SUPCON Technology (688777) 长城证券·2025-04-07 06:27Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [5][19]. Core Viewpoints - The company has shown steady revenue growth, achieving an annual revenue of 9.139 billion yuan in 2024, a year-on-year increase of 6.02%. The net profit attributable to shareholders was 1.117 billion yuan, reflecting a growth of 1.38% [2][10]. - The company is actively participating in the global digitalization trend, integrating digital technology with manufacturing and market advantages to support the widespread application of large models in the industry [3][10]. - The company has established a robotics product business system, contributing to its revenue growth and enhancing its competitive position in both traditional and emerging industries [4]. Financial Summary - Revenue and Profit Forecasts: The company is projected to achieve revenues of 10.263 billion yuan, 11.594 billion yuan, and 13.188 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is expected to reach 1.281 billion yuan, 1.577 billion yuan, and 1.924 billion yuan in the same years [10]. - Key Financial Metrics: The company's return on equity (ROE) is forecasted to improve from 11.0% in 2024 to 14.3% by 2027. The earnings per share (EPS) is expected to increase from 1.41 yuan in 2024 to 2.43 yuan in 2027 [10][12]. - Market Position: The company maintains a leading market share in the domestic DCS market at 40.4%, with significant shares in the chemical and petrochemical sectors [9]. Industry Insights - The demand for industrial automation and smart manufacturing products is on the rise, with significant revenue contributions from control systems and industrial software, which grew by 7.87% and 20.70%, respectively [4]. - The company is benefiting from stable growth in traditional industries such as petrochemicals and chemicals, while also tapping into emerging sectors like oil and gas, pharmaceuticals, and food and beverage [4]. Conclusion - The report indicates a positive outlook for the company, driven by its strategic initiatives in digital transformation and robust market positioning, suggesting continued growth in revenue and profitability in the coming years [10].