Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [6]. Core Views - The company reported a revenue of 2.92 billion yuan for the first half of 2024, a year-on-year increase of 1%, and a net profit attributable to the parent company of 222 million yuan, up 16% year-on-year [1]. - The gross margin improved to 23.4%, an increase of 1.6 percentage points year-on-year, driven by a higher proportion of quality customers and orders [1]. - The company has a strong competitive advantage in overseas markets, with foreign sales orders increasing by 180% year-on-year, contributing to 43% of total orders [3][4]. Revenue Breakdown - For the first half of 2024, foreign sales revenue reached 790 million yuan, a significant increase of 48.5% year-on-year, while domestic sales revenue was 2.11 billion yuan, down 10% year-on-year due to a 19% decline in domestic new energy-related revenue [2]. - In terms of downstream markets, revenue from non-new energy infrastructure increased by 105%, while power generation and supply sales rose by 67% [2]. Order Backlog - As of the end of the first half of 2024, the company had an order backlog of 6.56 billion yuan (excluding tax), representing a year-on-year increase of 30% [3]. Financial Forecasts - The revenue forecasts for 2024 and 2025 have been adjusted to 8.2 billion yuan and 10.8 billion yuan, respectively, reflecting year-on-year growth of 23% and 32% [4]. - The net profit attributable to the parent company is projected to be 680 million yuan and 1 billion yuan for 2024 and 2025, respectively, with year-on-year growth rates of 34% and 48% [4]. Valuation Metrics - The current market capitalization corresponds to a price-to-earnings (P/E) ratio of 22, 15, and 11 for the years 2024, 2025, and 2026, respectively [5].

海南金盘智能科技股份有限公司 2024 年第一次临时股东大会会议资料 海南金盘智能科技股份有限公司 2024 年第一次临时股东大会会议资料 股票简称：金盘科技 股票代码：688676 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 大会的顺利进行，根据《中华人民共和国公司法》、《中华人民共和国证券法》、 《上市公司股东大会规则》以及《海南金盘智能科技股份有限公司章程》、《海 南金盘智能科技股份有限公司股东大会议事规则》的相关规定，特制定 2024 年 第一次临时股东大会会议须知： 一、为确认出席大会的股东或股东代表或其他出席者的出席资格，会议工作 人员将对出席会议者的身份进行必要的核对工作，请被核对者给予配合。 二、为保证本次股东大会的严肃性和正常秩序，切实维护与会股东的合法权 益，除出席会议的股东（或股东代表）、公司董事、监事、高级管理人员、见证 律师以及董事会邀请的人员外，公司有权拒绝其他人员进入会场。 三、诚请出席大会的股东或股东代表或其他出席者于会议召开前半小时到 达会议现场办理签到、确认参会资格的手续，并出示证券账户卡、身份证明文件 或营业执照/注册证书复印件（加盖公章）、授权委 ...

Summary of Conference Call Company/Industry Involved - The conference call involves Dongwu Telecom and Jinpan Technology Core Points and Arguments - The call is structured to provide deep updates on the companies involved, specifically targeting institutional investors and invited clients [1] - The call emphasizes that the opinions expressed by third-party experts are personal and do not necessarily reflect the views of Dongwu Securities [1] Other Important but Possibly Overlooked Content - The call begins with a reminder that all participant accounts are muted, indicating a formal structure to the meeting [1] - The initial part of the call includes a polling statement, suggesting an interactive element to gauge audience sentiment or understanding [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark index by more than 20% [5][14]. Core Views - The company is experiencing significant growth in overseas revenue, which offsets domestic pressures. In the first half of 2024, the company's export revenue increased by approximately 49%, while domestic sales decreased by about 10% [4]. - The company has a robust order backlog of approximately 6.56 billion yuan, a year-on-year increase of about 30%. The export orders have surged by approximately 180% [4]. - The company is advancing its global capacity expansion, with significant production increases in Mexico and Poland, which are expected to support future market expansion [4]. Summary by Relevant Sections Financial Performance - For 2023, the company reported revenue of 6,668 million yuan, with a year-on-year growth rate of 40.5%. The net profit attributable to the parent company was 505 million yuan, reflecting a growth rate of 78.2% [2]. - The projected revenues for 2024, 2025, and 2026 are 9,011 million yuan, 11,871 million yuan, and 14,438 million yuan, respectively, with corresponding net profits of 780 million yuan, 1,104 million yuan, and 1,411 million yuan [2][5]. Market Strategy - The company is focusing on a dual-driven development strategy, enhancing domestic market efforts while exploring overseas market potential to strengthen its global competitiveness [4]. - The company’s transformer and energy storage businesses are expected to benefit directly from industry developments related to renewable energy consumption and grid construction [5]. Valuation Metrics - The projected price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are 21.20, 14.98, and 11.72, respectively, indicating a favorable valuation outlook [2][5].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The report highlights strong growth in overseas business orders and continuous improvement in profitability [4] - The company's net profit attributable to shareholders for Q3 2023 was 1.42 billion yuan, representing a year-on-year increase of 96% [1] Financial Performance Summary - In H1 2024, the company's revenue was 2.916 billion yuan, up 0.79% year-on-year, with a net profit of 222 million yuan, reflecting a 16.43% increase year-on-year [4] - The gross profit margin for H1 2024 was 23.36%, an increase of 1.6 percentage points year-on-year, while the net profit margin was 7.55%, up 0.95 percentage points year-on-year [4] - The company reported a significant increase in overseas sales revenue, which reached 790 million yuan, a year-on-year increase of 48.53%, accounting for 27.3% of total sales [4] Order and Market Expansion - As of June 2024, the company had a backlog of orders worth 6.56 billion yuan, a year-on-year increase of 29.88%, with overseas orders amounting to 2.849 billion yuan, up 180.16% year-on-year [4] - The company is preparing for capacity expansion in Mexico and the United States and has established a factory in Poland along with a European sales and after-sales service headquarters [4] Profitability Forecast and Valuation - The forecast for net profit attributable to shareholders is 666 million yuan for 2024 and 916 million yuan for 2025, with corresponding EPS of 1.46 yuan and 2.00 yuan per share [5] - The report suggests a reasonable valuation range of 36.5 to 43.8 yuan based on a PE ratio of 25-30X for 2024, considering the company's leading position in the dry transformer sector and the potential for overseas business growth [5]

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 ...