Core Viewpoint - The article highlights the steady growth of Jinpan Technology, a high-tech enterprise in Hainan Free Trade Port, leveraging various policy benefits to enhance its global presence and drive innovation in renewable energy and smart manufacturing [1][2][4]. Group 1: Company Performance - In 2024, Jinpan Technology achieved a revenue of 6.901 billion yuan, representing a year-on-year growth of 3.5% [1]. - The company's overseas sales revenue reached 1.981 billion yuan, marking a significant increase of 68.26% [2]. - The digital solutions segment generated 123 million yuan in revenue, reflecting a growth of 74.04%, while data center orders surged by 603.68% [3]. Group 2: Policy Impact - The "Double 15%" tax incentive has played a crucial role in attracting high-end talent and stabilizing the team [2]. - The implementation of the EF account system has improved capital efficiency, reduced financing costs, and facilitated rapid loan approvals [2]. - The "59-country visa exemption" policy has enhanced international client engagement and attracted global talent [2]. Group 3: Strategic Initiatives - Jinpan Technology is focusing on digitalization, intelligence, and low-carbon practices to contribute to the construction of a digital island in Hainan [3][4]. - The company has established seven digital factories, creating a new manufacturing system driven by data and software [3]. - Jinpan Technology is actively involved in energy storage projects, providing solutions that support the stability of Hainan's power grid and the integration of clean energy [3]. Group 4: Future Outlook - The company anticipates that the closure of the Hainan Free Trade Port will lead to more direct shipping routes and reduced logistics costs, enhancing its ability to expand into international markets [5]. - Jinpan Technology aims to leverage policy advantages to optimize supply chain layouts and attract high-end talent, thereby strengthening its R&D capabilities and driving high-quality growth [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark within the next six months [5][18]. Core Views - The company is expected to achieve a revenue of 6.901 billion in 2024, reflecting a year-on-year growth of 3%, and a net profit attributable to shareholders of 574 million, representing a 14% increase [3][5]. - The report highlights significant growth in overseas orders, with foreign sales projected to reach 1.98 billion, a year-on-year increase of 68%, while domestic sales are expected to decline by 11% due to pressures in the renewable energy sector [4]. - The company is actively expanding its global production capacity and enhancing its AIDC modular product competitiveness, with a notable increase in orders for data center solutions [4][5]. Financial Performance Summary - In Q4 2024, the company reported a revenue of 2.102 billion, a year-on-year increase of 11%, and a net profit of 171 million, remaining stable compared to the previous quarter [3]. - The gross profit margin for 2024 is projected to be 24.3%, an increase of 1.5 percentage points year-on-year, while the net profit margin is expected to be 8.3%, up by 0.7 percentage points [3]. - The overall sales order for the group in 2024 is anticipated to be 8.9 billion, a year-on-year increase of 13.63%, with a backlog of 6.5 billion at the end of 2024, up 35% year-on-year [4]. Earnings Forecast - The company’s net profit is forecasted to reach 740 million in 2025, 1.07 billion in 2026, and 1.51 billion in 2027, with corresponding P/E ratios of 20, 14, and 10 times [5][7].

Quantitative Models and Construction Methods 1. Model Name: Volume Timing Signal - **Model Construction Idea**: The model uses volume-based signals to determine market timing, identifying bullish or cautious market views based on volume trends[23][24] - **Model Construction Process**: 1. Analyze the volume trends of major broad-based indices 2. Assign a "bullish" or "cautious" signal based on the volume dynamics 3. For example, as of April 11, 2025, the Beixin 50 index showed a "bullish" signal, while other indices like the Shanghai Composite and CSI 300 showed "cautious" signals[23][24] - **Model Evaluation**: The model provides a straightforward and intuitive approach to market timing but may lack robustness in highly volatile markets[23][24] 2. Model Name: Momentum Sentiment Indicator - **Model Construction Idea**: This model captures market sentiment by analyzing the proportion of stocks with positive returns in the CSI 300 index over a specific period[24][25] - **Model Construction Process**: 1. Calculate the proportion of CSI 300 constituent stocks with positive returns over the past N days $ \text{CSI 300 N-day Upward Proportion} = \frac{\text{Number of stocks with positive returns in N days}}{\text{Total number of stocks in CSI 300}} $ 2. Smooth the indicator using two moving averages with different windows (N1 and N2, where N1 > N2) 3. Generate signals: - If the short-term moving average (fast line) exceeds the long-term moving average (slow line), the market is considered bullish - If the fast line falls below the slow line, the market sentiment is turning cautious[27] - **Model Evaluation**: The indicator is effective in capturing upward opportunities but may fail to avoid risks in declining markets[25][27] 3. Model Name: Moving Average Sentiment Indicator - **Model Construction Idea**: This model uses an eight-moving-average system to assess the trend state of the CSI 300 index[32][33] - **Model Construction Process**: 1. Calculate the closing prices of the CSI 300 index for eight moving averages (parameters: 8, 13, 21, 34, 55, 89, 144, 233) 2. Assign values to the indicator based on the number of moving averages above or below the current price: - If the current price exceeds five or more moving averages, the market is considered bullish - Otherwise, the market is neutral or bearish[32][33] - **Model Evaluation**: The model provides a clear trend-following signal but may lag in rapidly changing markets[35] --- Model Backtesting Results 1. Volume Timing Signal - Beixin 50 Index: Bullish signal[23][24] - Other indices (e.g., Shanghai Composite, CSI 300): Cautious signal[23][24] 2. Momentum Sentiment Indicator - CSI 300 Upward Proportion: Approximately 53% in the most recent week[25] 3. Moving Average Sentiment Indicator - CSI 300 Index: Currently in a non-bullish sentiment zone[35] --- Quantitative Factors and Construction Methods 1. Factor Name: Cross-Sectional Volatility - **Factor Construction Idea**: Measures the dispersion of stock returns within an index to assess the alpha environment[37] - **Factor Construction Process**: 1. Calculate the cross-sectional volatility of constituent stocks in indices like CSI 300, CSI 500, and CSI 1000 2. Compare the recent quarter's average volatility with historical periods to determine the alpha environment[41] - **Factor Evaluation**: Higher cross-sectional volatility indicates a better alpha environment for stock selection[37][41] 2. Factor Name: Time-Series Volatility - **Factor Construction Idea**: Measures the volatility of index returns over time to assess the alpha environment[41][44] - **Factor Construction Process**: 1. Calculate the time-series volatility of indices like CSI 300, CSI 500, and CSI 1000 2. Compare the recent quarter's average volatility with historical periods to evaluate the alpha environment[44] - **Factor Evaluation**: Higher time-series volatility suggests a favorable alpha environment for active strategies[41][44] --- Factor Backtesting Results 1. Cross-Sectional Volatility - CSI 300: 1.90% (recent quarter), 77.80% of the past six months' percentile[41] - CSI 500: 2.16% (recent quarter), 42.06% of the past six months' percentile[41] - CSI 1000: 2.52% (recent quarter), 64.54% of the past six months' percentile[41] 2. Time-Series Volatility - CSI 300: 0.63% (recent quarter), 78.84% of the past six months' percentile[44] - CSI 500: 0.48% (recent quarter), 55.56% of the past six months' percentile[44] - CSI 1000: 0.29% (recent quarter), 70.12% of the past six months' percentile[44]

二、 首次实施股份回购的基本情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，现将公司首次回购股份的具体情况公告如下： 证券代码：688676 证券简称：金盘科技 公告编号：2025-022 海南金盘智能科技股份有限公司 关于以集中竞价交易方式首次回购公司股份的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2025/4/10 | | | | | | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 4 月 日~2026 年 月 | 9 | 4 | 8 | 日 | | 预计回购金额 | 万元~5,000 万元 3,000 | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | □用于转换公司可转债 □为维护公司价值及股东权益 | | | | | | 累计已回购股数 | 万股 11.80 | | | | | ...

Core Viewpoint - The company reported a revenue of 6.901 billion yuan for 2024, reflecting a year-on-year growth of 3.50%, and a net profit attributable to shareholders of 574 million yuan, up 13.82% year-on-year [3]. Group 1: Sales Performance - Domestic sales revenue reached 4.862 billion yuan, a decrease of 10.78% year-on-year, primarily due to oversupply in the polysilicon sector affecting the new energy segment [4]. - International sales revenue was 1.981 billion yuan, showing a significant increase of 68.26% year-on-year, driven by surging global AI electricity demand and the aging of power grid infrastructure in Europe and the U.S. [4]. - The company secured new foreign orders worth 3.324 billion yuan, marking a year-on-year increase of 66.92%, ensuring future revenue growth [4]. Group 2: AI and Data Center Opportunities - The company’s transformer products are well-suited for data center requirements, with extensive project experience across major internet companies [5]. - Sales revenue from the new infrastructure sector grew by 167.43% in 2024, with over 140 data center orders signed, resulting in a staggering year-on-year increase of 603.68% in order value [5]. Group 3: Energy Storage and Digitalization - In the energy storage sector, the company launched a full range of products for various applications, achieving revenue of 523 million yuan, up 26.34% year-on-year [6]. - The digitalization business, which includes solutions for various transformer types, generated revenue of 123 million yuan, reflecting a growth of 74.04% year-on-year [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Insights - The company achieved a revenue of 6.901 billion yuan in 2024, representing a year-on-year growth of 3.50%, while the net profit attributable to shareholders reached 574 million yuan, up 13.82% year-on-year [1]. - Domestic sales faced pressure with a decline of 10.78% to 4.862 billion yuan, primarily due to oversupply in the polysilicon segment, while international sales surged by 68.26% to 1.981 billion yuan, driven by increased global demand for AI and renewable energy [2]. - The company capitalized on the AI wave, with a significant increase in data center orders, resulting in a 167.43% growth in sales revenue from new infrastructure, and a staggering 603.68% increase in data center order value [3]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 6.901 billion yuan, with a net profit of 574 million yuan, and a non-recurring net profit of 551 million yuan, reflecting growth rates of 13.82% and 14.64% respectively [1]. - The fourth quarter of 2024 saw revenue of 2.102 billion yuan, a 10.97% increase year-on-year, but a slight decrease in net profit by 0.45% [1]. Sales Breakdown - Domestic sales decreased to 4.862 billion yuan, while international sales increased significantly to 1.981 billion yuan, highlighting the company's successful global expansion strategy [2]. - The company established long-term partnerships with major international firms, enhancing its global market presence [2]. Growth Opportunities - The company is well-positioned to benefit from the ongoing AI data center construction, with a notable increase in orders and revenue from new infrastructure projects [3]. - The storage and digitalization segments also showed promising growth, with storage product revenue increasing by 26.34% to 523 million yuan and digital solutions revenue rising by 74.04% to 123 million yuan [3]. Profitability and Valuation - The report projects net profits for 2025, 2026, and 2027 to be 750 million yuan, 953 million yuan, and 1.183 billion yuan respectively, with corresponding EPS estimates of 1.64, 2.08, and 2.59 yuan [4][5]. - The current stock price corresponds to a PE ratio of 18 for 2025, indicating a favorable valuation compared to future earnings growth [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Insights - The company achieved a revenue of 6.901 billion yuan in 2024, representing a year-on-year growth of 3.50%, while the net profit attributable to shareholders reached 574 million yuan, up 13.82% year-on-year [1]. - Domestic sales faced pressure with a decline of 10.78% to 4.862 billion yuan, primarily due to oversupply in the polysilicon segment, while international sales surged by 68.26% to 1.981 billion yuan, driven by increased global demand for AI and renewable energy [2]. - The company capitalized on the AI wave, with a significant increase in data center orders, resulting in a 167.43% growth in sales revenue from new infrastructure, and a staggering 603.68% increase in data center order value [3]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 6.901 billion yuan, with a net profit of 574 million yuan, and a non-recurring net profit of 551 million yuan, reflecting growth rates of 3.50%, 13.82%, and 14.64% respectively [1]. - The fourth quarter of 2024 saw revenues of 2.102 billion yuan, a 10.97% increase year-on-year, but a slight decrease in net profit by 0.45% [1]. Sales Breakdown - Domestic sales decreased to 4.862 billion yuan, a drop of 10.78%, while international sales rose to 1.981 billion yuan, marking a growth of 68.26% [2]. - The company has established long-term partnerships with major international firms such as General Electric and Siemens, enhancing its global market presence [2]. Order Growth and Future Prospects - The company signed over 140 data center orders, with a total order value of 3.324 billion yuan, indicating a robust future revenue stream [3]. - The energy storage segment generated 523 million yuan in revenue, up 26.34%, while digital solutions revenue reached 123 million yuan, growing by 74.04% [3]. Profitability and Valuation - The report projects net profits for 2025, 2026, and 2027 to be 750 million yuan, 953 million yuan, and 1.183 billion yuan respectively, with corresponding EPS estimates of 1.64 yuan, 2.08 yuan, and 2.59 yuan [5]. - The current stock price corresponds to a P/E ratio of 18 for 2025, 14 for 2026, and 12 for 2027, suggesting a favorable valuation compared to projected earnings [4].

Group 1 - The core viewpoint of the article highlights the strategic initiatives of Jinpan Technology, focusing on enhancing technology transfer and industrialization by 2025 through a three-dimensional driving model [1] - Jinpan Technology is addressing tariff challenges by optimizing global production capacity and diversifying market layouts, implementing a "dual circulation" risk hedging strategy [1] - The company is actively expanding into the smart industrial robotics sector, particularly in intelligent welding, handling, and collaborative robots, which is identified as a third growth curve [1] Group 2 - In the data center sector, Jinpan Technology reported a 603.68% year-on-year increase in orders for 2024, providing green, energy-efficient, and reliable power equipment [1] - The company collaborates with AI teams to integrate I technology with digital manufacturing platforms, enhancing production and management efficiency [1] - Jinpan Technology operates 11 production bases domestically and internationally, improving supply capabilities and service levels for both domestic and foreign markets [1] Group 3 - The company's products are applied in downstream sectors such as renewable wind power, industrial enterprises, infrastructure, grid investment, and new infrastructure [1] - Jinpan Technology focuses on its core business, continuously investing resources to expand in energy storage, digital factories, and smart industrial robotics [1] - The company produces immersion transformers at its bases in Wuhan and Yangzhou, with plans for overseas capacity expansion [1]

Group 1: Huicheng Environmental Protection - Huicheng Environmental Protection has made significant progress on its 200,000 tons/year mixed waste plastic resource utilization project, which has successfully ignited and is now moving to subsequent phases such as pipeline flushing and reactor heating [1] - The company operates nine storage sites, each covering 50 acres, with a production capacity of approximately 3,000 to 4,000 tons, sourcing raw materials from municipal waste collection and industrial paper mills in Jieyang City [1] - The company has obtained ISCC PLUS certification, which serves as a basis for pricing negotiations, and is currently constructing a 1,000 tons/year production facility in Jiujiang, Jiangxi Province [1] Group 2: Jinpan Technology - Jinpan Technology aims to build a three-dimensional driving model by 2025 to enhance the conversion and industrialization of technological achievements [2] - The company is expanding into the smart industrial robotics sector, focusing on smart welding, handling, and collaborative robots as a third growth curve [2] - In the data center sector, Jinpan Technology has seen a 603.68% year-on-year increase in orders for green energy-efficient and reliable power equipment for 2024 [2] Group 3: Investment Management Company Overview - Shanghai Xitai Investment Management Co., Ltd. is a newly emerging private equity fund manager in the Chinese market, established in July 2014 with a registered capital of 10 million RMB [3] - The company specializes in secondary market stock investment management and offers customized product services for investors with different risk preferences [3] - The research team consists of highly qualified employees, with 80% holding graduate degrees, and core investment personnel have extensive experience in public fund management [3]

证券代码：688676 证券简称：金盘科技 公告编号：2025-021 海南金盘智能科技股份有限公司 关于以集中竞价方式回购股份的回购报告书 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 海南金盘智能科技股份有限公司（以下简称"公司"）拟通过上海证券交易所 交易系统以集中竞价交易方式回购公司已发行的部分人民币普通股（A 股）股票， 主要内容如下： ● 回购股份金额：本次回购的资金总额为不低于人民币 3,000 万元（含），不超过 人民币 5,000 万元（含）。 ● 回购股份资金来源：本次回购的资金来源全部为自有资金或自筹资金。 ● 回购股份用途：回购股份将在未来适宜时机全部用于员工持股计划或股权激励。 若本次回购的股份在股份回购实施结果暨股份变动公告日后三年内未能转让完毕， 公司则将依法履行减少注册资本的程序，未转让股份将被注销。如国家对相关政策 作调整，则本回购方案按调整后的政策实行。 ● 回购股份价格：不超过人民币 41.72 元/股（含），该价格不高于公司董事会通过 回购股份决议前 30 个交易日 ...