Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has fully integrated the DeepSeek large model, aiming to reshape the intelligence of process industries through AI and industry know-how [8] - The company has a strong market presence, covering over 30,000 process enterprise customers and achieving a domestic market share of nearly 40% in DCS, over 55% in the chemical sector, and nearly 50% in the petrochemical sector [8] - The company maintains its profit forecast, expecting net profits of 1.256 billion, 1.512 billion, and 1.822 billion yuan for 2024, 2025, and 2026 respectively, corresponding to PE ratios of 37X, 30X, and 25X [8] Financial Data and Profit Forecast - Total revenue is projected to grow from 8,620 million yuan in 2023 to 13,586 million yuan in 2026, with a compound annual growth rate (CAGR) of approximately 16.4% [7] - The net profit attributable to the parent company is expected to increase from 1,102 million yuan in 2023 to 1,822 million yuan in 2026, reflecting a CAGR of about 20.5% [7] - The earnings per share (EPS) is forecasted to rise from 1.44 yuan in 2023 to 2.30 yuan in 2026 [7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company announced full integration with the latest series of DeepSeek models on February 10, 2025, which is expected to lead to the launch of a new product called "Industrial BA Super Intelligent System" by mid-2025. This product aims to create multi-scenario AI applications for enterprise operations and is anticipated to drive innovation in new products, businesses, and models [10][11]. - The company is projected to achieve net profits attributable to shareholders of 1.21 billion, 1.44 billion, and 1.78 billion yuan for the years 2024 to 2026, corresponding to price-to-earnings ratios of 36.7x, 30.8x, and 24.9x respectively, indicating a positive outlook [10][11]. Summary by Sections Event Description - On February 10, 2025, the company announced its full integration with the latest DeepSeek models [4]. Event Commentary - The integration with DeepSeek is expected to enhance the company's AI capabilities significantly. The new product has achieved five major breakthroughs in data perception, data integration, application generation, business/data collaboration, and business decision-making. This positions the company to leverage AI technology effectively across various industrial applications [10][11]. - The company is committed to its "ALL IN AI" strategy, aiming to transition from an industrial automation solution provider to a leader in industrial AI. The launch of the TPT model in June 2024 is a key step in this direction, with successful applications already noted in various industries [10][11]. - The company is also exploring opportunities in the robotics sector, having developed various types of robots for specific industrial applications, which are now moving towards commercialization [10][11]. Financial Projections - The company expects total revenue to grow from 8.62 billion yuan in 2023 to 14.29 billion yuan in 2026, with a consistent gross margin of around 33% [13]. - The net profit is projected to increase from 1.12 billion yuan in 2023 to 1.81 billion yuan in 2026, reflecting a strong growth trajectory [13].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of Rmb 59.00, reflecting a 23.2% potential upside from the current price of Rmb 47.89 [4][5][24]. Core Insights - The company expects a revenue growth of 10-15% in 2024, driven by government stimulus policies and a recovery in demand, particularly in the chemical and petrochemical sectors [1][2]. - The management anticipates a significant increase in overseas orders, projecting a growth of approximately 50% [1]. - The company has implemented cost control measures, which are expected to enhance operating profit margins despite a downward adjustment in EPS forecasts for 2024-2026 [3]. Summary by Sections Revenue and Growth Projections - The company forecasts stable growth in its chemical and petrochemical business, supported by government investments in Xinjiang's coal chemical industry [2]. - The software business is transitioning to a SaaS model, aiming to penetrate the small and medium enterprise market more effectively [2]. Profitability Adjustments - EPS forecasts for 2024-2026 have been revised down by 5-11% due to lower revenue expectations, reflecting a 6-15% decrease in revenue projections [3]. - Despite the downward adjustment in revenue, the company expects a compound annual growth rate (CAGR) of approximately 15% for EPS from 2024 to 2026 [3]. Valuation and Market Position - The target price is based on a 32x PE ratio for 2025E, which is an increase from the previously implied 25x, indicating a positive outlook for the software industry [4]. - The company is recognized as the largest supplier of distributed control systems (DCS) in China, with a diversified client base across various process industries [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company has partnered with Hubei Sanning to create the first "unmanned" sulfuric acid plant in the chemical industry, leveraging AI technology for precise parameter predictions and reducing labor input [2][5]. - The company is transitioning towards becoming an industrial AI leader, with a new strategy expected to drive innovation in products, services, and business models [2][10]. - Projected net profits for the company from 2024 to 2026 are estimated at 1.21 billion, 1.44 billion, and 1.78 billion yuan, with corresponding P/E ratios of 30.1x, 25.3x, and 20.4x [2][10]. Summary by Sections Event Description - The company has made significant progress in its strategic transformation towards industrial AI, exemplified by the development of the unmanned sulfuric acid plant [5]. Event Commentary - The AI technology is enhancing operations in various sectors, including chemicals, energy, and liquor, with notable advancements in autonomous factory operations and real-time optimization projects [10]. - The company has successfully implemented AI solutions that drastically reduce manual operations in chemical plants, showcasing the effectiveness of its technology [10]. Financial Projections - Revenue projections for the company are as follows: 8.62 billion in 2023, 10.05 billion in 2024, 11.92 billion in 2025, and 14.29 billion in 2026 [13]. - The net profit attributable to the parent company is expected to grow from 1.1 billion in 2023 to 1.78 billion in 2026, indicating a strong growth trajectory [13].

证券代码：688777 证券简称：中控技术 公告编号：2025-002 中控技术股份有限公司 2019 年股票期权激励计划第二个行权期 行权限售股上市流通公告 本公司董事会及全体董事保证本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： 中控技术股份有限公司（以下简称"公司"）本次股票上市类型为股权激 励股份；股票认购方式为网下，本次上市流通的限售股股份数量为 3,971,547 股。 占公司股本总数的 0.50%，限售期为自行权之日起三年。 本次股票上市流通总数为 3,971,547 股。 本次股票上市流通日期为 2025 年 1 月 21 日。 一、本次上市流通的限售股类型 2019 年 8 月 16 日，公司召开第四届董事会第十四次会议，2019 年 9 月 2 日 召开了第四届监事会第六次会议，审议通过《浙江中控技术股份有限公司 2019 年 股票期权激励计划》（以下简称"《2019 年股票期权激励计划》"）及《浙江中控技 术股份有限公司 2019 年股票期权激励计划考核管理办法》（以下简称"《考核管理 办法》"），独立董事已就 ...

证券代码：688777 证券简称：中控技术 公告编号：2025-001 中控技术股份有限公司 2025 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：2025 年 1 月 7 日 本次会议由公司董事会召集，现场会议由公司董事长 CUI SHAN 先生主持。 会议采用现场投票和网络投票相结合的表决方式。本次会议的召集、召开及 表决方式均符合《公司法》《上海证券交易所科创板股票上市规则》《上市公司股 东大会规则》《公司章程》及《公司股东大会议事规则》等有关规定。 （五） 公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 （一） 非累积投票议案 1、 议案名称：《关于变更公司经营范围暨修订<公司章程>的议案》 审议结果：通过 （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 ...

金杜律师事务所 KING&WODD MAILESONS 1 Building, Winland ngiisi Road, Han 北京金社(杭州)律师事务所 关于中控技术股份有限公司 2025年第一次临时股东大会 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。 之法律意见书 致:中控技术股份有限公司 北京金杜（杭州）律师事务所（以下简称本所）接受中控技术股份有限公司 (以下简称公司）委托,根据《中华人民共和国证券法》(以下简称《证券法》)、 《中华人民共和国公司法》(以下简称《公司法》、中国证券监督管理委员会《上 市公司股东大会规则（2022年修订》（以下简称《股东大会规则》）等中华人民 共和国境内（以下简称中国境内，为本法律意见书之目的,不包括中国香港特别 行政区、中国澳门特别行政区和中国台湾 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% within the next 6-12 months [22][17]. Core Insights - The company has achieved significant breakthroughs in its self-developed PLC products, particularly in the oil and gas sector, which are expected to open new growth avenues beyond its traditional DCS advantages [21]. - The introduction of the "4+1" industrial AI product system is anticipated to enhance the optimization and iteration of the company's TPT industrial time series model, solidifying its leadership in industrial automation [21]. - The company’s revenue and profit forecasts for 2024-2026 are adjusted to RMB 95.8 billion, RMB 111.3 billion, and RMB 129.6 billion for revenue, and RMB 12.0 billion, RMB 14.5 billion, and RMB 16.9 billion for net profit, respectively [22]. Summary by Sections Financial Performance - The company reported a revenue of RMB 6,624 million in 2022, with a growth rate of 46.56%, and is projected to reach RMB 12,958 million by 2026, with a growth rate of 16.42% [14]. - The net profit attributable to the parent company was RMB 798 million in 2022, with a growth rate of 37.18%, expected to grow to RMB 1,689 million by 2026 [14]. - The diluted earnings per share (EPS) were RMB 1.606 in 2022, projected to increase to RMB 2.136 by 2026 [14]. Market Position and Strategy - The company has successfully implemented its PLC products in various benchmark projects across multiple industries, including petrochemicals and rail transit [21]. - The anticipated investment peak in the Xinjiang coal chemical industry from 2025 to 2030, with a potential total investment of RMB 491.6 billion, is expected to drive demand for related products [21]. Valuation Metrics - The current stock price corresponds to a P/E ratio of 33.3 for 2024, 27.6 for 2025, and 23.6 for 2026, indicating a favorable valuation trend [22].

新疆煤化工项目新突破，"4+1"工业 AI 产 盈利预测、估值与评级 1.《中控技术公司点评：收入增速回落，剔除工兑影响归 8. 利润增速良好》, 2024. 10.22 2. 《中控技化/ 公司点评： 1.0.22 阅《中空提化》, 2024. 8.20 纪元》, 2024.8.2 | --- | --- | --- | --- | --- | --- | |-------------------------------|--------|--------|--------|--------|--------| | 公司基本情况（人民币） \n项目 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元 ) | 6,624 | 8,620 | 9,580 | 11,130 | 12,958 | | 营业收入增长率 | 46.56% | 30.13% | 11.14% | 16.17% | 16.42% | | 归母净利润(百万元 ) | 798 | 1,102 | 1,200 | 1,448 | 1,689 | | 归母净利润增长率 | 37.18% | 38. ...

证券代码：688777 证券简称：中控技术 公告编号：2024-083 中控技术股份有限公司 1 第六届监事会第九次会议决议公告 本公司监事会及全体监事保证本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。 一、监事会会议召开情况 中控技术股份有限公司（以下简称"公司"）第六届监事会第九次会议于 2024 年 12 月 21 日（星期六）以通讯的方式召开。会议通知已于 2024 年 12 月 16 日通过邮件的方式送达各位监事。本次会议应出席监事 3 人，实际出席监事 3 人。 本次会议由监事会主席梁翘楚先生主持。会议召开符合有关法律、法规、 规章和《公司章程》的规定。出席会议的监事对各项议案进行了认真审议并做 出了如下决议： 二、监事会会议审议情况 （一）审议通过《关于使用部分暂时闲置募集资金进行现金管理的议案》 监事会认为，公司使用部分暂时闲置募集资金进行现金管理，用于购买安 全性高、流动性好的理财产品，是在保障募集资金安全的前提下进行，有利于 提高闲置募集资金的收益，不会与募集资金投资项目的实施计划相抵触，不会 影响募集资金投资项目建设和募集资金 ...