SUPCON Technology (688777) 山西证券·2024-10-31 04:30Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected price increase of over 15% compared to the benchmark index [2][3]. Core Insights - The company has rapidly expanded into new business areas such as robotics, hydrogen production, smart laboratories, and overseas markets, achieving significant growth in these sectors [1][2]. - In the first three quarters of 2024, the company reported revenue of 6.337 billion yuan, a year-on-year increase of 11.58%, and a net profit of 717 million yuan, up 3.36% year-on-year [2][3]. - The company is undergoing a strategic transformation, which has led to a temporary decline in revenue growth but is expected to rebound as new policies are implemented [3][4]. Financial Performance - For the third quarter of 2024, the company achieved revenue of 2.085 billion yuan, a year-on-year increase of 2.30%, and a net profit of 200 million yuan, up 9.52% year-on-year [2][3]. - The company's operating efficiency has improved, with a decrease in sales, management, and R&D expense ratios compared to the previous year [3][4]. - The forecasted earnings per share (EPS) for 2024-2026 are 1.48, 1.76, and 2.07 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 32.22, 27.14, and 23.05 [3][4]. Business Expansion - The company has successfully secured high-profile contracts with global clients, including Saudi Aramco, and has made significant inroads into the Southeast Asian market with its robotics technology [1][2]. - The collaboration with Shanxi Jinneng Duanwang Coal Industry and Pengfei Group has established a benchmark application in the smart mining sector, marking a significant breakthrough for the company [1][2].