Investment Rating - Investment Rating: Buy (Maintain) [2] Core Views - The company reported a steady revenue growth of 4.53 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 0.53% [2] - 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 18.89% increase [2] - The gross profit margin improved to 24.21%, an increase of 2.05 percentage points year-on-year, driven by a higher proportion of quality orders and better management of accounts receivable and inventory [2] - The company has seen a significant increase in data center orders, with a 102% year-on-year growth in order volume in the first three quarters of 2024 [2] - The overseas business generated revenue of 1.366 billion yuan, accounting for 28.64% of total revenue, with expanded production capacity in Mexico and established operations in Poland [2] Financial Performance Summary - Revenue for 2023 is projected at 6.668 billion yuan, with a year-on-year growth of 40.5%, and expected to reach 8.846 billion yuan in 2024 [5] - The net profit attributable to shareholders is forecasted to be 505 million yuan in 2023, increasing to 654 million yuan in 2024, reflecting a net profit growth of 78.2% in 2023 [5] - The gross margin is expected to be 22.8% in 2023, slightly decreasing to 22.2% in 2024 [5] - The company’s return on equity (ROE) is projected to be 15.3% in 2023, with a slight decrease to 13.5% in 2024 [5] Investment Recommendations - The profit forecasts for 2024, 2025, and 2026 are adjusted to 654 million yuan, 953 million yuan, and 1.138 billion yuan respectively, with corresponding price-to-earnings ratios of 25, 17, and 14 [2]

证券代码：688676 证券简称：金盘科技 公告编号：2024-091 海南金盘智能科技股份有限公司 关于公司参与投资基金减资暨关联交易的公告 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： 本次减资内容：海南金盘智能科技股份有限公司（以下简称"公司"） 参与投资的无锡光远金盘新能源股权投资基金合伙企业（有限合伙）（以下简称 "基金"）拟进行减资。经友好沟通协商，本次基金的全部合伙人根据出资比例 按照等比例方式减资，基金规模由30,300万元减少至12,120万元，其中公司作为 基金有限合伙人直接出资由12,000万元减至4,800万元，本次减资完成后，公司直 接出资占基金比例保持不变，仍为39.6040%。 本次减资涉及与关联方共同投资减资，本次减资构成关联交易。 本次减资不构成《上市公司重大资产重组管理办法》规定的重大资产重 组。 本次减资实施不存在重大法律障碍。 本次关联交易事项已经公司第三届董事会独立董事专门会议第一次会议 审议通过后提交董事会审议，并经第三届董事会第十四次会议、第三届监事会第 九次 ...

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 投资基金减资暨关联交易的核查意见 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"）首次公开发行股票 并在科创板上市的保荐机构，根据《中华人民共和国公司法》、《中华人民共和国 证券法》、《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》、《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等 规定，对金盘科技投资基金减资暨关联交易的事项进行了核查，具体情况如下： 二、本次减资关联人基本情况 （一）关联关系说明 焜宇投资的有限合伙人李志远、普通合伙人及执行事务合伙人靖宇梁为公司 董事，有限合伙人李辉为公司董事及高管，有限合伙人黄道军、吴清、杨霞玲、 万金梅为公司高管，上述人员为金盘科技的关联自然人，焜宇投资系金盘科技的 关联法人。 （二）关联人情况说明 公司于 2022 年 4 月 14 日召开 2022 年第三次临时股东大会，审议通过了《关 于公司参与设立无锡光远金盘新能源投资基金合伙企业（有限合伙）暨关联交易 的议案》，同意公司作为有限合伙人 ...

证券代码：688676 证券简称：金盘科技 公告编号：2024-090 经审核，监事会认为本次减资暨关联交易事项符合公司发展需要，有利于提 高公司资金使用效率，交易公平、公正，定价公允，交易决策程序符合《上海证 券交易所科创板股票上市规则》等有关法律、法规及《公司章程》等规定，不存 在损害公司及全体股东利益的情形。 具体内容请见公司于同日在上海证券交易所网站（www.sse.com.cn）披露的 《关于公司参与投资基金减资暨关联交易的公告》（公告编号：2024-091）。 表决情况：3 票赞成；0 票弃权；0 票反对。 表决结果：通过。 本公司监事会及全体监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、监事会会议召开情况 海南金盘智能科技股份有限公司（以下简称"公司"）第三届监事会第九次 会议于 2024 年 12 月 5 日以电话形式发出了本次会议的召开通知，于 2024 年 12 月 6 日 14:30 在公司会议室以现场方式召开，召集人在会议上对本次紧急会议作 出说明，全体监事无异议，一致同意豁免本次会议的通知时限。应到监事 3 ...

Investment Rating - The report maintains an "OUTPERFORM" rating for Jinpan Technology, with a target price of Rmb49.33 per share [1][16][12]. Core Insights - The profitability of Jinpan Technology has been restored in Q3 2024, with performance aligning with market expectations. The company achieved revenue of Rmb4.799 billion in the first three quarters of 2024, a year-on-year increase of 0.53%, and a net profit of Rmb404 million, up 21.17% year-on-year [12][16]. - The overseas revenue proportion has significantly increased, reaching 28.64%, which is a 10.2 percentage point increase compared to 2023. This reflects the company's deepening globalization strategy [15][16]. - The company is experiencing a doubling in the growth rate of domestic data center orders, which increased by 102% year-on-year from January to September 2024, indicating a new growth pole for the company [14][15]. Financial Performance - For Q3 2024, the company reported revenue of Rmb1.882 billion, a slight increase of 0.15% year-on-year, and a net profit of Rmb181 million, which is a 27.54% increase year-on-year. The gross profit margin for the first three quarters of 2024 was 24.21%, with Q3 showing a 3.8 percentage point increase from Q2 [12][13]. - The company’s net profit margin for Q3 improved by 1.7 percentage points compared to Q2, indicating a significant recovery in profitability [12][13]. Expense and Investment Insights - The expense ratio has slightly increased, with the sales expense ratio at 3.3%, up 0.08 percentage points year-on-year, while the management expense ratio decreased to 4.23%, down 0.78 percentage points year-on-year. R&D investment saw a slight decrease of 2.49% year-on-year, totaling Rmb221 million [13][14]. - The company has successfully launched the world's highest voltage level and largest capacity floating wind turbine, and has been recognized as one of the top 100 enterprises in Hainan Province for 2024 [13][14]. Future Projections - Based on new orders and industry developments, the company is expected to achieve operating revenues of Rmb7.95 billion, Rmb9.95 billion, and Rmb12.42 billion for the years 2024, 2025, and 2026, respectively, with corresponding net profits of Rmb650 million, Rmb950 million, and Rmb1.2 billion [16][12].

Investment Rating - The investment rating for Jinpan Technology is "Buy" [6][9][17] Core Views - Jinpan Technology reported a revenue of approximately 4.8 billion yuan for the first three quarters of 2024, representing a year-on-year growth of about 1%. The net profit attributable to shareholders was 400 million yuan, a year-on-year increase of approximately 21% [4] - The company has seen an increase in the proportion of foreign sales, with foreign sales accounting for about 29% of total revenue in the first three quarters of 2024. Domestic data center orders grew by approximately 102% year-on-year [5] - The company maintains a robust operational management with improved profitability quality, as evidenced by a gross margin of approximately 25.5% in Q3 2024, up 2.8 percentage points year-on-year [5] - The company completed a share buyback of approximately 2.6 million shares, accounting for 0.57% of the total share capital, with an average buyback price of 37.68 yuan per share [5] Summary by Sections Financial Performance - For the first three quarters of 2024, Jinpan Technology achieved a revenue of approximately 4.8 billion yuan, with a net profit of 400 million yuan, reflecting a year-on-year growth of 21% [4] - The gross margin for Q3 2024 was approximately 25.5%, and the net profit margin was about 9.6%, both showing improvements compared to previous periods [5] Revenue and Profit Forecast - Revenue projections for Jinpan Technology from 2024 to 2026 are estimated at 9.0 billion yuan, 11.9 billion yuan, and 14.4 billion yuan respectively, with corresponding net profits of 780 million yuan, 1.1 billion yuan, and 1.4 billion yuan [6] - The expected price-to-earnings ratios for 2024, 2025, and 2026 are 21, 15, and 12 times respectively [6] Market Position and Strategy - Jinpan Technology is positioned to benefit from the development of the transformer and energy storage sectors, driven by the current challenges in renewable energy consumption [6] - The company is pursuing a global strategy with rapid growth in overseas business, which is expected to contribute positively to future revenue [6]

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company has shown strong performance in Q3 2024, with revenue and net profit growth driven by increased overseas business and improved internal management [2][3] - The company is expanding its production capacity, particularly in overseas markets, which is expected to enhance revenue generation [3] - The domestic business is also positioned for growth despite some challenges, with significant increases in order volumes in non-renewable sectors [4] Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 4.799 billion yuan, a year-on-year increase of 0.53%, and a net profit of 404 million yuan, up 21.17% year-on-year [1] - The gross profit margin improved to approximately 24.21%, an increase of 2.27 percentage points year-on-year, attributed to a higher proportion of high-margin overseas orders [2] - The company’s earnings per share (EPS) for Q3 was approximately 0.91 yuan, reflecting a year-on-year increase of 16.67% [1] Revenue and Profit Forecast - The company is projected to achieve revenues of 7.239 billion yuan in 2024, with a year-on-year growth rate of 8.57% [7] - Net profit is expected to reach 633 million yuan in 2024, with a growth rate of 25.43% [7] - The EPS forecast for 2024 is 1.38 yuan, with a corresponding P/E ratio of 25.8 times [7] Capacity Expansion - The company is expanding its production capabilities, with the new Tongxiang factory expected to add an annual production capacity of 16 million KVA transformers [3] - The establishment of sales and after-sales service headquarters in Europe is set to support the company's growth in that region [3] Domestic Business Development - Despite a decline in domestic revenue due to the impact of the photovoltaic industry, the company has seen a significant increase in order volumes, particularly in data centers, which grew by 102% year-on-year [4] - The company is focusing on three key areas for domestic growth: data centers, infrastructure upgrades, and the wind power sector [4]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a year-on-year increase of 27.54% in net profit attributable to shareholders for Q3 2024, with a gross margin increase of 2.75 percentage points [4] - The revenue for Q3 2024 was 1.882 billion yuan, reflecting a year-on-year growth of 0.15% and a quarter-on-quarter growth of 16.82% [4] - The company has improved its overseas capacity layout and increased the proportion of high-quality orders, contributing to the growth in net profit [5][6] Summary by Sections Financial Performance - For Q3 2024, the company achieved a net profit of 181 million yuan, a year-on-year increase of 27.54% and a quarter-on-quarter increase of 41.86% [4] - The gross margin for Q3 2024 was 25.53%, up 2.75 percentage points year-on-year and 3.82 percentage points quarter-on-quarter [4] - For the first nine months of 2024, the company reported a total revenue of 4.799 billion yuan, a year-on-year increase of 0.53%, and a net profit of 404 million yuan, up 21.17% year-on-year [4] Overseas Business Development - In the first nine months of 2024, the company's foreign sales revenue was 1.366 billion yuan, accounting for 28.64% of total revenue, a slight increase from the first half of 2024 [5] - The company has expanded its production capacity in Mexico and is preparing for capacity expansion in the U.S. and Poland, which will support further market expansion [5] Cash Flow and Financial Health - The company's operating cash flow for the first nine months of 2024 showed significant improvement, with a net cash flow of -87 million yuan, an increase of 63.66% year-on-year [6] - As of September 2024, the company had inventory of 1.972 billion yuan, with accounts receivable at 3.130 billion yuan, reflecting a year-on-year increase of 20.78% [6] Earnings Forecast and Valuation - The company is expected to achieve net profits of 667 million yuan and 837 million yuan for 2024 and 2025, respectively, with corresponding EPS of 1.46 yuan and 1.83 yuan [6] - The valuation is set at a PE ratio of 25-30 times for 2024, with a reasonable value range of 36.5 to 43.8 yuan per share [6]

Investment Rating - The report maintains a "Buy" rating for the company, with an expected price-to-earnings (PE) ratio of 24, 18, and 14 for the years 2024, 2025, and 2026 respectively [2][6]. Core Insights - The company reported a significant increase in profitability, with a year-on-year net profit growth of 21.17% for the first three quarters of 2024, reaching 4.04 billion [1]. - Revenue for the first three quarters of 2024 was 47.99 billion, reflecting a slight increase of 0.53% year-on-year [1]. - The third quarter of 2024 saw a revenue of 18.82 billion, up 0.15% year-on-year and 16.82% quarter-on-quarter, with a net profit of 1.81 billion, marking a year-on-year increase of 27.54% and a quarter-on-quarter increase of 41.86% [1]. - The company's overseas revenue has increased significantly, accounting for 30.54% of total revenue in Q3 2024, up 5.56 percentage points from the previous quarter [1]. - The overall gross margin for the first three quarters of 2024 was 24.21%, an increase of 2.05 percentage points year-on-year, while the net profit margin was 8.34%, up 1.38 percentage points year-on-year [1]. Financial Summary - The company is expected to achieve revenues of 75.90 billion, 95.19 billion, and 115.17 billion for the years 2024, 2025, and 2026, with year-on-year growth rates of 13.83%, 25.43%, and 20.98% respectively [2][3]. - The projected net profits for the same years are 6.67 billion, 9.02 billion, and 11.40 billion, with growth rates of 32.19%, 35.26%, and 26.36% respectively [2][3]. - The earnings per share (EPS) are forecasted to be 1.46, 1.97, and 2.49 yuan for 2024, 2025, and 2026 respectively [2][3]. - The company’s total assets are projected to reach 11.366 billion, 13.132 billion, and 15.210 billion by 2024, 2025, and 2026 respectively [4].

Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company reported a revenue of 4.799 billion, a year-on-year increase of 0.53%, and a net profit of 404 million, up 21.17% year-on-year for the first three quarters of 2024. The performance is in line with expectations [2] - The revenue structure shows a gradual realization of overseas orders, with domestic revenue accounting for 71% and overseas revenue 29% in the first three quarters of 2024 [2] - The gross profit margin increased to 24.21% for the first three quarters, with a net profit margin of 9.57%, indicating improved profitability due to a higher proportion of quality overseas orders and better management of receivables and inventory [2][3] Revenue Breakdown - In the first three quarters of 2024, domestic revenue was 3.402 billion, while overseas revenue reached 1.366 billion [2] - The company’s gross margin for Q3 2024 was 25.53%, reflecting a year-on-year increase of 2.75 percentage points [2] Profitability - The company’s net profit margin for Q3 2024 was 9.57%, up 2.06 percentage points year-on-year, driven by an increase in overseas sales and improved management of credit and asset impairments [2][3] Future Outlook - The company is optimistic about the growth in AI and the demand for transformers in the European and American markets, with a significant increase in domestic data center orders by 102% year-on-year [3] - The company has expanded its production capacity in Mexico and is preparing for further expansion in Poland and the U.S. to support market growth [3] - The profit forecast for 2024-2026 is adjusted to 621 million, 851 million, and 1.044 billion respectively, with corresponding P/E ratios of 26.3, 19.2, and 15.6 [3] Financial Metrics - For 2024, the expected revenue is 7.250 billion, with a year-on-year growth rate of 8.7% [8] - The expected net profit for 2024 is 621 million, reflecting a year-on-year growth rate of 23% [8] - The company’s EPS for 2024 is projected to be 1.36 [8]