"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, with a target price of 59.94 CNY [2][8]. Core Views - The company achieved a revenue of 9.139 billion CNY in 2024, representing a year-on-year growth of 6.02%. The net profit attributable to the parent company was 1.117 billion CNY, up 1.38% year-on-year, while the net profit excluding non-recurring items was 1.038 billion CNY, growing by 9.51% [2][4]. - For Q1 2025, the company reported a revenue of 1.607 billion CNY, a decline of 7.55% year-on-year, and a net profit of 120 million CNY, down 17.42% year-on-year [2][4]. - The company is focusing on industrial AI and robotics to drive the transformation of process industries, aiming to become a global leader in industrial AI [8]. Financial Summary - The total revenue forecast for 2025-2027 is 10.411 billion CNY, 11.802 billion CNY, and 13.294 billion CNY, with corresponding growth rates of 13.9%, 13.4%, and 12.6% [4][8]. - The net profit attributable to the parent company is projected to be 1.279 billion CNY, 1.462 billion CNY, and 1.667 billion CNY for the same period, with growth rates of 14.5%, 14.3%, and 14.0% respectively [4][8]. - The earnings per share (EPS) are expected to be 1.62 CNY, 1.85 CNY, and 2.11 CNY for 2025, 2026, and 2027 [4][8]. Market Performance - The company has seen a significant increase in its market share in core products, with industrial automation and intelligent manufacturing solutions revenue reaching 5.643 billion CNY, a year-on-year increase of 13.86% [8]. - The internationalization strategy has been successful, with overseas revenue reaching 749 million CNY, a growth of 118.27% year-on-year [8]. - The company has secured new contracts worth 1.355 billion CNY overseas, marking a growth of over 35% [8].