SUPCON Technology (688777) 信达证券·2025-04-07 08:23Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 9.139 billion yuan in 2024, representing a year-on-year growth of 6.02%. The net profit attributable to the parent company was 1.092 billion yuan, up 9.60% year-on-year, while the net profit excluding GDR exchange losses grew by 20.26% to 1.012 billion yuan [1] - The company's market share in core products, particularly DCS, has increased, with a domestic market share of 40.4% in 2024, up 2.6 percentage points from the previous year. In the chemical sector, the DCS market share reached 62.6%, an increase of 6.3 percentage points, and in the petrochemical sector, it reached 56.2%, up 6.9 percentage points [1] - The company has seen steady revenue growth in the chemical and petrochemical sectors, with revenues of 3.366 billion yuan and 1.854 billion yuan respectively, and notable growth in the pharmaceutical and food sectors, which saw a revenue increase of 17.38% to 741 million yuan. The oil and gas sector, a new focus area, achieved a revenue of 885 million yuan, growing by 47.84% [1] - The international business is progressing well, with export revenue accounting for 8.25% of total revenue, a growth of 118.27% year-on-year. The company has established a robotics product business system, generating revenue of 56.01 million yuan and securing new orders worth 167 million yuan [1] Financial Summary - The total revenue for 2023 was 8.620 billion yuan, with a projected increase to 10.025 billion yuan in 2025, reflecting a growth rate of 9.7% [2] - The net profit attributable to the parent company for 2023 was 1.102 billion yuan, expected to rise to 1.275 billion yuan by 2025, indicating a growth rate of 14.2% [2] - The gross margin for 2024 is projected at 33.9%, slightly up from 33.2% in 2023, while the return on equity (ROE) is expected to be 10.8% in 2024, increasing to 14.5% by 2027 [2] - The earnings per share (EPS) for 2023 was 1.39 yuan, with projections of 1.61 yuan in 2025 and 2.32 yuan in 2027 [2] Market Position - The company maintains a leading position in the DCS market across various sectors, ranking first in the chemical, petrochemical, building materials, and paper industries [1] - The SIS market share reached 31.2% in 2024, marking the third consecutive year of being the domestic leader [1]