SUPCON Technology (688777) 新浪财经·2025-04-03 12:33Core 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]