2024 to 2026, with projected net profits of 1.36 billion yuan, 1.75 billion yuan, and 2.23 billion yuan for the respective years [2][3] Financial Performance - In Q4 2023, the company achieved a revenue of 2.94 billion yuan, a year-on-year increase of 22.68%, and a quarter-on-quarter increase of 44.30% [2] - The gross margin for 2023 was 33.19%, a decrease of 2.49 percentage points year-on-year, while the net margin remained stable at 13.03%, an increase of 0.84 percentage points year-on-year [2] - The company’s revenue from industrial automation and intelligent manufacturing solutions was 4.96 billion yuan, growing 13.51% year-on-year, while the S2B business saw a remarkable growth of 117.07% year-on-year, reaching 1.90 billion yuan [2] Business Segments - The industrial automation and intelligent manufacturing solutions segment is expected to see order growth rates of 18.4%, 18.6%, and 18.8% from 2024 to 2026, with gross margins projected at 41.0%, 41.2%, and 41.3% respectively [9] - The industrial software segment is anticipated to maintain a 30% order growth rate from 2024 to 2026, with gross margins increasing from 42.0% to 43.0% [9] - The instrumentation segment is projected to have order growth rates of 50%, 40%, and 30% over the same period, with gross margins expected to rise from 31.0% to 32.0% [9] Earnings Forecast - The company forecasts net profits of 1.36 billion yuan, 1.75 billion yuan, and 2.23 billion yuan for 2024, 2025, and 2026 respectively, with corresponding earnings per share (EPS) of 1.72 yuan, 2.21 yuan, and 2.82 yuan [3][9] - The price-to-earnings (PE) ratio is projected to decrease from 26 in 2024 to 16 in 2026, indicating an attractive valuation as earnings grow [3][9]

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].

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Insights - The company achieved a revenue of 861.99 million yuan in 2023, representing a year-on-year growth of 30.13%, and a net profit of 110.18 million yuan, up 38.08% from 2022 [2]. - The traditional DCS business remained stable, while the industrial software and instrumentation segments drove growth, with instrumentation revenue increasing by 80.27% year-on-year [2]. - The company continues to hold the largest market share in the domestic DCS market at 37.8%, maintaining its leadership for thirteen consecutive years [3]. Financial Performance Summary - Revenue for 2023 was 8620 million yuan, with a growth rate of 30.1% compared to 2022 [4]. - The net profit for 2023 was 1102 million yuan, reflecting a growth rate of 38.1% year-on-year [4]. - The company's gross margin for its main business was 33.17%, a slight decrease of 2.50 percentage points from the previous year, but core business margins showed signs of recovery [2]. Market Position and Growth Potential - The company has a strong competitive barrier, with significant market shares in various segments: 33.7% in safety instrumented systems (SIS), 28.2% in advanced process control software (APC), and 20.7% in manufacturing execution systems (MES) [3]. - The report forecasts net profits of 1.36 billion yuan, 1.66 billion yuan, and 1.99 billion yuan for 2024E, 2025E, and 2026E respectively, indicating continued growth [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company is a leader in intelligent manufacturing for process industries, benefiting from increased R&D investment and a robust growth outlook [3] - The company reported rapid growth in 2023, with operating revenue of 8.62 billion yuan, a year-on-year increase of 30.13%, and a net profit attributable to shareholders of 1.10 billion yuan, up 38.08% year-on-year [4] - The company is expanding its market share in traditional sectors while also venturing into new industries and overseas markets, with significant growth in DCS market share in the chemical and petrochemical sectors [5] - The outlook for overseas markets is promising, with the establishment of subsidiaries in countries like Singapore and Saudi Arabia, and new contracts worth nearly 1 billion yuan signed [6] Financial Summary - The projected net profit attributable to shareholders for 2024-2026 is estimated at 1.27 billion, 1.55 billion, and 1.88 billion yuan respectively, with EPS expected to be 1.61, 1.97, and 2.39 yuan per share [3][7] - The company's operating revenue is forecasted to grow from 11.28 billion yuan in 2024 to 18.52 billion yuan in 2026, reflecting a compound annual growth rate of approximately 28% [7][11] - The company's management efficiency is improving, with a decrease in management expense ratio to 5.22% and a sales expense ratio to 9.15% in 2023 [5] Market Position - The company holds a 37.8% market share in the domestic DCS market, with a 56.3% share in the chemical sector and a 49.3% share in the petrochemical sector [5] - The company is well-positioned to benefit from domestic policies promoting large-scale equipment updates and technological innovation, which are expected to boost downstream market conditions [6]