（原标题：400亿杭州自动化龙头发力工业智能） 63岁的褚健，正抢占工业智能的风口。 1月6日，他实控的中控技术，披露一份投资者关系纪要。回应中标某医药项目时，管理层透露，"持续将AI技术深度融入工业关键场景"。 中控技术，位于杭州，作为国产工业自动化领域龙头，其市值超过400亿。褚健团队，已加紧转向工业AI领域。 《21CBR》记者获得的一份纪要显示，在2025年10月的业绩交流会上，中控技术披露一连串惊人的数字。 管理层计划，未来4-5年内，AI业务、机器人业务的年营收规模，分别达到200亿元、50亿元，还要砸200亿元，真金白银投AI。 其终极愿景，是让中控站上万亿市值。 在中控，这位灵魂人物，仅任"战略与技术顾问"一职，日常经营事务，交给董事长兼总裁崔山等人。只是，褚仍活跃在台前，全力推动中控转型 为工业AI公司。 褚健重视的新"武器"，叫TPT。 流程工业时序大模型TPT，于2024年6月发布，是中控AI业务的核心产品，用上30多年干这行的功底。 工业的一切，几乎都跟时间序列数据有关。 比如，某设备失效了，追溯一周之前设备的振动数据，一定有发现。如果能破解这类数据，哪怕提前预知几秒，就能大幅提升生产 ...

其终极愿景，是让中控站上万亿市值。 关键武器 褚健是浙江淳安人，曾担任浙江大学副校长，一手创办中控，打破国际巨头垄断DCS（集散控制系统）的局面。 63岁的褚健，正抢占工业智能的风口。 1月6日，他实控的中控技术，披露一份投资者关系纪要。回应中标某医药项目时，管理层透露，"持续将AI技术深度融入工业关键场景"。 中控技术，位于杭州，作为国产工业自动化领域龙头，其市值超过400亿。褚健团队，已加紧转向工业AI领域。 《21CBR》记者获得的一份纪要显示，在2025年10月的业绩交流会上，中控技术披露一连串惊人的数字。 管理层计划，未来4-5年内，AI业务、机器人业务的年营收规模，分别达到200亿元、50亿元，还要砸200亿元，真金白银投AI。 在中控，这位灵魂人物，仅任"战略与技术顾问"一职，日常经营事务，交给董事长兼总裁崔山等人。只是，褚仍活跃在台前，全力推动中控转型为工业AI 公司。 褚健重视的新"武器"，叫TPT。 流程工业时序大模型TPT，于2024年6月发布，是中控AI业务的核心产品，用上30多年干这行的功底。 工业的一切，几乎都跟时间序列数据有关。 比如，某设备失效了，追溯一周之前设备的振动数据，一 ...

证券日报网讯12月30日，中控技术在互动平台回答投资者提问时表示，中控技术深耕流程工业三十余 年，全面覆盖流程工业化工、石化、油气、能源电力、制药食品、冶金等数十个重点行业。近年来，公 司创新打造"1+2+N"工业AI驱动的企业智能运行新架构，大规模应用通用控制系统UCS、时间序列大模 型TPT、百万点实时数据库和热值在线分析仪等一批行业前沿的新产品、新技术，助力企业构建全球领 先智能工厂、打造世界级行业标杆项目，其中公司工业AI产品TPT已在各类生产运行场景中开展闭环应 用，在石化、煤化工、氯碱、热电等行业的百余个工业场景中开始逐步落地实践，价值创造能力显著。 2025年前三季度，公司TPT业务收入1.54亿元，已逐步实现规模化商业落地。 ...

[Table_scodeMsg1] 联合研究丨公司深度丨中控技术（688777.SH） [Table_Title] 从工业 AI 视角再论中控技术的成长性 %% %% %% %% research.95579.com 1 丨证券研究报告丨 %% %% %% %% research.95579.com 2 报告要点 [Table_Summary] 一年前我们发布《中控技术深度：不畏浮云，鼎故革新》，对中控技术的成长之路进行系统性复 盘。一年之后再看中控，环境与公司内部均发生变化：于外部环境，不变的是周期压力延续传 导，但 AI+工业融合愈发深入带来更大的成长空间。于公司自身，变化的是转型带来的业务结 构调整，但"技术为底、战略为翼"的驱动内核始终不变。当前公司正站在新阶段起点、向工 业 AI 的新世界迈进。预计公司 2025-2027 年实现归母净利润 9.1 亿元、11.6 亿元、14.6 亿元， 同比-18.4%、+27.0%、+26.2%，建议重点关注。 分析师及联系人 [Table_Author] 宗建树 赵智勇 曹小敏 SAC：S0490520030004 SAC：S0490517110001 SAC ...

Core Insights - The article discusses the rapid development of the artificial intelligence (AI) industry in Hangzhou, highlighting its significant contributions to the local economy and the transformation of traditional manufacturing into intelligent factories [6][11]. Industry Overview - Hangzhou's AI core industry achieved a revenue of 317.9 billion yuan in the first three quarters of this year, marking a year-on-year growth of 25.9% and accounting for 64.3% of the province's total [6]. - The industrial output value in Hangzhou grew by 21.8% year-on-year, with leading companies like Silan Microelectronics and Hikvision showing strong growth [6]. - The profit of the AI core industry in Hangzhou increased by 55.8% year-on-year, indicating robust development driven by emerging enterprises [6]. Technological Advancements - The introduction of the TPT platform by Zhongkong Technology allows for the creation of customized intelligent control solutions for factories, significantly lowering the technical barriers for implementation [7]. - The Fully Autonomous Plant (FAP) system, implemented by Hubei Xingrui Silicon Materials, demonstrates the successful integration of TPT with the Universal Control System (UCS), leading to a 60% reduction in construction costs and a 67% increase in efficiency [8]. Market Position - Zhongkong Technology has established itself as a leader in the domestic distributed control system (DCS) market, holding a 40.4% market share and achieving breakthroughs in industrial AI and robotics [9]. - The TPT platform has shown to enhance annual benefits by 1%-3% per device, reduce energy consumption by 1%-3%, and decrease labor input by 30%-50% [10]. Future Prospects - Hangzhou aims to build a globally influential AI innovation hub, with plans to cultivate AI industry clusters and support technological advancements in high-end chips and software [11][12]. - The city is focusing on creating a diverse and collaborative industrial ecosystem, with initiatives to enhance AI applications in manufacturing and other sectors [12][14].

Core Viewpoint - Zhongkong Technology (688777) has made significant advancements in the automation and AI sectors, particularly in the chemical industry, showcasing its potential for intelligent upgrades and operational efficiency [2][3]. Group 1: Company Developments - Zhongkong Technology's "无人调度" (Unmanned Dispatch) system, developed in collaboration with Wanhua Chemical, has been successfully implemented at Wanhua's industrial park, marking a historic leap towards fully autonomous factories in China's chemical sector [2]. - The company's general control system UCS has been applied in major projects, including China Petroleum's 1.2 million tons/year ethylene project, with total investments exceeding 79 billion yuan [2][5]. - The TPT model, acting as the "smart brain," captures trends in milliseconds, while UCS serves as the "nerve center," providing high-quality real-time data, contributing to a fully autonomous factory technology system [2]. Group 2: Project Outcomes - The implementation of TPT has led to significant operational improvements, including a 99.79% accuracy rate in anomaly warnings, a 25% reduction in furnace time, a 60% decrease in construction costs, and a 67% increase in personnel efficiency [2]. - TPT has been successfully deployed in over a hundred industrial scenarios, with notable results such as a 0.373% increase in single-furnace ethylene yield at China Petroleum, translating to an annual benefit exceeding 15 million yuan [3][5].

Core Insights - The conference highlighted the importance of industrial AI in addressing complex industrial scenarios, emphasizing the need for safe, reliable, and efficient applications of AI technologies like ChatGPT in the process industry [2][3] - The company introduced its "Industrial Embodied Intelligence" model, which integrates AI with industrial knowledge systems, enabling traditional factories to evolve into autonomous industrial AI factories [3][4] Industry Applications - The TPT model demonstrated significant practical value, achieving a prediction accuracy of 99.79% and increasing ethylene yield by 0.373% at PetroChina's Yulin Chemical, resulting in an estimated annual benefit of 15 million yuan [4] - In Inner Mongolia, the TPT model optimized the closed-loop control of an electrolytic cell cluster, reducing daily electricity consumption by over 6,700 kWh, which could save over 120 million kWh over five years, equivalent to the annual electricity needs of 704,000 rural households [4] Market Potential - The industrial added value in China is projected to reach approximately 40.5 trillion yuan in 2024, with the process industry accounting for 45% of this value [4] - The TPT model can reduce labor input by 30-50% and improve production efficiency by 1-3%, potentially decreasing carbon emissions in the manufacturing sector by 1-3% if widely adopted, contributing nearly 1% to national GDP growth [4] Recent Developments - The TPT 2 model has been successfully deployed in Hubei Xingrui within a month of its release, with over 7,000 online users from more than 4,000 enterprises, generating an estimated annual benefit of over 100 million yuan [5] - The company aims to replicate successful models like "San Ning" and "Xing Fa" in high-energy, high-value scenarios to accelerate the application of industrial AI and build a robust industrial AI technology ecosystem [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term pressure on performance, but it is making strategic breakthroughs in industrial AI and robotics, which are expected to open long-term growth opportunities [1][4] - The company is a leader in process industrial intelligent manufacturing and is expected to benefit from equipment upgrade policies and overseas expansion opportunities [4][6] Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 3.83 billion yuan, a year-on-year decrease of 9.92%, and a net profit attributable to the parent company of 354 million yuan, down 31.46% year-on-year [5] - The company’s exchange loss was 13.40 million yuan, compared to a gain of 3.01 million yuan in the first half of 2024 [5] - After excluding the impact of exchange losses, the adjusted net profit was 294 million yuan, a decline of 25.82% year-on-year [5] Revenue and Profit Forecast - The revised profit forecast for 2025-2027 is 1.12 billion, 1.29 billion, and 1.55 billion yuan respectively, with EPS projected at 1.41, 1.63, and 1.96 yuan per share [4][8] - The current stock price corresponds to P/E ratios of 36.8, 31.9, and 26.5 for the years 2025, 2026, and 2027 respectively [4][8] Market Opportunities - The demand for process industrial equipment is continuously increasing, with significant growth in the energy, building materials, and paper industries, showing year-on-year increases of 9.32%, 82.58%, and 77.56% respectively [6] - The company is expanding its international strategy, achieving significant breakthroughs in regions such as Southeast Asia, the Middle East, and Central Asia, with notable progress in certification for core products in Saudi Arabia [6] Industrial AI and Robotics Development - The TPT software has entered a phase of large-scale application, generating revenue of 117 million yuan in the first half of 2025, with over 110 successful projects implemented in various industries [7] - The robotics business is also growing rapidly, with revenue of 110 million yuan in the first half of 2025 and new orders totaling 200 million yuan, surpassing the entire performance of 2024 [7]

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].

Investment Rating - The report suggests a positive outlook on the industrial AI sector, highlighting potential breakthroughs in deployment, reliability, and cost-effectiveness [1]. Core Insights - The report emphasizes that the application of AI in industrial settings may progress faster than market expectations, with significant advancements in multi-modal large models and the integration of AI agents [1][6]. - It identifies three core application modes of industrial AI: recognition applications, data modeling and optimization applications, and knowledge reasoning and decision-making applications [25][26]. - The report indicates that the cost of AI token inputs has significantly decreased, while labor costs in the manufacturing sector have been rising, suggesting a potential tipping point for "machine replacement" [27][28]. Summary by Sections 1. Industrial AI - The report discusses the challenges of high data complexity, low tolerance for errors, and high cost sensitivity in industrial AI applications [6]. - It highlights the evolution of multi-modal large models, which are expected to reduce the difficulty of processing unstructured data in industrial scenarios [7][9]. - The integration of large models for guidance and small models for execution is proposed as a collaborative approach to enhance reliability in production processes [22][23]. 2. Industrial AI Middleware - The report notes that industrial AI middleware is in its early penetration phase, addressing the need for seamless iteration between model and data sides [1][2]. - It outlines the commercial progress of industrial AI middleware, with significant contracts awarded, such as a project worth 48.67 million yuan for AI middleware capabilities [39][41]. - The middleware is expected to have high construction barriers, requiring capabilities in computing power integration, model management, and industrial data governance [2][3]. 3. Industrial AI Applications - The report identifies that the maturity of AI applications in production control is leading, with over 57% of applications focused on this area [1][3]. - It highlights specific use cases, such as the AI+PCB solution by Saiyi Information, which automates the entire process from parameter analysis to cost query and quote generation [21]. - The report also mentions the emergence of vertical agent applications in various sectors, indicating a shift towards subscription-based models in industrial AI [22][39]. 4. Investment Recommendations - The report recommends focusing on key players in the industrial AI sector, such as Zhongkong Technology, Saiyi Information, and Zhongwang Software, as they are expected to benefit from the ongoing developments in industrial AI applications [1][2].