海南金盘智能科技股份有限公司 证券代码：688676 证券简称：金盘科技 公告编号：2025-020 第三届董事会第二十次会议决议公告 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、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 海南金盘智能科技股份有限公司（以下简称"公司"）第三届董事会第二十 次会议于 2025 年 4 月 9 日以电话形式发出了本次会议的召开通知，全体董事一 致同意豁免本次会议的通知时限，召集人已在会议上对本次紧急会议作出说明。 于 2025 年 4 月 9 日下午 14：30 在公司会议室以现场及通讯方式召开。会议应到 董事 6 名，实到董事 6 名，会议由董事长李志远主持。本次会议的召开符合《中 华人民共和国公司法》《中华人民共和国证券法》《海南金盘智能科技股份有限 公司章程》《海南金盘智能科技股份有限公司董事会议事规则》等有关法律、法 规、规范性文件的规定，程序合法。 二、董事会会议审议情况 经与会董事认真审议，审核并通过如下事项： （一）审议通过《关于以集中竞价交易方式回购公司股份的方案的议案》 基于对公司未来发展 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 08 年 月 日 金盘科技（688676.SH） 海外订单交付带来盈利提升，海外在手订单丰富 事件：公司发布 2024 年年报业绩。2024 年全年：1）实现营收 69.01 亿 元，同比+3.5%；归母净利润 5.74 亿元，同比+13.82%；扣非归母净利 润 5.51 亿元，同比+14.64%。2）全年毛利率 24.32%，同比+1.51pct； 净利率 8.27%，同比+0.74pct。3）期间费用率为 14.45%，同比+1.08pct， 销售/管理/研发/财务费用率分别为 3.82%、5.1%、5.11%、0.41%，同比 分别变动+0.51、+0.91、-0.15、-0.18pct。其中，2024Q4 单季度：1）实 现营收 21.02 亿元，同比+10.97%，环比+11.68%；归母净利润 1.71 亿 元，同比-0.45%，环比-5.9%；扣非归母净利润 1.68 亿元，同比+5.99%， 环比-1.71%。2）Q4 毛利率 24.56%，同比+0.11pct，环比-0.97pct；净 利率 8.09%，同比-0.8 ...

收入为 68.43 亿元。海外销售收入增长显著，达到 19.81 亿元，同比增长 68.26%；国内收入则有所下降，为 48.62 亿元，这主要是由于国内新能源业务 特别是光伏领域受到行业周期调整的影响。尽管业务承压，公司通过长期实施 多元业务布局战略，在数据中心、重要基础设施及数字化工厂等非新能源领域 实现了大幅度增长。例如，新基建数据中心领域销售递增 1%，数字化工厂整体 解决方案收入同比增长 74.04%，重要基础设施建设收入同比增速 64.49%，这些 都对全年业绩形成了有效支撑。 金盘科技在 2024 年的整体财务表现如何？ 2024 年，金盘科技在面对复杂多变的市场环境时，交出了一份稳中有进、进中 提质的答卷。全年公司整体营收为 69.01 亿元，同比增长微增。其中主营业务 Q&A 金盘科技 20250407 • 金盘科技 2024 年营收 68.43 亿元，海外销售收入同比增长 68.26%至 19.81 亿元，国内收入受新能源业务周期影响有所下降。多元业务布局战略有效 支撑业绩，新基建数据中心、数字化工厂和重要基础设施建设领域实现大 幅增长。 • 2024 年新签订单 89 亿元，同比增长 1 ...

薪酬方面，69岁董事长李志远的年薪为125.89万元，42岁高级副总裁栗记涛的年薪为147.43万元，赶超 董事长。 瑞财经 吴文婷近日，金盘科技发布2024年年度报告。 根据公告，公司实现营业收入为69.01亿元，同比增长3.50%;归属于上市公司股东的净利润为5.74亿元， 同比增长13.82%。 | | | | | 单位:元 币种:人民币 | | --- | --- | --- | --- | --- | | 主要会计数据 | 2024年 | 2023年 | 本期比上年同期 | 2022年 | | | | | 增减(%) | | | 营业收入 | 6,900,859,224.75 | 6,667,579,429.44 | 3.50 | 4,745,599,395.76 | | 归属于上市公 司股东的净利 | 574,421,452.41 | 504,660,243.92 | 13.82 | 283,278,076.36 | | 润 | | | | | | 归属于上市公 司股东的扣除 | 551,140,635.27 | 480,765,035.84 | 14.64 | 234,612,758.39 | ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Insights - The company has shown impressive growth in overseas markets, particularly in data centers and other downstream sectors, despite facing challenges in the domestic renewable energy segment [4][5] - The company achieved a revenue of 6.901 billion yuan in 2024, representing a year-on-year growth of 3.50%, and a net profit of 574 million yuan, which is a 13.82% increase compared to the previous year [3][4] - The company is expected to see significant revenue growth in the coming years, with projections of 8.435 billion yuan in 2025, 10.350 billion yuan in 2026, and 12.758 billion yuan in 2027 [7][9] Summary by Sections Revenue and Profitability - The company's main business revenue for 2024 was 6.843 billion yuan, a year-on-year increase of 3.27% [4] - Export revenue reached 1.981 billion yuan, growing by 68.26%, while domestic sales fell by 10.78% to 4.862 billion yuan due to a decline in renewable energy income [4] - The renewable energy segment generated 3.008 billion yuan, down 19.20%, while non-renewable sectors saw a 31.02% increase in revenue to 3.712 billion yuan [4] Orders and Capacity - The company secured sales orders totaling 8.900 billion yuan in 2024, a 13.63% increase year-on-year, with export orders growing by 66.92% to 3.324 billion yuan [5] - The company has a backlog of orders worth 6.509 billion yuan, up 35.49% year-on-year, which sets a solid foundation for 2025 [5] - The company is expanding its global production capacity, including the completion of a base in Mexico and preparations for a transformer factory in the United States [5] Earnings Forecast - The earnings per share (EPS) are projected to be 1.74 yuan in 2025, 2.33 yuan in 2026, and 2.96 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 21.9, 16.4, and 12.9 [7][9] - The company is expected to maintain a net profit growth rate of 38.9% in 2025 and 33.5% in 2026 [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 met market expectations, with total revenue of 6.9 billion yuan, a year-on-year increase of 3.5%, and a net profit attributable to shareholders of 574.42 million yuan, up 13.82% year-on-year [8] - The company is experiencing growth in non-new energy sectors, with a 31% increase in revenue, driven by AIDC demand from major clients [8] - The internationalization strategy is being solidly advanced, with foreign sales revenue reaching 1.981 billion yuan, a 68% increase year-on-year, supported by new orders and a growing customer base [8] - Digitalization and energy-related businesses are entering a realization phase, with significant revenue growth in storage and digital factories [8] Financial Summary - Total revenue projections for the company are as follows: 6.9 billion yuan in 2024, 8.3 billion yuan in 2025, 9.8 billion yuan in 2026, and 11.5 billion yuan in 2027, with respective year-on-year growth rates of 3.5%, 20.39%, 17.74%, and 17.32% [1][9] - Net profit attributable to shareholders is projected to be 574.42 million yuan in 2024, 812.54 million yuan in 2025, 1.071 billion yuan in 2026, and 1.350 billion yuan in 2027, with year-on-year growth rates of 13.82%, 41.45%, 31.85%, and 26.01% [1][9] - The company's earnings per share (EPS) are expected to be 1.26 yuan in 2024, 1.78 yuan in 2025, 2.34 yuan in 2026, and 2.95 yuan in 2027 [1][9]

Core Insights - The company reported a revenue of 6.9 billion in 2024, a year-on-year increase of 3.5%, with a net profit attributable to shareholders of 570 million, up 13.8% year-on-year [1] - The performance aligns with market expectations, with the new energy sector facing challenges while AIDC demand is rising, providing new growth momentum [2] Financial Performance - In Q4 2024, the company achieved a revenue of 2.1 billion, representing an 11.0% year-on-year increase, but the net profit decreased by 0.45% to 170 million [1] - The gross margin for 2024 was 24.3%, an increase of 1.5 percentage points, while the net margin was 8.3%, up 0.7 percentage points [1] Sector Analysis - The new energy market faced pressure, with revenue from this sector declining to 3 billion, down 19% year-on-year due to oversupply of silicon materials [2] - Non-new energy revenue grew significantly to 3.7 billion, a 31% increase year-on-year, with AIDC demand surging and new orders increasing by 604% [2] International Strategy and Digitalization - The company is advancing its international strategy, with foreign sales reaching 1.981 billion, a 68% increase year-on-year, and new orders totaling 3.324 billion, up 67% [3] - Digitalization and energy-related businesses are entering a realization phase, with revenue from storage and digital factories increasing by 26% and 74% respectively [3] Cost Management and Cash Flow - The expense ratio improved in Q4, with a total expense ratio of 13.75%, down 1.29 percentage points year-on-year [4] - The net cash flow from operating activities was negative 37 million, a decrease of 242 million year-on-year, with cash received from sales increasing by 9% to 5.535 billion [4] Profit Forecast - The company revised its 2025 net profit forecast to 813 million, slightly down from the previous estimate, while the 2026 forecast was raised to 1.071 billion, reflecting a year-on-year growth of 32% [4]

Core Viewpoint - Jinpan Technology's 2024 annual report shows promising growth in overseas business and data center contributions, leading to a "buy" rating from Minsheng Securities [1][2]. Financial Performance - In 2024, Jinpan Technology achieved operating revenue of 6.901 billion yuan, a year-on-year increase of 3.5%, and a net profit attributable to shareholders of 574 million yuan, up 13.82% [2]. - The company reported a revenue of 2.102 billion yuan in Q4 2024, reflecting a 10.97% year-on-year growth, while net profit slightly decreased by 0.45% to 171 million yuan [2]. - The main business revenue reached 6.843 billion yuan, growing by 3.27%, with overseas revenue at 1.981 billion yuan, a significant increase of 68.26%, accounting for 29% of total revenue [2]. Business Segments - Domestic business is expected to recover in 2025, while overseas business shows strong growth [2]. - Non-renewable energy revenue reached 3.712 billion yuan, a 31.02% increase, with the new infrastructure sector growing by 167.43% [3]. - Data center orders surged by 603.68% in 2024, with major clients including Alibaba, Baidu, Huawei, China Mobile, and China Unicom [3]. Strategic Initiatives - The company is enhancing its digital factory solutions, achieving 123 million yuan in revenue from this segment, a 74.04% increase [4]. - Jinpan Technology is expanding its global production capacity, with completed expansions in Mexico and preparations for a transformer factory in the U.S. [4]. Future Outlook - The company is expected to see revenue growth of 9.184 billion yuan, 11.001 billion yuan, and 13.445 billion yuan for 2025, 2026, and 2027, respectively, with corresponding growth rates of 33.1%, 19.8%, and 22.2% [4]. - Net profit forecasts for the same years are 785 million yuan, 1.069 billion yuan, and 1.469 billion yuan, with growth rates of 36.6%, 36.2%, and 37.4% [4].

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company achieved a revenue of 6.901 billion yuan in 2024, a year-on-year increase of 3.5%, and a net profit attributable to shareholders of 574 million yuan, up 13.82% year-on-year [1] - The overseas business showed remarkable growth, with overseas revenue reaching 1.981 billion yuan, a significant increase of 68.26%, accounting for 29% of total revenue [2] - The company is expected to see a recovery in domestic business in 2025, with a strong order backlog of 6.509 billion yuan, up 35.49% year-on-year, providing a solid foundation for future performance [2] - The non-renewable energy sector, particularly data centers, has shown significant growth, with revenue from this segment increasing by 31.02% to 3.712 billion yuan, and data center orders growing by 603.68% [3] - The company is actively expanding its global production capacity and digital factory solutions, with revenue from digital solutions increasing by 74.04% to 123 million yuan [4] - Future revenue projections for 2025-2027 are 9.184 billion, 11.001 billion, and 13.445 billion yuan, with corresponding growth rates of 33.1%, 19.8%, and 22.2% [4] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 6.901 billion yuan and a net profit of 574 million yuan, with a gross margin of 24.32%, an increase of 1.71 percentage points year-on-year [1][3] - The company expects to achieve net profits of 785 million, 1.069 billion, and 1.469 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 36.6%, 36.2%, and 37.4% [5][11] Market Outlook - The company anticipates a positive outlook for 2025, driven by the growth of overseas markets and data center revenues, with a focus on expanding into emerging markets [2][4] - The report highlights the company's strategic focus on digital transformation and global capacity expansion as key drivers for future growth [4] Valuation Metrics - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 22X, 16X, and 12X, respectively, indicating a favorable valuation trend [5][11]

Group 1 - Jinpan Technology (688676.SH) released its 2024 annual report on April 3, 2025, indicating that 247 institutional investors disclosed holdings in the company, totaling 317 million shares, which represents 69.26% of the total share capital [1] - The top ten institutional investors collectively hold 58.80% of the shares, with a decrease of 3.89 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, five funds increased their holdings, accounting for an increase of 0.48%, while 16 funds reduced their holdings, representing a decrease of 1.99% [2] - A total of 218 new public funds were disclosed this period, including notable funds such as China Europe Times Pioneer Stock A and Bosera Science and Technology Innovation 100 ETF [2] - Additionally, 21 public funds were not disclosed this period, including funds like E Fund Science and Technology Innovation Board Two-Year Fixed Open Mixed A [2]