2025年7月1日，中控技术披露接待调研公告，公司于6月11日接待睿远基金、中金公司、国寿养老等27 家机构调研。 中控技术最新股价44.69元，较前一收盘价跌0.22元，跌幅0.49%，总市值353.32亿元。其 所处软件开发行业滚动市盈率平均119.95倍，中值84.76倍，中控技术32.37倍排名第7位。 调研显示，中 控技术近期中标陕煤榆林化学1.31亿元订单，为1500万吨/年煤炭分质清洁高效转化示范项目相关工程 的全厂集散控制系统与安全仪表系统框架采购协议。公司将依托新架构构建智能闭环，融合前沿技术助 力打造卓越级智能工厂。 6月12日，公司推出PLC新品M4Pro，具备高可靠性等优势，适配多行业场 景，聚焦专业领域，精准响应高端装备复杂控制需求。公司凭借全链路质量保障体系等实现IT与OT深 度融合。 公司流程工业AI时序大模型TPT自去年6月推出后，已在多装置取得突破性应用。近日，凭借 核心技术优势入围中石化人工智能场景应用项目，标志进入全面深化应用阶段，将打造有自主知识产权 的AI模型。 天眼查资料显示，中控技术成立于1999年12月7日，以仪器仪表制造业为主。截至2025年3 月31日，股东 ...

股票研究 /[Table_Date] 2025.05.22 2025-06-19 [Table_Market] [Table_Balance] 本报告导读： 随着公司 AI 投入阶段性成果已现，传统优势行业稳健增长以及新兴行业需求涌现， 叠加海外市场加速拓展以及整体商业模式快速优化，未来业绩增速或超预期。 投资要点： | 风险提示：技术升级迭代不及预期、市场竞争加剧的风险。 | | | | | | | --- | --- | --- | --- | --- | --- | | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业收入 | 8,620 | 9,139 | 10,314 | 11,280 | 12,466 | | (+/-)% | 30.1% | 6.0% | 12.9% | 9.4% | 10.5% | | 净利润（归母） | 1,102 | 1,117 | 1,272 | 1,472 | 1,738 | | (+/-)% | 38.1% | 1.4% | 13.9% | 15.7% | 18.1% | ...

1）中控技术 （同犇投资参与公司特定对象调研&分析师会议&路演活动&券商策略会） 调研纪要：公司向工业AI的战略转型，是顺应时代趋势、行业需求的必然选择。工业场景痛点倒逼技术革新，传统流程工业面临生产效率与能耗 控制难以平衡等挑战。公司推出的TPT时序大模型全面应用了工业I技术，能覆盖多种工业场景应用，形成难以逾越的技术护城河。国家已出台多 项政策推动设备更新及制造业智能化转型，石油、化工、钢铁等行业将在2027年完成设备更新换代任务。公司预计2025-2027年中国工业自动化市 场将保持2.3%左右的年均复合增长率，正加快向工业I公司转型，探索工业I发展之路。TPT大模型已在多个装置取得应用，提升生产效益1~3%， 计划未来2-3年全面推动工业I产品整合升级。 机构简介： 同犇投资是一家有特色的阳光私募。公司成立于2014年1月，实缴资本1000万，2014年5月4日获得私募投资基金管理人登记证书，是为数不多的由 新财富最佳分析师创建的阳光私募，也是"五年金牌分析师转型阳光私募"的唯一团队。公司总经理、投资总监童驯先生02-13年曾在上海申银万国 证券研究所工作12年，08-12年连续五年荣获新财富食品饮料 ...

Core Insights - The company aims to become a global leader in industrial AI, emphasizing the use of AI to promote sustainable industrial development [1] - The chairman indicated that 2025 will be a critical period for strategic transition, with increased R&D investment in AI leading to short-term performance pressure but potential for explosive growth in technology conversion [1][3] - The company has developed the TPT model, achieving significant application breakthroughs in various industrial scenarios, enhancing system self-control rates and reducing emissions and energy consumption [2][4] Group 1 - The company has a unique advantage in the industrial AI era, as industrial control systems serve as the hardware foundation for AI implementation [2] - The company has accumulated over 100EB of industrial data across 100,000 control systems, making it a leader in real-time industrial data [2] - The company has committed to reducing carbon emissions by nearly 2 billion tons over the past decade, showcasing its focus on sustainability [3] Group 2 - The company is actively transitioning to an industrial AI company, exploring opportunities in the industrial AI sector and integrating its product offerings [3][4] - The company has established a leading "1+2+N" AI-driven enterprise operation technology architecture, focusing on core capabilities of "AI + Data" [4] - The company is investing in humanoid robotics, aiming to integrate these technologies into the manufacturing sector to enhance safety, quality, and efficiency [4]

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].

"请帮我按此方案优化……"随着指令下达，王工注视着电耗数据趋势，仅需"动动嘴"就能操控氯碱 化工厂，正是中控技术发布的时间序列大模型TPT和DeepSeek双引擎驱动发挥的作用。 流程工业由于生产过程连续不断，对生产过程的控制要求高，通常需要实时、直接的控制以确保生 产流程和产品质量的稳定性，用户通过TPT可以实现工业现场在线实时优化与闭环控制。据中控技术董 事长兼总裁崔山介绍，TPT推出不到半年时间，就已经在数十家大型企业落地。 中控技术加速工业AI布局，也是高新区（滨江）全速布局智能经济赛道的缩影。今年一季度，该 区实现规上工业研发费用63.3亿元，研发投入占营收比例为7%，居全市第一。 解码：区域产业链完善，人才"就地取材" 近日，记者走进位于高新区（滨江）的中控科技园，在创新体验中心的时间序列大模型TPT展示 区，慕名前来的客商络绎不绝，中控技术股份有限公司（以下简称"中控技术"）的员工正用不同国家的 语言，为客户讲解工业AI如何让氯碱化工厂发生"智变"。而就在前不久，中国（北京）—沙特农业产业 和可持续发展论坛上传来消息：四维生态科技（杭州）有限公司的AI植物工厂也将出海沙特，助力当 地农业向高端化 ...

人工智能（AI）技术已成为工业领域提升效率、质量及核心竞争力的重要力量。在日前举行的2025全 国石油化工自动化智能化与设备改造大会上，专家指出，为应对外部环境的变化，石化行业亟须以AI 为核心驱动力，向数字化、网格化、智能化的新一代智能制造跃迁。要实现这一跃迁，不仅需要技术升 级，更需要商业模式的重构。 石化盈科信息技术有限责任公司高级专家刘暄强调，面对世界百年未有之大变局加速演进，竞争国对我 国先进制造业的打压不断升级，我国能源化工行业亟须通过数智化转型突破行业瓶颈，在安全可信的前 提下，推动行业实现"弯道超车"。 "制造业创新包括四种内涵，即产品创新、技术创新、模式创新、集成创新。"刘暄表示，数字化转型是 新型工业化的重要特征，需以AI为核心驱动力，深度融合先进制造技术，实现制造业从"数字化制造"向 集成了数字化、网格化、智能化的"新一代智能制造"范式跃迁。 数字化技术将如何提升行业发展前景？中控技术股份有限公司咨询中心总经理赵路军认为，目前，对于 石油化工企业来说，数字化转型最本质的场景在于两点，一是通过自动化、无人化运行，实现生产 的"安稳长满优"和提效降本；二是企业运营的无人化，针对外部市场的变动 ...

2024年，科创板公司创新要素加速汇聚，创新动能积厚成势，助力我国赢得全球科技竞争主动权。据统 计，超八成科创板公司核心产品聚焦进口替代及自主可控，超380家公司的850余项产品或技术达到国际 先进水平，在集成电路、生物医药、高端装备等关键领域实现突破，有力支撑了国家高水平科技自立自 强的战略布局。 厚植"创新力"与"技术库" 自设立以来，科创板始终坚守"硬科技"定位，高研发投入、高技术产出已成为科创板公司的鲜明特征之 一。 年报数据显示，科创板去年研发投入总额达到1680.78亿元，超过净利润的2.5倍，同比增长6.4%，最近 3年复合增速达10.7%；研发投入占营业收入比例中位数达12.6%，持续领跑A股各板块，其中107家公司 连续3年研发强度超20%。 截至2024年末，科创板已汇聚研发人员24万人，研发人员占员工总数比例近三成。全年新增发明专利2 万项，累计形成发明专利超12万项，中芯国际、信科移动等龙头企业专利储备均超万项。累计138家次 公司牵头或参与的项目荣获国家科技进步奖、国家技术发明奖等重要奖项；超六成公司入选国家级专精 特新企业，64家跻身单项冠军企业行列。 科技成果正在加速走出实验室， ...

Investment Rating - The report suggests a focus on leading domestic generative AI model companies such as iFlytek, and AI hardware companies like Yingshi Network and Hongsoft Technology, as well as companies enhancing C-end application engagement like Kingsoft Office and Wanjing Technology [2] Core Insights - The report highlights the significant advancements in AI models, particularly with Alibaba's Qwen3 series, which includes various models with reduced deployment costs and high performance, establishing itself as a leading open-source model family [4][11] - The report indicates that the short-term impact of Trump's tariff policy on computer companies is minimal, with domestic demand expected to benefit the sector, particularly in areas like domestic substitution and self-control [11] - The report identifies high and stable growth sectors for 2025, including the AI industry chain, smart driving, software outsourcing, and the Huawei supply chain, while also noting sectors with improving conditions such as data elements and industrial software [11][10] Summary by Sections Industry Overview - The report discusses the release of Alibaba's Qwen3 models, which have shown competitive performance against top models and have a significant global download rate, indicating a strong market presence [4][11] - It emphasizes the potential for large internet companies to monetize their foundational models and computing power through existing applications and cloud platforms [11] Market Trends - The report notes that the computer industry index rose by 2.47% from April 28 to May 3, 2025, outperforming the CSI 300 index [16] - It highlights the increasing daily trading volume in the A-share market, which rose by 30% year-on-year, indicating a robust market environment [21] Sector Performance - The report categorizes various sectors within the computer industry, indicating that AI and smart driving sectors are experiencing high growth, while sectors like security and medical IT are also showing positive trends [10][19] - It mentions that the industrial AI sector is approaching a turning point, with significant projects being disclosed, indicating a growing market for AI applications in industrial settings [13] Future Events - The report outlines upcoming industry events, including the VR/AR Expo and Google I/O, suggesting potential investment opportunities in related sectors [29][30]

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 ...