证券研究报告·公司点评报告·电网设备 金盘科技（688676） 2025 年三季报点评：业绩符合市场预期，加 码布局 SST 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 6,668 | 6,901 | 8,838 | 10,843 | 12,929 | | 同比（%） | 40.50 | 3.50 | 28.07 | 22.69 | 19.24 | | 归母净利润（百万元） | 504.66 | 574.42 | 783.79 | 1,037.58 | 1,318.38 | | 同比（%） | 78.15 | 13.82 | 36.45 | 32.38 | 27.06 | | EPS-最新摊薄（元/股） | 1.10 | 1.25 | 1.70 | 2.26 | 2.87 | | P/E（现价&最新摊薄） | 61.50 | 54.03 | 39.60 | 29.91 | 23.54 | [Table_Tag ...

Group 1: Power Equipment Industry Overview - The domestic power grid investment has shown rapid growth, with a total investment of 379.6 billion yuan from January to August 2025, representing a year-on-year increase of 14.0%, driven by the significant rise in new energy installed capacity and the demand for ultra-high voltage and distribution network construction [3][13][21] - The bidding amount for the first four batches of ultra-high voltage equipment by the State Grid reached 68.179 billion yuan, a year-on-year increase of 22.9%, indicating a strong growth momentum in the power equipment sector [3][13][19] - The overseas market for power equipment remains robust, with transformer exports totaling 5.338 billion USD from January to August 2025, reflecting a year-on-year growth of 38.0%, driven by demand from North America and other regions [4][33][36] Group 2: Industrial Control Sector - The industrial control market is gradually recovering, with the OEM market experiencing a rebound due to the recovery of emerging industries, while traditional industries show signs of weak recovery [5][12] - In the first half of 2025, revenue and profit for industrial control companies have shown marginal improvement, indicating a positive trend towards recovery [5][12] - The market share is expected to concentrate towards leading domestic industrial control enterprises, which will support the industry's upward trajectory [5][12] Group 3: AI-Driven Demand and Investment - The rise of AI is expected to significantly boost power demand, with the U.S. projected to invest between 170 billion to 340 billion USD in data center power generation, grid, and storage by 2030 [39][40] - Major AI companies are anticipated to increase capital expenditures, with overseas firms expected to reach 336.373 billion USD in 2025, a year-on-year increase of 54.82% [52][53] - The shift from traditional data centers to intelligent computing centers (AIDC) is driving the need for enhanced power supply and infrastructure, as AI applications require substantial computational resources [51][58]

Group 1 - Jinpan Technology (688676.SH) reported its Q3 2025 results, with 14 institutional investors holding a total of 263 million shares, representing 57.12% of the company's total equity as of October 27, 2025 [1] - The top ten institutional investors collectively hold 57.04% of the shares, with a slight decrease of 0.22 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, three funds increased their holdings, accounting for a 0.95% increase, while one fund saw a slight decrease in holdings [2] - Three new public funds were disclosed this quarter, while 227 funds were not disclosed compared to the previous quarter [2] - One social security fund was not disclosed this quarter, indicating a reduction in transparency in that sector [2]

Core Insights - Jinpan Technology (688676.SH) reported a total revenue of 5.194 billion yuan for Q3 2025, with a net profit attributable to shareholders of 486 million yuan and a net cash inflow from operating activities of 178 million yuan [1]. Financial Performance - The company's latest asset-liability ratio stands at 53.99% [3]. - The latest gross profit margin is 26.08% [3]. - The return on equity (ROE) is recorded at 10.30% [3]. - The diluted earnings per share (EPS) is 1.07 yuan [3]. - The total asset turnover ratio is 0.52 times, reflecting a decrease of 0.01 times compared to the same period last year, which is a year-on-year decline of 2.13% [3]. - The inventory turnover ratio is 1.62 times, down by 0.34 times year-on-year, indicating a decline of 17.53% compared to the previous year [3]. Shareholder Structure - The number of shareholders is 14,900, with the top ten shareholders holding a total of 262 million shares, accounting for 57.04% of the total share capital [3]. - The largest shareholder is Hainan Yuanyu Intelligent Technology Investment Co., Ltd., holding 40.2% of the shares [3]. - Other significant shareholders include: - Jing Tian (Hainan) Investment Partnership (Limited Partnership) - 4.85% - JINPAN INTERNATIONAL LIMITED - 3.08% - Hong Kong Central Clearing Limited - 2.53% - China Construction Bank - 1.78% [3].

金盘科技(688676.SH)披露2025年第三季度报告，公司前三季度实现营收51.94亿元，同比增长8.25%;归 母净利润4.86亿元，同比增长20.27%;扣非净利润4.56亿元，同比增长19.05%;基本每股收益1.07元。 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant profit growth in the coming years [5]. Core Insights - The company reported a revenue of 5.19 billion yuan for the first three quarters of 2025, representing an 8.2% year-on-year increase, and a net profit attributable to shareholders of 490 million yuan, up 20.3% year-on-year [2]. - The data center business has emerged as a core growth driver, with revenue from this segment increasing by 337.5% year-on-year [3]. - The company has successfully transitioned from a single transformer supplier to a comprehensive power solution provider, which is expected to further enhance growth potential [3]. - The company has shown strong cost control and improved profitability, with a net cash flow from operating activities of 190 million yuan, a significant improvement from a negative 90 million yuan in the same period last year [4]. Revenue and Profitability - Domestic revenue reached 3.56 billion yuan, growing by 4.8% year-on-year, while overseas revenue was 1.59 billion yuan, up 16.4% [3]. - The gross profit margin for the first three quarters was 26.1%, an increase of 1.9 percentage points year-on-year [2][4]. - The company expects net profits to grow to 750 million yuan, 990 million yuan, and 1.28 billion yuan in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 31%, 31%, and 29% [5]. Financial Projections - The company forecasts revenue growth rates of 40.5% in 2023, 3.5% in 2024, and 22.05% in 2025 [9]. - The projected diluted earnings per share for 2025 is 1.64 yuan, with a price-to-earnings ratio of 41.16 [9]. - The return on equity (ROE) is expected to be 14.55% in 2025, increasing to 18.91% by 2027 [9].

Group 1 - Jinpan Technology reported a net profit of 486 million yuan for the first three quarters, a year-on-year increase of 20.27%, with total revenue of 5.194 billion yuan, up 8.25% [1] - Saisir announced the maximum price for its H-share issuance at 131.5 HKD per share, with the public offering starting on the same day and expected to end on October 31 [1] - Jinghua Laser plans to invest approximately 200 million yuan in a new project to produce 20,000 tons of UV laser platinum embossed anti-counterfeiting materials [2] Group 2 - Zhenyu Technology intends to invest 2.11 billion yuan in a project for robots and precision structural components, to be developed in three phases from 2025 to 2030 [3] - Qianyuan Power reported a net profit of 493 million yuan for the first three quarters, a year-on-year increase of 85.74%, with total revenue of 2.169 billion yuan, up 47.99% [4] - Haohua Energy's net profit decreased by 50.5% to 554 million yuan, with total revenue of 6.307 billion yuan, down 7.85% [7] Group 3 - Kangtai Biological's net profit fell by 86% to 49.16 million yuan, with total revenue of 2.063 billion yuan, up 2.24% [8] - Huafeng Aluminum reported a net profit of 896 million yuan for the first three quarters, a year-on-year increase of 3.24%, with total revenue of 9.109 billion yuan, up 18.63% [10] - Beiyuan Group's net profit decreased by 10.88% to 214 million yuan, with total revenue of 6.762 billion yuan, down 9.91% [12] Group 4 - Noying Co. reported a net profit of 450 million yuan for the first three quarters, a year-on-year decrease of 22.95%, with total revenue of 31.562 billion yuan, up 2.01% [14] - Chuanhua Zhili's net profit increased by 168.36% to 637 million yuan, despite a revenue decline of 2.74% to 18.84 billion yuan [16] - Jiangsu Sop's net profit decreased by 39.21% to 126 million yuan, with total revenue of 4.661 billion yuan, down 5.74% [18] Group 5 - Yiling Pharmaceutical's net profit increased by 80.33% to 1 billion yuan, with total revenue of 5.868 billion yuan, down 7.82% [20] - Hengwei Technology's net profit decreased by 50.16% to 39.01 million yuan, with total revenue of 739 million yuan, up 16.14% [22] - Gaode Infrared reported a net profit increase of 1058.95% to 582 million yuan, with total revenue of 3.068 billion yuan, up 69.27% [24] Group 6 - Sanxia Water reported a net profit decrease of 8.53% to 351 million yuan, with total revenue of 7.611 billion yuan, down 6.06% [26] - Junda Co. reported a net loss of 419 million yuan for the first three quarters, with total revenue of 5.682 billion yuan, down 30.72% [28] - Shanghai Energy's net profit decreased by 59.22% to 255 million yuan, with total revenue of 5.64 billion yuan, down 22.03% [30] Group 7 - Haizheng Biomaterials reported a net profit decrease of 85.34% to 490,570 yuan, with total revenue of 621 million yuan, down 5.74% [32] - Huisheng Lithium reported a net loss of 103 million yuan, with total revenue of 539 million yuan, up 62.29% [34] - Weicet Technology's net profit increased by 226.41% to 202 million yuan, with total revenue of 1.083 billion yuan, up 46.22% [36] Group 8 - Mengjie Co. reported a net profit increase of 28.69% to 26.52 million yuan, with total revenue of 1.099 billion yuan, down 7.97% [38] - Qingdao Beer terminated its acquisition of 100% equity in Jimo Yellow Wine due to unmet conditions [40] - Sifang Precision plans to issue H-shares and list on the Hong Kong Stock Exchange [42]

Core Viewpoint - Jinpan Technology (688676.SH) reported a year-on-year revenue growth of 8.25% for the first three quarters of 2025, reaching a total revenue of 5.194 billion yuan [1] - The net profit attributable to shareholders increased by 20.27% year-on-year, amounting to 486 million yuan [1] - The basic earnings per share stood at 1.07 yuan [1] Financial Performance - Total operating revenue for the first three quarters: 5.194 billion yuan, up 8.25% year-on-year [1] - Net profit attributable to parent company shareholders: 486 million yuan, up 20.27% year-on-year [1] - Basic earnings per share: 1.07 yuan [1]

Group 1 - Jinpan Technology (SH 688676) reported Q3 performance with revenue of approximately 5.194 billion yuan for the first three quarters of 2025, an increase of 8.25% year-on-year [1] - The net profit attributable to shareholders of the listed company was approximately 486 million yuan, reflecting a year-on-year increase of 20.27% [1] - As of the report date, Jinpan Technology's market capitalization stands at 31 billion yuan [1]

Financial Performance - The company's operating revenue for Q3 2025 reached ¥2,040,055,794.10, an increase of 8.38% compared to the same period last year[4] - Total profit for the period was ¥254,217,904.77, reflecting a growth of 24.70% year-over-year[4] - Net profit attributable to shareholders was ¥220,684,325.60, up 21.71% from the previous year[4] - For the period from January to September 2025, the company achieved a total revenue of RMB 515,519.39 million, with domestic sales contributing RMB 356,479.25 million and international sales RMB 159,040.14 million[14] - The company reported a net profit attributable to shareholders of RMB 48,564.49 million for the same period, reflecting a year-on-year growth of 20.27%[16] - Total operating revenue for the first three quarters of 2025 reached ¥5,194,303,709.34, an increase of 8.25% compared to ¥4,798,550,556.02 in the same period of 2024[22] - Net profit for the first three quarters of 2025 was ¥482,498,759.78, representing a 20.5% increase from ¥400,405,677.55 in 2024[23] - Basic earnings per share for the first three quarters of 2025 were ¥1.07, compared to ¥0.91 in the same period of 2024, indicating a 17.6% increase[24] Research and Development - The R&D investment totaled ¥78,105,909.85, accounting for 3.83% of operating revenue, a decrease of 0.27 percentage points compared to the previous year[5] Assets and Liabilities - Total assets increased by 6.42% to ¥10,233,393,967.47 compared to the end of the previous year[5] - Total liabilities increased to ¥5,525,115,784.40 from ¥5,169,492,684.14, representing a growth of 6.87%[20] - Non-current liabilities totaled ¥1,192,025,048.80, compared to ¥1,108,798,434.97 in the previous year, reflecting an increase of 7.5%[20] - The company's goodwill and long-term prepaid expenses amounted to ¥408,490.73, up from ¥188,679.36, indicating a significant increase[19] - The deferred income tax assets rose to ¥155,751,512.08 from ¥138,110,542.87, showing an increase of 12.1%[19] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥178,054,054.99, showing improvement compared to the previous year[9] - Cash generated from operating activities in the first three quarters of 2025 was ¥4,637,310,215.80, an increase from ¥3,970,160,163.46 in 2024, marking a growth of 16.8%[26] - The net cash inflow from operating activities was CNY 178,054,054.99, a significant improvement compared to a net outflow of CNY 87,157,672.54 in the previous period[27] - Total cash inflow from investment activities was CNY 445,262,807.91, down from CNY 523,776,138.86 in the prior period, resulting in a net cash outflow of CNY 307,570,285.45[27] - Cash inflow from financing activities totaled CNY 1,242,445,713.78, an increase from CNY 1,031,653,554.79, with a net cash inflow of CNY 163,797,440.79[28] - The company reported a net increase in cash and cash equivalents of CNY 41,298,927.92, compared to a net decrease of CNY 43,128,543.19 in the previous period[28] Operational Efficiency - The company has optimized its customer base, leading to improved cash collection from accounts receivable, which increased by ¥6.67 million compared to the previous year[10] - The gross profit margin improved to 26.08%, an increase of 1.87 percentage points compared to the previous year[16] - The company continues to enhance its digital transformation efforts, optimizing operational efficiency and improving management quality[16] Sector Performance - Sales revenue from AI Data Center (AIDC) and IDC sectors reached RMB 974 million, marking a significant year-on-year increase of 337.47%[15] - The sales revenue in the wind power sector grew by 71.21% year-on-year, while the power generation and supply sectors increased by 35.10%[15] Inventory and Current Assets - As of September 30, 2025, the company's total current assets amounted to RMB 7,579,973,013.72, up from RMB 7,029,210,412.28 at the end of 2024[18] - The company's cash and cash equivalents stood at RMB 620,116,846.97, compared to RMB 559,933,326.28 at the end of 2024[18] - The inventory level increased to RMB 2,627,416,613.75 from RMB 2,119,365,936.14 year-on-year[18] Future Plans - The company plans to implement new accounting standards starting in 2025, which may affect the financial statements[29]