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 ...

证券代码：688676 证券简称：金盘科技 公告编号：2024-089 海南金盘智能科技股份有限公司 关于实际控制人、董事长提议公司增强股东分红回报 特此公告。 海南金盘智能科技股份有限公司董事会 2024 年 10 月 22 日 一、具体提议情况 为持续践行"以投资者为本"的发展理念，进一步加大投资者回报力度，与 投资者共享经营发展成果，实施公司"提质增效重回报"专项行动方案，作为公 司实际控制人、董事长，李志远先生提议：在符合《海南金盘智能科技股份有限 公司章程》（以下简称"《公司章程》"）规定的利润分配原则、保证公司正常 经营和长远发展的前提下，公司 2024 年度以现金方式分配的利润应超过当年实 现的可供分配利润的 40%。 李志远先生承诺将在公司董事会及股东会审议该事项时投赞成票。 二、其他情况说明 公司积极落实 2024 年度"提质增效重回报"行动方案，保护投资者尤其是 中小投资者合法权益，推动公司高质量发展和投资价值提升，收到上述提议后， 公司将结合公司经营发展规划和盈利能力进行研究，结合实际情况将上述提议拟 定成具体议案提交公司董事会、监事会及股东会审议，经公司股东会审议通过后 方可实施，尚存 ...

证券代码：688676 证券简称：金盘科技 公告编号：2024-088 海南金盘智能科技股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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： 会议召开时间：2024 年 11 月 1 日（周五）下午 14:00-15:00。 会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） 本次业绩说明会以网络互动形式召开，公司将针对 2024 年第三季度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 11 月 1 日（周五）下午 14:00-15:00。 （二）会议召开地点：上证路演中心（网址：http://roadshow.sseinfo.com/） （三）会议召开方式：上证路演中心网络互动 三、参加人员 公司董事长李志远先生，董事、总经理李辉女士，独立董事李四海先生，副 总 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥1,882,380,036.24, representing a year-over-year increase of 0.15%[4] - Net profit attributable to shareholders for Q3 2024 was ¥181,326,765.35, reflecting a significant increase of 27.54% compared to the same period last year[4] - The basic earnings per share for Q3 2024 was ¥0.40, up by 21.21% year-over-year[5] - The company achieved a total revenue of RMB 476.81 million in the reporting period, with domestic sales contributing RMB 340.23 million and international sales contributing RMB 136.58 million[18] - Net profit attributable to shareholders for the first nine months of 2024 was RMB 40.38 million, representing a year-on-year increase of 21.17%[19] - Total revenue for the first three quarters of 2024 reached CNY 4,798,550,556.02, a slight increase from CNY 4,773,017,639.11 in the same period of 2023, representing a growth of approximately 0.54%[25] - Net profit attributable to shareholders of the parent company for the first three quarters of 2024 was CNY 403,789,511.66, compared to CNY 333,252,169.07 in 2023, reflecting an increase of about 21.1%[26] - The company reported a net profit margin of approximately 8.34% for the first three quarters of 2024, compared to 6.96% in the same period of 2023[25] - The company reported a net profit attributable to shareholders of CNY 403,935,383.53 for Q3 2024, up from CNY 331,007,781.81 in Q3 2023, representing a growth of 21.9%[27] - Basic and diluted earnings per share for Q3 2024 were both CNY 0.91, compared to CNY 0.78 in Q3 2023, reflecting a 16.7% increase[27] - The company reported a total comprehensive income of CNY 400,551,549.42 for Q3 2024, compared to CNY 329,962,943.37 in Q3 2023, indicating a growth of 21.4%[27] Assets and Liabilities - Total assets at the end of Q3 2024 reached ¥9,416,231,711.77, marking a 10.41% increase from the end of the previous year[5] - The equity attributable to shareholders increased by 29.94% year-over-year, amounting to ¥4,284,322,904.06[5] - Total assets increased to CNY 9,416,231,711.77 in Q3 2024, up from CNY 8,528,594,576.23 in Q3 2023, marking a growth of approximately 10.4%[24] - Total liabilities decreased to CNY 5,134,447,189.67 in Q3 2024 from CNY 5,232,061,122.20 in Q3 2023, a reduction of about 1.9%[24] - The company's total non-current assets amounted to CNY 2,576,120,975.59 in Q3 2024, up from CNY 2,454,209,861.23 in Q3 2023, reflecting a growth of about 4.9%[24] - The company's total equity increased to CNY 4,281,784,522.10 in Q3 2024, up from CNY 3,296,533,454.03 in Q3 2023, representing a growth of about 30%[24] Cash Flow and Investments - The net cash flow from operating activities for the year-to-date was -¥87,157,672.54, showing an improvement of ¥1.53 billion compared to the same period last year[11] - Net cash flow from operating activities for the first three quarters of 2024 was -CNY 87,157,672.54, an improvement from -CNY 239,815,585.73 in the same period of 2023[29] - Net cash flow from investing activities for the first three quarters of 2024 was -CNY 376,247,830.50, compared to -CNY 28,492,991.36 in the same period of 2023[29] - Total cash inflow from financing activities for the first three quarters of 2024 was CNY 1,031,653,554.79, an increase from CNY 768,946,166.90 in the same period of 2023[30] Research and Development - Research and development expenses totaled ¥77,113,573.99 in Q3 2024, a decrease of 9.77% compared to the same period last year, accounting for 4.10% of operating revenue[5] - Research and development expenses for the first three quarters of 2024 were CNY 220,520,377.76, slightly down from CNY 226,141,091.67 in the same period of 2023[26] Shareholder Activities - The company completed a share buyback of 2,600,562 shares, accounting for 0.57% of the total share capital, with a total expenditure of RMB 97.99 million[19] - The company plans to repurchase shares with a total fund of no less than RMB 50 million and no more than RMB 100 million, with a maximum price of RMB 42.36 per share[19] Inventory and Receivables - The company reported an increase in accounts receivable to RMB 3.13 billion, up from RMB 2.63 billion in the previous year[22] - Inventory levels rose to RMB 1.97 billion, compared to RMB 1.74 billion at the end of 2023[22] Other Financial Metrics - The weighted average return on equity for Q3 2024 was 4.29%, a decrease of 0.37 percentage points year-over-year[5] - The gross profit margin improved to 24.21%, an increase of 2.27 percentage points compared to the same period last year, due to a higher proportion of quality orders and better management of accounts receivable and inventory[19] - Short-term borrowings surged to CNY 360,170,333.30 in Q3 2024, compared to CNY 54,903,197.22 in Q3 2023, indicating a significant increase of approximately 553.5%[24] - Cash and cash equivalents at the end of Q3 2024 amounted to CNY 692,156,517.19, a decrease from CNY 644,200,399.40 at the end of Q3 2023[30] - The company received CNY 29,326,410.32 in tax refunds during Q3 2024, significantly higher than CNY 8,716,984.65 in Q3 2023[29] - The company adjusted its accounting policy, resulting in an increase in operating costs by CNY 12,641,921.37 for the first three quarters of 2024[32]