Core Viewpoint - The company is accelerating its strategic transformation towards becoming an industrial AI company, enhancing its global presence, and entering the humanoid robot market [1][4]. Financial Performance - In the previous year, the company achieved a revenue of 9.139 billion yuan, a year-on-year increase of approximately 6%, and a net profit attributable to shareholders of 1.117 billion yuan, up 1.38% year-on-year [1]. - Excluding the impact of GDR foreign exchange gains and losses, the net profit attributable to shareholders was 1.092 billion yuan, representing a year-on-year growth of 9.60% [1]. Strategic Initiatives - The year 2025 is identified as a critical period for the company's strategic shift, with increased R&D investment in AI technology leading to short-term performance pressure but positioning the company for future growth [1]. - The company has launched innovative products such as the UCS universal control system and the TPT temporal industrial model, aimed at enhancing AI applications in process industries [2]. Product Innovations - The UCS system reduces cabinet room space by 90%, shortens construction time by 50%, and increases communication speed by over 100 times, representing a revolutionary innovation in control systems [2]. - The TPT model achieves a self-control rate of over 95%, reduces nitrogen oxide emissions by 5%, and decreases coal consumption by over 3.1%, providing significant economic benefits to clients [2]. Market Outlook - According to Omdia, the AI software market is expected to experience explosive growth, reaching a scale of 218 billion USD by 2029, driven by the integration of industrial AI models and agents [3]. - The company is actively promoting the development and application of TPT and robotics, anticipating these technologies will drive new growth [3]. Humanoid Robotics - The company has invested in the Zhejiang Humanoid Robot Innovation Center, which has launched two generations of humanoid robots and is moving towards mass production [4]. - The company has introduced the "Plantbot" solution, integrating AI and robotics to enhance perception, decision-making, and execution capabilities [4]. Global Expansion - In 2024, the company's overseas revenue reached 749 million yuan, a year-on-year increase of 118.27%, accounting for 8.25% of total revenue [5]. - The company has established 21 subsidiaries and 5 new 5S stores in various regions, enhancing the global influence of the SUPCON brand [5]. Strategic Partnerships - The company has formed deep collaborations with international clients such as Saudi Aramco and Petronas in various fields including control systems and industrial software [6]. - The company is pursuing acquisitions and partnerships to support its strategic transformation towards industrial AI and robotics [6].

优势行业稳健增长，新兴行业需求涌现。2024 年分行业来看，化工行业营收33.66 亿元，同比增长 5.89%；石化行业营收18.54 亿元，同比增长10.59%；油气行业营收8.85 亿元，同比增长47.84%；制药 食品行业营收7.41 亿元，同比增长17.38%；冶金行业营收4.88 亿元，同比增长15.88%；白酒行业成功 获得沪州老窖、五粮液等客户订单，2024 年新签订单突破2 亿；优势行业石化、化工的需求依然保持稳 健增长，油气、白酒等重点新兴行业需求提供有力支撑。 近日，公司发布2024 年年报及2025 年一季报，2024 年实现营业收入91.39 亿元，同比增长6.02%；归母 净利润11.17 亿元，同比增长1.38%；扣非净利润10.38 亿元，同比增长9.51%。2025 年Q1 实现营业收入 16.07 亿元，同比下降7.55%；归母净利润1.20 亿元，同比下降17.42%。 评论： 核心产品市占率进一步提升，机器人+国际化布局表现亮眼。2024 年，公司工业自动化及智能制造解决 方案收入为56.43 亿元，同比增长13.86%，主要得益于公司大项目的顺利推进，市占率提升；工业软 ...

公司研究 证 券 研 究 报 告 中控技术（688777）2024 年报及 2025 年一季报点评 强推（维持） AI+机器人驱动流程工业革命，聚焦智能化 目标价：59.94 元 事项： ❖ 近日，公司发布 2024 年年报及 2025 年一季报，2024 年实现营业收入 91.39 亿 元，同比增长 6.02%；归母净利润 11.17 亿元，同比增长 1.38%；扣非净利润 10.38 亿元，同比增长 9.51%。2025 年 Q1 实现营业收入 16.07 亿元，同比下降 7.55%；归母净利润 1.20 亿元，同比下降 17.42%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 9,139 | 10,411 | 11,802 | 13,294 | | 同比增速(%) | 6.0% | 13.9% | 13.4% | 12.6% | | 归母净利润(百万) | 1,117 | 1,279 | 1,462 | 1,667 ...

4月29日，中控技术(688777.SH)发布2025年一季度报告，第一季度实现营业收入16.07亿元，实现归母净 利润1.20亿元。作为战略转型的核心抓手，中控技术一季度持续加码研发投入，研发费用同比增长 1.66%，占营收的比重为13.01%，同比增加1.18个百分点。据统计，上市以来，中控技术的研发投入累 计超过34亿元。 根据工信部《工业重点行业领域设备更新和技术改造指南》，到2027年完成约200万套工业软件和80万 台套工业操作系统更新换代任务。据测算，未来每年将形成约数百亿元控制系统、工业软件及仪器仪表 的新增市场空间。 凭借技术纵深与生态协同能力，中控技术在政策红利中抢占先机。公司在冶金领域国产化替代取得突 破，公司已成立设备更新专项工作组，同时已与鞍钢、宣钢等多家钢铁企业成立合资公司及钢铁流程 AI智能化联合实验室，预计冶金行业将持续落地15万台套设备更新。同时，伴随国内煤化工行业正在 进行大规模项目投建，目前公司正积极与包括国家能源、宝丰能源（600989）、中煤等在内大客户深入 洽谈，2025年3月中控技术刚刚中标中煤榆林煤炭深加工基地项目，为未来增长提供长期确定性。 中控技术表示，报告 ...