金盘科技拟募16.72亿助产业升级 业务多点开花数据中心收入增3倍

Core Viewpoint - Jinpan Technology (688676.SH) is accelerating its industrial upgrade through a successful application for issuing convertible bonds, aiming to raise up to 1.672 billion yuan for core business upgrades, R&D facility construction, and working capital supplementation [1][2]. Fundraising and Investment Plans - The total amount of funds raised from the convertible bonds is capped at 1.672 billion yuan, with a well-defined allocation covering production upgrades, R&D enhancement, and financial optimization [2][3]. - The "High-efficiency Energy-saving Liquid-immersed Transformer and Amorphous Alloy Core Intelligent Manufacturing Project" will receive up to 617 million yuan, making it the largest single investment, aimed at meeting the demand for liquid-immersed transformers in the company's box-type substations [2]. - The "Data Center Power Module and High-efficiency Energy-saving Power Equipment Intelligent Manufacturing Project" will utilize up to 473 million yuan, including a digital factory project for power modules expected to generate an additional annual revenue of 1.5 billion yuan upon reaching full capacity [2][3]. Business Performance and Growth - Jinpan Technology has shown steady growth, with revenues of 5.194 billion yuan and a net profit of 486 million yuan in the first three quarters of 2025, representing year-on-year increases of 8.25% and 20.27%, respectively [1][4]. - The company’s revenue from the data center sector surged by 337.47%, while the wind power sector grew by 71.21%, indicating a robust multi-faceted business performance [6]. - The company has maintained a strong growth trajectory, with revenues of 4.746 billion yuan, 6.668 billion yuan, and 6.901 billion yuan from 2022 to 2024, alongside net profits of 283 million yuan, 505 million yuan, and 574 million yuan, showcasing a significant increase of 78.15% in 2023 [4][5]. R&D and Innovation - Jinpan Technology has consistently increased its R&D investment, with expenditures of 351 million yuan, 356 million yuan, and 224 million yuan from 2023 to the first three quarters of 2025, totaling 931 million yuan over three years [6]. - The company holds 130 core technologies, 330 effective patents, 74 software copyrights, and 43 trademarks, reflecting its strong innovation capabilities [6]. Market Performance - As of November 10, 2025, Jinpan Technology's stock price closed at 91.01 yuan per share, with a cumulative increase of 122.41% since the beginning of the year, driven by robust business performance and industry growth [6].