Investment Rating - The report assigns a "Buy" investment rating to the company, indicating a positive outlook based on expected growth in overseas orders and improved profitability [8]. Core Insights - The company reported a revenue of 4.799 billion yuan for the first three quarters of 2024, showing a year-on-year growth of 0.53%, while the net profit attributable to shareholders reached 404 million yuan, up 21.17% year-on-year [2][3]. - The gross margin improved to 24.21%, an increase of 2.05 percentage points year-on-year, and the net margin reached 8.34%, up 1.38 percentage points year-on-year [3]. - In Q3 2024, the company achieved a revenue of 1.882 billion yuan, maintaining year-on-year levels but showing a quarter-on-quarter growth of 16.82%, with a net profit of 181 million yuan, reflecting a year-on-year increase of 27.54% and a quarter-on-quarter increase of 41.86% [3]. - The company’s overseas sales accounted for 28.64% of total revenue in the first three quarters, with Q3 showing an increase to 30.79%, indicating a positive trend in international orders [4]. - The company is expanding its production capacity both domestically and internationally, with new facilities in Mexico and Poland, which are expected to enhance market reach [5][7]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported total revenue of 4.799 billion yuan and a net profit of 404 million yuan, with respective year-on-year growth rates of 0.53% and 21.17% [2][3]. - The gross margin for Q3 reached 25.53%, and the net margin was 9.57%, marking the highest quarterly performance since the company went public [3]. Sales Breakdown - The company’s external sales revenue for the first three quarters was 1.366 billion yuan, representing 28.64% of total revenue, with Q3 external sales at 575 million yuan, or 30.79% of that quarter's revenue [4]. - Domestic sales for the same period totaled 3.402 billion yuan, accounting for 71.36% of total revenue, with a narrowing decline expected in the domestic market due to increased orders in non-new energy sectors [4]. Capacity Expansion - The company is actively expanding its production capacity, with new facilities in Mexico and Poland, and a project in Tongxiang, China, expected to enhance its product offerings [5][7]. Profit Forecast - The report forecasts revenues of 7.734 billion yuan, 9.677 billion yuan, and 12.018 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.37 yuan, 1.80 yuan, and 2.43 yuan [8][10].

| --- | --- | --- | |---------------------------------------------------|---------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | 证券研究报告 | | 电力设备 | | 报告日期： 2024 年 10 月 24 日 | | | | 盈利能力显著提升，外销收入持续增长 | | | | ——金盘科技（ 688676.SH ） 2024 年三季报点评报告 | | ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][10][11]. Core Views - The company's net profit has shown steady growth, with a year-on-year increase of 21.17% in the first three quarters, reaching 404 million yuan. The revenue for the same period was 4.799 billion yuan, reflecting a slight increase of 0.53% year-on-year [5][10]. - The company has significantly increased its overseas business, with export revenue accounting for 28% of total revenue, and foreign orders exceeding 40% of total orders. The backlog of orders reached 6.562 billion yuan, a year-on-year increase of 29.88% [10][11]. - The company is actively expanding its production capacity in Mexico, the United States, and Poland to enhance its global footprint [10][11]. Summary by Sections Financial Performance - In the first three quarters, the company achieved a revenue of 4.799 billion yuan, with a net profit of 404 million yuan, and a gross profit margin of 24.21%, which is an increase of 2.05 percentage points year-on-year [5][10]. - In Q3 alone, the company reported a revenue of 1.882 billion yuan, a year-on-year increase of 0.15% and a quarter-on-quarter increase of 16.82%. The net profit for Q3 was 181 million yuan, reflecting a year-on-year increase of 27.54% and a quarter-on-quarter increase of 41.86% [5][10]. Order Growth - The company has seen a 102% year-on-year increase in new orders for data centers in the first three quarters, with September alone contributing 120 million yuan in new orders [2][10]. - The company is focusing on expanding into new infrastructure sectors to mitigate the impact of slowing growth in the renewable energy sector [2][10]. Market Position and Strategy - The company is leveraging its technological advantages in the transformer sector, with products being used in over a hundred data center projects for major clients like Baidu, Huawei, and Alibaba [2][10]. - The strategic expansion into international markets is expected to bolster the company's growth trajectory, with significant investments in production capabilities in key regions [10][11].

海南金盘智能科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | |-----------------------|----------------|------------------------------------------------|--------------------------------------------------------| | 证券简称： 金盘科技 | | 证券代码： 688676 \n√特定对象调研 □分析师会议 | 编号： 20241022 | | 投资者关系活动 | | □媒体采访 □业绩说明会 | | | 类别 | | □新闻发布会 路演活动 | | | | □现场参观 其他 | | | | | | | 华福证券有限责任公司；国联证券股份有限公司；华鑫证券 | | | | | 有限责任公司；红塔证券股份有限公司；长城证券股份有限 | | | | | 公司；开源证券股份有限公司；东方证券股份有限公司；国 | | | | | 盛证券有限责任公司；东亚前海证券有限责任公司；华泰证 | | | | | 券股份有限公司；东北证券股份有限 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a revenue of 4.799 billion yuan for the first three quarters of 2024, a year-on-year increase of 0.53%, and a net profit attributable to shareholders of 404 million yuan, up 21.17% year-on-year [2][6] - In Q3 alone, the company achieved a revenue of 1.882 billion yuan, a year-on-year increase of 0.15% and a quarter-on-quarter increase of 16.82%, with a net profit of 181 million yuan, reflecting a year-on-year growth of 27.54% and a quarter-on-quarter growth of 41.86% [2][6] - The optimization of the order structure has driven an improvement in profitability, with a significant increase in the proportion of high-quality orders and a focus on managing accounts receivable and inventory [6] - The company is expanding its global production capacity, particularly in Mexico and Europe, to reduce reliance on a single market [6] - The data center product line is expected to open new growth avenues, with a 102% year-on-year increase in domestic data orders from January to September 2024 [6] Financial Summary - For 2024-2026, the company is projected to achieve revenues of 71.94 billion yuan, 88.70 billion yuan, and 106.78 billion yuan, with year-on-year growth rates of 7.89%, 23.31%, and 20.38% respectively [6][7] - The net profit attributable to shareholders is expected to be 6.18 billion yuan, 8.27 billion yuan, and 10.93 billion yuan for the same period, with growth rates of 22.38%, 33.87%, and 32.24% respectively [6][7] - The earnings per share (EPS) are projected to be 1.35 yuan, 1.81 yuan, and 2.39 yuan, with a three-year compound annual growth rate (CAGR) of 29.40% [6][7] - The company's price-to-earnings (P/E) ratio is expected to decrease from 58.9 in 2022 to 15.3 by 2026, indicating improved valuation [7]

Group 1: Company Overview and Performance - Jinpan Technology reported a main business revenue of ¥476,810.34 million for the first nine months of 2024, with domestic sales contributing ¥340,232.21 million (28.64%) and international sales contributing ¥136,578.13 million (71.36%) [4] - The company has expanded its production capacity in Mexico and is preparing for full-line product capacity expansion in both Mexico and the United States [3] Group 2: Market and Industry Insights - The company anticipates focusing on industries such as data centers and infrastructure, following trends in AI and emerging national policies [3] - In the first nine months of 2024, domestic data center orders increased by 102% year-on-year, driven by the superior performance of its transformer series products [3][4] Group 3: Future Developments - The Jinpan Technology New Energy Equipment Intelligent Manufacturing project in Tongxiang officially commenced in October 2024, expected to enhance production capacity for various transformer series products [3] - The company is establishing a production capacity in Poland, which will support further market expansion in Europe [3] Group 4: Competitive Landscape - Jinpan Technology's transformer products are recognized for their stability, quality, and low failure rates, making them suitable for various applications including wind energy, photovoltaics, and data centers [4] - Different industries have varying technical demands for transformer products, with data centers requiring high stability and wind energy demanding complex manufacturing processes [4]

沪深 300 23.6% 12.6% 12.7% 2024 年 10 月 23 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 李航 S0350521120006 lih11@ghzq.com.cn 证券分析师： 王刚 S0350524020001 wangg06@ghzq.com.cn [Table_Title] 外销业务占比提升，公司盈利能力进一步改善 ——金盘科技（688676）2024 年三季报点评 最近一年走势 事件: 金盘科技 2024 年 10 月 22 日发布 2024 年三季度报告：2024 年前三季 度，公司实现营收 48 亿元，同比+1%；归母净利润 4.0 亿元，同比+21%； 扣非归母净利润 3.8 亿元，同比+19%；销售毛利率 24.2%，同比+2.0pct； 销售净利率 8.3%，同比+1.4pct。 其中，2024Q3，营收 18.8 亿元，环比+17%，同比+0.1%；归母净利润 1.8 亿元，环比+42%，同比+28%；扣非归母净利润 1.7 亿元，环比+54%， 同比+27%；销售毛利率 25.5%，环比+3.8pct，同比+2.7pct；销售净利 率 9.6 ...

[ T able_StockInfo] 2024 年 10 月 21 日 证券研究报告•2024 年三季报点评 持有 （维持） 当前价：36.47 元 金盘科技（688676）电力设备 目标价：——元（6 个月） 盈利能力同环比增长，外销占比进一步提升 [Table_Summary 事件：2024年]第三季度，公司实现营业收入 18.8亿元，同比增长 0.2%；实现 归母净利润 1.8 亿元，同比增长 27.5%；扣非归母净利润 1.7 亿元，同比增长 26.7%。2024年 1-9月，公司累计实现营业收入 48亿元，同比增长 0.5%；实 现归母净利润 4 亿元，同比增长 21.2%；扣非归母净利润 3.8 亿元，同比增长 18.9%。 盈毛利率与净利率进一步提升，费用率略有增长。盈利端：2024前三季度公司 销售毛利率/净利率分别为 24.2%/8.3%，同比+2.0pp/+1.4pp；24Q3 毛利率/净 利率分别为 25.5%/9.6%，分别同比+2.7pp/+2.1pp，主要系公司优质订单比例 增加，同时公司持续加大对应收账款和存货管理，信用减值损失和资产减值损 失同比下降，并且进项税额端受益。费用 ...

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|----------------------------------------|------------------------------------------|----------------------------| | 2024 年 10 月 22 日 \n金盘科技（ 688676.SH ） \n毛利率提升明显，海外市场布局加码 | 投资评级 | 电力设备及新能源 | 公司研究●证券研究报告 \n\| \n买入-B(维持 | 公司快报 \n输变电设备Ⅲ \n) | | 投资要点 | 股价 | (2024-10-21) | | 36.47 元 | | | 交易数据 | ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - The company reported a revenue of 4.799 billion with a year-on-year growth of 0.53% and a net profit attributable to shareholders of 404 million, reflecting a year-on-year increase of 21.17% [2]. - The company's profitability has significantly improved, driven by an increase in high-quality orders and better management of accounts receivable and inventory [3]. - The export data for electrical equipment continues to show high demand, with the company's international influence on the rise, particularly in North America and Europe [4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a gross margin of 25.53%, up 2.74 percentage points year-on-year, and a net profit margin of 9.57%, up 2.06 percentage points year-on-year [3]. - The revenue structure shows that domestic revenue accounted for 34.02 billion (71%), while overseas revenue reached 13.66 billion (29%) [2]. - The company expects revenues of 7.329 billion, 9.034 billion, and 11.146 billion for 2024, 2025, and 2026 respectively, with corresponding growth rates of 9.9%, 23.3%, and 23.4% [5][7]. Market Position and Outlook - The company is positioned as a leading player in the transformer export market, with a rapid increase in overseas revenue share and a strong competitive edge globally [4]. - The report forecasts net profits of 608 million, 813 million, and 1.038 billion for 2024, 2025, and 2026 respectively, with growth rates of 20.5%, 33.6%, and 27.8% [5][7].