SUPCON Technology (688777) 国金证券·2024-12-26 06:05Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% within the next 6-12 months [22][17]. Core Insights - The company has achieved significant breakthroughs in its self-developed PLC products, particularly in the oil and gas sector, which are expected to open new growth avenues beyond its traditional DCS advantages [21]. - The introduction of the "4+1" industrial AI product system is anticipated to enhance the optimization and iteration of the company's TPT industrial time series model, solidifying its leadership in industrial automation [21]. - The company’s revenue and profit forecasts for 2024-2026 are adjusted to RMB 95.8 billion, RMB 111.3 billion, and RMB 129.6 billion for revenue, and RMB 12.0 billion, RMB 14.5 billion, and RMB 16.9 billion for net profit, respectively [22]. Summary by Sections Financial Performance - The company reported a revenue of RMB 6,624 million in 2022, with a growth rate of 46.56%, and is projected to reach RMB 12,958 million by 2026, with a growth rate of 16.42% [14]. - The net profit attributable to the parent company was RMB 798 million in 2022, with a growth rate of 37.18%, expected to grow to RMB 1,689 million by 2026 [14]. - The diluted earnings per share (EPS) were RMB 1.606 in 2022, projected to increase to RMB 2.136 by 2026 [14]. Market Position and Strategy - The company has successfully implemented its PLC products in various benchmark projects across multiple industries, including petrochemicals and rail transit [21]. - The anticipated investment peak in the Xinjiang coal chemical industry from 2025 to 2030, with a potential total investment of RMB 491.6 billion, is expected to drive demand for related products [21]. Valuation Metrics - The current stock price corresponds to a P/E ratio of 33.3 for 2024, 27.6 for 2025, and 23.6 for 2026, indicating a favorable valuation trend [22].