| 证券代码：688676 | 证券简称：金盘科技 | 公告编号：2024-054 | | --- | --- | --- | | 债券代码：118019 | 债券简称：金盘转债 | | 最后转股日：2024 年 5 月 27 日 截至 2024 年 5 月 24 日收市后，距离 5 月 27 日（"金盘转债"最后转股日） 仅剩 1 个交易日，5 月 27 日为"金盘转债"最后一个转股日。 本次提前赎回完成后，"金盘转债"将自 2024 年 5 月 28 日起在上海证券 交易所摘牌。 投资者所持可转债除在规定时限内按照 34.37 元/股的转股价格进行转股 外，仅能选择以 100 元/张的票面价值加当期应计利息（即 100.35 元）被强制赎 回。若被强制赎回，可能面临较大投资损失。 特提醒"金盘转债"持有人注意在限期内转股。 海南金盘智能科技股份有限公司 关于实施"金盘转债"赎回暨摘牌的最后一次提示 性公告 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。 重要内容提示： 自 2024 年 5 月 23 日起，"金盘转债" ...

Summary of Jinpan Technology (688676 CH) Q1 2024 Earnings Call Company Overview - **Company**: Jinpan Technology (金盘科技) - **Ticker**: 688676 CH - **Date of Report**: May 22, 2024 Key Financial Performance - **Q1 2024 Revenue**: RMB 1.305 billion, a year-on-year increase of 0.60% [7] - **Net Profit Attributable to Parent Company**: RMB 95 million, a year-on-year increase of 8.57% [7] - **Net Profit Growth (Excluding Non-Recurring Gains)**: 36.6% [7] - **Gross Profit Margin**: 25.81%, an increase of 2.7 percentage points year-on-year [7] - **Net Profit Margin**: 7.16%, an increase of 6.51 percentage points year-on-year [7] Revenue Breakdown - **Transformers, Distribution, and Control Equipment**: RMB 1.133 billion [8] - **Energy Storage Products**: RMB 110 million [8] - **Digital Solutions**: RMB 57 million [8] - **Domestic Sales**: RMB 912 million [8] - **Overseas Revenue**: RMB 389 million, accounting for 30% of total sales, a significant increase compared to 2023 [8] Business Segments and Growth Drivers - **Core Products**: Continuous upgrades to meet diverse application needs; leader in dry-type transformers [9] - **Transformer Business Revenue**: 61.3% of total revenue in 2023 [9] - **Contracts Signed**: RMB 739 million in transformer contracts with overseas EPC clients as of April 18, 2024 [9] - **Growth in Energy Storage and Digital Business**: Expected to lead development during the 14th Five-Year Plan; energy storage revenue exceeded RMB 71 million from H1 2023 [10] Future Projections - **Revenue Forecast (2024-2026)**: RMB 9.1 billion in 2024, RMB 12 billion in 2025, and RMB 15.1 billion in 2026 [11] - **Net Profit Forecast**: RMB 780 million in 2024, RMB 1.05 billion in 2025, and RMB 1.35 billion in 2026 [11] - **Target Price**: Increased from RMB 48.30 to RMB 67.51 per share, maintaining an "OUTPERFORM" rating [11] Risks Identified 1. Relevant policies and power grid investments may fall short of expectations [12] 2. Installed capacity for new energy and energy storage may be lower than anticipated [12] 3. Significant increases in raw material prices [12] 4. Trade friction [12] Investment Rating - **Current Rating**: Maintain "OUTPERFORM" [5][11] ESG Considerations - **Environmental**: Environmentally friendly practices [13] - **Social**: High product quality [13] - **Governance**: Strong governance practices [13]

研究报告Research Report 22 May 2024 金盘科技 JINPAN TECHNOLOGY (688676 CH) 2024Q1 盈利能力保持稳定，海外营收占比快速提升 Fianancial performance maintain stable in Q1 2024, oversea’s revenue porporation grew quickly [观Ta点bl聚e_焦yem Ieniv1e]s tment Focus [ Tab维le_持Inf优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 2024Q1 扣非归母净利润增速 36.6%，营收及归净利润增速有望在 评级 优于大市OUTPERFORM 二季度修复。2024Q1公司实现营收13.05亿元，同比增长0.60%； 现价 Rmb57.22 目标价 Rmb67.51 实现归母净利润0.95亿元，同比增长8.57%；实现扣非净利润1.01 亿元，同比增长36.63%；毛利率方面，2024 Q1公司综合毛利率为 HTI ESG 4.8-4.3 ...

| 证券代码：688676 | 证券简称：金盘科技 | 公告编号：2024-052 | | --- | --- | --- | | 债券代码：118019 | 债券简称：金盘转债 | | 海南金盘智能科技股份有限公司 关于实施"金盘转债"赎回暨摘牌的第三次提示性 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。 重要内容提示： 自 2024 年 5 月 23 日起，"金盘转债"停止交易。 最后转股日：2024 年 5 月 27 日 截至 2024 年 5 月 22 日收市后，距离 5 月 27 日（"金盘转债"最后转股日） 仅剩 3 个交易日，5 月 27 日为"金盘转债"最后一个转股日。 本次提前赎回完成后，"金盘转债"将自 2024 年 5 月 28 日起在上海证券 交易所摘牌。 投资者所持可转债除在规定时限内按照 34.37 元/股的转股价格进行转股 外，仅能选择以 100 元/张的票面价值加当期应计利息（即 100.35 元）被强制赎 回。若被强制赎回，可能面临较大投资损失。 特提醒"金盘转债"持有人注意在限期 ...

| 证券代码：688676 | 证券简称：金盘科技 | 公告编号：2024-050 | | --- | --- | --- | | 债券代码：118019 | 债券简称：金盘转债 | | 海南金盘智能科技股份有限公司 关于实施"金盘转债"赎回暨摘牌的第二次提示性 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。 重要内容提示： 截至 2024 年 5 月 21 日收市后，距离 5 月 22 日（"金盘转债"最后交易日） 仅剩 1 个交易日，5 月 22 日为"金盘转债"最后一个交易日。 最后转股日：2024 年 5 月 27 日 截至 2024 年 5 月 21 日收市后，距离 5 月 27 日（"金盘转债"最后转股日） 仅剩 4 个交易日，5 月 27 日为"金盘转债"最后一个转股日。 本次提前赎回完成后，"金盘转债"将自 2024 年 5 月 28 日起在上海证券 交易所摘牌。 投资者所持可转债除在规定时限内通过二级市场继续交易或按照 34.37 元/股的转股价格进行转股外，仅能选择以 100 元/张的票面价值加当 ...

海南金盘智能科技股份有限公司 关于公司控股股东及其一致行动人合计持股比例被 动稀释超过 1%的提示性公告 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。 重要内容提示： 本次权益变动为海南金盘智能科技股份有限公司（以下简称"金盘科技" 或"公司"）可转换公司债券"金盘转债"转股导致公司总股本增加，公司控股 股东及其一致行动人合计持股比例被动稀释，不涉及持股数量发生变化，不触及 要约收购，不会导致公司控股股东及实际控制人发生变化。 本次权益变动后，公司控股股东海南元宇智能科技投资有限公司（以下 简称"元宇投资"）及其一致行动人 JINPAN INTERNATIONAL LIMITED（以下 简称"金榜国际"）、敬天（海南）投资合伙企业（有限合伙）（以下简称"敬 天投资"）合计持有公司股份的比例将从 53.04%被动稀释至 51.84%。 一、本次权益变动情况： 2024 年 5 月 8 日至 2024 年 5 月 20 日，因公司可转换公司债券"金盘转债" 转股，公司总股本由 443,121,049 股增加至 453,364 ...

Summary of Conference Call Notes Company Overview - The conference call pertains to Jinpan Technology, a company involved in the transformer industry, with a focus on both domestic and international markets. Key Points and Arguments 1. Revenue and Order Situation - The company's revenue for the first quarter remained flat, attributed to the delivery rhythm of clients, with domestic and international orders distributed unevenly. International orders performed well [1][3] - Orders from January to April approached 4 billion, with approximately 1.9 billion from overseas markets, primarily the US and Europe [1][4] - The order delivery cycle is approximately 9 months, with diverse downstream applications including new energy and wind power [1] 2. Overseas Market Development - Strong demand in overseas markets, particularly in the US and Europe, where the company has established subsidiaries and a mature market presence [1][4] - The overseas customer base primarily targets the mid-to-high-end market, indicating high demand quality and customer stickiness [1] - Positive growth expectations for overseas orders, projected to reach between 2 billion to 3 billion by 2024, with a narrowed expectation of 2.5 billion to 3 billion based on current trends [1][10] 3. Capacity and Expansion - The company faces a need for capacity expansion, with an expected growth rate of 30% to 40% in production capacity [1][11] - New factory construction is lengthy, requiring consideration of industrial planning and local conditions, with a focus on digital factory development [1][13] 4. Competition and Market Strategy - The company holds a competitive advantage in the transformer sector, especially in overseas markets, due to deeper brand accumulation and market experience compared to domestic competitors [1][18] - Emphasis on digital transformation to enhance market responsiveness and manufacturing efficiency [1] - Product diversification beyond transformers to include oil transformers and other products to meet varying market demands [1] 5. Risk Management and Response Measures - The company is aware of political risks and trade frictions, having developed experience and measures to address these challenges [1][5] - Attention to fluctuations in raw material prices, implementing strategic locking of materials to stabilize costs [1] 6. Financial and Profitability Expectations - Gross margin is influenced by various factors, including the increasing share of overseas orders and rising raw material prices, with trends needing further observation [1][24][25] 7. Industry Outlook and Growth Points - The company is optimistic about the wind power industry, particularly offshore wind and large megawatt wind turbines, which are expected to drive demand growth [2] - Continuous expansion into new business segments, such as energy storage transformers and higher voltage household products, is being pursued to seek new growth points [2] 8. Market Demand and Expansion Plans - The company believes that industry demand growth will prompt enterprises to expand production, although the expansion cycle typically takes two to three years [7] - The company has a digital team and plans to build digital factories, which also require significant time for implementation [7] 9. Seasonal Order Fluctuations - Seasonal fluctuations in orders are not significant, although domestic orders may be weaker in January and February [9] 10. Competitive Landscape in the US Market - Jinpan Technology has established a competitive edge in the US market through localized operations and a focus on brand enhancement [20] - The company has a dual supply chain strategy, producing some products in Mexico and others domestically, to optimize operations [20] 11. New Product Development - The company has developed new product lines, such as 16 kV household products, which have garnered significant orders, contributing to new growth momentum [26] 12. Multi-Sector Development Strategy - Jinpan Technology employs a multi-sector development strategy to mitigate risks associated with downturns in any single industry, ensuring balanced growth across various segments [27] Additional Important Information - The company has a total business volume of approximately 3 billion, distributed across various application sectors, indicating a diversified portfolio [17] - The company’s historical experience in the overseas market has led to a strong reputation and recognition among international clients, enhancing its competitive position [19]

二〇二四年五月十七日 信用等级通知书 东方金诚债跟踪评字【2024】0016 号 海南金盘智能科技股份有限公司： 东方金诚国际信用评估有限公司根据跟踪评级安排对贵公司及发行 的"金盘转债"的信用状况进行了跟踪评级，经信用评级委员会评 定，此次跟踪评级维持贵公司主体信用等级为 AA，评级展望为稳 定，同时维持"金盘转债"的信用等级为 AA。 东方金诚国际信用评估有限公司 信评委主任 东方金诚债跟踪评字【2024】0016 号 信用评级报告声明 为正确理解和使用东方金诚国际信用评估有限公司（以下简称"东方金诚"）出具的信用 评级报告（以下简称"本报告"），本公司声明如下： 1.本次评级为委托评级，东方金诚与受评对象不存在任何影响本次评级行为独立、客观、 公正的关联关系，本次项目评级人员与评级对象之间亦不存在任何影响本次评级行为独立、 客观、公正的关联关系。 2.本次评级中，东方金诚及其评级人员遵照相关法律、法规及监管部门相关要求，充分履 行了勤勉尽责和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 3.本评级报告的结论，是按照东方金诚的评级流程及评级标准做出的独立判断，未受评级 对象和第三方组织或 ...

| 证券代码：688676 | 证券简称：金盘科技 公告编号：2024-049 | | --- | --- | | 债券代码：118019 | 债券简称：金盘转债 | 海南金盘智能科技股份有限公司 关于实施"金盘转债"赎回暨摘牌的第一次提示性 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。 重要内容提示： 截至 2024 年 5 月 20 日收市后，距离 5 月 22 日（"金盘转债"最后交易日） 仅剩 2 个交易日，5 月 22 日为"金盘转债"最后一个交易日。 最后转股日：2024 年 5 月 27 日 一、赎回条款 根据《募集说明书》中关于赎回条款的约定，在可转换公司债券转股期内， 如果公司股票连续三十个交易日中至少有十五个交易日的收盘价不低于当期转 股价格的 130%（含 130%），或本次发行的可转换公司债券未转股余额不足人民 币 3,000 万元时，公司有权按照债券面值加当期应计利息的价格赎回全部或部分 未转股的可转换公司债券。 当期应计利息的计算公式为：IA=B×i×t÷365 截至 2024 年 5 ...

| 证券代码：688676 | 证券简称：金盘科技 公告编号：2024-045 | | --- | --- | | 债券代码：118019 | 债券简称：金盘转债 | 海南金盘智能科技股份有限公司 关于实施"金盘转债"赎回暨摘牌的公告 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： 证券停复牌情况：适用 因实施"金盘转债"赎回,本公司的相关证券停复牌情况如下： | 证券代 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 | 停牌终止 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 码 | | | | 期间 | 日 | | | 118019 | 金盘转债 | 可转债债券停 | 2024/5/23 | | | | | | | 牌 | | | | | 截至 2024 年 5 月 17 日收市后，距离 5 月 22 日（"金盘转债"最后交易日） 仅剩 3 个交易日，5 月 22 日为"金盘转债"最后一个交易日。 现依据《上市公司证券发行注册管理办法》《 ...