SUPCON Technology (SH:688777) Guoxin Securities·2024-04-22 09:30Investment Rating - The report maintains a "Buy" rating for the company [1][4][8] Core Views - The company reported a stable revenue growth of 1.738 billion yuan in Q1 2024, representing a year-on-year increase of 20.25%. The net profit attributable to shareholders reached 145 million yuan, up 57.39%, while the net profit excluding non-recurring items was 119 million yuan, reflecting a 76.05% increase [1][5][8] - The company continues to demonstrate strong growth resilience in revenue and significant profit growth, supported by effective cost control measures [1][5] - The gross margin for Q1 2024 was 31.03%, a decrease of approximately 2.3 percentage points year-on-year, primarily due to a higher proportion of low-margin business [1][5] - The company is focusing on smart manufacturing as a strategic direction, with successful applications of its "1+2+N" smart factory model and breakthroughs in industrial AI technologies [1][5] - International expansion is ongoing, with partnerships established with major global clients such as Saudi Aramco and Shell, contributing to high growth in new industries [1][5] Financial Forecasts - The company forecasts revenues of 10.414 billion yuan, 12.777 billion yuan, and 15.729 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 21%, 23%, and 23% [1][8] - The net profit attributable to shareholders is projected to be 1.271 billion yuan, 1.560 billion yuan, and 1.953 billion yuan for the same years, with corresponding PE ratios of 30, 24, and 19 times [1][8]