SUPCON Technology (688777) 申万宏源·2025-03-02 14:02Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's performance in the earnings report was slightly below market expectations, with a revenue of 9.351 billion yuan for 2024, representing a year-on-year growth of 8.49%, and a net profit attributable to shareholders of 1.130 billion yuan, up 2.56% year-on-year [4][7] - The company is focusing on the integration of AI and robotics to accelerate growth in the process industry, with significant market share in various sectors [7] - The company has adjusted its profit forecast downwards due to the divestiture of its system engineering business and macroeconomic uncertainties, but it still maintains a high growth potential in the future [7] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 9.351 billion yuan, with a year-on-year growth rate of 8.5% [6] - Net profit for 2024 is expected to be 1.130 billion yuan, with a year-on-year growth rate of 2.5% [6] - The company’s earnings per share (EPS) for 2024 is estimated at 1.43 yuan [6] - The projected net profit for 2025 and 2026 is 1.371 billion yuan and 1.659 billion yuan, respectively, with corresponding PE ratios of 31 and 26 [6][7] Business Performance and Market Position - The company’s revenue growth has been impacted by the divestiture of its system engineering business and a slowdown in capital expenditure in downstream industries [7] - The company has launched an upgraded version of its TPT large model and plans to release a new management large model, enhancing its AI capabilities [7] - The company has a strong market presence, with a domestic market share of nearly 40% in DCS and over 55% in the chemical sector [7]