Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has demonstrated stable annual performance, with a revenue of 9.139 billion yuan in 2024, reflecting a year-on-year growth of 6.02%. The net profit attributable to the parent company reached 1.092 billion yuan, up 9.60% year-on-year, while the net profit excluding GDR exchange losses grew by 20.26% to 1.012 billion yuan [1] - The company's market share in core business has improved, with a DCS market share of 40.4% in 2024, an increase of 2.6 percentage points from the previous year. In the chemical sector, the DCS market share reached 62.6%, up 6.3 percentage points, and in the petrochemical sector, it reached 56.2%, up 6.9 percentage points [1] - The company has successfully expanded its international business and achieved breakthroughs in its robotics business, with export revenue accounting for 8.25% of total revenue, growing by 118.27% year-on-year [1] Financial Performance Summary - Total revenue for 2024 was 9.139 billion yuan, with a year-on-year growth rate of 6.0%. The net profit attributable to the parent company was 1.117 billion yuan, with a growth rate of 1.4% [2] - The gross profit margin for 2024 was 33.9%, slightly up from 33.2% in 2023. The return on equity (ROE) for 2024 was 10.8% [2] - Earnings per share (EPS) for 2024 is projected at 1.41 yuan, with a price-to-earnings (P/E) ratio of 37.07 [2] Business Segment Performance - In the chemical industry, the company achieved revenue of 3.366 billion yuan in 2024, with a gross margin of 35.28%, an increase of 3.47 percentage points year-on-year. The petrochemical sector generated 1.854 billion yuan, with a gross margin of 40.11% [1] - The pharmaceutical and food industry saw a revenue increase of 17.38% to 741 million yuan, while the oil and gas sector, as a new focus area, achieved a revenue of 885 million yuan, growing by 47.84% [1] Future Earnings Forecast - The company is expected to continue expanding its product offerings and integrating technology, with projected EPS of 1.61 yuan, 1.91 yuan, and 2.32 yuan for 2025, 2026, and 2027 respectively, corresponding to P/E ratios of 32.47, 27.40, and 22.55 [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [5][19]. Core Viewpoints - The company has shown steady revenue growth, achieving an annual revenue of 9.139 billion yuan in 2024, a year-on-year increase of 6.02%. The net profit attributable to shareholders was 1.117 billion yuan, reflecting a growth of 1.38% [2][10]. - The company is actively participating in the global digitalization trend, integrating digital technology with manufacturing and market advantages to support the widespread application of large models in the industry [3][10]. - The company has established a robotics product business system, contributing to its revenue growth and enhancing its competitive position in both traditional and emerging industries [4]. Financial Summary - **Revenue and Profit Forecasts**: The company is projected to achieve revenues of 10.263 billion yuan, 11.594 billion yuan, and 13.188 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is expected to reach 1.281 billion yuan, 1.577 billion yuan, and 1.924 billion yuan in the same years [10]. - **Key Financial Metrics**: The company's return on equity (ROE) is forecasted to improve from 11.0% in 2024 to 14.3% by 2027. The earnings per share (EPS) is expected to increase from 1.41 yuan in 2024 to 2.43 yuan in 2027 [10][12]. - **Market Position**: The company maintains a leading market share in the domestic DCS market at 40.4%, with significant shares in the chemical and petrochemical sectors [9]. Industry Insights - The demand for industrial automation and smart manufacturing products is on the rise, with significant revenue contributions from control systems and industrial software, which grew by 7.87% and 20.70%, respectively [4]. - The company is benefiting from stable growth in traditional industries such as petrochemicals and chemicals, while also tapping into emerging sectors like oil and gas, pharmaceuticals, and food and beverage [4]. Conclusion - The report indicates a positive outlook for the company, driven by its strategic initiatives in digital transformation and robust market positioning, suggesting continued growth in revenue and profitability in the coming years [10].

Group 1 - The State Intellectual Property Office of China has published a patent application by Zhongkong Technology Co., Ltd. for a method and device related to PID loop correlation analysis, with the publication number CN 119758958 A and application date of December 2024 [1] - The patent involves a method that includes obtaining self-control rate data and stability rate data of PID loops, generating frequent item sets based on this data, and iteratively creating candidate item sets to derive association rules [1] - The invention utilizes data mining algorithms to uncover hidden nonlinear relationships and complex patterns in PID system evaluation data, aiming to enhance production processes and fault warning handling through deeper analysis of high-dimensional data [1] Group 2 - Zhongkong Technology Co., Ltd. was established in 1999 and is located in Hangzhou, primarily engaged in software and information technology services [2] - The company has a registered capital of 7,905.91256 million RMB and a paid-in capital of 7,859.24676 million RMB [2] - Zhongkong Technology has invested in 39 companies, participated in 4,048 bidding projects, and holds 295 trademark records and 1,799 patent records, along with 232 administrative licenses [2]

Summary of Conference Call Records Company and Industry - The conference call pertains to a company transitioning from a traditional DCS hardware provider to an industrial AI solutions provider, focusing on automation and digital transformation in the industrial sector, particularly in chemical and petrochemical industries [1][6][40]. Key Points and Arguments 1. **Financial Performance and Dividends** - The company reported a strong profit growth despite challenges during its transformation phase, with cumulative dividends nearing 1.82 billion yuan over the past five years. A proposed dividend of 558 million yuan for 2024 was announced, representing approximately 50% of the net profit [1]. 2. **Cost Management and Efficiency** - The sales expense ratio decreased from over 15% to around 8%, while management expenses were cut by more than half. R&D expenses remained stable at about 11% [2]. 3. **Growth in Industrial AI and Subscription Revenue** - The company is focusing on industrial AI, with significant growth in subscription-based revenue and orders in the robotics sector. The last quarter saw over 100 million yuan in orders from software-defined business models [3][4]. 4. **Market Share and Global Expansion** - The market share for core control systems surpassed 40%, with significant growth in overseas revenue, which doubled year-on-year. The company aims to leverage its strong position in the petrochemical sector to drive further growth [5]. 5. **Technological Transformation** - The company is transitioning to an industrial AI model, emphasizing the importance of data architecture and AI capabilities in enhancing operational efficiency and product offerings [7][8][9]. 6. **AI and Automation Integration** - The integration of AI into industrial processes is expected to revolutionize operations, improving efficiency and reducing costs. The company is developing a comprehensive AI-driven architecture to support this transition [10][12]. 7. **Product Development and Innovation** - The company is focusing on developing AI-driven products and solutions tailored to the needs of the process industry, including safety, quality, and efficiency improvements [10][11][13]. 8. **Sustainability and ESG Initiatives** - The company has made significant strides in ESG, achieving an MSCI ESG rating upgrade to 'A' and contributing to substantial carbon reduction efforts [39]. 9. **Future Growth and Strategic Goals** - The company aims to become a leading player in industrial AI, with ambitious revenue targets for subscription services and robotics, projecting revenues of over 5 billion yuan in the near future [52]. Other Important but Overlooked Content - The company is actively pursuing international expansion, particularly in high-end markets, and is establishing a research institute in Singapore to focus on advanced AI technologies [50]. - The shift to a subscription-based model is designed to make advanced industrial software more accessible, allowing clients to utilize AI technologies at a lower cost [33]. - The company is enhancing its digital infrastructure to support internal operations and customer engagement, including the development of a cloud showroom for product demonstrations [38]. This summary encapsulates the key insights from the conference call, highlighting the company's strategic direction, financial performance, and commitment to innovation in the industrial AI space.

Group 1: Financial Performance - In 2024, the company's revenue reached 9.139 billion yuan, a year-on-year increase of 6.02% [1] - The net profit attributable to shareholders was 1.117 billion yuan, up 1.38% year-on-year, while the net profit after deducting non-recurring items was 1.038 billion yuan, reflecting a 9.51% increase [1] - The operating cash flow net amount was 434 million yuan, a significant increase of 126.69% year-on-year, mainly due to optimized sales and procurement contract terms [1] Group 2: Market Position and Industry Demand - The company maintains a leading position in its industry, with a DCS market share of 40.4% and an SIS domestic market share of 31.2% [1] - Revenue from the petrochemical and chemical industries grew steadily, reaching increases of 10.59% and 5.89% respectively, while new emerging industries such as oil and gas and liquor saw significant demand growth, with oil and gas revenue increasing by 47.84% and pharmaceutical and food revenue increasing by 17.38% [1] Group 3: Technological Advancements - The company is expanding its AI+ industrial strategy, promoting a new architecture for enterprise intelligent operations driven by AI [2] - The UCS general control system features software-defined, fully digital, and cloud-native characteristics, achieving a 90% reduction in cabinet room space and an 80% decrease in cable costs [2] - The TPT time-sequence industrial model has achieved breakthroughs in real-time optimization and closed-loop control, providing over 50% efficiency improvement for clients [2] Group 4: International Expansion and New Business - The company's overseas revenue reached 749 million yuan, a year-on-year increase of 118.27%, accounting for approximately 8.25% of total revenue [3] - New signed overseas contracts totaled 1.355 billion yuan, with collaborations with top international clients such as Saudi Aramco and Mitsubishi Chemical [3] - The company's robotics business generated revenue of 56.017 million yuan, with new orders amounting to 167 million yuan, marking a significant entry into the robotics market [3] Group 5: Marketing Innovations and Customer Engagement - The company has expanded its customer base to 34,900, implementing three innovative marketing models, including the establishment of 200 5S stores and a subscription model that has signed 622 clients [4] - The S2B online platform integrates AI capabilities to provide intelligent analysis and precise matching for clients [4] - Revenue projections for 2025-2027 are estimated at 10.601 billion, 12.130 billion, and 13.776 billion yuan, with corresponding net profits of 1.290 billion, 1.584 billion, and 1.984 billion yuan [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 9.139 billion yuan for 2024, representing a year-on-year growth of 6.02%. The net profit attributable to the parent company was 1.117 billion yuan, up 1.38% year-on-year. After excluding GDR exchange losses, the net profit was 1.012 billion yuan, showing a significant growth of 20.26% [2][6] - The company is firmly embracing AI and robotics, which is expected to create new growth curves. The projected net profits for 2025-2027 are 1.3 billion, 1.52 billion, and 1.8 billion yuan, with corresponding P/E ratios of 32.0x, 27.3x, and 23.1x respectively [2][6] Revenue Summary - The company's revenue growth is relatively stable, with a notable increase in overseas markets. The total revenue for 2024 was 9.139 billion yuan, with a quarterly revenue of 2.802 billion yuan in Q4, which saw a decline of 4.73% year-on-year. The revenue growth rates for various sectors in 2024 were +6% for chemicals, +11% for petrochemicals, +48% for oil and gas, and +17% for pharmaceuticals, among others [12][12] - The overseas revenue reached 750 million yuan in 2024, with a year-on-year increase of 118%, and new contracts signed amounted to 1.36 billion yuan, up 35% year-on-year [12] Profitability Summary - The company's gross margin for 2024 was 33.8%, an increase of 0.7 percentage points year-on-year. The net profit growth for 2024 was 1% for the full year and a decline of 2% in Q4. The company faced asset impairment and credit impairment losses totaling 192 million yuan, which suppressed profit release [12][12] - The company has optimized its cost structure, with sales and management expense ratios decreasing to 8.7% and 15.2% respectively [12] Business Development - The company is actively exploring opportunities in the industrial AI sector, having launched its first time-sequence large model TPT in June 2024, which has been successfully applied in various industrial fields [12] - The robotics sector is also seeing accelerated development, with the company having developed various types of robots for specific industrial applications, generating revenue of 56.01 million yuan in 2024 [12] Investment Recommendations - The company is positioned as a leader in comprehensive solutions for intelligent manufacturing in the process industry. The new industrial AI strategy is expected to drive innovation in products, businesses, and models, facilitating further growth [12]

Core Insights - The company's 2024 net profit aligns with expectations, showing a revenue of 9.14 billion yuan, a year-on-year increase of 6.0%, and a net profit attributable to shareholders of 1.12 billion yuan, up 1.4% [1] - The company demonstrates strong competitive advantages in its core business, with industrial automation and intelligent manufacturing solutions revenue reaching 5.64 billion yuan, a 13.9% increase year-on-year [1] - The company is transitioning towards a product and platform-oriented model, leveraging AI and data to reshape industrial software, with expectations for AI's share in the industrial software market to rise from 9% to 22% between 2024 and 2028 [3] Financial Performance - The company reported a gross margin increase of 0.7 percentage points year-on-year, with operating cash flow improving and a cash dividend of 7.1 yuan per 10 shares announced, resulting in a payout ratio of 50% [2] - The company’s industrial software revenue grew by 21% to 2.65 billion yuan, with a gross margin increase of 3 percentage points to 42.1% [1][2] Market Position - The company maintains the largest market share in DCS for 14 consecutive years, achieving a market share of 63.2% in the chemical/petrochemical sector in 2024 [1] - New overseas contracts signed amounted to 1.355 billion yuan, reflecting a 35% year-on-year growth [1] Future Outlook - The company is expected to adjust its 2025 net profit forecast down by 7.9% to 1.28 billion yuan, with a new 2026 net profit forecast of 1.41 billion yuan, representing a 9.9% year-on-year growth [4] - The current trading P/E ratios for 2025 and 2026 are 32.9x and 29.9x, respectively, with a target price of 55 yuan, indicating a potential upside of 3% [4]

公 司 报 告 2025年04月03日 计算机 中控技术(688777.SH) 公司业绩保持稳健增长，国际市场加速开拓 推荐 ( 维持) 股价:52.41元 行情走势图 证券分析师 | 闫磊 | 投资咨询资格编号 | | --- | --- | | | S1060517070006 | | | YANLEI511@pingan.com.cn | | 黄韦涵 | 投资咨询资格编号 | S1060523070003 HUANGWEIHAN235@pingan.com.cn 事项： 公司公告2024年年报。2024年，公司实现营业收入91.39亿元，同比增长 6.02%；实现归母净利润11.17亿元，同比增长1.38%；实现扣非归母净利润 10.38亿元，同比增长9.51%。公司发布利润分配预案：以总股本785,715,016 为基数，拟向全体股东每10股派发现金红利7.10元（含税）。不进行资本公积 金转增股本，不送红股。 平安观点： 证 券 研究助理 王佳一 一般证券从业资格编号 S1060123070023 WANGJIAYI446@pingan.com.cn | | 2023A | 2024A | 2025 ...

中控技术（688777.SH） 优于大市 国内份额持续提升，创新业务积极推进 24 年公司整体收入和利润保持平稳增长。2024 年公司营业收入 91.39 亿元 （+6.02%）；归母净利润 11.17 亿元（+1.38%），扣非归母净利润 10.38 亿 元（+9.51%）；剔除 GDR 汇兑损益后，公司扣非归母净利润为 10.12 亿元 （+20.26%）。单 Q4 来看，公司收入 28.02 亿元（-4.73%），归母净利润 4.00 亿元（-1.98%），扣非归母净利润 3.82 亿元（+1.12%）。 工业软件保持较快增长，DCS 和 SIS 份额持续提升。公司控制系统（控制系 统及控制系统+仪表）共实现收入 37.33 亿元（+7.87%）；工业软件（工业 软件及控制系统+软件+其他）共实现收入 26.53 亿元（+20.70%）；仪器仪 表实现收入 6.43 亿元（+3.48%）。公司 DCS 在国内的市占率达到了 40.4%， 其中化工领域 DCS 的市场占有率达到 63.2%，石化领域 DCS 的市场占有率达 到 56.2%；公司在化工、石化、建材、造纸四大行业 DCS 市场占有率均排名 第 ...

2024年，中控技术盈利能力有所增强，其中销售毛利率为33.86%，同比提高0.67个百分点；加权净资产 收益率为11.14%，销售净利率为12.59%。 资产方面，公司2024年资产负债率为43.06%，同比下降1.35个百分点，负债率创2016年以来新低；归属 母公司股东权益（净资产）达到103.9亿元，首次突破百亿元大关，相比上市当年，公司4年内净资产增 长1.59倍。 现金流方面，2024年公司经营性净现金流入4.34亿元，同比增长127%，期末在手现金及等价物余额为 34.22亿元，相比上年减少20.14亿元，主要由于公司购买理财产品、对外股权投资增加所致。 利润分配方面，公司计划向全体股东每10股派发现金红利7.10元（含税），拟派发的现金红利总额为 5.58亿元（含税），占2024年度归属于上市公司股东净利润的49.94%。2020年上市以来，中控技术累计 分红达到18.23亿元，累计分红率达到45.31%，累计分红金额已超过IPO的17.55亿元融资额（IPO后公司 未再融资）。 4月1日，国内工控系统龙头中控技术发布2024年年报。整体看，中控技术营收再上新台阶，首次突破90 亿元，归母净利 ...