Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 235 million to 265 million yuan in 2024, representing a year-on-year growth of 46.17% to 64.83% [2] - The non-recurring net profit is projected to be between 218 million and 248 million yuan, indicating a year-on-year increase of 88.99% to 114.99% [2] - The company's performance is driven by strong industry demand and stable high growth in orders, supported by the dual benefits of autonomous development in industrial automation and the booming demand for industrial AI applications [3] - The core business shows robust performance, with the NT6000 intelligent control system and other key products winning multiple major projects, establishing a leading position in the heavy-duty gas turbine combined cycle control system sector [4] - The expansion into overseas markets is becoming a significant contributor to the company's growth, with increasing global demand for industrial automation and smart manufacturing [5] Financial Summary - The company's revenue forecast for 2024-2026 has been adjusted to 18.69 billion, 24.02 billion, and 29.94 billion yuan, respectively [6] - The net profit forecast for the same period has been revised to 2.51 billion, 3.40 billion, and 4.34 billion yuan [6] - The earnings per share (EPS) estimates have been adjusted to 1.04, 1.42, and 1.81 yuan for 2024-2026 [6] - The projected price-to-earnings (PE) ratios for 2024-2026 are 18.01, 13.27, and 10.40 times, respectively [6] - The company is expected to maintain a gross margin of around 40% in the coming years, with a net profit margin gradually increasing [8]

Financial Performance - The net profit attributable to shareholders is expected to be between 235 million and 265 million CNY, representing a year-on-year growth of 46.17% to 64.83%[2] - The net profit after deducting non-recurring gains and losses is projected to be between 218 million and 248 million CNY, indicating a year-on-year growth of 88.99% to 114.99%[2] - The basic earnings per share is estimated to be between 0.98 CNY and 1.10 CNY, compared to 0.68 CNY in the same period last year[2] Business Growth - The company is experiencing high growth in new orders, operating income, and net profit due to the dual benefits of industrial automation and artificial intelligence applications[4] - The company is expanding its overseas market presence, which is contributing to its revenue growth[4] Financial Reporting - The financial data in the earnings forecast has not been audited by registered accountants, and the final figures will be disclosed in the 2024 annual report[3] Investor Guidance - The company emphasizes the importance of cautious decision-making and awareness of investment risks for investors[5]

证券代码：002380 证券简称：科远智慧 公告编号：2024-033 南京科远智慧科技集团股份有限公司 关于变更签字注册会计师及项目质量复核人员的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 1、基本信息 本次变更签字项目合伙人谢振伟，2014 年 5 月成为注册会计师，2011 年 7 月开 始从事上市公司和挂牌公司审计，2011 年 7 月开始在公证天业执业，2021 年 1 月开 始为本公司提供审计服务；近三年签署的上市公司审计报告有科远智慧(002380)、 新美星(300509)、肯特股份(301591)等，具有证券服务业务从业经验，具备相应的 专业胜任能力。本次变更签字注册会计师武诚威，2018 年成为注册会计师，2013 年开始从事上市公司审计，2017 年开始在公证天业执业，2024 年开始为本公司提供 审计服务；近三年签署的上市公司审计报告有联测科技（688113），具有证券服务业 务从业经验，具备相应的专业胜任能力。 南京科远智慧科技集团股份有限公司（以下简称"公司"）于 2024 年 4 月 24 日召开第六届董事会第十次会议， ...

证券代码：002380 证券简称：科远智慧 公告编号：2024-032 南京科远智慧科技集团股份有限公司 关于诉讼事项的进展公告 2024 年 9 月，江苏省南通市崇川区人民法院裁定本案中止诉讼。 2024 年 11 月 8 日，公司收到江苏省南通市崇川区人民法院传票，通知本案 开庭审理时间为 2024 年 11 月 16 日。 二、案件庭审及判决或裁决情况 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、诉讼的基本情况 南京科远智慧科技集团股份有限公司（以下简称"公司"）全资子公司南京 科远智慧能源投资有限公司（以下简称"智慧能源投资公司"）就与上海浦东发 展银行股份有限公司南通分行（以下简称"浦发银行南通分行"）储蓄存款合同 纠纷一案于2022年 1月向江苏省南通市崇川区人民法院提起诉讼并获受理。2022 年 7 月，经江苏省南通市崇川区人民法院审查，裁定驳回南京科远智慧能源投资 有限公司的起诉。 2022 年 7 月，因不服上述江苏省南通市崇川区人民法院的一审裁定结果， 智慧能源投资公司向江苏省南通市中级人民法院提起上诉并获受理。 2023 年 9 ...

Core Viewpoint - Koyuan Smart has won the bid for the NT6000 intelligent control system for Shandong Chuangyuan New Materials Technology Co., Ltd.'s annual production of 1.5 million tons of alumina project, marking a continuation of their partnership after previous successful implementations [1] Group 1 - Koyuan Smart's NT6000 system is fully autonomous and controllable, indicating advanced technology capabilities [1] - This project follows the successful implementation of a 500,000 tons/year DCS for the first phase and a 1.2 million tons/year DCS for the second phase of the alumina project [1] - The collaboration aims to enhance the lean management and energy efficiency of alumina production through automation control technology [1]

证券代码：002380 证券简称：科远智慧 公告编号：2024-031 南京科远智慧科技集团股份有限公司 关于第三期员工持股计划出售完毕暨终止的公告 本公司及董事会全体成员保证公告内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 南京科远智慧科技集团股份有限公司（以下简称"公司"）第三期员工持股 计划（以下简称"本员工持股计划"）所持有的公司股票已全部出售完毕，根据 中国证监会《关于上市公司实施员工持股计划试点的指导意见》、《深圳证券交 易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等相关规定，现 将具体情况公告如下： 一、公司第三期员工持股计划基本情况 截至 2024 年 10 月 25 日，本员工持股计划持有的公司股票总计 5,000,900 股，占公司总股本的 2.08%，已全部通过二级市场集中竞价交易方式出售完毕。 本次员工持股计划实施期间，公司严格遵守股票市场交易规则及中国证券监督管 理委员会、深圳证券交易所关于信息敏感期不得买卖股票的规定，未利用内幕信 息进行交易。根据公司《第三期员工持股计划（草案）》等相关规定，本员工持 股计划实施完毕并终止，后续将进行财产清算和分配等 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Views - The company has shown significant growth in performance, with a total revenue of 1.162 billion yuan in Q3 2024, representing a year-on-year increase of 16.16%. The net profit attributable to shareholders reached 159 million yuan, up 75.34% year-on-year, with basic EPS of 0.66 yuan, also reflecting a 75.35% increase [1]. - The company's profitability and cost control capabilities are steadily improving, with a gross profit margin of 40.82%, the highest in recent years. The company benefits from industry prosperity and its leading position in the sector [1]. - The company is positioned as a leader in domestic thermal power DCS and is expected to benefit from the domestic substitution process, with a significant market share in large control systems [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 1.162 billion yuan, a 16.16% increase year-on-year, and a net profit of 159 million yuan, a 75.34% increase year-on-year. The sales expense ratio, management expense ratio, and financial expense ratio have decreased by 2.11%, 0.77%, and 0.04% respectively, while R&D expenses increased by 0.78%, indicating good overall cost control [1]. - The company's contract assets grew by 94.55% compared to the beginning of the year, suggesting a strong pipeline for future revenue [1]. - The company forecasts net profits of 248 million yuan, 326 million yuan, and 408 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 19.1, 14.6, and 11.6 [4][5]. Market Position and Industry Outlook - The domestic automation sector is witnessing a rise of domestic enterprises, particularly in process automation, driven by the energy and petrochemical sectors. The company’s self-controlled DCS products are expected to gain further market space due to the domestic substitution trend [1]. - The company is projected to maintain stable growth in revenue contributions from industrial automation and industrial internet products, with an expected increase in sales gross margin from 2024 to 2026 [1].

Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company reported a total revenue of 1.162 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 16.16%, and a net profit attributable to shareholders of 159 million yuan, which is a significant increase of 75.34% [2][3] - The company is expected to benefit from the policy push and high demand in downstream industries, maintaining a good growth trajectory in its main business [2] - The company is positioned to capitalize on the upcoming industrial software and operating system upgrades as outlined in the Ministry of Industry and Information Technology's guidelines [2] Financial Summary - For the first three quarters of 2024, the overall gross margin was 40.82%, an increase of 3.69 percentage points year-on-year [2] - The company’s revenue and profit growth rates slowed down in Q3 2024, with revenue of 357 million yuan, a year-on-year increase of 15.99%, and a net profit of 48.27 million yuan, a growth of 2.84% [2] - The company’s contract assets reached 71.28 million yuan by the end of Q3 2024, a growth of 94.55% compared to the end of 2023 [2] Earnings Forecast and Valuation - The company is projected to achieve revenues of 1.901 billion yuan, 2.430 billion yuan, and 3.109 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 35.14%, 27.78%, and 27.94% [3] - The net profit attributable to shareholders is expected to reach 239 million yuan, 313 million yuan, and 411 million yuan for the same years, with growth rates of 48.88%, 30.78%, and 31.25% respectively [3] - The earnings per share (EPS) are forecasted to be 1.00 yuan, 1.30 yuan, and 1.71 yuan for 2024, 2025, and 2026 respectively [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance met expectations, with its DCS flagship product winning multiple large contracts [1] - The company reported a revenue of 1.162 billion yuan for Q3 2024, a year-on-year increase of 16.16%, and a net profit attributable to shareholders of 159 million yuan, up 75.34% year-on-year [1] - The company is positioned as a leader in the domestic energy and power industry with its domestically produced DCS projects [1] Financial Performance Summary - Revenue (in million yuan): - 2022A: 1,154 - 2023A: 1,407 - 2024E: 1,907 - 2025E: 2,436 - 2026E: 2,976 - Growth rate (yoy%): 2023A: 22%, 2024E: 36%, 2025E: 28%, 2026E: 22% [1][2] - Net profit (in million yuan): - 2023A: 161 - 2024E: 250 - 2025E: 351 - 2026E: 467 - Growth rate (yoy%): 2024E: 55.8%, 2025E: 40.0%, 2026E: 33.1% [1][2] - Earnings per share (in yuan): - 2023A: 0.67 - 2024E: 1.04 - 2025E: 1.46 - 2026E: 1.95 [1][2] - Cash flow per share: - 2023A: 0.72 - 2024E: 0.47 - 2025E: 2.10 - 2026E: 2.54 [1][2] - Return on equity (ROE): - 2023A: 8% - 2024E: 12% - 2025E: 14% - 2026E: 16% [1][2] - Price-to-earnings (P/E) ratio: - 2023A: 32.8 - 2024E: 21.0 - 2025E: 15.0 - 2026E: 11.3 [1][2] - Price-to-book (P/B) ratio: - 2023A: 2.7 - 2024E: 2.4 - 2025E: 2.1 - 2026E: 1.8 [1][2] Market Position and Strategy - The company has successfully launched various industry solutions, including smart power plants and smart chemicals, leveraging its EmpoworX platform [1] - The company aims to enhance its industrial internet capabilities and is expected to benefit from favorable policies in the domestic industrial automation sector [1]

Financial Performance - Revenue for the quarter increased by 15% compared to the same period last year [1]. - Net profit margin improved to 12%, up from 10% in the previous quarter [2]. - Operating expenses rose by 8% due to increased marketing and R&D investments [3]. Market Expansion - The company successfully entered two new international markets, contributing to a 20% increase in global sales [4]. - A new distribution center was opened in Europe to support the growing demand in the region [5]. - Strategic partnerships were formed with local retailers to enhance market penetration [6]. Product Development - Launched three new products, which accounted for 25% of total sales this quarter [7]. - R&D investment increased by 10% to accelerate innovation and product differentiation [8]. - Customer feedback on the new product line has been overwhelmingly positive, with a 90% satisfaction rate [9]. Operational Efficiency - Implemented new supply chain management software, reducing delivery times by 15% [10]. - Production efficiency improved by 12% due to the adoption of advanced manufacturing technologies [11]. - Employee training programs were expanded, resulting in a 10% increase in productivity [12]. Sustainability Initiatives - Achieved a 30% reduction in carbon emissions through the adoption of renewable energy sources [13]. - Launched a company-wide recycling program, diverting 50% of waste from landfills [14]. - Committed to achieving net-zero emissions by 2030, with interim targets set for 2025 [15]. Corporate Governance - Appointed two new independent directors to the board, enhancing governance and oversight [16]. - Conducted a comprehensive review of corporate policies to ensure compliance with new regulations [17]. - Increased transparency by publishing detailed quarterly reports and holding regular investor briefings [18].