SUPCON Technology (688777) 国信证券·2024-12-16 09:17Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][4][21] Core Views - The company has partnered with Guangdong Petrochemical to build the "1+2+N" smart factory, which has successfully passed the CMMM Level 4 certification, marking a leading position in smart manufacturing [3][4] - The company is transitioning to a PlantMembership subscription model for industrial software, which is expected to lower usage barriers and enhance user retention [4][11] - The launch of the Plantbot robotic solution has led to significant orders from Saudi Aramco, indicating a strong foothold in the AI and robotics sector [4][16] - The company maintains its revenue and profit forecasts for 2024-2026, expecting revenues of 98.01 billion, 114.58 billion, and 135.24 billion yuan, with net profits of 11.99 billion, 14.36 billion, and 17.40 billion yuan respectively, corresponding to PE ratios of 33, 27, and 23 [4][21] Summary by Sections Smart Factory Development - The collaboration with Guangdong Petrochemical is significant, as it is the largest single investment project by China National Petroleum Corporation, with a production capacity of 20 million tons per year for refining and various chemical products [5][6] - The project has achieved CMMM Level 4 certification, showcasing Guangdong Petrochemical's advanced capabilities in smart manufacturing [5][6] Product Innovations - The company has introduced two groundbreaking products: the Universal Control System (UCS) and the AI Time Series Model (TPT), which are set to revolutionize industrial control systems and enhance operational efficiency [9][10] - UCS can save 90% of cabinet space and 80% of cabling costs, while TPT has shown significant improvements in modeling efficiency and operational parameters [9][10] Subscription Model Transition - The company is implementing a subscription-based model for its industrial software, which is expected to increase software adoption rates and improve customer loyalty [11][12] - The first company to adopt this model has successfully integrated various management systems, demonstrating the effectiveness of the subscription approach [12] Robotics Sector Expansion - The company has launched the humanoid robot "Navigator 2" (NAVIAI), which features advanced capabilities and is designed for various applications, including high-precision assembly and security patrols [16][18] - The Plantbot robotic solution has been successfully applied in multiple industrial scenarios, enhancing operational efficiency and safety [16][18]