SUPCON Technology (SH:688777) Western Securities·2025-09-08 04:06Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company reported a total revenue of 3.83 billion yuan in the first half of 2025, a year-on-year decline of 9.9%, with a net profit attributable to shareholders of 354 million yuan, down 31.5% [1][5] - Excluding the impact of reduced bank wealth management and interest income, as well as increased exchange losses, the net profit attributable to shareholders decreased by 25.8% year-on-year [1] - The company is undergoing a strategic transformation towards becoming a "product-oriented, platform-oriented, and industrial AI company," with new business segments showing rapid growth [2] Summary by Sections Financial Performance - In the first half of 2025, revenue from control systems was 1.498 billion yuan, industrial software revenue was 1.032 billion yuan, instrument revenue was 677 million yuan, and S2B platform revenue was 414 million yuan, with S2B revenue declining by 52.8% year-on-year [1] - The company is expected to achieve revenues of 9.172 billion yuan, 9.981 billion yuan, and 10.933 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 1.109 billion yuan, 1.237 billion yuan, and 1.4 billion yuan for the same years [3][4] Strategic Initiatives - The company launched the TPT 2.0 time series hybrid expert model, which aims to provide solutions for industrial problems and enhance the reliability of industrial AI applications [3] - The industrial AI business generated 117 million yuan in revenue, with over 110 successful projects in industries such as petrochemicals and coal chemical [2] - The robot business achieved revenue of 110 million yuan in the first half of 2025, with new orders totaling 200 million yuan, surpassing the total revenue for 2024 [2]