SUPCON Technology (SH:688777) Shenwan Hongyuan Securities·2025-05-05 15:24Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 9.139 billion with a year-on-year growth of 6.02% for 2024, and a net profit of 1.117 billion, reflecting a growth of 1.38%. However, for Q1 2025, revenue decreased by 7.55% to 1.607 billion, and net profit fell by 17.42% to 0.120 billion [4][7] - The company has adjusted its profit forecasts for 2025-2026 and introduced a forecast for 2027, maintaining a "Buy" rating due to its potential for high growth in the intelligent manufacturing sector [7] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 9.139 billion, with an expected increase to 10.095 billion in 2025, representing a growth rate of 10.5% [6] - The net profit for 2025 is estimated at 1.351 billion, with a projected growth of 20.9% [6] - The company’s gross margin for 2024 is reported at 33.9%, with a slight increase expected in subsequent years [6] - The return on equity (ROE) for 2025 is projected at 12.3%, increasing to 14.9% by 2027 [6] Investment Highlights - The company’s intelligent manufacturing solutions have shown robust growth, particularly in overseas markets, with a 118.27% increase in overseas revenue [7] - The company maintains a leading market share in its core products, with a 40.4% share in the domestic distributed control system (DCS) market [7] - The establishment of 5S stores and subscription-based services has expanded the company’s market presence, with 622 subscription clients reported [7]