中控技术：三季报收入维持稳健，剔除GDR汇兑损益后利润仍快速增长

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company reported a revenue of 6.34 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 11.6%. The net profit attributable to shareholders, after excluding non-recurring gains and losses, was 655 million yuan, up 15.09% year-on-year [1]. - Excluding the impact of GDR foreign exchange losses, the company's net profit grew by 32.02% year-on-year, reaching approximately 736.77 million yuan [1]. - The company continues to lead the domestic DCS market with a market share of 37.8% in 2023, maintaining its position for thirteen consecutive years. In the chemical sector, the market share reached 56.3%, and in the petrochemical sector, it was 49.3%, both showing year-on-year increases [1]. - The company has been recognized as a leading supplier in the intelligent manufacturing sector, participating in various significant projects that enhance its industry position [2]. Financial Summary - For 2024E, the company is expected to achieve a net profit of 1.284 billion yuan, with a corresponding P/E ratio of 31x. Projections for 2025E and 2026E are 1.571 billion yuan and 1.858 billion yuan, with P/E ratios of 25x and 21x respectively [2][3]. - The company's revenue is projected to grow from 8.62 billion yuan in 2023A to 10.25 billion yuan in 2024E, reflecting a year-on-year growth rate of 18.9% [3][11]. - The net profit is expected to increase from 1.102 billion yuan in 2023A to 1.284 billion yuan in 2024E, with a growth rate of 16.5% [3][11]. Market Position - The company holds the top position in the domestic market for several core industrial software products, including advanced control and process optimization software (28.2% market share) and manufacturing execution systems (20.7% market share) [2]. - The company has established significant barriers to entry in the intelligent manufacturing sector, enhancing its competitive advantage [2].