SUPCON Technology (SH:688777)2024-03-10 16:00Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The opening of the first 5S store in Thailand marks a significant step in the company's global strategy, following the successful establishment of its first overseas 5S store in Saudi Arabia [5] - The company has invested 2.1 billion in overseas operations, covering regions such as the Middle East, Central Asia, Southeast Asia, and Europe, accelerating its internationalization strategy [5] - The establishment of overseas 5S stores enhances the company's ability to promote intelligent solutions centered around industrial software, improving local service capabilities and deepening global development strategies [5] Summary by Sections Market Data - Closing price: 48.07 CNY - One-year high/low: 110.2/34 CNY - Market capitalization: 3,046.02 million CNY [2] Financial Data - Total revenue (2023E): 8,706 million CNY, with a year-on-year growth rate of 31.4% - Net profit attributable to the parent company (2023E): 1,088 million CNY, with a year-on-year growth rate of 36.3% - Earnings per share (2023E): 1.38 CNY [6][7] Investment Highlights - The company plans to establish four overseas subsidiaries with a total investment of 1.74 billion CNY, focusing on automation control systems and advanced technology research and development [5] - The company has established 194 5S stores globally, enhancing customer engagement through a combination of online and offline services [5] - The company maintains profit forecasts for 2023-2025, expecting net profits of 10.88 billion, 12.56 billion, and 16.06 billion CNY respectively, with corresponding PE ratios of 35X, 30X, and 24X [5]