SUPCON Technology (SH:688777) Changjiang Securities·2025-12-04 11:08Investment Rating - The report assigns a "Buy" rating for the company [11] Core Viewpoints - The company has undergone significant changes in both external environment and internal structure, with a focus on the integration of AI in industrial applications, which presents greater growth opportunities [4][19] - The company is expected to achieve net profits of 910 million, 1.16 billion, and 1.46 billion yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of -18.4%, +27.0%, and +26.2% [4][10] Summary by Relevant Sections Introduction: Growth Potential from Industrial AI - The company has shown continuous expansion across products, industries, and regions, with revenue and net profit compound annual growth rates of 26% and 47% from 2016 to 2024 [19] TPT: Transition from Usable to Highly Usable - TPT, the first pre-trained AI system for continuous process industries, has been successfully implemented in over 110 projects, generating revenue of 1.54 billion yuan by the third quarter of 2025 [8][55] - TPT's core value lies in its ability to reduce deployment costs and reliance on personnel through its cross-device and cross-condition capabilities [60] UCS: The Beginning of Software-Defined Control - UCS aims to revolutionize traditional DCS architectures by separating control logic from hardware, enhancing scalability and reducing costs for clients [9][10] Investment Recommendations: Current Perspective on the Company - Despite short-term challenges due to weak demand and internal transformation, the long-term outlook remains positive due to the ongoing trend of smart manufacturing upgrades and the company's evolving product ecosystem [10][19]