"1+2+N"战略架构持续落地，工业机器人实现规模化落地。公司全面落地"1+2+N"工业AI 驱动的企业智 能运行新架构，以AI 技术重塑产品体系。8 月28 日，公司发布全球首个时序混合专家大模型（MoE） 驱动的工业Agent 生成平台（TPT 2），重塑工业软件架构及应用模式。商业模式创新方面，公司大力 推广软件订阅制/年费制模式，旨在建立稳定、高粘性的收入来源。截至2025年6 月底，已累计签约938 家订阅制客户，实现商业模式的战略性突破。公司持续围绕"AI+平台+危险源巡检与操作、供应链物 流、人形机器人装备"三大方向，对流程工业机器人解决方案"Plantbot"进行了持续升级与规模化落地。 8 月，公司与沙特阿美联合研发，发布了新一代智能巡检机器人ARAMCOBOTGEN2，并在沙特阿美展 开部署。 投资建议：公司作为流程工业自动化龙头，随着工业AI、机器人等新兴业务顺利推进，海外市场打开 新空间。受行业景气度影响，下调公司盈利预测，我们预计公司 2025-2027 年营业收入为 93.19\105.75\120.64 亿元，对应增速2.0%\13.5%\14.1% ； 归母净利润为11.39\ ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][8]. Core Views - The company reported a revenue of 3.83 billion yuan for the first half of 2025, a year-on-year decrease of 9.92%, and a net profit attributable to shareholders of 354 million yuan, down 31.46% year-on-year. The decline in revenue and profit is attributed to industry competition, reduced bank wealth management and interest income, and increased foreign exchange losses [2][3]. - Despite short-term performance pressure, the company is focusing on industrial AI and robotics, which are becoming the core growth engines, partially offsetting the short-term pressures from traditional businesses. The industrial AI product TPT generated revenue of 117 million yuan, while the robotics segment brought in 110 million yuan, with new orders totaling 200 million yuan [3][8]. - The company maintains a leading position in traditional business, with a domestic market share of 40.4% in distributed control systems (DCS) and 31.2% in safety instrumented systems (SIS). The company has also made significant strides in overseas market expansion, including a contract with Algeria's national oil and gas company [3][8]. - The "1+2+N" strategic framework is being implemented, with industrial robots achieving large-scale deployment. The company has launched the world's first time-sequence hybrid expert model-driven industrial agent generation platform (TPT 2) and has signed 938 subscription-based clients, marking a strategic breakthrough in its business model [3][8]. - The company expects revenue growth of 2.0%, 13.5%, and 14.1% for 2025, 2026, and 2027, respectively, with net profit attributable to shareholders projected at 1.139 billion yuan, 1.274 billion yuan, and 1.450 billion yuan for the same years. The target price is set at 57.96 yuan, based on a 36x PE ratio for 2026 [3][8]. Financial Summary - For 2025, the company anticipates total revenue of 9.319 billion yuan, with a year-on-year growth rate of 2.0%. The net profit attributable to shareholders is expected to be 1.139 billion yuan, reflecting a growth rate of 1.9% [4][9]. - The company's total market capitalization is approximately 38.15 billion yuan, with a circulating market value of 37.77 billion yuan. The asset-liability ratio stands at 42.31% [5][9].

Core Insights - The company, Zhongkong Technology, has achieved significant financial milestones in 2024, with operating revenue reaching 9.139 billion yuan and a net profit of 1.038 billion yuan, marking a 20.26% year-on-year growth in net profit after excluding GDR currency exchange losses [1] - Zhongkong Technology has introduced groundbreaking products, including the Universal Control System (UCS) and the Industrial AI Time Series Model (TPT), which are pivotal in establishing a comprehensive industrial intelligence architecture [2][3] - The company has achieved a domestic market share of 40.4% in Distributed Control Systems (DCS), with notable leadership in the chemical and petrochemical sectors [4] Financial Performance - In 2024, Zhongkong Technology's revenue reached 9.139 billion yuan, with a net profit of 1.038 billion yuan, and a 20.26% increase in net profit after adjustments [1] - The company's industrial software revenue grew by 20.70% to 2.653 billion yuan, while new orders in the robotics sector amounted to 167 million yuan [4] Product Innovation - The UCS and TPT models represent a significant technological advancement, with UCS being described as the largest innovation in control systems in 50 years, achieving a 90% reduction in cabinet space and an 80% decrease in cable costs [3] - TPT has demonstrated a reduction in steam coal consumption by over 3.1%, leading to efficiency improvements exceeding 50% for clients [3] Market Position - Zhongkong Technology maintains a leading position in the domestic market, with a DCS market share of 40.4%, and holds the top position in various sectors including chemicals and building materials [4] - The company has successfully secured major projects, enhancing its market presence and driving domestic automation [4] Global Expansion - The company has established a global presence in 50 countries, with overseas revenue reaching 749 million yuan, a growth of over 118% year-on-year [5] - Significant contracts have been signed internationally, including projects in Saudi Arabia and Sweden, showcasing the company's competitive edge in global markets [5] Research and Development - In 2024, Zhongkong Technology invested 978 million yuan in R&D, a 7.73% increase, with R&D personnel constituting 39.05% of the workforce [3] - The company has filed 346 new patents, reflecting its commitment to innovation and technological advancement [3] Strategic Outlook - Analysts suggest that Zhongkong Technology's strong technical capabilities and strategic vision position it well for future growth, particularly in the realms of industrial AI and new market exploration [6] - The company is expected to redefine China's manufacturing competitiveness on a global scale through its innovative solutions and extensive industry knowledge [6]