Company Overview and Strategy - The company has consistently followed national development strategies and industry trends, implementing a forward-looking and pragmatic development strategy with three main paths: "full industry chain," "global market," and "industrial upgrade" [3] - The company focuses on core businesses, deepens technological innovation, and develops new products, processes, and materials to build an efficient and collaborative industrial ecosystem [3] - With a strong domestic market as a foundation, the company accelerates overseas business expansion and promotes the globalization strategy, leveraging years of overseas market foresight and brand accumulation [4] - The company continuously drives industrial upgrading through digitalization, low-carbon practices, and intelligent methods, transforming new technologies and key production factors into new growth drivers [4] Financial Performance and Digital Transformation - In 2023, the company's overall profitability improved significantly due to the release of production capacity from digital transformation and new products from continuous R&D investment [4] - The company completed the construction of digital factories in Haikou, Guilin, and Wuhan, enhancing digital manufacturing capabilities, effectively controlling operating costs, and improving sales gross margins [4] - The company's operating cash flow improved notably in 2023, attributed to digital inventory management and increased cash inflows from intensified payment collection [6] Market Expansion and Product Development - The company has expanded its overall production capacity with the full operation of digital factories in Haikou, Guilin, and Wuhan by the end of 2023 [5] - The company focuses on markets with development needs, industrial growth potential, and favorable business environments, aiming to expand its global presence [5] - The company has developed products with extended voltage levels, capacity, and structural forms, aligning with industry demands and future directions [5] - The company's transformer products, known for low loss, strong overload capacity, and high reliability, are widely used in IDC data centers, including projects for Baidu, Huawei, Alibaba, and major telecom operators [5] Investor Relations and Participation - A total of 548 participants, including analysts and institutional investors from various securities and investment firms, attended the investor relations event on March 21, 2024 [2][3]

2024年03月24日 公 司点评 公 买入 / 首次 司 金盘科技(688676) 研 究 目标价: 昨收盘:41.62 盈利水平显著改善，海外业务快速增长 事件：公司发布2023年年报,盈利水平显著改善 ◼ 走势比较 1）2023年实现收入66.7亿元，同比+40.5%；实现归母净利润5.04 亿元，同比+78.2%；实现扣非净利润 2.8 亿元，同比+104.9%；毛利率 30% 22.81%，同比+2.52pct；净利率7.53%，同比+1.56pct； 太 18% 2）对应 Q4 收入 18.9 亿元，同比+21.6%，环比+0.8%；归母净利润 平 1.7亿元，同比+48.8%，环比+20.6%；扣非净利润1.6亿元，同比+129.7%， 6% 环比+17.5%；毛利率24.45%，同比+2.09pct，环比+1.67pct；净利率8.96%， 洋 (1( 86 %% ))42/3/32 4/6/32 51/8/32 62/01/32 6/1/42 81/3/42 同比+ 按1. 产57 品pc 来t， 看环 ：比 变+ 压1. 器45 与pc 成t。 证 套 业务基础夯实，储能业务实现突破 券 ...

Investment Rating - The report maintains a "Buy" rating for the company, consistent with the previous rating [1] Core Views - The company achieved rapid growth in 2023, with revenue reaching 6.668 billion yuan, a year-on-year increase of 40.50%, and net profit attributable to the parent company reaching 505 million yuan, a year-on-year increase of 104.92% [1] - The company seized opportunities in the new energy and industrial digitalization sectors, driving significant growth in its performance [1] - The company's overseas revenue reached 5.449 billion yuan, a year-on-year increase of 34.5%, while domestic revenue was 1.177 billion yuan, a year-on-year increase of 79.54% [1] - The company's gross margin improved to 22.81% in 2023, up 2.52 percentage points year-on-year, with the net profit margin reaching 7.53%, up 1.56 percentage points year-on-year [1] - The company's digital transformation efforts have enhanced its profitability, with digital factories contributing to cost control and improved gross margins [1] Business Segments - The dry-type transformer business generated revenue of 1.770 billion yuan in 2023, a year-on-year increase of 59.81%, with a gross margin of 17.74%, up 0.89 percentage points year-on-year [1] - The energy storage business saw revenue of 414 million yuan, a year-on-year increase of 546.95%, with new energy-related sales growing by 88.95% year-on-year [1] - The company's energy storage system orders reached 641 million yuan in 2023, a year-on-year increase of 144.87% [2] - The company is expanding into new business areas such as hydrogen energy, aiming to become a leading player in the hydrogen energy industry during the 14th and 15th Five-Year Plan periods [2] Financial Projections - The company is expected to achieve revenue of 9.5 billion yuan, 12.3 billion yuan, and 15.0 billion yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 43%, 29%, and 22% [2] - Net profit attributable to the parent company is projected to be 800 million yuan, 1.124 billion yuan, and 1.419 billion yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 60%, 39%, and 26% [2] - The company's gross margin is expected to remain stable at around 22.3% to 22.5% over the next three years [3] Digital Transformation - The company has completed the construction of digital factories in Haikou, Guilin, and Wuhan, which have improved its digital manufacturing capabilities and operational efficiency [1] - The company has signed new digital solution contracts worth 229 million yuan in 2023, with cumulative orders exceeding 600 million yuan [1] - Digital business is expected to become a new growth driver for the company, contributing to industry-wide digital transformation [1]

Investment Rating - The report maintains an "OUTPERFORM" rating for Jinpan Technology [3][10][12] Core Views - In 2023, the net profit attributable to shareholders increased by 78.15%, meeting market expectations with a revenue of 6.668 billion yuan, a year-on-year increase of 40.50% [12][16] - The company benefited from accelerated global energy transformation, achieving significant growth in overseas orders, with overseas revenue reaching 1.18 billion yuan, up 79.54% year-on-year, accounting for 17.77% of total revenue [4][13] - The digital strategy has empowered production management, leading to cost reductions and efficiency improvements, contributing to a gross profit margin increase of 2.52 percentage points in 2023 [14][16] Financial Performance - The company achieved a revenue of 6.668 billion yuan in 2023, with a net profit of 505 million yuan, reflecting a 40.50% and 78.15% year-on-year growth respectively [12][16] - The comprehensive gross profit margin for 2023 was 22.81%, an increase of 2.52 percentage points year-on-year, while the net profit margin was 7.53%, up 1.56 percentage points [12][16] - The forecast for operating revenue from 2024 to 2026 is estimated at 9.1 billion yuan, 12.044 billion yuan, and 15.141 billion yuan respectively, with corresponding net profits of 780 million yuan, 1.052 billion yuan, and 1.345 billion yuan [16] Business Segments - The transformer business accounted for 61.3% of total revenue in 2023, while the energy storage segment saw a remarkable sales growth rate of 302.58%, indicating its potential as a second growth curve for the company [15][16] - The company has established a strong presence in overseas markets, with products exported to 86 countries and new orders amounting to 7.832 billion yuan, a year-on-year increase of 35.14% [4][13]

2024 年 03 月 24 日 公司研究 评级：买入 (首次覆盖 ) 研究所： 证券分析师： 李航 S0350521120006 盈利能力持续[T 提abl 升e_T ，itle 海] 外增长亮眼 lih11@ghzq.com.cn 证券分析师： 邱迪 S0350522010002 qiud@ghzq.com.cn ——金盘科技（ ） 年年报点评 688676 2023 证券分析师： 王刚 S0350524020001 wangg06@ghzq.com.cn 最近一年走势 事件 : 金盘科技3月20日发布2023年年报：2023年公司实现营收66.68亿元， 同比+41%；归母净利5.05亿元，同比+78%；扣非归母净利4.81亿元， 同比+105%。2023Q4实现营业收入18.95亿元，同比+22%，环比+1%； 归母净利润1.71 亿元，同比+49%，环比+21%；扣非归母净利润1.59 亿元，同比+130%，环比+17%。 投资要点 : 相对沪深300表现 2024/03/22  数字化赋能成果显著，盈利能力持续提升。2023年，公司积极拓展 表现 1M 3M 12M 新能源市场、新行业和客户，获 ...

证券研究报告 | 2024年03月22日 金盘科技（688676.SH） 买入 干变龙头持续打磨内功，海外业务引领行业 核心观点 公司研究·财报点评 全年业绩符合预期，归母净利润增长78%。公司2023年实现营收66.68亿元 电力设备·电网设备 （同比+40.50%），归母净利润5.05亿元（同比+78.15%），扣非净利润4.81 证券分析师：王蔚祺 证券分析师：王晓声 亿元（同比+104.92%），销售毛利率22.81%（同比+2.52pct.），扣非销售 010-88005313 010-88005231 wangweiqi2@guosen.com.cnwangxiaosheng@guosen.com.cn 净利率7.21%（同比+2.27pct.）。 S0980520080003 S0980523050002 基础数据 四季度业绩创历史新高，盈利能力持续提升。公司2023年四季度实现营收 18.95亿元（同比+21.59%，环比+0.79%），归母净利润1.71亿元（同比 投资评级 买入(维持) 合理估值 +48.76%，环比+20.56%），销售毛利率 24.45%（同比+2.1pct.，环比 收 ...

证券研究报告·公司点评报告·电网设备 金盘科技（688676） 2023 年年报点评：出海首战告捷，数字化又 2024 年 03月 22日 下一城 证券分析师 曾朵红 买入（维持） 执业证书：S0600516080001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E zengdh@dwzq.com.cn 证券分析师 谢哲栋 营业总收入（百万元） 4,746 6,668 8,846 11,130 13,473 执业证书：S0600523060001 同比 43.69% 40.50% 32.67% 25.82% 21.05% xiezd@dwzq.com.cn 归母净利润（百万元） 283.28 504.66 790.69 1,134.51 1,418.30 同比 20.74% 78.15% 56.68% 43.48% 25.01% 股价走势 EPS-最新摊薄（元/股） 0.66 1.18 1.85 2.65 3.32 金盘科技 沪深300 P/E（现价&最新摊薄） 61.25 34.38 21.94 15.29 12.23 ...

[Table_StockInfo] 持有 2024年 03月 20日 （维持） 证券研究报告•2023年年报点评 当前价： 43.03元 金盘科技（688676） 电力设备 目标价： ——元（6个月） 变压器出海驱动量利双升，“储能+数字化”提振增长 投资要点 西南证券研究发展中心 [T ab事le件_S：u公mm司a2ry0]2 3年实现营业收入 66.7亿元，同比增长 40.5%；实现归母净利 [分Ta析bl师e_：Au韩th晨or ] 润 5亿元，同比增长78.2%；扣非归母净利润4.8亿元，同比增长104.9%。2023 执业证号：S1250520100002 年第四季度公司实现营收18.9亿元，同比增长21.6%；实现归母净利润1.7亿 电话：021-58351923 元，同比增长48.8%；扣非归母净利润1.6亿元，同比增长129.7%。 邮箱：hch@swsc.com.cn  盈利能力持续提升，研发投入维持高位。盈利端：2023年公司销售毛利率/净利 联系人：李昂 率分别为 22.8%/7.5%，同比增长 2.5/1.6pp；单 Q4 毛利率/净利率分别为 电话：021-58351923 2 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company achieved a revenue of 6.668 billion yuan in 2023, representing a year-on-year growth of 40.50%, and a net profit of 505 million yuan, up 78.15% year-on-year [1]. - The company is actively pursuing digital transformation and capacity expansion, which has enhanced its order-taking capabilities, resulting in a significant increase in sales orders [1]. - The overseas business has shown remarkable performance, with export revenue reaching 1.177 billion yuan, a year-on-year increase of 79.54% [1][2]. - The company has made significant strides in the energy storage and digital factory solution sectors, with energy storage revenue soaring by 546.95% to 414 million yuan in 2023 [2]. Summary by Sections Financial Performance - In Q4 2023, the company reported revenue of 1.895 billion yuan, a 21.59% increase year-on-year, and a net profit of 171 million yuan, up 48.76% year-on-year [1]. - The overall gross margin improved by 2.52 percentage points to 22.81% in 2023 [1]. Business Expansion - The company has successfully built an overseas sales network, with products and services now available in 86 countries and regions, and has obtained 306 domestic and international certifications [1]. - The company secured new energy storage system orders worth 641 million yuan, reflecting a year-on-year growth of 144.87% [2]. Future Outlook - The company is expected to continue benefiting from the rapid development of the renewable energy sector and the expansion of its transformer exports [2]. - Profit forecasts for 2024-2026 are projected at 717 million, 1.015 billion, and 1.325 billion yuan, respectively, with corresponding EPS of 1.68, 2.38, and 3.10 yuan [2].

Investment Rating - The report assigns a rating of "Accumulate" to the company, with a target price of 47.00 CNY based on a 25x PE for 2024 [6]. Core Insights - The company achieved a revenue of 6.668 billion CNY in 2023, representing a year-on-year increase of 40.50%, and a net profit of 505 million CNY, up 78.15% year-on-year [2][3]. - The growth in revenue is driven by strong demand and cost reduction efforts, particularly in the new energy sector, where sales increased by 68.21%, with photovoltaic-related revenue growing by 88.95% and energy storage revenue surging by 302.58% [3][4]. - The company has made significant strides in expanding its overseas market presence, achieving overseas sales of 1.177 billion CNY, a 79.54% increase year-on-year, and securing foreign orders worth 1.991 billion CNY, up 119.18% [4]. - Research and development investments increased by 42.06% in 2023, with a focus on high-voltage products and digital factory solutions, which are expected to drive future growth [4][5]. Financial Summary - Revenue projections for 2024-2026 are 9.564 billion CNY, 12.689 billion CNY, and 15.892 billion CNY, with corresponding growth rates of 43.44%, 32.67%, and 25.24% [5][6]. - Net profit forecasts for the same period are 804 million CNY, 1.176 billion CNY, and 1.600 billion CNY, with growth rates of 59.35%, 46.22%, and 36.03% respectively [5][6]. - The company's earnings per share (EPS) are projected to be 1.88 CNY, 2.75 CNY, and 3.74 CNY for 2024, 2025, and 2026, respectively, indicating a 3-year CAGR of 46.89% [5][6].