SUPCON Technology (SH:688777) Guoxin Securities·2024-08-22 00:31Investment Rating - The investment rating for the company is "Outperform the Market" [4][8] Core Views - The company reported a revenue of 4.252 billion yuan, an increase of 16.78%, and a net profit attributable to shareholders of 517 million yuan, up by 1.16% for the first half of 2024. Excluding foreign exchange losses, the net profit grew by approximately 49.80% [1][5] - The company launched two disruptive products: the first universal control system UCS and the first AI temporal model TPT for process industries, which are expected to significantly enhance operational efficiency and reduce costs [1][5] - The company is experiencing strong growth in overseas markets, with a revenue increase of 188.22% year-on-year, and new overseas contracts signed amounting to 500 million yuan, a 63.82% increase [1][5] Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 4.252 billion yuan (+16.78%) and a net profit of 517 million yuan (+1.16%). The second quarter revenue was 2.514 billion yuan (+14.49%), while the net profit decreased by 11.26% to 371 million yuan [1][5] - The company expects revenues for 2024-2026 to be 10.414 billion yuan, 12.777 billion yuan, and 15.729 billion yuan, with growth rates of 21%, 23%, and 23% respectively. The net profit for the same period is projected to be 1.271 billion yuan, 1.560 billion yuan, and 1.953 billion yuan [2][8] - The company’s PE ratios for 2024, 2025, and 2026 are projected to be 23, 19, and 15 times respectively [2][8]