SUPCON Technology (SH:688777) Shanxi Securities·2025-09-05 09:21Investment Rating - The report maintains a "Buy-A" rating for the company [1][8] Core Views - The company is experiencing pressure on its performance in the first half of the year, but its industrial AI and robotics business is progressing rapidly [2][5] - The company has implemented comprehensive budget control and increased cost reduction efforts, resulting in a 2.28% year-on-year decrease in sales, management, and R&D expenses [5] - The company's revenue for the first half of 2025 was 3.83 billion yuan, a decrease of 9.92% year-on-year, and the net profit attributable to shareholders was 354 million yuan, down 31.46% year-on-year [6][8] Financial Performance - The company achieved a basic earnings per share (EPS) of 0.45 yuan and a diluted EPS of 0.45 yuan as of June 30, 2025 [3] - The net asset return rate (ROE) was 3.47% [3] - The company’s gross profit margin for the first half of 2025 was 32.08%, a decrease of 1.15 percentage points compared to the same period last year [7] Business Development - The company is accelerating its product integration and market layout in industrial AI, with the launch of the TPT 2 platform, which can provide solutions for industrial problems [5] - The robotics business has seen significant growth, with revenue of 1.10 billion yuan and new orders of 200 million yuan in the first half of 2025 [5] - The company has successfully implemented over 110 projects in various production scenarios, including major clients like Sinopec and Wanhua Chemical [5] Future Outlook - The company is expected to continue its growth trajectory, with projected EPS of 1.45, 1.61, and 1.77 yuan for 2025, 2026, and 2027 respectively [6][8] - The company is focusing on expanding its overseas market while enhancing its industrial AI and robotics business [6]