金盘科技(688676)：业绩符合市场预期 “数智”赋能+国际化全面发展

Core Insights - The company reported a revenue of 6.9 billion in 2024, a year-on-year increase of 3.5%, with a net profit attributable to shareholders of 570 million, up 13.8% year-on-year [1] - The performance aligns with market expectations, with the new energy sector facing challenges while AIDC demand is rising, providing new growth momentum [2] Financial Performance - In Q4 2024, the company achieved a revenue of 2.1 billion, representing an 11.0% year-on-year increase, but the net profit decreased by 0.45% to 170 million [1] - The gross margin for 2024 was 24.3%, an increase of 1.5 percentage points, while the net margin was 8.3%, up 0.7 percentage points [1] Sector Analysis - The new energy market faced pressure, with revenue from this sector declining to 3 billion, down 19% year-on-year due to oversupply of silicon materials [2] - Non-new energy revenue grew significantly to 3.7 billion, a 31% increase year-on-year, with AIDC demand surging and new orders increasing by 604% [2] International Strategy and Digitalization - The company is advancing its international strategy, with foreign sales reaching 1.981 billion, a 68% increase year-on-year, and new orders totaling 3.324 billion, up 67% [3] - Digitalization and energy-related businesses are entering a realization phase, with revenue from storage and digital factories increasing by 26% and 74% respectively [3] Cost Management and Cash Flow - The expense ratio improved in Q4, with a total expense ratio of 13.75%, down 1.29 percentage points year-on-year [4] - The net cash flow from operating activities was negative 37 million, a decrease of 242 million year-on-year, with cash received from sales increasing by 9% to 5.535 billion [4] Profit Forecast - The company revised its 2025 net profit forecast to 813 million, slightly down from the previous estimate, while the 2026 forecast was raised to 1.071 billion, reflecting a year-on-year growth of 32% [4]