Investment Rating - The investment rating for the company is "Outperform the Market" [6][19]. Core Views - The company is expected to maintain stable growth in overall revenue and profit in 2024, with projected revenue of 9.139 billion yuan (+6.02%) and net profit of 1.117 billion yuan (+1.38%) [9][19]. - The company is actively expanding its market share in domestic control systems and industrial software, with significant growth in the DCS and SIS segments [2][3]. - The company is increasing its investment in AI and robotics, and is transitioning to a subscription model for its software products, which is expected to enhance customer value and reduce costs [4][19]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 91.39 billion yuan, with a net profit of 11.17 billion yuan and a non-GAAP net profit of 10.38 billion yuan [9][19]. - The fourth quarter saw a revenue of 28.02 billion yuan, a decrease of 4.73%, while the net profit was 4.00 billion yuan, down 1.98% [9][19]. - The gross margin for 2024 was 33.78%, an increase of 0.61 percentage points year-on-year, with a decrease in overall expense ratios [14][19]. Market Position - The company holds a 40.4% market share in the domestic DCS market, with leading positions in the chemical and petrochemical sectors [2][3]. - The SIS product line has a domestic market share of 31.2%, maintaining its position as the market leader for three consecutive years [2][3]. Growth Opportunities - The company is experiencing rapid growth in emerging industries, with significant revenue increases in the oil and gas sector (+47.84%) and pharmaceuticals (+17.38%) [3]. - The overseas business revenue reached 749 million yuan, a remarkable increase of 118.27%, with new contracts signed exceeding 1.355 billion yuan [3][19]. Future Projections - Revenue forecasts for 2025-2027 are set at 100.19 billion yuan, 110.48 billion yuan, and 122.62 billion yuan, with growth rates of 9.6%, 10.3%, and 11.0% respectively [19][20]. - Net profit projections for the same period are 12.08 billion yuan, 13.89 billion yuan, and 16.14 billion yuan [19][20].