SUPCON Technology (688777) 国元证券·2025-04-09 13:58Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [6][4]. Core Insights - The company achieved steady growth in revenue and profit, with operating cash flow significantly improving. In 2024, the company reported revenue of 9.139 billion yuan, a year-on-year increase of 6.02%, and a net profit attributable to shareholders of 1.117 billion yuan, up 1.38% year-on-year [1][4]. - The company is increasing its investment in AI technology, with R&D expenses reaching 978 million yuan, a 7.73% increase, accounting for 10.70% of revenue. The launch of innovative products like the UCS universal control system and TPT industrial model has been highlighted [2][4]. - The company is accelerating its international market expansion, with overseas revenue growing by 118.27% year-on-year to 749 million yuan, representing approximately 8.25% of total revenue. The company has established 21 subsidiaries in various countries and signed overseas contracts worth 1.355 billion yuan, a growth of over 35% [3][4]. Financial Performance Summary - The company forecasts revenue for 2025-2027 to be 10.265 billion, 11.502 billion, and 12.843 billion yuan, respectively, with net profits projected at 1.245 billion, 1.432 billion, and 1.677 billion yuan. The expected EPS for the same period is 1.57, 1.81, and 2.12 yuan per share, with corresponding P/E ratios of 30.04, 26.10, and 22.29 [4][8].