金盘科技：2024年半年报点评：海外订单高增，全球化进程提速

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company achieved a revenue of 2.916 billion with a year-on-year growth of 0.79% and a net profit attributable to shareholders of 222 million, reflecting a growth of 16.43% [2]. - The company has seen significant growth in overseas orders, with foreign sales revenue reaching 790 million, a year-on-year increase of 49%, and foreign orders amounting to 2.848 billion, up 180% [2]. - The company is focusing on enhancing its market presence domestically and internationally, with plans to strengthen its domestic market strategy and expand into emerging sectors [2]. Financial Performance Summary - For the first half of 2024, the company reported a gross margin of 23.36% and a net margin of 7.55%, both showing improvements from the previous year [2]. - The company’s operating expenses increased, with a total expense ratio of 15.33%, up 2.74 percentage points year-on-year, primarily due to increased sales efforts in overseas markets [2]. - The company forecasts revenues of 8.168 billion, 10.695 billion, and 14.054 billion for 2024, 2025, and 2026 respectively, with corresponding growth rates of 22.5%, 30.9%, and 31.4% [3][6]. Order and Market Dynamics - The company has a backlog of orders amounting to 6.562 billion, which is a 30% increase year-on-year, indicating strong demand [2]. - Domestic sales revenue for the first half of 2024 was 2.110 billion, a decline of 10%, primarily due to a 19% drop in domestic new energy sales [2]. - The company is expanding its production capacity in Mexico and the U.S., and has completed the layout of its factory in Poland, preparing for further market expansion [2]. Earnings Forecast - The projected net profit attributable to shareholders for 2024, 2025, and 2026 is 661 million, 1.018 billion, and 1.564 billion respectively, with growth rates of 31.0%, 54.0%, and 53.7% [3][6]. - The earnings per share are expected to be 1.45, 2.23, and 3.42 for the years 2024, 2025, and 2026 respectively [3][6]. Valuation Metrics - The price-to-earnings (PE) ratio is projected to be 28X, 18X, and 12X for 2024, 2025, and 2026 respectively [3][6]. - The price-to-book (PB) ratio is expected to decrease from 5.3 in 2024 to 3.5 in 2026 [3][6].