证券研究报告 非金融公司|公司点评|金盘科技（688676） 国内新能源拖累短期业绩，欧洲扩产加 速全球化布局 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月14日 证券研究报告 |报告要点 公司短期业绩受以硅料生产为代表的国内新能源业务收入同比-19.29%所拖累，但国内数据中 心等新基建领域收入高增有望接力成长；海外收入及订单持续高增印证行业景气度，且公司 布局欧洲产能加速出海，降低单一市场依赖。鉴于公司海外订单快速增长，新市场和新产品持 续开拓，盈利能力有望进一步提升，给予"买入"评级。 |分析师及联系人 贺朝晖 梁丰铄 SAC：S0590521100002 SAC：S0590523040002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月14日 金盘科技(688676) 国内新能源拖累短期业绩，欧洲扩产加速全 球化布局 | --- | --- | |------------|-------------------| | 行 业： | 电力设备/电网设备 | | 投资评级： | 买入 | | 当前价格： | 36 ...

[Table_StockNameRptType] 金盘科技（ 688676） 业绩稳步增长，海外市场开拓成效显著 | --- | --- | |-------------------------------------|-------------| | [Table_Rank] 投资评级：买入（维持） | | | 报告日期： | | | [收盘价（元） Table_BaseData] | 36.20 | | 近 12 个月最高/最低（元） | 64.58/29.87 | | 总股本（百万股） | 457 | | 流通股本（百万股） | 457 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 165 | | 流通市值（亿元） | 165 | | [公司价格与沪深 Table_Chart] 300 | 走势比较 | -28% 3% 34% 65% 96% 8/23 11/23 2/24 5/24 金盘科技 沪深300 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 邮箱：zhangzhibang@hazq.com [Table_CompanyRepo ...

投资者关系活动记录表 | --- | --- | --- | |--------------------|----------------------------|--------------------| | 证券简称：金盘科技 | 证券代码： | 编号：20240810 | | | | | | 投资者关系活动 | □媒体采访 业绩说明会 | | | 类别 | □新闻发布会 路演活动 | | | | □现场参观 其他 | | | | | | | | | | | | (中国) | | | | | | | | | | | | | | | | | | | | | | | | 北京玺悦资产管理有限公司、 | MILLENNIUM CAPITAL | | | | 、嘉合基金管理 | | 参与单位名称 | | | | 及人员姓名 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 海南金盘智能科技股份有限公司 | --- | |------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company, Jinpan Technology (688676.SH) [2][3]. Core Insights - The company achieved a revenue of 2.916 billion yuan in H1 2024, a year-on-year increase of 0.79%, and a net profit of 222 million yuan, up 16.43% year-on-year [1]. - The gross margin increased by 1.61 percentage points to 23.36%, while the net profit margin rose by 1.03 percentage points to 7.63% [1]. - The company has accelerated its overseas market expansion, with foreign sales revenue reaching 791 million yuan, a year-on-year growth of 48.53%, and a backlog of foreign orders amounting to 2.849 billion yuan, up 180.16% year-on-year [1][2]. Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of 1.611 billion yuan, a year-on-year increase of 0.94% and a quarter-on-quarter increase of 23.50% [1]. - The net profit for Q2 2024 was 128 million yuan, reflecting a year-on-year growth of 23.02% and a quarter-on-quarter growth of 35.06% [1]. Market Dynamics - The global demand for electrical equipment is experiencing significant growth, driven by the rapid development of renewable energy and aging infrastructure [1]. - China's transformer export value reached 19.6 billion yuan in H1 2024, marking a year-on-year increase of 27.9%, with strong growth in exports to Europe and North America [1]. Business Development - The company has established a robust overseas sales network, with its products and services now available in 86 countries and regions [1]. - The company is expanding its production capacity in Mexico and has completed the layout of its factory in Poland, with plans to be operational by Q4 2024 [1][2]. New Business Areas - The company has made significant strides in the energy storage market, generating 284 million yuan in revenue from energy storage products in H1 2024 [2]. - The digital business segment has also seen growth, with new orders for digital factory solutions amounting to 476 million yuan in H1 2024 [2].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a revenue of 2.916 billion yuan in H1 2024, a year-on-year increase of 0.79%, and a net profit of 222 million yuan, up 16.43% year-on-year [1] - The gross margin increased by 1.61 percentage points to 23.36%, while the net profit margin rose by 1.03 percentage points to 7.63% [1] - The company has accelerated its overseas market expansion, with foreign sales revenue reaching 791 million yuan, a year-on-year growth of 48.53%, and a backlog of foreign orders amounting to 2.849 billion yuan, up 180.16% year-on-year [1][2] - The global demand for power equipment is on the rise, benefiting the company's exports, particularly in transformers, which saw an export value of 19.6 billion yuan, a year-on-year increase of 27.9% [1] Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of 1.611 billion yuan, a year-on-year increase of 0.94% and a quarter-on-quarter increase of 23.50%, with a net profit of 128 million yuan, up 23.02% year-on-year and 35.06% quarter-on-quarter [1] - The company expects net profits for 2024-2026 to be 657 million, 1.004 billion, and 1.306 billion yuan respectively, with corresponding EPS of 1.44, 2.20, and 2.86 yuan [2][3] Market Expansion - The company has established a sales network in 86 countries and regions, forming stable partnerships with international firms like General Electric and Siemens [1] - The company is enhancing its global production capacity, particularly in North America and Europe, with plans for increased production in Mexico and Poland [1] New Business Development - The company has made significant progress in the energy storage market, generating 284 million yuan in revenue from energy storage products in H1 2024 [2] - The digital business is also expanding, with new orders for digital factory solutions amounting to 476 million yuan in H1 2024 [2]

Investment Rating - The investment rating for the company is upgraded to "Accumulate" [4][8] Core Views - The company has demonstrated rapid growth in overseas business, while its digital manufacturing advantages are becoming increasingly prominent [3][4] - In H1 2024, the company achieved revenue of 2.92 billion yuan, a year-on-year increase of 0.8%, and a net profit attributable to shareholders of 220 million yuan, up 16.4% year-on-year [3][4] - The company's foreign sales revenue grew significantly by 49% year-on-year, while domestic sales revenue declined by 10% [4][5] Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of 1.61 billion yuan, a quarter-on-quarter increase of 23.5% and a year-on-year increase of 0.9% [3] - The gross profit margin for H1 2024 was 23.4%, an increase of 1.6 percentage points year-on-year, while the net profit margin was 7.6%, up 1.0 percentage points year-on-year [3][4] Market Position and Strategy - The company has expanded its international market presence, with foreign orders increasing by 120% year-on-year in H1 2024 [4][5] - As of June 2024, the company had a backlog of orders amounting to 6.56 billion yuan, a year-on-year increase of 30%, with foreign orders accounting for 2.85 billion yuan, up 180% year-on-year [4][5] Growth Projections - The company is expected to achieve revenues of 8 billion yuan, 9.5 billion yuan, and 11.4 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 20%, 19%, and 20% [6][7] - Net profit attributable to shareholders is projected to be 660 million yuan, 912 million yuan, and 1.2 billion yuan for the same years, with growth rates of 31%, 38%, and 31% [6][7]

Investment Rating - The investment rating for the company is upgraded to "Accumulate" [4][8] Core Views - The company has demonstrated rapid growth in overseas business, while its digital manufacturing advantages are becoming increasingly prominent [3][4] - In H1 2024, the company achieved revenue of 2.92 billion yuan, a year-on-year increase of 0.8%, and a net profit attributable to shareholders of 220 million yuan, up 16.4% year-on-year [3][4] - The company's foreign sales revenue grew significantly by 49% year-on-year, while domestic sales revenue declined by 10% [4][5] - The decline in domestic sales is primarily due to a 19% year-on-year decrease in revenue from the new energy sector, although non-new energy sectors showed substantial growth [4][5] - The company has a strong order backlog of 6.56 billion yuan as of June 2024, with foreign orders increasing by 180% year-on-year [4][5] Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of 1.61 billion yuan, a quarter-on-quarter increase of 23.5% and a year-on-year increase of 0.9% [3][4] - The gross profit margin for H1 2024 was 23.4%, up 1.6 percentage points year-on-year, while the net profit margin was 7.6%, up 1.0 percentage point year-on-year [3][4] Market Position and Strategy - The company is actively expanding its international market presence, with foreign orders increasing by 120% year-on-year in H1 2024 [4][5] - The company has expanded its production capacity in Mexico and is preparing for capacity expansion in the U.S. and Poland [4][5] Future Outlook - The company is expected to achieve revenue of 8 billion yuan in 2024, with a year-on-year growth rate of 20%, and a net profit of 660 million yuan, representing a growth rate of 31% [7][8] - The projected P/E ratios for 2024, 2025, and 2026 are 28X, 21X, and 16X respectively, indicating a favorable valuation trend [7][8]

Investment Rating - The investment rating for the company is "Buy" with a target price of 50.05 CNY per share, maintaining the rating from previous assessments [3][8]. Core Insights - The company experienced a revenue of 2.92 billion CNY in H1 2024, a year-on-year increase of 1%, with a net profit of 222 million CNY, up 16% year-on-year. The gross margin improved to 23.4%, reflecting a 1.6 percentage point increase [1][2]. - Overseas orders have seen rapid growth, compensating for the decline in domestic new energy orders. H1 overseas revenue reached 791 million CNY, a 49% increase year-on-year, accounting for 27% of total revenue [2]. - The company has expanded its production capacity in Mexico and is preparing for capacity expansion in the U.S. and Poland, with a focus on enhancing its product matrix and delivery capabilities [2][3]. Financial Performance - For 2024, the company is projected to achieve a net profit of 653 million CNY, with a growth rate of 29% compared to the previous year. The expected revenue for 2024 is 7.89 billion CNY, reflecting an 18% growth [5][6]. - The company's earnings per share (EPS) is expected to reach 1.43 CNY in 2024, with a price-to-earnings (P/E) ratio of 25.8 [5][6]. - The gross margin is anticipated to improve to 24.4% by 2025, with a net margin of 10.5% [6]. Market Position and Strategy - The company is focusing on enhancing its overseas market presence, with a significant increase in foreign orders, which have more than doubled year-on-year [2][3]. - The digital factory segment is expected to enter a realization phase, contributing to overall revenue growth [4]. - The company is leveraging its overseas channel resources to broaden its market reach and improve its delivery and solution capabilities [2][3].

证券研究报告 | 2024年08月12日 金盘科技（688676.SH） 优于大市 国内新能源短期拖累业绩，新产品新市场助力海外业务成长 受国内新能源需求增速放缓和行业竞争加剧影响，上半年公司业绩实现小幅 增长。2024 年上半年公司实现营收 29.16 亿元，同比+0.79%，实现归母净利 润 2.22 亿元，同比+16.43%。 二季度业绩呈现较强韧性，收入结构和铜价短期拖累毛利率。二季度公司实 现收入 16.11 亿元，同比+0.94%，环比+23.50%；实现归母净利润 1.28 亿元， 同比+23.02%，环比+35.06%。二季度销售毛利率 21.71%，同比+0.72pct.， 环比-3.68pct.。 内销收入受新能源拖累，其他下游收入大幅增长。上半年公司实现内销收入 21.1 亿元，同比-10.02%，其中国内新能源收入同比-19.29%。公司重要基础 设施销售收入同比增长 104.7%、发电及供电销售收入同比增长 67.4%、新基 建销售收入同比增长 83.4%。 海外收入快速增长，积极推进墨西哥、美国、波兰产能布局。上半年公司实 现出口收入 7.9 亿元，同比+48.53%。公司已扩大公 ...

证券研究报告·公司点评报告·电网设备 金盘科技（688676） 2024 年半年报点评：业绩符合市场预期，海 外订单兑现高景气 2024 年 08 月 12 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|--------|--------|--------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 4746 | 6668 | 7612 | 9630 | 11587 | | 同比（%） | 43.69 | 40.50 | 14.16 | 26.51 | 20.33 | | 归母净利润（百万元） | 283.28 | 504.66 | 655.10 | 1,000.37 | 1,278.61 | | 同比（%） | 20.74 | 78.15 | 29.81 | 52.71 | 27.81 | | EPS-最新摊薄（元/股） | 0.62 | 1. ...