SUPCON Technology (SH:688777) KAIYUAN SECURITIES·2025-09-01 07:03Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term pressure on performance, but it is making strategic breakthroughs in industrial AI and robotics, which are expected to open long-term growth opportunities [1][4] - The company is a leader in process industrial intelligent manufacturing and is expected to benefit from equipment upgrade policies and overseas expansion opportunities [4][6] Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 3.83 billion yuan, a year-on-year decrease of 9.92%, and a net profit attributable to the parent company of 354 million yuan, down 31.46% year-on-year [5] - The company’s exchange loss was 13.40 million yuan, compared to a gain of 3.01 million yuan in the first half of 2024 [5] - After excluding the impact of exchange losses, the adjusted net profit was 294 million yuan, a decline of 25.82% year-on-year [5] Revenue and Profit Forecast - The revised profit forecast for 2025-2027 is 1.12 billion, 1.29 billion, and 1.55 billion yuan respectively, with EPS projected at 1.41, 1.63, and 1.96 yuan per share [4][8] - The current stock price corresponds to P/E ratios of 36.8, 31.9, and 26.5 for the years 2025, 2026, and 2027 respectively [4][8] Market Opportunities - The demand for process industrial equipment is continuously increasing, with significant growth in the energy, building materials, and paper industries, showing year-on-year increases of 9.32%, 82.58%, and 77.56% respectively [6] - The company is expanding its international strategy, achieving significant breakthroughs in regions such as Southeast Asia, the Middle East, and Central Asia, with notable progress in certification for core products in Saudi Arabia [6] Industrial AI and Robotics Development - The TPT software has entered a phase of large-scale application, generating revenue of 117 million yuan in the first half of 2025, with over 110 successful projects implemented in various industries [7] - The robotics business is also growing rapidly, with revenue of 110 million yuan in the first half of 2025 and new orders totaling 200 million yuan, surpassing the entire performance of 2024 [7]