[Table_scodeMsg1] 联合研究丨公司深度丨中控技术（688777.SH） [Table_Title] 从工业 AI 视角再论中控技术的成长性 %% %% %% %% research.95579.com 1 丨证券研究报告丨 %% %% %% %% research.95579.com 2 报告要点 [Table_Summary] 一年前我们发布《中控技术深度：不畏浮云，鼎故革新》，对中控技术的成长之路进行系统性复 盘。一年之后再看中控，环境与公司内部均发生变化：于外部环境，不变的是周期压力延续传 导，但 AI+工业融合愈发深入带来更大的成长空间。于公司自身，变化的是转型带来的业务结 构调整，但"技术为底、战略为翼"的驱动内核始终不变。当前公司正站在新阶段起点、向工 业 AI 的新世界迈进。预计公司 2025-2027 年实现归母净利润 9.1 亿元、11.6 亿元、14.6 亿元， 同比-18.4%、+27.0%、+26.2%，建议重点关注。 分析师及联系人 [Table_Author] 宗建树 赵智勇 曹小敏 SAC：S0490520030004 SAC：S0490517110001 SAC ...

Core Viewpoint - Industrial software is a cornerstone of intelligent manufacturing, experiencing steady market growth driven by policy support and technological advancements, while integrating with new technologies like AI to promote the intelligent transformation and upgrading of the manufacturing sector [1] Policy Perspective - Intelligent manufacturing has been elevated to a national strategy, transitioning from pilot demonstrations during the "13th Five-Year Plan" to systematic planning in the "14th Five-Year Plan" [1] Market Perspective - The market size of China's industrial software is projected to reach 354.14 billion yuan in 2024, representing a year-on-year growth of 11.2%, although high-end sectors remain dominated by foreign companies, indicating a vast potential for domestic manufacturers to capture the replacement market [1] Technological Perspective - The deep integration of AI with industrial software is leading to intelligent generation and optimization in CAD/CAE applications, with industrial large models and intelligent agents being implemented in scenarios such as quality inspection and energy consumption management, while physical AI further enhances multi-industry simulation and decision-making upgrades [1] Future Trends - The future of industrial software will focus on key technology autonomy, the implementation of large models and intelligent agents in vertical fields, and the factorization of industrial data, supporting the achievement of China's manufacturing goals for 2035 [1]

"当下先进的科技技术究竟该如何扎根于油气矿山行业，给行业带来改变？经过不断的摸索，我们的答 案是以用促建，让技术从业务的痛点中生长出来。"11月26日，在北京举行的华为中国政企业务油气矿 山2025媒体沟通会上，华为油气矿山集团副总裁吴海宇如是说。在这场媒体沟通会上，三位来自华为油 气矿山军团的发言人讲述了华为如何通过一场"自下而上"的技术渗透，让人工智能(AI)牢牢扎根于能源 化工行业，从辅助系统进入核心生产流程。 让技术沾上"机油味" 当前，传统能源化工行业面临多重挑战，安全管控、效率提升、绿色转型等不同要求为行业发展带来了 较为沉重的压力。在谈及如何应用AI助力能化行业转型时，吴海宇表示，AI的应用需要围绕真实的业 务难题，从场景出发，实现数字化技术的落地应用。 应用这一策略，华为瞄准石油化工行业能耗与安全性两大关键，联合云天化（600096）打造了全球首个 煤气化实时在线优化技术(RTO)大模型项目，使煤气化装置能够精确模拟并预测气化炉炉温、渣层厚度 及渣黏度等关键运行参数，从而保障生产过程的深度优化与极致稳定。该项目投用后，预计每年实现节 煤9000多吨、减少二氧化碳排放量2万多吨，带来每年超千万元 ...

Core Insights - Industrial software is a cornerstone of intelligent manufacturing, experiencing steady growth driven by policy support and technological advancements, particularly in AI integration [1][2] - The Chinese manufacturing industry's path towards intelligent transformation is clear, with ongoing strong policy support and specific targets set for digital penetration by 2025 [2] - The Chinese industrial software market is showing robust growth and structural differentiation, with a projected market size of 765 billion yuan by 2029, reflecting a compound annual growth rate of 19.1% [3] Policy Support - The "14th Five-Year Plan" for intelligent manufacturing outlines specific goals, including a digital penetration rate exceeding 70% for large-scale manufacturing enterprises by 2025 [2] - Recent policies emphasize the importance of industrial software and operating systems as key technologies for achieving high-quality and secure intelligent upgrades [2] Market Growth - The industrial software market reached 354.14 billion yuan in 2024, with expectations to grow to 765 billion yuan by 2029, indicating a strong demand driven by both policy and market needs [3] - Domestic manufacturers are gaining market share in production control and management sectors due to customized services and cost advantages, particularly in high-end ERP markets [3] Technological Integration - AI is deeply integrated with industrial software, enhancing capabilities in design, production control, and quality management, thus driving intelligent transitions across various manufacturing stages [4] - The application of physical AI is enabling high-fidelity simulations and predictions in advanced equipment and low-altitude economies, contributing to the realization of the "China Manufacturing 2035" strategy [4]

Core Concept - The emergence of the Frontier Deployment Engineer (FDE) model is crucial in bridging the gap between artificial intelligence (AI) technology and industrial needs, transforming AI from laboratory results into practical industrial tools [1][2][3] FDE Role and Functionality - FDEs are hybrid professionals who understand both technology and industry, capable of translating abstract algorithms into actionable solutions that address core industrial pain points [2][3] - The FDE model disrupts traditional technology implementation by defining technology based on industry-specific needs, enabling cross-domain capability reuse, and ensuring transparent deployment processes [3][4] FDR as a Complementary Role - The Frontier Deployment Researcher (FDR) plays a critical role in the continuous optimization of deployed technologies, focusing on dynamic iteration and ensuring that AI solutions remain aligned with evolving industrial requirements [4][5] - FDRs are responsible for addressing model adaptation issues post-deployment, ensuring that AI systems can adjust to changes in production scenarios [5][6] Collaborative Framework - The collaboration between FDEs and FDRs creates a feedback loop that enhances the efficiency of model iteration, reducing the typical iteration cycle from three months to one to two weeks [7][8] - FDRs leverage their experience to create reusable technology modules, facilitating rapid adaptation across different industrial applications [7][8] Impact on Industrial AI - The FDE-FDR model significantly improves the adaptability and efficiency of industrial AI, allowing for real-time co-creation and continuous evolution of AI solutions [9][10] - The implementation of this model has led to substantial improvements in operational metrics, such as increasing control precision from 88% to 97% in specific projects [9][10] Future Directions - The focus will be on deepening technology, expanding ecosystems, nurturing talent, and promoting global outreach, with an emphasis on creating a robust talent pool of FDEs and FDRs [12][13] - The establishment of training programs and initiatives aims to enhance the capabilities of professionals in the field, ensuring that the industrial AI landscape continues to evolve and adapt to new challenges [12][13]

Core Viewpoint - Zhongkong Technology (688777) has made significant advancements in the automation and AI sectors, particularly in the chemical industry, showcasing its potential for intelligent upgrades and operational efficiency [2][3]. Group 1: Company Developments - Zhongkong Technology's "无人调度" (Unmanned Dispatch) system, developed in collaboration with Wanhua Chemical, has been successfully implemented at Wanhua's industrial park, marking a historic leap towards fully autonomous factories in China's chemical sector [2]. - The company's general control system UCS has been applied in major projects, including China Petroleum's 1.2 million tons/year ethylene project, with total investments exceeding 79 billion yuan [2][5]. - The TPT model, acting as the "smart brain," captures trends in milliseconds, while UCS serves as the "nerve center," providing high-quality real-time data, contributing to a fully autonomous factory technology system [2]. Group 2: Project Outcomes - The implementation of TPT has led to significant operational improvements, including a 99.79% accuracy rate in anomaly warnings, a 25% reduction in furnace time, a 60% decrease in construction costs, and a 67% increase in personnel efficiency [2]. - TPT has been successfully deployed in over a hundred industrial scenarios, with notable results such as a 0.373% increase in single-furnace ethylene yield at China Petroleum, translating to an annual benefit exceeding 15 million yuan [3][5].

Core Insights - The global lithium battery equipment industry is experiencing a strong surge in orders, with leading companies expected to sign and hold orders exceeding 30 billion yuan in the first half of 2025, representing a year-on-year growth of 70% to 80% [2] - The current expansion cycle emphasizes high safety, reliability, performance, and value, focusing on three main challenges: balancing scalability and flexibility, managing complexity and yield stability, and enhancing global responsiveness [2] Group 1: Industry Innovations and Trends - The 2025 High-Performance Lithium Battery Annual Conference featured key presentations from various companies, including Guoxuan High-Tech and Gongyuan Sanqian, discussing innovations in intelligent manufacturing and battery technology [1][3] - Guoxuan High-Tech proposed a "Three New" initiative for industry collaboration, focusing on exploring new equipment and technologies for quasi-solid, semi-solid, and solid-state batteries, sharing key processing technologies, and building an ecosystem for industrial AI detection and intelligent scheduling [7] - Gongyuan Sanqian aims to become a provider of advanced industrial X-ray solutions, with their X-ray detection equipment achieving significant speed improvements, reducing detection times for various battery types [12][13] Group 2: Technological Advancements - Jieput's presentation highlighted the application of laser welding process control technology in power batteries, emphasizing a comprehensive control approach throughout the welding process to ensure quality and efficiency [14][16] - Public Laser's COO discussed advancements in high-power fiber green light technology for lithium battery electrode cutting, showcasing its advantages over traditional methods in terms of precision and reduced thermal impact [19][21] - Zhongke Leishun introduced a new generation of lithium battery slurry preparation technology using high-energy ultrasonic cavitation dispersion, which significantly improves slurry stability and reduces contamination [22][25] Group 3: Efficiency and Sustainability - Leisuo New Materials presented their planar infrared drying technology, which offers significant energy savings and efficiency improvements in battery production, achieving a 50% reduction in energy consumption and a 40% increase in speed [28][31] - The company has delivered over 200 sets of planar infrared systems since 2022, demonstrating its commitment to sustainable production practices [32] - Bichu Electronics introduced a comprehensive IWM lithium welding solution that utilizes data-driven closed-loop control to enhance welding reliability and traceability, addressing common quality risks in battery production [33][36]

Core Insights - Dassault Systèmes demonstrated resilience with double-digit growth in 2025, attributed to strategic positioning and ecosystem development [2][8] - The company is committed to deepening its presence in the Chinese market, focusing on innovation and collaboration with local partners [2][8] Market Expansion and Customer Development - In 2025, Dassault Systèmes achieved breakthroughs in market coverage and customer acquisition, entering previously untapped regions like Jiangmen, Guangdong [2] - The shift from "single-point breakthroughs" to "comprehensive penetration" in customer collaboration is evident, with more clients opting for integrated solutions across multiple product lines [2][3] Ecosystem Development - The channel ecosystem in China has grown from 131 to over 3,000 partners over 20 years, reflecting a robust and cohesive industry community [3] - The company emphasizes a "brand channel" strategy to ensure quality partnerships, converting franchise fees into training resources for partners [3] Localization and Innovation - In 2025, Dassault Systèmes launched significant local initiatives, including the establishment of a digital management platform in collaboration with a local design institute [4] - The opening of the 3DEXPERIENCE Innovation Lab in Shanghai aims to foster collaboration between startups and academia, enhancing innovation and commercialization [4] Future Development Directions - The company has outlined a clear development direction for the "14th Five-Year Plan" period, focusing on AI empowerment, ecosystem expansion, and industry deepening [5] - The introduction of the Aura AI design assistant in SOLIDWORKS 2026 aims to enhance design efficiency and reduce repetitive tasks for engineers [5] Focus on Emerging Markets - Dassault Systèmes plans to target emerging sectors such as renewable energy, robotics, and wearable devices, while also exploring opportunities in major infrastructure projects [6] - The company aims to provide integrated solutions across twelve industries, leveraging its 3D experience platform to meet the needs of industry convergence [6] Ecosystem Enhancement - The company intends to balance quantity and quality in expanding its channel ecosystem, targeting new regions and promoting multi-product line services among partners [7] - Dassault Systèmes aims to foster a competitive yet complementary relationship with local manufacturers, enhancing innovation in China's manufacturing sector [7] Commitment to Innovation - The company is positioned to contribute significantly to the high-quality development of China's manufacturing industry, leveraging its 3D experience platform and AI technology [8]

Core Insights - The year 2025 is identified as a pivotal year for the large-scale implementation of AI detection driven by leading clients [1] - The company is collaborating with several industry leaders to enhance assembly quality through AI, enabling real-time data analysis and adaptive parameter adjustments, significantly reducing reliance on field engineers and after-sales costs [1][3] Industry Trends - The core of industrial AI lies in "image quality + solution integration," with China possessing strong local application engineering capabilities and rapid response advantages in this field [3] - As AI capabilities become more platformized and generalized, the company is accelerating its expansion into overseas markets, facilitating the transition of high-end manufacturing towards a new phase of intelligence and standardization [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 5.654 billion yuan for the first three quarters of 2025, a year-on-year decrease of 10.78%, and a net profit attributable to shareholders of 432 million yuan, down 39.78% year-on-year. The transition pains continue, but there are signs of recovery in key indicators such as contract liabilities and inventory, which increased by 12% and 3% respectively quarter-on-quarter in Q3 [2][6] - New business segments, particularly in industrial AI, showed growth with revenues from TPT and robotics reaching 154 million yuan and 122 million yuan respectively, marking increases of 37.56 million yuan and 11.69 million yuan compared to H1 [2][6] - The company expects net profits attributable to shareholders to reach 910 million yuan, 1.16 billion yuan, and 1.46 billion yuan for 2025-2027, reflecting a year-on-year change of -18.4%, +27.4%, and +25.9% respectively, indicating a potential recovery [2][6] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 5.654 billion yuan, down 10.78% year-on-year, and a net profit of 432 million yuan, down 39.78% year-on-year. The Q3 performance showed a revenue of 1.824 billion yuan, a decrease of 12.52% year-on-year, and a net profit of 78 million yuan, down 61.25% year-on-year [6][2] - The gross margin for Q3 was approximately 31.42%, with a slight decline compared to previous periods, attributed to increased competition and pricing pressures in a challenging market environment [13] Business Development - The TPT platform has entered a phase of large-scale application, with over 110 successful projects implemented across various industries, including petrochemicals and thermal power. The TPT 2.0 platform was launched, enhancing capabilities and flexibility for users [13] - The company has begun to see results from its subscription model, with annual recurring revenue (ARR) reported at 76.91 million yuan, indicating progress in its strategic transformation [13] Investment Outlook - The company is expected to face ongoing transition challenges but is viewed positively for its long-term value in the industrial AI sector. The focus on new business models and technology advancements is anticipated to drive future growth [13][2]