金盘科技：2024年半年报点评：海外业务保持快速增长，数字化制造优势日益凸显

Investment Rating - The investment rating for the company is upgraded to "Accumulate" [4][8] Core Views - The company has demonstrated rapid growth in overseas business, while its digital manufacturing advantages are becoming increasingly prominent [3][4] - In H1 2024, the company achieved revenue of 2.92 billion yuan, a year-on-year increase of 0.8%, and a net profit attributable to shareholders of 220 million yuan, up 16.4% year-on-year [3][4] - The company's foreign sales revenue grew significantly by 49% year-on-year, while domestic sales revenue declined by 10% [4][5] - The decline in domestic sales is primarily due to a 19% year-on-year decrease in revenue from the new energy sector, although non-new energy sectors showed substantial growth [4][5] - The company has a strong order backlog of 6.56 billion yuan as of June 2024, with foreign orders increasing by 180% year-on-year [4][5] Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of 1.61 billion yuan, a quarter-on-quarter increase of 23.5% and a year-on-year increase of 0.9% [3][4] - The gross profit margin for H1 2024 was 23.4%, up 1.6 percentage points year-on-year, while the net profit margin was 7.6%, up 1.0 percentage point year-on-year [3][4] Market Position and Strategy - The company is actively expanding its international market presence, with foreign orders increasing by 120% year-on-year in H1 2024 [4][5] - The company has expanded its production capacity in Mexico and is preparing for capacity expansion in the U.S. and Poland [4][5] Future Outlook - The company is expected to achieve revenue of 8 billion yuan in 2024, with a year-on-year growth rate of 20%, and a net profit of 660 million yuan, representing a growth rate of 31% [7][8] - The projected P/E ratios for 2024, 2025, and 2026 are 28X, 21X, and 16X respectively, indicating a favorable valuation trend [7][8]