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: 华盛锂电 - Company plans to invest in a project to produce 60,000 tons of vinyl carbonate annually, with the first phase targeting 30,000 tons [1] - Total investment for the project is approximately 950 million yuan, funded by the company's own or raised funds [1][2] Group 2: 万里扬 - Shareholder plans to reduce holdings by up to 1.5% of the company's total shares, equating to a maximum of 19.69 million shares [3] - The reduction is due to the shareholder's own funding needs [3][4] Group 3: 云南旅游 - Company intends to raise no more than 191 million yuan through a private placement of up to 304 million shares [5] - Funds will be used for the construction of a cultural tourism equipment industrial park and to repay debts [5][6] Group 4: 冠农股份 - Company reported a 71.58% decline in net profit for 2024, amounting to 205 million yuan [9] - Revenue decreased by 11.15% to 3.863 billion yuan, with a proposed cash dividend of 0.8 yuan per 10 shares [9][10] Group 5: 华光新材 - Company achieved a 93.78% increase in net profit for 2024, totaling 80.6174 million yuan [11] - Revenue grew by 35.52% to 1.918 billion yuan, with a proposed cash dividend of 2.77 yuan per 10 shares [11][12] Group 6: 南大光电 - Company reported a 28.15% increase in net profit for 2024, reaching 271 million yuan [13] - Revenue increased by 38.08% to 2.352 billion yuan, with a proposed cash dividend of 1 yuan per 10 shares and a stock bonus of 2 shares for every 10 shares held [13][14] Group 7: 博瑞医药 - Company experienced a 6.57% decrease in net profit for 2024, amounting to 189 million yuan [15] - Revenue increased by 8.74% to 1.283 billion yuan, with a proposed cash dividend of 0.96 yuan per 10 shares [15][16] Group 8: 贵州茅台 - Company reported a 15.38% increase in net profit for 2024, totaling 862 million yuan [17] - Revenue grew by 15.71% to 170.9 billion yuan, with a proposed cash dividend of 276.24 yuan per 10 shares [17][18] Group 9: 西部建设 - Company reported a net loss of 263 million yuan for 2024, compared to a profit of 645 million yuan in 2023 [19] - Revenue decreased by 11.01% to 20.347 billion yuan, with a proposed cash dividend of 1.25 yuan per 10 shares [19][20] Group 10: 锡业股份 - Company achieved a 2.55% increase in net profit for 2024, totaling 1.444 billion yuan [21] - Revenue slightly decreased by 0.91% to 41.973 billion yuan, with a proposed cash dividend of 1.9 yuan per 10 shares [21][22] Group 11: 海天味业 - Company reported a 12.75% increase in net profit for 2024, amounting to 6.344 billion yuan [23] - Revenue increased by 9.53% to 26.901 billion yuan, with a proposed cash dividend of 8.6 yuan per 10 shares [23][24] Group 12: 台基股份 - Company experienced an 18.77% decrease in net profit for 2024, totaling 25.2935 million yuan [25] - Revenue increased by 10.76% to 354 million yuan, with a proposed cash dividend of 0.8 yuan per 10 shares [25][26] Group 13: 金盘科技 - Company reported a 13.82% increase in net profit for 2024, amounting to 574 million yuan [27] - Revenue grew by 3.5% to 6.901 billion yuan, with a proposed cash dividend of 5.06 yuan per 10 shares [27][28] Group 14: 中油资本 - Company reported an 8.14% decrease in net profit for 2024, totaling 4.652 billion yuan [29] - Revenue slightly increased by 0.08% to 39.024 billion yuan, with a proposed cash dividend of 0.57 yuan per 10 shares [29][30] Group 15: 锐捷网络 - Company achieved a 43.09% increase in net profit for 2024, amounting to 574 million yuan [31] - Revenue increased by 1.36% to 11.699 billion yuan, with a proposed cash dividend of 6.06 yuan per 10 shares and a stock bonus of 4 shares for every 10 shares held [31][32] Group 16: 华瓷股份 - Company reported a 14.21% increase in net profit for 2024, totaling 205 million yuan [33] - Revenue grew by 8.79% to 1.34 billion yuan, with a proposed cash dividend of 4 yuan per 10 shares [33][34] Group 17: 金龙羽 - Company experienced a 14.14% decrease in net profit for 2024, amounting to 14 million yuan [35] - Revenue decreased by 6.53% to 3.675 billion yuan, with a proposed cash dividend of 3 yuan per 10 shares [35][36] Group 18: 恒帅股份 - Company reported a 5.75% increase in net profit for 2024, totaling 214 million yuan [37] - Revenue increased by 4.21% to 962 million yuan, with a proposed cash dividend of 4 yuan per 10 shares and a stock bonus of 4 shares for every 10 shares held [37][38] Group 19: 爱玛科技 - Company expects a 25.12% increase in net profit for the first quarter of 2025, amounting to 605 million yuan [39] - Main business includes the development, production, and sales of electric bicycles and motorcycles [39][40] Group 20: 西王食品 - Company reported a net loss of 444 million yuan for 2024, compared to a loss of 16.8658 million yuan in 2023 [41] - Revenue decreased by 9.43% to 4.972 billion yuan [41][42]

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]

Summary of Hainan Jinpan Intelligent Technology Co., Ltd. Core Viewpoint The report provides a detailed audit of non-operating fund occupation and other related fund transactions involving Hainan Jinpan Intelligent Technology Co., Ltd., highlighting the financial interactions with its subsidiaries and associated parties. Group 1: Non-operating Fund Occupation - The report outlines the non-operating fund occupation by various subsidiaries, indicating significant amounts involved, such as 71,834.17 thousand yuan from Wuhan Jinpan Intelligent Technology Co., Ltd. and 1,281.72 thousand yuan from Hainan Jinpan Technology New Energy Co., Ltd. [2][4] - The total non-operating fund occupation at the end of the reporting period is noted to be 87,398.17 thousand yuan, with a cumulative amount of 126,183.43 thousand yuan for the year 2024 [2][6]. Group 2: Related Fund Transactions - The report details the related fund transactions, including amounts such as 3,037.70 thousand yuan from Haikou Jinpan Jiazi Photovoltaic Power Co., Ltd. and 450.61 thousand yuan from Hainan Jinpan Electric Co., Ltd. [5][6] - The total amount of related fund transactions is also significant, with a cumulative amount of 59,875.43 thousand yuan noted for the year 2024 [2][6]. Group 3: Audit and Compliance - The audit was conducted by Zhonghui Accounting Firm, ensuring compliance with financial regulations and providing transparency regarding the financial dealings of the company and its subsidiaries [3]. - The report emphasizes the importance of monitoring non-operating fund occupations and related transactions to maintain financial integrity and accountability within the company [2][3].

Core Viewpoint - The independent director of Hainan Jinpan Intelligent Technology Co., Ltd. has diligently fulfilled responsibilities in accordance with relevant laws and regulations, ensuring the company's compliance and protecting the rights of all shareholders, especially minority shareholders [1][10]. Independent Director Basic Information - The independent director, Mr. Li Sihai, has a strong academic background with a Ph.D. in financial management and holds positions as a professor and vice dean at a university [1]. - He has served as an independent director since December 2019 and has no conflicting roles within the company or its affiliates [2]. Annual Performance of Independent Director - In 2024, the independent director attended all 12 board meetings and voted in favor of all proposals, demonstrating active participation [2]. - He served on various committees, including the Audit Committee, Nomination Committee, and Compensation and Assessment Committee, attending all required meetings [2]. Exercise of Independent Director Powers - The independent director effectively reviewed and supervised matters related to senior management compensation, equity incentives, and related party transactions, ensuring objective and independent opinions were provided [3]. Communication with Audit and Accounting Firms - The independent director maintained close communication with internal audit and external accounting firms to ensure effective execution of internal controls and timely completion of audits [3]. Engagement with Minority Shareholders - The independent director actively engaged with minority shareholders through annual meetings and performance briefings, addressing their concerns and suggestions [3]. On-Site Investigations and Company Cooperation - The independent director dedicated 15 working days to on-site investigations, enhancing understanding of the company's operations and financial status [4]. - The company management provided comprehensive support and cooperation to facilitate the independent director's duties [4]. Training Participation - The independent director participated in various training programs related to independent director responsibilities, corporate governance, and regulatory compliance, enhancing his professional capabilities [4]. Key Focus Areas for Independent Director - The independent director reviewed related party transactions and found them to be fair and in line with the company's development needs, ensuring no adverse impact on financial conditions [5]. - He emphasized the importance of accurate financial reporting and internal control evaluations, confirming compliance with relevant laws and regulations [6][7]. - The independent director oversaw the reappointment of the accounting firm, ensuring the selection process adhered to legal requirements and the firm’s qualifications were satisfactory [7][8]. Overall Evaluation and Suggestions - The independent director has effectively fulfilled his duties, contributing to the company's governance and decision-making processes, while safeguarding the interests of all shareholders [10][11].

Core Viewpoint - The company announced a profit distribution plan for the fiscal year 2024, proposing a cash dividend of 0.506 yuan per share, with no capital reserve conversion to share capital or bonus shares [1][2]. Profit Distribution Plan Details - The company achieved a net profit attributable to ordinary shareholders of 574,421,452.41 yuan for the fiscal year 2024, with a total distributable profit of 1,094,379,414.45 yuan as of December 31, 2024 [2]. - The distribution will be based on the total share capital minus the shares held in the company's repurchase account, with a proposed distribution of 5.06 yuan for every 10 shares held [2]. - The total number of shares eligible for distribution is 454,840,430 shares after deducting 2,600,562 shares in the repurchase account [2]. - The total cash dividend and repurchase amount combined is 328,137,300 yuan, representing 57.12% of the net profit attributable to shareholders [2]. Compliance and Approval - The profit distribution plan is subject to approval at the company's 2024 annual general meeting [3][5]. - The company does not trigger any risk warning situations as per the Shanghai Stock Exchange's rules, given the positive net profit and the positive balance of undistributed profits [3][4]. Decision-Making Process - The board of directors and the supervisory board approved the profit distribution plan during meetings held on April 2, 2025, confirming that it aligns with legal regulations and the company's articles of association [5].

Meeting Overview - The third session of the Supervisory Board of Hainan Jinpan Intelligent Technology Co., Ltd. was held on April 2, 2025, with all three supervisors present, ensuring compliance with relevant laws and regulations [1]. Resolutions Passed - The Supervisory Board approved the 2024 Annual Supervisory Work Report with unanimous support [2]. - The 2024 Financial Settlement Report was also approved unanimously [2]. - The 2025 Financial Budget Report received unanimous approval [2]. - The 2024 Annual Report and its summary were approved, confirming compliance with legal and internal regulations [2][3]. - The 2024 Profit Distribution Plan was approved, emphasizing its alignment with the company's financial health and shareholder interests [3]. - The reappointment of Zhonghui Certified Public Accountants as the auditing firm for 2025 was approved, with an audit fee of 1.5 million RMB [4]. - The Special Report on the Use of Raised Funds for 2024 was approved [4]. - The use of temporarily idle raised funds for cash management, not exceeding 45 million RMB, was approved [5]. - The 2024 Internal Control Evaluation Report was approved, indicating a robust internal control system [5]. - The proposal to use up to 500 million RMB of self-owned funds for purchasing bank wealth management products was approved [6]. - The application for a comprehensive credit limit of up to 10 billion RMB for 2025 was approved [6]. - The anticipated guarantee limit for subsidiaries was approved, ensuring controlled risk [7]. - The adjustment of supervisor Tian Mei's salary from 227,550 RMB to 243,750 RMB was approved, with other supervisors' salaries remaining unchanged [8]. - The change in accounting estimates was approved, ensuring accurate financial reporting [8].

Group 1 - The company, Hainan Jinpan Intelligent Technology Co., Ltd., will hold its 2024 Annual General Meeting on April 25, 2025, at 14:30 [3][5] - The meeting will utilize the Shanghai Stock Exchange's network voting system, allowing shareholders to vote both on-site and online [3][4] - Shareholders must register by April 22, 2025, to attend the meeting, and can delegate their voting rights to a proxy [4][5] Group 2 - The agenda for the meeting includes the review of the 2024 Independent Director's Work Report and other non-cumulative voting proposals [2][3] - The company has specified that certain related shareholders must abstain from voting [2] - Voting will be conducted through the Shanghai Stock Exchange's network voting system, with specific time slots for online voting [3][4]