证券研究报告 | 半年报点评 2024 年 08 月 14 日 金盘科技（688676.SH） 布局欧美高端电力设备市场，"新质生产力"助力公司长远发展 事件：公司发布 2024 年半年报。2024H1 公司实现营收 29.16 亿元，同比+0.79%，归 母净利润 2.22 亿元，同比+16.43%，扣非归母 2.12 亿元，同比+13.28%。其中 24Q2 公司实现营收 16.11 亿元，同比+0.94%，环比+23.50%，归母净利润 1.28 亿元，同比 +23.02%，环比+35.06%，扣非归母 1.11 亿元，同比-2.01%，环比+9.52%。 收入划分：海外市场+非新能源行业销售收入增速较快 1、海外收入增速高增：受益全球新能源行业及 AI 人工智能蓬勃发展态势，公司加速开 拓海外市场，2024H1 公司外销收入 7.91 亿元，同比+48.53%。 2、国内非新能源领域收入高增：内销收入 21.10 亿元，同比-10.02%，内销收入下滑系 国内新能源销售收入同比下降 19.29%所致；非新能源领域销售收入呈现出不同幅度的增 长，其中重要基础设施销售收入同比+104.69%、发电及供电销 ...

688676.SH 买入 原评级：买入 市场价格:人民币 36.20 板块评级:强于大市 股价表现 (15%) 5% 26% 46% 66% 86% Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Apr-24May-24Jun-24Jul-24Aug-24 金盘科技 上证综指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (4.1) (16.0) (36.5) 6.5 相对上证综指 (0.9) (12.5) (27.6) 16.5 | --- | --- | --- | |------------------------------|------------|-----------| | 发行股数 (百万) | | 456.95 | | 流通股 (百万) | | 456.95 | | 总市值 (人民币 百万) | | 16,541.65 | | 3 个月日均交易额 (人民币 | 百万) | 338.76 | | 主要股东 | | | | 海南元宇智能科技投资有限公司 | | 40.456 | | 资料来源：公司公告，Wind | ，中银证券 | | 以 202 ...

Investment Rating - The report assigns a rating of "Accumulate" for the company [3]. Core Views - The company has shown strong growth in export orders, which continues to support its performance. The revenue for the first half of 2024 reached 2.916 billion yuan, a year-on-year increase of 0.79%, while the net profit attributable to shareholders was 222 million yuan, up 16.43% year-on-year [2][4]. - The company is expected to achieve significant revenue growth in the coming years, with projected revenues of 7.9 billion yuan, 9.517 billion yuan, and 11.116 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 18.49%, 20.47%, and 16.80% [4][5]. Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 1.611 billion yuan, a year-on-year increase of 0.94% and a quarter-on-quarter increase of 23.50%. The net profit for Q2 was 128 million yuan, up 23.02% year-on-year and 35.06% quarter-on-quarter [2]. - The company’s export revenue reached 791 million yuan in the first half of 2024, a year-on-year increase of 48.53%, while domestic sales revenue was 2.11 billion yuan, down 10.02% year-on-year [2]. Order Backlog - As of June 30, 2024, the company had an order backlog of 6.56 billion yuan, a year-on-year increase of 29.88%. The backlog includes 3.71 billion yuan in domestic orders and 2.85 billion yuan in export orders, with the latter showing a remarkable year-on-year increase of 180.16% [2]. Market Expansion - The company is diversifying its market presence, with significant growth in non-new energy sectors due to new infrastructure projects and digital factory solutions. Sales in important infrastructure, power generation, and new infrastructure sectors increased by 104.69%, 67.41%, and 83.38% year-on-year, respectively [2]. - The company is expanding its production capacity in Mexico and has established a sales and after-sales headquarters in Poland, with expectations to have production capacity ready by Q4 2024 [2]. Cash Flow and Financial Health - The company has improved its cash flow from operating activities, with a net cash flow increase of 220 million yuan year-on-year, attributed to a higher proportion of quality customers and orders [2].

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]