中控技术：收入端稳健增长，剔除汇兑损益后利润增速超预期

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 36.85 [1]. Core Insights - The company has demonstrated robust revenue growth, with a 16.8% year-on-year increase in revenue for the first half of 2024, reaching 4.25 billion yuan. The net profit attributable to shareholders was 520 million yuan, reflecting a 1.2% increase year-on-year [4]. - Excluding foreign exchange gains and losses, the net profit growth was significantly higher at 49.8% [4]. - The company is positioned as a leader in intelligent manufacturing solutions for process industries, with expectations for continued high growth in 2024 [8]. Financial Performance Summary - Revenue Forecast: - 2022A: 6,624 million yuan - 2023A: 8,620 million yuan (growth rate: 30.1%) - 2024E: 10,892 million yuan (growth rate: 26.4%) - 2025E: 14,040 million yuan (growth rate: 28.9%) - 2026E: 18,130 million yuan (growth rate: 29.1%) [1] - Net Profit Forecast: - 2022A: 798 million yuan - 2023A: 1,102 million yuan (growth rate: 38.1%) - 2024E: 1,320 million yuan (growth rate: 19.8%) - 2025E: 1,677 million yuan (growth rate: 27.0%) - 2026E: 2,157 million yuan (growth rate: 28.6%) [1] - Earnings Per Share (EPS): - 2022A: 1.01 yuan - 2023A: 1.39 yuan - 2024E: 1.67 yuan - 2025E: 2.12 yuan - 2026E: 2.73 yuan [1] - Valuation Ratios: - P/E: 36.5 (2022A), 26.4 (2023A), 26.84 (2024E), 21.13 (2025E), 16.42 (2026E) [1] - P/B: 5.5 (2022A), 3.0 (2023A), 3.2 (2024E), 2.8 (2025E), 2.4 (2026E) [1] Business Growth Drivers - The company has seen significant growth in its core business segments, particularly in the instrumentation and control systems, with a 72.18% increase in instrumentation revenue [5]. - The petrochemical and chemical industries have also shown strong revenue growth, with increases of 26.95% and 26.03%, respectively [6]. - New business areas such as robotics and smart laboratories are being actively developed, with successful orders from high-end clients [6]. International Expansion - The company has achieved a remarkable 188.22% year-on-year growth in overseas revenue, reaching 343 million yuan, and has signed new overseas contracts worth 500 million yuan [8]. - Collaborations with international high-end clients are deepening, indicating a strong potential for continued growth in international markets [8].