中控技术：剔除汇兑损益后利润高增，有望受益设备更新政策

Investment Rating - The investment rating for the company is "Buy" [2][4][6] Core Views - The company reported a revenue of 6.337 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 11.58%. The net profit attributable to shareholders was 717 million yuan, up 3.36% year-on-year. Excluding foreign exchange gains and losses, the net profit increased by 32.02% to 737 million yuan [2][6] - The company has shown effective cost control, with a notable breakthrough in overseas markets. Its core products maintain a leading market share, positioning the company to benefit from equipment renewal policies [2][6] - The company is a leading player in the domestic process automation industry and is expected to benefit from the equipment renewal policy outlined by the Ministry of Industry and Information Technology [2][6] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 6.337 billion yuan, a year-on-year increase of 11.58%. The net profit attributable to shareholders was 717 million yuan, up 3.36% year-on-year. The net profit excluding foreign exchange gains and losses was 737 million yuan, reflecting a growth of 32.02% [6] - The gross profit margin was 32.85%, a slight increase of 0.10 percentage points year-on-year [6] Cost Management - The company demonstrated significant improvements in cost management, with sales, management, and R&D expense ratios decreasing to 8.23%, 4.54%, and 10.63%, respectively, compared to the previous year [6] Market Position - The company holds a 37.8% market share in DCS products and a 33.7% market share in SIS products, both ranking first in the domestic market for thirteen consecutive years [6] - The company is expected to benefit from the industrial equipment renewal and technology transformation guidelines issued by the Ministry of Industry and Information Technology, which aims to complete the renewal of approximately 200,000 sets of industrial software and 800,000 sets of industrial operating systems by 2027 [6] Future Projections - Revenue projections for 2024, 2025, and 2026 are 10.033 billion yuan, 11.623 billion yuan, and 13.524 billion yuan, respectively, with year-on-year growth rates of 16.39%, 15.85%, and 16.35% [7] - Net profit projections for the same years are 1.233 billion yuan, 1.487 billion yuan, and 1.834 billion yuan, with growth rates of 11.89%, 20.67%, and 23.32% [7]