Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved explosive growth in its AIDC business, with a significant increase in sales revenue in the data center sector, driven by advancements in SST technology [5] - For the first three quarters of 2025, the company reported a revenue of 5.194 billion yuan, a year-on-year increase of 8.25%, and a net profit attributable to the parent company of 486 million yuan, up 20.27% year-on-year [4] - The company is expected to continue its growth trajectory, with projected revenues of 8.690 billion yuan, 10.949 billion yuan, and 13.840 billion yuan for 2025, 2026, and 2027 respectively [6] Financial Performance - In Q3 2025, the company achieved a revenue of 2.040 billion yuan, a year-on-year increase of 8.38%, and a net profit of 221 million yuan, up 21.71% year-on-year [4] - The gross profit margin for the first three quarters of 2025 was 26.08%, an increase of 1.87 percentage points year-on-year, while Q3 2025 gross profit margin was 26.39%, up 0.86 percentage points year-on-year [4] - The company’s sales revenue in the AIDC and IDC sectors reached 974 million yuan, a remarkable year-on-year growth of 337.47% [5] Future Projections - The company’s projected net profits for 2025, 2026, and 2027 are 736 million yuan, 971 million yuan, and 1.118 billion yuan respectively, with corresponding P/E ratios of 57.6, 43.6, and 37.9 [6] - The company is also expected to maintain a healthy return on equity (ROE), projected at 14.0% in 2025 and 15.6% in 2026 [8]

Core Viewpoint - Jinpan Technology (688676.SH) announced on November 7 that the Shanghai Stock Exchange's Sci-Tech Innovation Board Listing Committee held its 51st meeting in 2025 to review the company's plan to issue convertible bonds to unspecified investors, pending approval from the China Securities Regulatory Commission (CSRC) [1] Group 1: Convertible Bond Issuance - The total amount to be raised from the issuance of convertible bonds is not more than 1.6715 billion yuan, after deducting issuance costs [1] - The bonds will be issued at face value of 100 yuan each, with a term of six years from the date of issuance [2] - The interest payment will occur annually, with the principal and final year's interest paid at maturity [3] Group 2: Fund Allocation - The total investment for the projects funded by the issuance includes: - Data center power module and high-efficiency energy-saving equipment manufacturing project: 523.4175 million yuan, with 473.3700 million yuan from the raised funds [1] - High-efficiency liquid-immersed transformers and amorphous alloy core manufacturing project: 734.2182 million yuan, with 616.5300 million yuan from the raised funds [1] - R&D office building construction project: 82.9678 million yuan, with 80.2000 million yuan from the raised funds [1] - Working capital supplement: 501.4000 million yuan, fully funded by the raised funds [1] Group 3: Project Details - The projects include: - Digital factory for data center power modules in Tongxiang: 228.5092 million yuan total investment, with 199.2000 million yuan from raised funds [1] - VPI transformer digital factory project in Tongxiang: 294.9083 million yuan total investment, with 274.1700 million yuan from raised funds [1] - Intelligent transformation of the liquid-immersed transformer workshop in Wuhan: 192.8882 million yuan total investment, with 164.9300 million yuan from raised funds [1] - Digital factory project for amorphous alloy core in Shaozhou: 541.3300 million yuan total investment, with 451.6000 million yuan from raised funds [1] Group 4: Underwriting and Representation - The lead underwriter for this issuance is Zheshang Securities Co., Ltd., with representatives Miao Miao and Lu Yingfeng [4]

Core Viewpoint - Jinpan Technology (688676.SH) has received approval from the Shanghai Stock Exchange's Sci-Tech Innovation Board for its application to issue convertible bonds to unspecified investors, pending final approval from the China Securities Regulatory Commission (CSRC) [1][2]. Group 1: Convertible Bond Issuance - The total amount to be raised from the issuance of convertible bonds is not to exceed 1.6715 billion yuan, which will be allocated to various projects including intelligent manufacturing for data center power modules and high-efficiency energy-saving equipment [2][3]. - The convertible bonds will be issued at face value of 100 yuan each, with a term of six years from the date of issuance [4][5]. - The bonds will have an annual interest payment structure, with the principal and final year's interest paid upon maturity [5]. Group 2: Project Investment Allocation - The investment projects include: 1. Intelligent manufacturing for data center power modules and high-efficiency energy-saving equipment, with a total investment of approximately 523.42 million yuan, of which 473.37 million yuan will be funded by the bond issuance [3]. 2. High-efficiency liquid-immersed transformers and amorphous alloy core intelligent manufacturing projects, with a total investment of approximately 734.22 million yuan, of which 616.53 million yuan will be funded by the bond issuance [3]. 3. Construction of a research and development office building, with an investment of approximately 82.97 million yuan, funded entirely by the bond issuance [3]. 4. Supplementing working capital with 501.40 million yuan from the bond issuance [3]. Group 3: Regulatory and Market Considerations - The listing committee raised questions regarding the reasonableness of the production capacity planning for the digital factory project and potential risks related to capacity digestion, emphasizing the need for sufficient information disclosure [1].

关于向不特定对象发行可转换公司债券申请 获得上海证券交易所科创板上市委审议通过的公告 证券代码：688676 证券简称：金盘科技 公告编号：2025-077 海南金盘智能科技股份有限公司 海南金盘智能科技股份有限公司董事会 2025年11月8日 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。 上海证券交易所科创板上市委员会于 2025 年 11 月 7 日召开了 2025 年第 51 次上市委员会审议会议，对海南金盘智能科技股份有限公司（以下简称"公司"） 向不特定对象发行可转换公司债券的申请进行了审议。根据会议审议结果，公司 本次向不特定对象发行可转换公司债券的申请符合发行条件、上市条件和信息披 露要求。 公司本次向不特定对象发行可转换公司债券事项尚需获得中国证券监督管 理委员会（以下简称"中国证监会"）作出同意注册的决定后方可实施，最终能 否获得中国证监会同意注册的决定及其时间尚存在不确定性。公司将根据该事项 的进展情况及时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 ...

Core Viewpoint - Jinpan Technology (688676.SH) has received approval from the Shanghai Stock Exchange's Sci-Tech Innovation Board for its application to issue convertible bonds to unspecified investors, meeting all necessary conditions for issuance and listing [1] Group 1 - The Shanghai Stock Exchange's Sci-Tech Innovation Board held its 51st listing committee meeting on November 7, 2025 [1] - The review concluded that Jinpan Technology's application for issuing convertible bonds complies with issuance conditions, listing conditions, and information disclosure requirements [1]

Core Viewpoint - Jinpan Technology (688676.SH) has received approval from the Shanghai Stock Exchange's Sci-Tech Innovation Board for its application to issue convertible bonds to unspecified investors, meeting all necessary conditions for issuance and listing [1] Group 1 - The Shanghai Stock Exchange's Sci-Tech Innovation Board held its 51st listing committee meeting on November 7, 2025, to review the company's application [1] - The review concluded that the company's application for issuing convertible bonds complies with issuance conditions, listing conditions, and information disclosure requirements [1]

Group 1 - The core viewpoint highlights the mixed performance of the Sci-Tech Innovation Board 100 Index, with Jinpan Technology leading the gains at 6.12% and Yuanjie Technology experiencing the largest decline [1] - The active performance of electric grid equipment stocks is noted, with Jinpan Technology reaching a historical high [1] - A significant statement from Microsoft and OpenAI CEOs indicates that the current challenge in the AI industry is not an excess of computing power but rather a lack of sufficient electricity to support all GPU operations [1] Group 2 - Huayuan Securities suggests that AI could significantly boost electricity demand in the U.S., with OpenAI planning to deploy over 250GW of computing centers by 2033, potentially leading to a dramatic increase in electricity demand [2] - GridStrategies predicts that the peak electricity load in the U.S. will reach 947GW by 2029, an increase of 128GW compared to 2024, with AIDC being a major driving factor [2] - The largest U.S. ISO, PJM, has raised its load forecast, predicting a peak load of 184GW by 2030, a 19.3% increase from 2025 [2] - Recommendations include focusing on solid-state transformers (SST) as a key development direction for power supply architecture in computing centers, as well as opportunities in electric grid equipment exports, energy storage, and SOFC [2] - The Sci-Tech 100 ETF closely tracks the Sci-Tech 100 Index, which is the first and only mid-cap style index on the Sci-Tech Innovation Board, focusing on high-growth sectors such as semiconductors, pharmaceuticals, and new energy [2]

Core Viewpoint - The electric grid equipment sector is experiencing significant activity, with multiple companies reaching new highs and hitting trading limits, indicating strong market interest and potential investment opportunities [1] Company Performance - Zhongneng Electric reached a 20% trading limit increase, showcasing robust investor confidence [1] - Guangdian Electric previously hit a trading limit, reflecting positive market sentiment [1] - Moen Electric achieved a four-day consecutive limit increase, indicating sustained upward momentum [1] - Jinpan Technology and Siyuan Electric set new historical highs, further emphasizing the sector's growth [1] - Jingquanhua, Wangbian Electric, and Siyuan Electric also experienced price increases, contributing to the overall positive trend in the industry [1]

Core Insights - The article highlights the increasing activity of broker research following the disclosure of third-quarter reports by listed companies, with a notable focus on sectors such as solar energy, semiconductor materials, and consumer electronics [2][5]. Group 1: Broker Research Trends - As of early November, over 35 brokers have conducted research on companies in the solar component supply chain, semiconductor materials, and leading consumer electronics firms [2]. - From October 1 to November 5, a total of 953 listed companies in A-shares received broker research, with 42 companies receiving research from 40 or more brokers [5]. - The most researched companies include Aibo Medical, Huace Testing, and Jinpan Technology, which received 65, 64, and 62 broker inquiries respectively, all categorized under the new productivity label [5]. Group 2: Sector Focus - Brokers are particularly interested in sectors such as semiconductors, industrial automation, and high-end manufacturing, reflecting ongoing market attention to technology-driven industries [2][6]. - Companies like Zhaoyi Innovation and Canadian Solar have also attracted significant broker interest, receiving 55 and 49 inquiries respectively [5]. - The research interest extends to various industries, including medical devices, power equipment, and gaming, indicating a broad focus on high-growth sectors [6]. Group 3: Investment Strategies - Broker investment strategies are concentrated on high-prosperity industries, with a focus on sectors like AI, semiconductor equipment, and consumer electronics [10]. - The research teams from CITIC Securities and CICC suggest that the electronic sector's performance is expected to remain strong, driven by AI and domestic production growth [10][11]. - Recommendations for November include focusing on new economic sectors such as AI software and semiconductor equipment, while traditional sectors like coal and steel are also highlighted [11].

Core Viewpoint - The article highlights the increasing activity of broker research in various sectors following the disclosure of Q3 financial reports, with a particular focus on technology and new productivity sectors [1][2]. Group 1: Broker Research Activity - As of early November, over 953 A-share listed companies have been researched by brokers, with 42 companies receiving attention from 40 or more brokers [3]. - The most popular companies include Aibo Medical, Huace Testing, and Jinpan Technology, which received 65, 64, and 62 broker research reports respectively, all associated with new productivity [3]. Group 2: Sector Focus - Brokers are particularly interested in the semiconductor industry, high-end equipment, and companies with strong technological barriers and growth potential [5][6]. - Notable companies receiving significant attention include storage chip leader Zhaoyi Innovation and solar component leader Artis, which received 55 and 49 broker research reports respectively [3]. Group 3: Investment Strategies - Broker investment strategies are concentrated on high-growth industries, with a focus on sectors like AI, semiconductor equipment, and consumer electronics [8][9]. - The research teams suggest that the electronic sector is expected to maintain its performance, driven by AI and domestic production growth [8]. Group 4: Market Trends and Recommendations - The article emphasizes the importance of monitoring annual performance expectations and the quality of corporate earnings, as well as the potential for market funds to shift between technology, consumer, and defensive sectors [10]. - Investors are advised to consider policy direction, industry hotspots, valuation rationality, and risk control when making investment decisions [10].