中控技术：盈利能力稳定，产品持续获市场认可

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's Q3 revenue growth slowed due to macroeconomic fluctuations and adjustments in low-margin businesses [4] - Excluding exchange rate fluctuations and non-recurring gains/losses, Q3 net profit attributable to the parent company grew by 15.03% [4] - Q3 gross margin slightly decreased, but net margin improved [4] - The company secured a significant order from Saudi Aramco and signed a strategic cooperation agreement with China National Chemical Engineering, indicating strong market recognition [4] - The company's new product, UCS-Nyx, received international recognition from the authoritative industry journal IAA [4] Financial Performance - The company achieved revenue of 6.337 billion yuan in the first three quarters of 2024, a year-on-year increase of 11.58% [4] - Net profit attributable to the parent company was 717 million yuan, up 3.36% year-on-year [4] - Q3 revenue was 2.085 billion yuan, up 2.30% year-on-year, with net profit attributable to the parent company at 200 million yuan, up 9.52% year-on-year [4] - The company's gross margin for the first three quarters was 32.85%, slightly up by 0.1 percentage points year-on-year [4] - Q3 gross margin was 32.07%, down 1.17 percentage points year-on-year, while net margin improved by 0.70 percentage points [4] Future Projections - The report forecasts net profit attributable to the parent company for 2024-2026 to be 1.256 billion, 1.512 billion, and 1.822 billion yuan, respectively [4] - The corresponding P/E ratios are projected at 31X, 25X, and 21X for 2024-2026 [4] - Revenue growth rates for 2024-2026 are expected to be 15.8%, 16.9%, and 16.4%, respectively [5] - Net profit growth rates for 2024-2026 are projected at 14.0%, 20.4%, and 20.5% [5] Market Data - The company's closing price on October 23, 2024, was 48.57 yuan [2] - The price-to-book ratio is 3.8, and the dividend yield is 1.44% [2] - The market capitalization of the company's A-shares is 37.819 billion yuan [2] - The company's total shares outstanding are 791 million, with 779 million A-shares in circulation [3]