SUPCON Technology (688777) 华创证券·2025-03-06 03:25Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][19]. Core Insights - The company reported a revenue of 9.351 billion yuan for 2024, representing a year-on-year growth of 8.49%. The net profit attributable to shareholders was 1.130 billion yuan, up 2.56% year-on-year, while the net profit excluding non-recurring items was 1.038 billion yuan, growing by 9.60% [1]. - The company is focusing on industrial intelligence and deepening its "ALL IN AI" strategy, with significant investments in industrial AI and robotics [1][7]. - The company has introduced a new subscription-based business model called PlantMembership to ensure stable growth [7]. - The company is leveraging AI technology to enhance operational efficiency and reduce costs, with a notable decrease in overall expense ratios [7]. - The introduction of the TPT large model marks a significant advancement in the industry, with successful applications in various sectors [7]. Financial Performance Summary - For 2024, the company expects total revenue of 93.51 billion yuan, with projected growth rates of 8.5%, 19.3%, and 19.1% for 2025 and 2026 [3][7]. - The net profit forecast for 2024 is 11.29 billion yuan, with growth rates of 2.4%, 29.6%, and 26.4% for the following years [3][7]. - The earnings per share (EPS) are projected to be 1.43 yuan for 2024, increasing to 1.85 yuan in 2025 and 2.34 yuan in 2026 [3][7]. - The company’s total market capitalization is approximately 436.49 billion yuan, with a circulating market value of 432.09 billion yuan [4].