智能自控高管减持，公司业绩承压股价波动加剧

Core Viewpoint - Recent executive share reductions at Intelligent Control (002877) raise concerns about market sentiment and the company's financial health, despite being within disclosed plans [1][2][4]. Group 1: Executive Actions - Executive Wu Wei reduced holdings by 79,000 shares from 5.0221% to 4.9999% due to personal financial needs, no longer qualifying as a major shareholder [1] - Executive Zhong Peiya sold 76,200 shares at an average price of 9.62 yuan per share, totaling approximately 733,000 yuan [1] - Wu Wei still has approximately 3.471 million shares available for future reduction, which may continue to impact market sentiment [1] Group 2: Financial Performance - For the first three quarters of 2025, the company reported revenue of 798 million yuan but only a net profit of 16.9477 million yuan, indicating profit erosion due to rising costs [2] - The full-year net profit for 2024 is projected to decline significantly to 22.6984 million yuan, reflecting deteriorating profit quality [2] - The asset-liability ratio for 2024 stands at 50.30%, while financial expenses reached 39.0878 million yuan in the first three quarters of 2025, indicating significant cash flow pressure [2] Group 3: Stock Performance - The stock price has experienced increased volatility during the reduction period, with a price fluctuation of 4.90% since February 2026 [3] - As of February 11, 2026, the stock closed at 9.57 yuan, underperforming compared to the general equipment sector [3] - On February 11, 2026, there was a net outflow of 2.9632 million yuan from institutional investors, while retail investors saw a net inflow of 4.1237 million yuan, suggesting low institutional participation and ongoing selling pressure [3] Group 4: Valuation Concerns - The current price-to-earnings ratio is 570.98, significantly higher than the industry average, with a price-to-book ratio of 2.81 and a dividend yield of 0.21%, indicating a lack of safety margin in valuation [4] - Risks include ongoing performance sustainability, shareholder reduction pressure, and industry competition, with the intelligent control valve sector showing stable demand growth [4] - The recent executive reductions may amplify market concerns regarding the company's weak performance, compounded by high valuation and capital outflow pressures [4]