Group 1: Company Overview and Performance - Jinpan Technology reported a main business revenue of ¥476,810.34 million for the first nine months of 2024, with domestic sales contributing ¥340,232.21 million (28.64%) and international sales contributing ¥136,578.13 million (71.36%) [4] - The company has expanded its production capacity in Mexico and is preparing for full-line product capacity expansion in both Mexico and the United States [3] Group 2: Market and Industry Insights - The company anticipates focusing on industries such as data centers and infrastructure, following trends in AI and emerging national policies [3] - In the first nine months of 2024, domestic data center orders increased by 102% year-on-year, driven by the superior performance of its transformer series products [3][4] Group 3: Future Developments - The Jinpan Technology New Energy Equipment Intelligent Manufacturing project in Tongxiang officially commenced in October 2024, expected to enhance production capacity for various transformer series products [3] - The company is establishing a production capacity in Poland, which will support further market expansion in Europe [3] Group 4: Competitive Landscape - Jinpan Technology's transformer products are recognized for their stability, quality, and low failure rates, making them suitable for various applications including wind energy, photovoltaics, and data centers [4] - Different industries have varying technical demands for transformer products, with data centers requiring high stability and wind energy demanding complex manufacturing processes [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report highlights that the company's foreign sales revenue ratio has increased, leading to improved profitability [3] - The company achieved a revenue of 4.8 billion yuan in the first three quarters of 2024, a year-on-year increase of 1% [3] - The net profit attributable to shareholders reached 400 million yuan, a year-on-year increase of 21% [3] - The report emphasizes the company's commitment to R&D, with an investment of 220 million yuan, accounting for 4.6% of revenue [3] Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 1.88 billion yuan, a quarter-on-quarter increase of 17% and a year-on-year increase of 0.1% [3] - The gross profit margin for Q3 2024 was 25.5%, up 3.8 percentage points quarter-on-quarter and 2.7 percentage points year-on-year [3] - The net profit margin for Q3 2024 was 9.6%, an increase of 1.7 percentage points quarter-on-quarter and 2.1 percentage points year-on-year [3] Sales Breakdown - For the first three quarters of 2024, domestic sales revenue was 3.4 billion yuan, while foreign sales revenue was 1.37 billion yuan, with foreign sales accounting for 28.6% of total revenue [3] - In Q3 2024, foreign sales revenue was 570 million yuan, representing 30.8% of total revenue, an increase of 5.6 percentage points quarter-on-quarter [3] Market Position and Outlook - The company is positioned as a leading transformer manufacturer, with expectations for revenue growth of 7%, 16%, and 17% for 2024, 2025, and 2026, respectively [3] - The net profit forecast for 2024, 2025, and 2026 is 640 million yuan, 880 million yuan, and 1.19 billion yuan, with respective growth rates of 27%, 37%, and 35% [3] - The report maintains a "Buy" rating based on the improved profitability driven by the increase in foreign sales ratio [3]

Investment Rating - The report maintains a "Hold" rating for the company [1]. Core Views - The company achieved a revenue of 1.88 billion yuan in Q3 2024, a year-on-year increase of 0.2%, and a net profit attributable to shareholders of 180 million yuan, up 27.5% year-on-year [1]. - The gross profit margin and net profit margin have improved, with the gross margin at 24.2% and net margin at 8.3% for the first three quarters of 2024, reflecting an increase of 2.0 percentage points and 1.4 percentage points respectively [1]. - The company is focusing on enhancing shareholder returns and plans to distribute more than 40% of its distributable profits in cash for the year 2024 [1]. Financial Performance Summary - For the first nine months of 2024, the company reported cumulative revenue of 4.8 billion yuan, a 0.5% increase year-on-year, and a net profit of 400 million yuan, up 21.2% year-on-year [1]. - The company’s cash flow from operating activities improved, with a net cash flow of -90 million yuan, an increase of 150 million yuan year-on-year [1]. - The company’s external sales revenue reached 1.37 billion yuan, accounting for 28.6% of total revenue, showing an increase from 27% in the previous half [2]. Growth Projections - Revenue projections for 2024-2026 are estimated at 7.18 billion yuan, 9.06 billion yuan, and 10.77 billion yuan respectively, with net profit growth rates of 22.4%, 39.1%, and 18.9% [2]. - The company is expected to benefit from the sustainable demand for transformers in overseas markets, particularly in Europe and the US, as it expands its production capacity [2]. - The company is actively pursuing digital transformation and expanding its energy storage business, which is anticipated to contribute to stable growth in performance [2].

Investment Rating - The report maintains a "Buy" rating for the company [1][2] Core Views - The company has shown significant improvement in gross margin and is actively expanding its overseas market presence [1] - In the first three quarters of 2024, the company achieved a revenue of 4.768 billion yuan, with a year-on-year increase of 24.47% [1] - The net profit attributable to shareholders reached 404 million yuan, up 21.17% year-on-year, while the net profit excluding non-recurring items was 383 million yuan, an increase of 18.89% [1] - The gross margin improved to 25.53%, reflecting a year-on-year increase of 2.75 percentage points [1] - The company is benefiting from a higher proportion of quality orders and improved management of accounts receivable and inventory [1] - The company has successfully developed offshore wind power floating transformer products and is enhancing its ability to secure orders in various downstream sectors [1] Financial Performance - For the third quarter of 2024, the company reported a revenue of 1.882 billion yuan, a year-on-year increase of 0.15% and a quarter-on-quarter increase of 16.82% [1] - The net profit for Q3 was 181 million yuan, up 27.54% year-on-year and 41.86% quarter-on-quarter [1] - The company’s operating cash flow improved significantly, with a net cash flow from operating activities of -87 million yuan, compared to -240 million yuan in the same period last year [1][2] Revenue and Profit Forecast - The company is expected to achieve net profits of 674 million yuan, 912 million yuan, and 1.136 billion yuan for the years 2024, 2025, and 2026 respectively [2][3] - The projected earnings per share (EPS) for the same years are 1.47 yuan, 1.99 yuan, and 2.48 yuan [2][3] Market Expansion - The company’s overseas sales accounted for 28.65% of total revenue, with a significant increase in overseas orders, which reached 2.849 billion yuan, a year-on-year increase of 180.16% [1] - The company is accelerating its overseas production capacity expansion, with preparations underway in Mexico, the United States, and Poland [1] Strategic Positioning - The company is positioned as a leader in the dry transformer sector, benefiting from the high demand in the domestic market and the new cycle of overseas grid construction [1]

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - The company reported a revenue of 4.799 billion with a year-on-year growth of 0.53% and a net profit attributable to shareholders of 404 million, reflecting a year-on-year increase of 21.17% [2]. - The company's profitability has significantly improved, driven by an increase in high-quality orders and better management of accounts receivable and inventory [3]. - The export data for electrical equipment continues to show high demand, with the company's international influence on the rise, particularly in North America and Europe [4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a gross margin of 25.53%, up 2.74 percentage points year-on-year, and a net profit margin of 9.57%, up 2.06 percentage points year-on-year [3]. - The revenue structure shows that domestic revenue accounted for 34.02 billion (71%), while overseas revenue reached 13.66 billion (29%) [2]. - The company expects revenues of 7.329 billion, 9.034 billion, and 11.146 billion for 2024, 2025, and 2026 respectively, with corresponding growth rates of 9.9%, 23.3%, and 23.4% [5][7]. Market Position and Outlook - The company is positioned as a leading player in the transformer export market, with a rapid increase in overseas revenue share and a strong competitive edge globally [4]. - The report forecasts net profits of 608 million, 813 million, and 1.038 billion for 2024, 2025, and 2026 respectively, with growth rates of 20.5%, 33.6%, and 27.8% [5][7].

Summary of Conference Call Transcript Company Overview - The company positions itself as a global power equipment supplier, focusing on technological research and innovation [1] Core Points and Arguments - The company is actively promoting its technological research and innovation to enhance its market position [1] Other Important Content - The mention of the third quarter operating conditions indicates ongoing efforts to maintain a competitive edge in the industry [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown impressive profit margins, with a significant recovery in profitability expected in the near term [3] - The overseas demand for power equipment remains strong, with accelerated order fulfillment and expectations for continued growth [3] - Domestic revenue decline is narrowing, and profit margins are expected to recover to earlier levels [3] Financial Performance Summary - For Q1-Q3 2024, revenue increased by 1% year-on-year, with net profit attributable to shareholders rising by 21% [3] - The company achieved revenues of 4.8 billion yuan and 1.88 billion yuan for Q1-Q3 and Q3 respectively, with net profits of 400 million yuan and 180 million yuan, reflecting year-on-year increases of 21% and 28% [3] - Gross margin for Q1-Q3 and Q3 was 24.2% and 25.5%, respectively, showing year-on-year increases of 2.1 and 2.8 percentage points [3] Order and Revenue Insights - The demand for transformers in the U.S. data centers and power grids is leading the market, with European and Middle Eastern demand driven by offshore wind and solar storage [3] - The company expects overseas orders to nearly double year-on-year for Q1-Q3, with a shift towards data centers and power grids in the order structure [3] - Domestic revenue for Q3 was 1.31 billion yuan, showing a year-on-year decline of 16% but an increase of 8% quarter-on-quarter [3] Cash Flow and Financial Health - Operating cash flow improved significantly, with a net cash flow from operating activities of -90 million yuan, an increase of 150 million yuan year-on-year [4] - Contract liabilities grew by 22% year-to-date, indicating a healthy order book [4] - The company has adjusted its profit forecasts for 2024-2026, with expected net profits of 610 million yuan, 820 million yuan, and 1.04 billion yuan, respectively [4] Valuation Metrics - The company is projected to have a P/E ratio of 27x, 20x, and 16x for 2024, 2025, and 2026, respectively [4] - The target price for 2025 is set at 53.7 yuan, based on a 30x P/E ratio [4]

《科创板日报》10月21日讯（记者 邱思雨） 今日（10月21日）盘后，金盘科技披露2024年三季报。 公告显示，金盘科技前三季度实现营业收入47.99亿元，同比增长0.53%，其中内销业务实现收入34.02 亿元，外销业务实现收入13.66亿元。 今年前三季度，金盘科技实现归母净利润为4.04亿元，同比增长21.17%；实现销售毛利率为24.21%，较 上年同期提升2.27个百分点。 仅从第三季度来看，金盘科技实现营业收入18.82亿元，同比增长0.15%；归母净利润1.81亿元，同比增 长27.54%，创单季度历史新高。 就归母净利润和销售毛利率增长原因，金盘科技解释主要系该公司优质订单比例增加，导致销售毛利率 较上年同期有所递增；另外，其持续加大对应收账款和存货管理，信用减值损失和资产减值损失较上年 同期有所下降，及受益于进项税额加计等因素。 值得关注的是，金盘科技年初至报告期末实现经营活动净现金流-0.87亿元，上年同期-2.4亿元，经营活 动净现金流有所改善。对此，该公司解释系公司优质客户和优质订单比例不断提升。 金盘科技主要从事应用于新能源、高端装备、节能环保等领域的输配电及控制设备产品的研发、生 ...

财联社财经通讯社打开APP19:53:45【金盘科技：前三季度净利润4.04亿元 同比增长21.17%】财联社10 月21日电，金盘科技发布2024年第三季度报告，前三季度实现营业收入47.99亿元，同比增长0.53%；归 属于上市公司股东的净利润4.04亿元，同比增长21.17%。 金盘科技+3.31%A股公告速递查看公告原文财联社声明：文章内容仅供参考，不构成投资建议。 投资者据此操作，风险自担。 2024-10-21 19:53:4527842 阅读商务合作发送 ...

证券代码：688676 证券简称：金盘科技 公告编号：2024-087 海南金盘智能科技股份有限公司 关于会计政策变更的公告 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： 本次会计政策变更是根据中华人民共和国财政部（以下简称"财政部"）于 2024年3月颁布的《企业会计准则应用指南汇编2024》（以下简称"《应用指南 2024》"）的相关规定，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"）对原采用的相关会计政策进行相应变更，无需提交公司董事会、监 事会和股东大会审议。该变更不会对公司的财务状况、经营成果和现金流量产生 重大影响，不存在损害公司及股东利益的情形。相关会计政策变更的具体情况如 下： 一、本次会计政策变更概述 财政部会计司 2024 年 3 月颁布了《应用指南 2024》，规定了"保证类质保 费用应计入营业成本"相关内容，自 2024 年 1 月 1 日起实施。根据财政部的要 求，公司依据上述企业会计准则解释的规定对原会计政策进行相应变更。 二、本次会计政策变更的内容及对公司的 ...