浙商证券股份有限公司 关于海南金盘智能科技股份有限公司 2024 年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》等有关法律、法规的规定，浙商证券股份有限公司（以下简称"浙商证券" 或"保荐机构"）作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"）持续督导工作的保荐机构，负责金盘科技的持续督导工作，并出具 本持续督导跟踪报告。 一、持续督导工作情况 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针对具体的 持续督导工作制定相应的工作计划 | 保荐机构已建立健全并有效 | | | | 执行了持续督导制度，并制定 | | | | 了相应的工作计划 | | | 根据中国证监会相关规定，在持续督导工作开始前，与 上市公司或相关当事人签署持续督导协议，明确双方在 | 保荐机构已与金盘科技签订 | | 2 | | 《保荐协议》，已明确双方在 | | | | 持续督导期间的权利和义务， | | | 持续督导期间的权利义务，并报上海证券交易所备案 | 并已报上海证券交易所 ...

Market Overview - The main funds in the Shanghai and Shenzhen markets experienced a net outflow of 32.471 billion yuan, with the Sci-Tech Innovation Board seeing a net outflow of 1.238 billion yuan [1] - A total of 214 stocks saw net inflows, while 364 stocks experienced net outflows [1] Sci-Tech Innovation Board Performance - On the Sci-Tech Innovation Board, 85 stocks rose, while 499 stocks fell [1] - The top three stocks with the highest net inflow of funds were: - Cambrian (寒武纪) with a net inflow of 349.26 million yuan - Haiguang Information (海光信息) with 162.06 million yuan - Naxinwei (纳芯微) with 44.24 million yuan [1] Continuous Fund Flow Analysis - There are 50 stocks that have seen continuous net inflows for more than three trading days, with the highest being Zhongzi Technology (中自科技) and Anji Technology (安集科技), both with six consecutive days of inflow [1] - Conversely, 103 stocks have experienced continuous outflows, with Tianhe Energy (天合光能) leading at 15 consecutive days of outflow [1] Key Stocks with Fund Inflows - The following stocks had significant net inflows: - Cambrian (寒武纪): 349.26 million yuan, 5.98% inflow rate, 4.21% increase - Haiguang Information (海光信息): 162.06 million yuan, 4.83% inflow rate, 2.73% increase - Naxinwei (纳芯微): 44.24 million yuan, 3.81% inflow rate, 1.71% increase [1] Key Stocks with Fund Outflows - The stocks with the highest net outflows included: - Jinpan Technology (金盘科技): 183 million yuan, 4.55% decrease - Nine Company (九号公司): 119 million yuan - Lankai Technology (澜起科技): 119 million yuan [1]

证券研究报告 | 行业周报 2025 年 04 月 14 日 风电周报（2025.4.7-2025.4.13） 25Q1 国内整机商中标超 38GW，首个海陆一体海风柔直工程开工 | 股票 | 股票 | 投资 | EPS （元） | | PE | | | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 评级 | 2024E | 2025E | 2024E | 2025E | | 002531.SZ | 天顺风能 | 增持 | 0.11-0.14 | 0.75 | 21.01 | 9.31 | | 300129.SZ | 泰胜风能 | 增持 | 0.5 | 0.71 | 12.92 | 9.1 | | 300443.SZ | 金雷股份 | 增持 | 0.54 | 1.16 | 34.78 | 16.19 | | 600875.SH | 东方电气 | 买入 | 1.23 | 1.54 | 12.42 | 9.92 | | 603062.SH | 麦加芯彩 | 买入 | 1.95 | 2.5 | 25.24 | 20.86 | | 603218.SH | ...

金盘科技（SH 688676，收盘价：32.46元）4月14日晚间发布公告称，海南金盘智能科技股份有限公司 于2025年4月9日召开第三届董事会第二十次会议，审议通过了《关于以集中竞价交易方式回购公司股份 的方案的议案》。现将公司2025年4月9日前十大无限售条件股东披露如下：海南元宇智能科技投资有限 公司持约1.85亿股，占比40.41%；敬天（海南）投资合伙企业（有限合伙）持2230万股，占比4.87%； JINPAN INTERNATIONAL LIMITED持约1417万股，占比3.1%；中国工商银行股份有限公司－广发多 因子灵活配置混合型证券投资基金持约811万股，占比1.77%；Forebright Smart Connection Technology Limited持约756万股，占比1.65%；旺鹏（海南）投资合伙企业（有限合伙）持约548万股，占比1.2%； 君航（海南）投资合伙企业（有限合伙）持约495万股，占比1.08%；中国工商银行股份有限公司－前 海开源新经济灵活配置混合型证券投资基金持约455万股，占比1%；春荣（海南）投资合伙企业（有限 合伙）持约450万股，占比0.98%；香 ...

证券代码：688676 证券简称：金盘科技 公告编号：2025-023 关于回购股份事项前十大股东和前十大无限售条件 股东持股情况的公告 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。 海南金盘智能科技股份有限公司（以下简称"公司"）于2025年4月9日召开 第三届董事会第二十次会议，审议通过了《关于以集中竞价交易方式回购公司股 份的方案的议案》，具体内容详见公司于2025年4月10日在上海证券交易所网站 （www.sse.com.cn）披露的《海南金盘智能科技股份有限公司关于以集中竞价方 式回购股份的回购报告书》（公告编号：2025-021）。 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，现将公司第三届董事会第二十次会议决议公告 的前一交易日（即2025年4月9日）登记在册的公司前十大股东和前十大无限售条 件股东的名称、持股数量和持股比例情况公告如下： 海南金盘智能科技股份有限公司 | 8 | 中国工商银行股份有限公司－前海开源 | 4,553,145 | 1.00 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [3]. Core Insights - The company is expected to achieve revenues of 6.901 billion RMB and a net profit of 574 million RMB in 2024, reflecting a year-on-year growth of 3.50% and 13.82% respectively [1][7]. - The company has significantly increased its overseas contributions, with foreign sales revenue reaching 1.98 billion RMB, a substantial increase of 68.26% [6][7]. - The company is actively expanding its presence in the data center transformer market, benefiting from the aIDC trend, with new orders increasing by 604% [18][19]. Financial Performance Summary - For 2024, the company is projected to have total revenue of 6.901 billion RMB, with a gross profit margin of 24.32%, an increase of 1.51 percentage points year-on-year [8][28]. - The company’s net profit margin improved to 8.3%, up by 0.8 percentage points [7][9]. - The company’s debt ratio decreased to 53.8%, down by 7.6 percentage points, primarily due to the conversion of convertible bonds [6][7]. Business Development - The company has added 890 new customers and achieved a sales order growth of 13.63%, with foreign orders making up 37% of total sales [12][13]. - The company has completed the expansion of its factory in Mexico and is preparing to build a factory in the United States, indicating a strong commitment to international growth [13][17]. - The company is also focusing on new business areas such as energy storage and digital transformation, with energy storage revenue expected to reach 520 million RMB in 2024, a growth of 26.34% [19].

Core Viewpoint - The article highlights the steady growth of Jinpan Technology, a high-tech enterprise in Hainan Free Trade Port, leveraging various policy benefits to enhance its global presence and drive innovation in renewable energy and smart manufacturing [1][2][4]. Group 1: Company Performance - In 2024, Jinpan Technology achieved a revenue of 6.901 billion yuan, representing a year-on-year growth of 3.5% [1]. - The company's overseas sales revenue reached 1.981 billion yuan, marking a significant increase of 68.26% [2]. - The digital solutions segment generated 123 million yuan in revenue, reflecting a growth of 74.04%, while data center orders surged by 603.68% [3]. Group 2: Policy Impact - The "Double 15%" tax incentive has played a crucial role in attracting high-end talent and stabilizing the team [2]. - The implementation of the EF account system has improved capital efficiency, reduced financing costs, and facilitated rapid loan approvals [2]. - The "59-country visa exemption" policy has enhanced international client engagement and attracted global talent [2]. Group 3: Strategic Initiatives - Jinpan Technology is focusing on digitalization, intelligence, and low-carbon practices to contribute to the construction of a digital island in Hainan [3][4]. - The company has established seven digital factories, creating a new manufacturing system driven by data and software [3]. - Jinpan Technology is actively involved in energy storage projects, providing solutions that support the stability of Hainan's power grid and the integration of clean energy [3]. Group 4: Future Outlook - The company anticipates that the closure of the Hainan Free Trade Port will lead to more direct shipping routes and reduced logistics costs, enhancing its ability to expand into international markets [5]. - Jinpan Technology aims to leverage policy advantages to optimize supply chain layouts and attract high-end talent, thereby strengthening its R&D capabilities and driving high-quality growth [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark within the next six months [5][18]. Core Views - The company is expected to achieve a revenue of 6.901 billion in 2024, reflecting a year-on-year growth of 3%, and a net profit attributable to shareholders of 574 million, representing a 14% increase [3][5]. - The report highlights significant growth in overseas orders, with foreign sales projected to reach 1.98 billion, a year-on-year increase of 68%, while domestic sales are expected to decline by 11% due to pressures in the renewable energy sector [4]. - The company is actively expanding its global production capacity and enhancing its AIDC modular product competitiveness, with a notable increase in orders for data center solutions [4][5]. Financial Performance Summary - In Q4 2024, the company reported a revenue of 2.102 billion, a year-on-year increase of 11%, and a net profit of 171 million, remaining stable compared to the previous quarter [3]. - The gross profit margin for 2024 is projected to be 24.3%, an increase of 1.5 percentage points year-on-year, while the net profit margin is expected to be 8.3%, up by 0.7 percentage points [3]. - The overall sales order for the group in 2024 is anticipated to be 8.9 billion, a year-on-year increase of 13.63%, with a backlog of 6.5 billion at the end of 2024, up 35% year-on-year [4]. Earnings Forecast - The company’s net profit is forecasted to reach 740 million in 2025, 1.07 billion in 2026, and 1.51 billion in 2027, with corresponding P/E ratios of 20, 14, and 10 times [5][7].

Quantitative Models and Construction Methods 1. Model Name: Volume Timing Signal - **Model Construction Idea**: The model uses volume-based signals to determine market timing, identifying bullish or cautious market views based on volume trends[23][24] - **Model Construction Process**: 1. Analyze the volume trends of major broad-based indices 2. Assign a "bullish" or "cautious" signal based on the volume dynamics 3. For example, as of April 11, 2025, the Beixin 50 index showed a "bullish" signal, while other indices like the Shanghai Composite and CSI 300 showed "cautious" signals[23][24] - **Model Evaluation**: The model provides a straightforward and intuitive approach to market timing but may lack robustness in highly volatile markets[23][24] 2. Model Name: Momentum Sentiment Indicator - **Model Construction Idea**: This model captures market sentiment by analyzing the proportion of stocks with positive returns in the CSI 300 index over a specific period[24][25] - **Model Construction Process**: 1. Calculate the proportion of CSI 300 constituent stocks with positive returns over the past N days $ \text{CSI 300 N-day Upward Proportion} = \frac{\text{Number of stocks with positive returns in N days}}{\text{Total number of stocks in CSI 300}} $ 2. Smooth the indicator using two moving averages with different windows (N1 and N2, where N1 > N2) 3. Generate signals: - If the short-term moving average (fast line) exceeds the long-term moving average (slow line), the market is considered bullish - If the fast line falls below the slow line, the market sentiment is turning cautious[27] - **Model Evaluation**: The indicator is effective in capturing upward opportunities but may fail to avoid risks in declining markets[25][27] 3. Model Name: Moving Average Sentiment Indicator - **Model Construction Idea**: This model uses an eight-moving-average system to assess the trend state of the CSI 300 index[32][33] - **Model Construction Process**: 1. Calculate the closing prices of the CSI 300 index for eight moving averages (parameters: 8, 13, 21, 34, 55, 89, 144, 233) 2. Assign values to the indicator based on the number of moving averages above or below the current price: - If the current price exceeds five or more moving averages, the market is considered bullish - Otherwise, the market is neutral or bearish[32][33] - **Model Evaluation**: The model provides a clear trend-following signal but may lag in rapidly changing markets[35] --- Model Backtesting Results 1. Volume Timing Signal - Beixin 50 Index: Bullish signal[23][24] - Other indices (e.g., Shanghai Composite, CSI 300): Cautious signal[23][24] 2. Momentum Sentiment Indicator - CSI 300 Upward Proportion: Approximately 53% in the most recent week[25] 3. Moving Average Sentiment Indicator - CSI 300 Index: Currently in a non-bullish sentiment zone[35] --- Quantitative Factors and Construction Methods 1. Factor Name: Cross-Sectional Volatility - **Factor Construction Idea**: Measures the dispersion of stock returns within an index to assess the alpha environment[37] - **Factor Construction Process**: 1. Calculate the cross-sectional volatility of constituent stocks in indices like CSI 300, CSI 500, and CSI 1000 2. Compare the recent quarter's average volatility with historical periods to determine the alpha environment[41] - **Factor Evaluation**: Higher cross-sectional volatility indicates a better alpha environment for stock selection[37][41] 2. Factor Name: Time-Series Volatility - **Factor Construction Idea**: Measures the volatility of index returns over time to assess the alpha environment[41][44] - **Factor Construction Process**: 1. Calculate the time-series volatility of indices like CSI 300, CSI 500, and CSI 1000 2. Compare the recent quarter's average volatility with historical periods to evaluate the alpha environment[44] - **Factor Evaluation**: Higher time-series volatility suggests a favorable alpha environment for active strategies[41][44] --- Factor Backtesting Results 1. Cross-Sectional Volatility - CSI 300: 1.90% (recent quarter), 77.80% of the past six months' percentile[41] - CSI 500: 2.16% (recent quarter), 42.06% of the past six months' percentile[41] - CSI 1000: 2.52% (recent quarter), 64.54% of the past six months' percentile[41] 2. Time-Series Volatility - CSI 300: 0.63% (recent quarter), 78.84% of the past six months' percentile[44] - CSI 500: 0.48% (recent quarter), 55.56% of the past six months' percentile[44] - CSI 1000: 0.29% (recent quarter), 70.12% of the past six months' percentile[44]

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： 证券代码：688676 证券简称：金盘科技 公告编号：2025-022 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、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2025/4/10 | | | | | | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 4 月 日~2026 年 月 | 9 | 4 | 8 | 日 | | 预计回购金额 | 万元~5,000 万元 3,000 | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | □用于转换公司可转债 □为维护公司价值及股东权益 | | | | | | 累计已回购股数 | 万股 11.80 | | | | | ...