Deep ploughing industry for nearly 30 years, has grown into a global layout, China's leading intelligent manufacturing solution provider. Founded in 1999, China Control Technology Co., Ltd. is committed to the construction and landing application of the core competence of "AI+ data", serving more than 30,000 customers at home and abroad, covering chemical, petrochemical, oil and gas, electric power, pharmaceutical, metallurgy, building materials, papermaking, new materials, new energy, food and other key industries. The company focuses on the process industry, including industrial automation and intelligent manufacturing solutions, industrial software, instrumentation, S2B business and so on. 1) Industrial automation and intelligent manufacturing solutions: revenue from this sector in 2023 49Videopokersoftware.600 million yuan, accounting for 57% of revenueVideopokersoftware.9%, the core product control system continues to take the lead in the process industry. 2) Industrial software: mainly includes separate external sales of industrial software projects, as well as mixed sales projects with automatic control systems. Industrial software is the optimization means of automation and intelligent manufacturing solutions, which is the direction of the company's strategic development. 3) Instrumentation: mainly includes control valves, transmitters, analyzers, etc. In 2023, the revenue of this business reached 620 million yuan, an increase of 80.3% over the same period last year. Among them, the instrument and valve business grew steadily, and the Dutch company that acquired led the instrument business to grow greatly over the same period last year. 4) S2B business is a new business model created by the company. In 2023, the company vigorously promoted the business platform, built the industry ecosystem, and promoted third-party products through the platform. Revenue reached 1.89 billion yuan in 2023, an increase of 117% over the same period last year. Battery, oil and gas, metallurgy and other industries are expected to become an important support for business growth, and emerging areas are constantly expanding. From a downstream point of view, the company's products are used in chemical, petrochemical, energy, battery, pharmaceutical and food, oil and gas, metallurgy, building materials, municipal, paper and other industries, among which, chemical, petrochemical and energy (original power) are the main application fields of the company, with revenue of 5.549 billion yuan in 2023, an increase of 26.64% over the same period last year, accounting for 64.8% of income and 35.67% of gross profit margin. The battery industry, a new industry for the company in 2022, increased significantly in 2023, with revenue of 634 million, accounting for 7.41% of revenue, an increase of 463.06% over the same period last year. In the future, battery, oil and gas, metallurgy and other industries are expected to become an important support for the future business growth of the company. In addition, in recent years, the company has also opened up new business areas such as robots, new energy batteries, Fengguang hydrogen production, wisdom laboratories, wisdom coal mines, wisdom parks and spirits. In 2023, the company achieved a breakthrough of 0 to 1 in its wisdom coal mine business. Work with Shanxi Jinnengduan Wang Coal Industry and Pengfei Group to create industry breakthrough benchmarking applicationsVideopokersoftwareWith the development of robot business from a high starting point, it has successfully won orders from high-end users around the world, such as CNOOC, Huayi Group, Saudi Aramco and so on. The company has an excellent operational capability system, and the "1x 2n" standard sets a benchmark for the industry. In terms of marketing, in-depth construction of 5S offline stores + S2B online platform one-stop industrial service model, 5S offline stores to provide customers with end-to-end and door-to-door professional services in the industrial field close to users. In 2023, the company built a total of 179 5S stores (including overseas), covering 643 chemical parks across the country.Videopokersoftware；S2B 业务方面，公司全面部署线上+线下全生命周期服务，2023 年已突破多家集团型标杆客户，同步推进 250 多家大型客户的联储联备合作，并无缝衔接客户采购系统，助力客户数字化采购转型。此外，公司充分运用近 30 年的行业积累和 Know-how，为客户提供独特而有效的策略和高价值解决方案，打造众多的“1+2+N”智能工厂行业标杆并复制推广。 全方位建设数字化运营能力，拓展新兴产业助力长远发展。近年来，公司重点布局人工智能（AI）技术、大数据技术、机器人技术在工业领域的应用，构建“AI+数据”核心技术，突破了流程工业基于强化学习与自然语 言大模型的应用技术、面向流程工业的边缘智能视觉检测控制器和算法技术等，2023 年全新发布了新一代设备智能感知平台（PRIDE）、迭代升级发布智能运行管理与控制系统（OMC 2.0）及流程工业过程模拟与设计平台 （APEX 2.0），PRID 基于工业互联网平台、数据湖、AI 大数据分析、机器学习等先进技术，可协助用户对全厂设备对象进行全面智能感知与精准预测，为设备全生命周期预防预知的智能化管理提供决策支持。此外，公司还通过拓展机器人、新能源电池、风光制氢、智慧实验室、智慧煤矿、智慧园区、白酒等新业务领域，培育中长期业务的增长点。 全球化布局，海外业务持续突破，成功发行GDR 挂牌瑞士证交所，打开国际融资渠道。当前，数字化转型、绿色制造、人工智能都已成为全球多个国家的未来发展战略，公司着力部署东南亚、中东、中亚、欧洲、美洲、日本等地区，在新加坡、沙特阿拉伯、哈萨克斯坦等国家设立子公司，海外本地化运营能力得到大幅提升。未来，中东、东南亚、中亚，以及欧美等地区都将成为公司持续发力的地区。根据公司年报，2023 年，公司中标沙特阿美控股企业、全球最大单体船厂沙特国际海事工业（IMI）数字化标杆项目，还取得了科威特石油公司以及马来西亚国家石油公司控制系统及仪器仪表项目、亚洲最大纸业集团印度尼西亚金光纸业智能化工业软件项目等海外高端项目突破。根据公司年报，2023 年公司实现海外合同近10 亿元。2023 年，公司实现海外营收3.43 亿元，同比增长37.42%。此外，2023 年 4 月，公司成功发行GDR 并在瑞士证券交易所挂牌上市，标志着公司打开了国际融资渠道，这将进一步助力公司海外业务布局。 投资建议：我们预计公司2024-2026 年分别实现营收109.1、132.5、155.5 亿元，归母净利润分别为12.9、16.1、18.7 亿元，对应PE 分别为29.3/23.4/20.1 倍，维持“强烈推荐”评级。 风险提示：宏观经济波动风险、下游需求不及预期风险、行业竞争加剧风险、海外拓展不及预期风险、技术迭代风险 【免责声明】本文仅代表第三方观点，不代表和讯网立场。投资者据此操作，风险请自担。
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