Log in to the Sina Finance APP and search for [Xinphi] to see more evaluation grades

Securities Star News, on November 7, 2024, SUPCON Technology (688777) announced that the company would accept institutional research on October 28, 2024, Bank of China Fund, Sino-Dutch Life Insurance, Sumitomo Mitsui Dess Assets, UBS Assets, UBS Securities, Pictet Assets, Rongtong Fund, Rongjie Investment, Quanguo Fund, Qingli Investment, Yurui Assets, Suben Investment, AVIC Securities, Hongzhu Assets, Qianjinhao Assets, Poyang Capital, Ping An Securities, Ping An Fund, Panhou Momentum Capital, Nord Fund, Ningbo Wealth Management, Yuanhe Financial, Shuangan Asset, AVIC Trust, Shiming Private Equity, Shengquan Hengyuan, Ruilan Private Equity, J.P. Morgan Asset, J.P. Morgan Asia Pacific Asset, Morgan Stanley, Minsheng Securities, BofA Securities, Macquarie Securities, Khazanah Nasional Holdings, China Galaxy Securities, Lujiazui Cathay Life, Lige Capital, Kunlun Health Insurance, Kailian Fund, KGI Securities, Kaiyuan Securities, Kaiyu Asset, Jiutai Fund, Invesco Great Wall Fund, Artisan Capital, China Life Asset, Huihong International, Xinyang Private Equity Fund, Huisheng Fund, HSBC Qianhai Securities, Huian Fund, Huaxin Securities, Huaxi Capital, Huatai Securities, Huatai Proprietary Trading, China Resources Capital, Minsheng Bank, Huafu Securities, Huachuang Securities, Huaan Securities, Citibank, Xianghui Investment, Hongde Fund, Sequoia Capital, Hony Yuanfang Fund, Hehe Private Equity Fund, Heyong Investment, CICC, Huisheng Investment, Binghuai Private Equity Fund, Hangzhou Bank Wealth Management, Haitong Securities, Mozhu Private Equity Fund, Guoyuan Securities, Guosen Securities, SDIC Securities, UBS SDIC Fund, Guotai Life Insurance, Zhixin Assets, Guotai Junan Securities, Guosheng Securities, Guolian Securities, Guolian Fund, Guojin Securities, Guojin Fund, Guohua Xingyi Insurance, Guohai Securities, Guohai Franklin Fund, Guodu Securities, Jingrui Private Equity Fund, Guishan Private Equity Fund, Hairong Private Equity Fund, GF Securities, Zhengyuan Private Equity Fund, Entropy Jian Private Equity Fund, Pengcheng Private Equity Fund, Everbright Securities (Rights Protection), ICBC Wealth Management, Gengji Investment, Green Fund, Boyong Investment, Goldman Sachs, Jefferies Financial, Franklin Templeton, Golden Bull Investment, Founder Securities, BNP Paribas, BEA Qianhai Securities, Soochow Securities, Donghai Securities, Orient Securities, BOCI Securities, CSI Huijin Fund, Orient Wealth Securities, Oriental Alpha Fund, Northeast Securities, Debang Securities, Dacheng Fund, Chuangjin Hexin Fund, Caitong Asset Management, Caitong Securities, Boyu Capital, Bosera Fund, Zheshang Securities, Bodao Fund, Biyun Capital, Bisheng Investment, Zhuowen Boyu Investment, Zhishun Investment, Zeming Investment, Yutian Capital, Acorn Assets, Shengxi Investment, Shennong Investment, Zhejiang Period Industrial, Huixin Juying Private Equity Fund, Hongcheng Investment, Gaoxin Bainuo Investment, Dingsa Investment, Dadao Industrial Investment, Caiyu Asset, Peking University Founder Life Insurance, Mingdao Asset, Centennial Insurance Asset, Patek Shirui Private Equity Fund, Zhejiang Capital Operation, Huirui Investment, Lingren Investment, Gaoyi Asset, Aberdeen Hong Kong, Polymer, Daiwa Capital, Point72, Marco Polo Pure Asset Management, JK Capital, FSSA Investment Managers, Mofeng Investment, Deutsche Bank AG, CMB Wealth Management, Changsheng Fund, Changjiang Securities, Great Wall Securities, Chang'an Fund, Zhongyuan Securities, Yuefo Private Equity Fund, Man Group, Yide Wealth, Industrial Securities, Industrial Bank, Cintai Life Insurance, Cinda Securities, New Ideas Investment, Xinhua Assets, Convergence Capital, China Post Securities, Xijing Investment, Tibet Trust, Western Securities, Shuangshi Capital, Uni-President Investment, Tianzhi Fund, Tianhui Investment, Tianfeng Securities, Taiping Pension Insurance, Zhengyuan Xinyi Assets, CITIC Securities (Rights Protection), Shengbo Hong Kong, Zhongtian Huifu Fund, Yijinan Investment, Qianhai Changhe Huizhong Fund, Qianhai Tang Capital, Junhong Investment, Qianhai Junan Assets, Qianhai Jingzhi Assets, Jiuwen Assets, Red Fang Private Equity Fund, China Securities Securities, Fortune Zhaoye, Chengyi Investment, Zhongrun Investment, Zhipu Assets, Shanghai Securities, Yunmen Investment, Yuanhao Investment, Yude Investment, Yiheyuan Assets, Sunflower Investment, CITIC Prudential Assets, Xianhe Assets, Wenduo Assets, Shicheng Investment, Shenzhi Assets, Shenwan Hongyuan Securities, Senjin Investment, Minghe Investment, Miyuan Investment, Maodian Assets, Luyong Assets, Zhongtai Securities, Jingxi Investment, Jinen Investment, Jiashi Private Equity Fund, Huanyi Private Equity Fund, Hengzhou Assets, Xingzhi Venture Capital, Gaohui Investment, Fuying Investment, Fengyang Assets, Fangwu Private Equity Fund, Zhongtai Anhe Investment, Dushi Investment, Delin Zhongfu Investment, Dehui Group, Daohe Private Equity Fund, Ivy Assets, Binyuan Assets, Model Investment, Axing Investment, Shanxi SecuritiesParticipation of private equity funds.

The details are as follows:

Q&A: Q&A:

A: Q&A

1. With the support of equipment renewal policy, what is the incremental expectation of the company's downstream customers?

According to the requirements of the national policy, various industries, especially the process industry industry will usher in the next few years of equipment renewal and transformation of the key period, the relevant departments are promoting large-scale equipment renewal action plan, at the same time in the petrochemical, chemical, building materials, steel, nonferrous metals, electric power and other industries put forward clear specific requirements and technical guidelines, and has given the "equipment renewal and technical transformation guide", the guide clarified the specific completion time and quantitative goals.

In terms of financial support, the state has issued a series of specific policies to support equipment renovation and transformation. For example, the State-owned Assets Supervision and Administration Commission (SASAC) and some central enterprises jointly formulate equipment modernization plans; The central bank has provided special loan policies for scientific and technological innovation and technological transformation; The National Development and Reform Commission (NDRC) and the Ministry of Industry and Information Technology (MIIT) have also introduced relevant subsidy measures. The above-mentioned policy measures are expected to further promote the transformation and development of new and old drivers in various industries.

2. How does the company view the application prospect of I in the industrial field, and how should smart factories be implemented and developed?

The company believes that I will not only have a disruptive impact on all aspects of human life, but will also penetrate into the industrial field and become a core technology element. The company hopes to quickly lead the layout of I in the industrial industry in the development, so that I elements can be integrated into various products, so as to realize the transformation from a traditional automation company to an industrial I company, create more economic value for customers with strong technology and innovative business models, and make greater contributions to the sustainable development of the process industry.

With the advancement of I technology, the implementation and development of smart factories need to explore new implementation paths and feasible models, and the development of Industry I will also have a profound impact on industrial factors such as processes, equipment, and operational efficiency. ZKTeco will use advanced industrial I technology and its own accumulated automation and digital capabilities and industry experience to solve various problems and challenges faced by customers' production, operation and management, help the global process industry transform from traditional production and manufacturing mode to highly automated and intelligent, and promote the sustainable development of industry with I.

3. What is the progress of the company's layout in overseas markets?

The company actively expands the market in the world, focusing on Southeast Asia, the Middle East, Central Asia and Europe and other market areas with great potential and development space. Since the beginning of this year, the company has deepened its cooperation with international high-end customers such as Saudi Aramco, BASF BSF of Germany, Pertamina, Indorama of Thailand, Petronas of Malaysia, etc., and has obtained the highest level of certification of Pertamina Group CSMS and won the bid for its liquefied natural gas (LNG) tank farm storage project. The successful acquisition of the MR intelligent robot project at Saudi Aramco Central Warehouse is another close collaboration between the company and Saudi Aramco in the field of robotics, following the cooperation between the company and Saudi Aramco on the intelligent inspection robot ramcobot. In late August, the company won the bid for the monitoring system transformation project of Hengyuan (Malaysia) Refining Co., Ltd., which will deploy the company's most advanced mobile quadruped robot equipment, marking the first successful application of ZKTeco robot equipment in Southeast Asia, and an important milestone in the company's overseas business expansion and innovative technology practice. In October, the company's industrial information security independent product RTU Secure won the bid for an important project of Saudi Aramco, which not only means that ZKTeco's industrial information security independent products have made a major breakthrough in overseas markets, but also shows that the company's strong innovation ability in the field of information security has won the recognition of international high-end customers.

In the future, the company will continue to strengthen technological innovation, improve product quality and service levels, actively seek cooperation with high-end product and technology suppliers in the global industry, and continuously expand the international ecosystem and global layout and operation capabilities to ensure the company's competitive advantage in the global market.

4. What is the progress of the company's industrial software subscription business?

The subscription membership model of software products is a key component of ZKTeco's business model innovation, aiming to bring customers a more flexible service experience, whether it is a large enterprise or a small and medium-sized enterprise, they can flexibly choose their own software use plan according to their own needs.

Since the end of the second quarter to the third quarter of this year, the company officially launched this business model, customer acceptance has been high, as of the end of the third quarter, the company has reached a subscription cooperation with hundreds of customers, and the cumulative orders have grown rapidly. The subscription membership model of software products can effectively help users improve the overall comprehensive service capability from design to operation for a long time, strengthen the stickiness with customers, meet the needs of long-term cooperation and development, comprehensively promote the application of various advanced software, equipment and technologies in industrial enterprises, and further fully empower the process industry to achieve high-quality and sustainable development of "safety, quality, low carbon and efficiency".

5. What is the application of the company's new product TPT?

In June this year, the company officially released the first I timing model TPT in the process industry at the global new product launch conference in Singapore, and from July to fully open the promotion and industrialization application, after about a quarter, TPT has been widely used in chemical, petrochemical, electric power and other industries, and has signed contracts with dozens of customers. The application of TPT in chlor-alkali plants has achieved even more significant results, and some chlor-alkali plants have achieved closed-loop operation based on TPT technology, realizing a comprehensive I-drive for equipment maintenance, production control, safety monitoring and production optimization. Through the application of this technology, factories are not only able to improve production efficiency and safety, but also effectively reduce costs and contribute to the achievement of sustainable development goals.

The company believes that with the continuous iteration and maturity of the technology and the increase in promotion, TPT will play an important role in more industries and bring greater value to customers.

6. The company's revenue and profit in the first three quarters have maintained steady growth, can you elaborate on the growth and the main factors affecting the growth?

In the first three quarters of 2024, the company achieved operating income of 6.337 billion yuan, a year-on-year increase of 11.58%. In the first three quarters, the company divested some business segments with low added value and low profit contribution, and focused the company's resources on core directions such as industry I. In terms of industries, the company's traditional advantageous industries of petrochemical and chemical industries continued to maintain steady and rapid growth, and the revenue of expanding industries such as oil and gas, pharmaceuticals and food also increased significantly.

In the first three quarters of 2024, after excluding the impact of GDR foreign exchange gains and losses, the company achieved a net profit attributable to the parent company of 737 million yuan, a year-on-year increase of 32.02%, and a net profit of 675 million yuan, a year-on-year increase of 55.60%. The company continued to optimize and improve the competitiveness of its core business, continuously improved its operational efficiency, and reduced its sales expense ratio from 15.7% in the first three quarters of 2020 to about 8% in the first three quarters of this year, and the management expense ratio to less than 5%, significantly improving its governance level and further releasing profit margins. 7. After the company's strategic transformation, what kind of enterprise does it aim to build? How does SUPCON support the target development of Industry I through technological innovation and business model innovation?

The company is strongly committed to a comprehensive transformation into a data-centric Industry I company, which gradually transforms the company from a traditional project-based company to a product- and platform-based company. In the process of transformation, the company will adjust and optimize the profitability logic, business design, business model and talent pool, etc., hoping to build a world-leading industrial I enterprise in the industrial field around the large accumulation of process industry and the data accumulated by the control system.

The company has built a "1+2+N" and "4+1" dual architecture and model innovation three platforms. Among them, the "1+2+N" architecture refers to supporting the automation of enterprise production process and enterprise operation through a factory operating system, and achieving automation goals through N industrial PPs; "4+1" collects process data, equipment data, quality data, etc. with the help of four big data bases, strengthens the core competitiveness of "I+ data" through the process industry I time series large model TPT, and maximizes the value of data and customers. The three platform business models include PlantMate, a one-stop service platform, PlantMart, a one-stop trading platform, and PlantMembership, a one-stop software platform, to improve the data base of customers' supply chains, production operations and other data, and provide customers with closer and personal services.

During the reception process, the company conducted full exchanges and communication with investors, and strictly followed the "Investor Relations Management System" and other regulations to ensure that the information disclosure was true, accurate, complete, timely and fair. There was no leakage of undisclosed material information, and at the same time, it was required to sign a "Letter of Commitment" for research.

The main business of ZKTeco (688777): for Industry 3.0+ Industry 4.0 to build a new architecture of "1+2+N" smart factory, build 4 big data bases + 1 intelligent engine, 4 big data bases include equipment base (PRIDE), running base (OMC), quality base (Q-Lab) and simulation base (APEX), based on industrial multi-source data for fusion training, establish a highly generalized and reliable intelligent engine for the process industry, and build AI+ The core competitiveness of data, maximizing the value of data, defining and reshaping the new form of process industry, and in-depth construction of a new one-stop industrial service model of 5S offline stores + S2B online platform, 5S offline stores provide customers with end-to-end, door-to-door professional services in the industrial field close to users.

According to the third quarter report of ZKTeco in 2024, the company's main revenue was 6.337 billion yuan, an increase of 11.58% year-on-year; net profit attributable to the parent company was 717 million yuan, an increase of 3.36% year-on-year; deducted non-net profit of 655 million yuan, an increase of 15.09% year-on-year; In the third quarter of 2024, the company's single-quarter main revenue was 2.085 billion yuan, a year-on-year increase of 2.3%; the net profit attributable to the parent company in a single quarter was 200 million yuan, an increase of 9.52% year-on-year; deducted non-net profit of 183 million yuan in a single quarter, an increase of 25.81% year-on-year; The debt ratio was 41.88%, the investment income was 102 million yuan, the financial expenses were -66.0092 million yuan, and the gross profit margin was 32.85%.

A total of 29 institutions have rated the stock in the last 90 days, with 25 having a buy rating and 4 having an overweight rating. The average institutional price target over the last 90 days is 53.31.

Here's the detailed earnings forecast information:

Margin data shows that the stock has a net financing inflow of 293 million in the past three months, and the financing balance has increased; The net outflow of securities lending and borrowing was 9.7698 million, and the balance of securities lending and borrowing decreased.

The above content is compiled by Securities Star based on public information, generated by intelligent algorithms, and does not constitute investment advice.