民生证券：给予金盘科技买入评级

Core Viewpoint - Jinpan Technology's 2024 annual report shows promising growth in overseas business and data center contributions, leading to a "buy" rating from Minsheng Securities [1][2]. Financial Performance - In 2024, Jinpan Technology achieved operating revenue of 6.901 billion yuan, a year-on-year increase of 3.5%, and a net profit attributable to shareholders of 574 million yuan, up 13.82% [2]. - The company reported a revenue of 2.102 billion yuan in Q4 2024, reflecting a 10.97% year-on-year growth, while net profit slightly decreased by 0.45% to 171 million yuan [2]. - The main business revenue reached 6.843 billion yuan, growing by 3.27%, with overseas revenue at 1.981 billion yuan, a significant increase of 68.26%, accounting for 29% of total revenue [2]. Business Segments - Domestic business is expected to recover in 2025, while overseas business shows strong growth [2]. - Non-renewable energy revenue reached 3.712 billion yuan, a 31.02% increase, with the new infrastructure sector growing by 167.43% [3]. - Data center orders surged by 603.68% in 2024, with major clients including Alibaba, Baidu, Huawei, China Mobile, and China Unicom [3]. Strategic Initiatives - The company is enhancing its digital factory solutions, achieving 123 million yuan in revenue from this segment, a 74.04% increase [4]. - Jinpan Technology is expanding its global production capacity, with completed expansions in Mexico and preparations for a transformer factory in the U.S. [4]. Future Outlook - The company is expected to see revenue growth of 9.184 billion yuan, 11.001 billion yuan, and 13.445 billion yuan for 2025, 2026, and 2027, respectively, with corresponding growth rates of 33.1%, 19.8%, and 22.2% [4]. - Net profit forecasts for the same years are 785 million yuan, 1.069 billion yuan, and 1.469 billion yuan, with growth rates of 36.6%, 36.2%, and 37.4% [4].