中控技术：经营稳健，海外业务取得突破进展，控费效果显著

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company has achieved steady revenue growth, with a reported revenue of 6.337 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 11.58%. The net profit attributable to the parent company was 717 million yuan, up 3.36% year-on-year [4][6] - The company has made significant progress in controlling costs, with sales, management, and R&D expenses showing a decrease in growth rates compared to the previous year [5] - The company secured a significant order from Saudi Aramco, enhancing its position in the industrial cybersecurity sector [5] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 6.337 billion yuan, a year-on-year increase of 11.58%. The net profit attributable to the parent company was 717 million yuan, up 3.36% year-on-year. After excluding the GDR exchange loss, the net profit would have been 737 million yuan, reflecting a 32.02% increase year-on-year [4][6] - In Q3 alone, the company achieved a revenue of 2.085 billion yuan, a year-on-year increase of 2.3%, with a net profit of 200 million yuan, up 9.52% year-on-year [4] Cost Control - The company has effectively controlled costs, with sales expenses, management expenses, and R&D expenses for the first three quarters of 2024 being 522 million yuan, 288 million yuan, and 674 million yuan, respectively. This reflects a year-on-year decrease of 1.11%, 11.15%, and an increase of 7.56% [5] Business Development - The company has made a breakthrough in its overseas business by securing a significant order from Saudi Aramco for the RTU Secure product, aimed at enhancing cybersecurity measures in industrial control systems [5] - The collaboration with Saudi Aramco indicates a deepening partnership and strengthens the company's leading position in the industrial cybersecurity field [5] Earnings Forecast - The company is expected to achieve steady growth in revenue and profit, with projected revenues of 9.655 billion yuan, 10.804 billion yuan, and 11.956 billion yuan for 2024, 2025, and 2026, respectively. The net profit attributable to the parent company is forecasted to be 1.220 billion yuan, 1.514 billion yuan, and 1.850 billion yuan for the same years [6][9]