| 证券代码：688676 | 证券简称：金盘科技 | 公告编号：2024-026 | | --- | --- | --- | | 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 第三届董事会第六次会议决议公告 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）审议通过《关于可转换公司债券"金盘转债"转股价格调整的议案》 根据中国证券监督管理委员会关于可转换公司债券发行的有关规定及公司于 2022 年 9 月 14 日刊载于上海证券交易所网站（www.sse.com.cn）的《海南金盘智 能科技股份有限公司向不特定对象发行可转换公司债券募集说明书》的相关条款， 会议审议通过《关于可转换公司债券"金盘转债"转股价格调整的议案》，同意本 次可转债的转股价格调整为 34.37 元/股，调整后的转股价格于 2024 年 4 月 2 日开 始生效。 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"）第三届董事会第六次 会议于 2024 年 3 月 28 日以电话形式发出 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved significant revenue growth in 2023, with total revenue reaching 6.668 billion yuan, a year-on-year increase of 40.50%, and a net profit of 505 million yuan, up 78.15% [2][3] - The strong performance is attributed to growth in overseas business, digital transformation, and increased sales in the new energy sector [2][4] - The company has expanded its overseas business significantly, with overseas sales reaching 1.177 billion yuan, a year-on-year increase of 79.54%, accounting for 18% of total revenue [2][3] Summary by Sections Financial Performance - In 2023, the company reported a gross margin of 22.81%, an increase of 2.52 percentage points year-on-year, and a net profit margin of 7.53% [2] - The transformer and power distribution product lines saw revenue growth of 36% to 6.141 billion yuan, while energy storage product revenue surged 547% to 414 million yuan [2][3] Business Segments - The new energy sector's revenue grew by 68.21% to 3.723 billion yuan, with solar power contributing 51%, wind power 30%, and energy storage 17% [2] - The company has successfully built digital factories and secured digital solution orders totaling 229 million yuan in 2023, with cumulative orders exceeding 600 million yuan [3] Future Outlook - Revenue projections for 2024-2026 are adjusted to 9.116 billion yuan, 11.897 billion yuan, and 14.637 billion yuan, respectively, with EPS estimates of 1.84 yuan, 2.55 yuan, and 3.24 yuan [4][6] - The company is expected to continue benefiting from its digital solutions and strong growth in the energy storage sector, with new orders for energy storage systems reaching 641 million yuan, a 144.87% increase year-on-year [3][4]

| 证券代码：688676 | 证券简称：金盘科技 | 公告编号：2024-024 | | --- | --- | --- | | 债券代码：118019 | 债券简称：金盘转债 | | 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： 2024 年 3 月 28 日，公司通过上海证券交易所交易系统以集中竞价交易方式 首次回购股份 12,500 股，占截至 2024 年 3 月 27 日公司总股本 427,362,561 股的 比例为 0.0029%，回购成交的最高价为 40.28 元/股，最低价为 39.98 元/股，支付 的资金总额为人民币 501,270 元（不含印花税、交易佣金等交易费用）。 本次回购股份符合法律法规的规定及公司的回购股份方案。 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、准确性和完整性依法承担法律责任。 重要内容提示： 2024 ...

证券研究报告 | 公司动态点评 2024 年 03月 26日 金盘科技（688676.SH） 国内外产品需求高增，数字化赋能内生动力 财务指标 2022A 2023A 2024E 2025E 2026E 增持（维持评级） 营业收入（百万元） 4,746 6,668 9,585 12,725 15,106 股票信息 增长率yoy（%） 43.7 40.5 43.8 32.8 18.7 归母净利润（百万元） 283 505 780 1,073 1,360 行业 电力设备及新能源 增长率yoy（%） 20.7 78.2 54.5 37.6 26.7 2024年3月26日收盘价（元） 42.60 ROE（%） 9.9 15.2 20.1 22.2 22.5 总市值（百万元） 18,205.64 EPS最新摊薄（元） 0.66 1.18 1.82 2.51 3.18 流通市值（百万元） 18,205.64 P/E（倍） 64.6 36.2 23.5 17.0 13.5 总股本（百万股） 427.36 P/B（倍） 6.8 5.8 4.9 3.9 3.1 流通股本（百万股） 427.36 资料来源：公司财报，长城证券产业 ...

Company Overview and Strategy - The company has consistently followed national development strategies and industry trends, implementing a forward-looking and pragmatic development strategy with three main paths: "full industry chain," "global market," and "industrial upgrade" [3] - The company focuses on core businesses, deepens technological innovation, and develops new products, processes, and materials to build an efficient and collaborative industrial ecosystem [3] - With a strong domestic market as a foundation, the company accelerates overseas business expansion and promotes the globalization strategy, leveraging years of overseas market foresight and brand accumulation [4] - The company continuously drives industrial upgrading through digitalization, low-carbon practices, and intelligent methods, transforming new technologies and key production factors into new growth drivers [4] Financial Performance and Digital Transformation - In 2023, the company's overall profitability improved significantly due to the release of production capacity from digital transformation and new products from continuous R&D investment [4] - The company completed the construction of digital factories in Haikou, Guilin, and Wuhan, enhancing digital manufacturing capabilities, effectively controlling operating costs, and improving sales gross margins [4] - The company's operating cash flow improved notably in 2023, attributed to digital inventory management and increased cash inflows from intensified payment collection [6] Market Expansion and Product Development - The company has expanded its overall production capacity with the full operation of digital factories in Haikou, Guilin, and Wuhan by the end of 2023 [5] - The company focuses on markets with development needs, industrial growth potential, and favorable business environments, aiming to expand its global presence [5] - The company has developed products with extended voltage levels, capacity, and structural forms, aligning with industry demands and future directions [5] - The company's transformer products, known for low loss, strong overload capacity, and high reliability, are widely used in IDC data centers, including projects for Baidu, Huawei, Alibaba, and major telecom operators [5] Investor Relations and Participation - A total of 548 participants, including analysts and institutional investors from various securities and investment firms, attended the investor relations event on March 21, 2024 [2][3]

2024年03月24日 公 司点评 公 买入 / 首次 司 金盘科技(688676) 研 究 目标价: 昨收盘:41.62 盈利水平显著改善，海外业务快速增长 事件：公司发布2023年年报,盈利水平显著改善 ◼ 走势比较 1）2023年实现收入66.7亿元，同比+40.5%；实现归母净利润5.04 亿元，同比+78.2%；实现扣非净利润 2.8 亿元，同比+104.9%；毛利率 30% 22.81%，同比+2.52pct；净利率7.53%，同比+1.56pct； 太 18% 2）对应 Q4 收入 18.9 亿元，同比+21.6%，环比+0.8%；归母净利润 平 1.7亿元，同比+48.8%，环比+20.6%；扣非净利润1.6亿元，同比+129.7%， 6% 环比+17.5%；毛利率24.45%，同比+2.09pct，环比+1.67pct；净利率8.96%， 洋 (1( 86 %% ))42/3/32 4/6/32 51/8/32 62/01/32 6/1/42 81/3/42 同比+ 按1. 产57 品pc 来t， 看环 ：比 变+ 压1. 器45 与pc 成t。 证 套 业务基础夯实，储能业务实现突破 券 ...

Investment Rating - The report maintains a "Buy" rating for the company, consistent with the previous rating [1] Core Views - The company achieved rapid growth in 2023, with revenue reaching 6.668 billion yuan, a year-on-year increase of 40.50%, and net profit attributable to the parent company reaching 505 million yuan, a year-on-year increase of 104.92% [1] - The company seized opportunities in the new energy and industrial digitalization sectors, driving significant growth in its performance [1] - The company's overseas revenue reached 5.449 billion yuan, a year-on-year increase of 34.5%, while domestic revenue was 1.177 billion yuan, a year-on-year increase of 79.54% [1] - The company's gross margin improved to 22.81% in 2023, up 2.52 percentage points year-on-year, with the net profit margin reaching 7.53%, up 1.56 percentage points year-on-year [1] - The company's digital transformation efforts have enhanced its profitability, with digital factories contributing to cost control and improved gross margins [1] Business Segments - The dry-type transformer business generated revenue of 1.770 billion yuan in 2023, a year-on-year increase of 59.81%, with a gross margin of 17.74%, up 0.89 percentage points year-on-year [1] - The energy storage business saw revenue of 414 million yuan, a year-on-year increase of 546.95%, with new energy-related sales growing by 88.95% year-on-year [1] - The company's energy storage system orders reached 641 million yuan in 2023, a year-on-year increase of 144.87% [2] - The company is expanding into new business areas such as hydrogen energy, aiming to become a leading player in the hydrogen energy industry during the 14th and 15th Five-Year Plan periods [2] Financial Projections - The company is expected to achieve revenue of 9.5 billion yuan, 12.3 billion yuan, and 15.0 billion yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 43%, 29%, and 22% [2] - Net profit attributable to the parent company is projected to be 800 million yuan, 1.124 billion yuan, and 1.419 billion yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 60%, 39%, and 26% [2] - The company's gross margin is expected to remain stable at around 22.3% to 22.5% over the next three years [3] Digital Transformation - The company has completed the construction of digital factories in Haikou, Guilin, and Wuhan, which have improved its digital manufacturing capabilities and operational efficiency [1] - The company has signed new digital solution contracts worth 229 million yuan in 2023, with cumulative orders exceeding 600 million yuan [1] - Digital business is expected to become a new growth driver for the company, contributing to industry-wide digital transformation [1]

Investment Rating - The report maintains an "OUTPERFORM" rating for Jinpan Technology [3][10][12] Core Views - In 2023, the net profit attributable to shareholders increased by 78.15%, meeting market expectations with a revenue of 6.668 billion yuan, a year-on-year increase of 40.50% [12][16] - The company benefited from accelerated global energy transformation, achieving significant growth in overseas orders, with overseas revenue reaching 1.18 billion yuan, up 79.54% year-on-year, accounting for 17.77% of total revenue [4][13] - The digital strategy has empowered production management, leading to cost reductions and efficiency improvements, contributing to a gross profit margin increase of 2.52 percentage points in 2023 [14][16] Financial Performance - The company achieved a revenue of 6.668 billion yuan in 2023, with a net profit of 505 million yuan, reflecting a 40.50% and 78.15% year-on-year growth respectively [12][16] - The comprehensive gross profit margin for 2023 was 22.81%, an increase of 2.52 percentage points year-on-year, while the net profit margin was 7.53%, up 1.56 percentage points [12][16] - The forecast for operating revenue from 2024 to 2026 is estimated at 9.1 billion yuan, 12.044 billion yuan, and 15.141 billion yuan respectively, with corresponding net profits of 780 million yuan, 1.052 billion yuan, and 1.345 billion yuan [16] Business Segments - The transformer business accounted for 61.3% of total revenue in 2023, while the energy storage segment saw a remarkable sales growth rate of 302.58%, indicating its potential as a second growth curve for the company [15][16] - The company has established a strong presence in overseas markets, with products exported to 86 countries and new orders amounting to 7.832 billion yuan, a year-on-year increase of 35.14% [4][13]

2024 年 03 月 24 日 公司研究 评级：买入 (首次覆盖 ) 研究所： 证券分析师： 李航 S0350521120006 盈利能力持续[T 提abl 升e_T ，itle 海] 外增长亮眼 lih11@ghzq.com.cn 证券分析师： 邱迪 S0350522010002 qiud@ghzq.com.cn ——金盘科技（ ） 年年报点评 688676 2023 证券分析师： 王刚 S0350524020001 wangg06@ghzq.com.cn 最近一年走势 事件 : 金盘科技3月20日发布2023年年报：2023年公司实现营收66.68亿元， 同比+41%；归母净利5.05亿元，同比+78%；扣非归母净利4.81亿元， 同比+105%。2023Q4实现营业收入18.95亿元，同比+22%，环比+1%； 归母净利润1.71 亿元，同比+49%，环比+21%；扣非归母净利润1.59 亿元，同比+130%，环比+17%。 投资要点 : 相对沪深300表现 2024/03/22  数字化赋能成果显著，盈利能力持续提升。2023年，公司积极拓展 表现 1M 3M 12M 新能源市场、新行业和客户，获 ...

证券研究报告 | 2024年03月22日 金盘科技（688676.SH） 买入 干变龙头持续打磨内功，海外业务引领行业 核心观点 公司研究·财报点评 全年业绩符合预期，归母净利润增长78%。公司2023年实现营收66.68亿元 电力设备·电网设备 （同比+40.50%），归母净利润5.05亿元（同比+78.15%），扣非净利润4.81 证券分析师：王蔚祺 证券分析师：王晓声 亿元（同比+104.92%），销售毛利率22.81%（同比+2.52pct.），扣非销售 010-88005313 010-88005231 wangweiqi2@guosen.com.cnwangxiaosheng@guosen.com.cn 净利率7.21%（同比+2.27pct.）。 S0980520080003 S0980523050002 基础数据 四季度业绩创历史新高，盈利能力持续提升。公司2023年四季度实现营收 18.95亿元（同比+21.59%，环比+0.79%），归母净利润1.71亿元（同比 投资评级 买入(维持) 合理估值 +48.76%，环比+20.56%），销售毛利率 24.45%（同比+2.1pct.，环比 收 ...