SCIYON(002380) 中泰证券·2024-08-01 02:00Investment Rating - Buy (首次) [1] Core Views - The company is a leading innovator in the smart industrial sector, with a strong presence in automation, informatization, and intelligent technologies [4] - Industrial automation is a key driver of new quality productivity, with policies encouraging the adoption of advanced automation technologies and equipment [4] - The DCS business, particularly the NT6000 product, has significant technical advantages and certification barriers, widely applied in energy, chemical, and other sectors [4] - The industrial internet platform EmpoworX provides comprehensive smart factory and data platform solutions, enhancing digital and intelligent transformation [4] - The company is expected to benefit from favorable domestic industrial automation policies, with projected net profits of 250 million, 351 million, and 467 million yuan for 2024-2026 [4] Company Overview - Founded in 1993, the company has transformed into a leader in industrial automation and informatization, with a strong focus on DCS systems and industrial internet platforms [12] - Core businesses include industrial automation and industrial internet/software, accounting for 97.77% of 2023 revenue [14] - Industrial automation revenue in 2023 was 1.081 billion yuan, a 42.24% YoY increase, with a gross margin of 39.73% [14] - Industrial internet and software revenue in 2023 was 295 million yuan, a 7.66% YoY increase, with a gross margin of 38.94% [14] Industrial Automation - The DCS market is expected to grow from 124.0 billion yuan in 2023 to 140.3 billion yuan in 2025, driven by new quality productivity policies, equipment replacement cycles, and domestic substitution [34] - The NT6000 DCS system has a control cycle of 5ms and an operation response cycle of less than 700ms, significantly better than the industry standard of 2.5s [57] - The NT6000 system has been widely applied in thousands of power plants, covering a range from tens of megawatts to million-megawatt units [60] Industrial Internet - The EmpoworX platform provides over 200 device models, 100+ algorithms, 100+ industrial apps, and 10+ SaaS solutions, enabling digital transformation across various industrial scenarios [66] - EmpoworX has been recognized in the "Top 50 Specialized Industrial Internet" list for three consecutive years, rising to 8th place in 2024 [77] - The platform has been applied in sectors such as thermal power, chemical, and metallurgy, with significant projects in smart factories and data platforms [69] Financial Performance - Revenue in 2023 was 1.407 billion yuan, a 21.9% YoY increase, with a gross margin of 39.2%, up 7.7 percentage points [27] - Net profit in 2023 was 161 million yuan, a significant turnaround from a loss of 434 million yuan in 2022 [27] - Contract liabilities in 2023 reached 622 million yuan, a 12% YoY increase, reflecting strong order growth [28]