金盘科技：海外订单快速增长，加快产能及产品布局

Investment Rating - The investment rating for the company is "Buy" with a target price of 50.05 CNY per share, maintaining the rating from previous assessments [3][8]. Core Insights - The company experienced a revenue of 2.92 billion CNY in H1 2024, a year-on-year increase of 1%, with a net profit of 222 million CNY, up 16% year-on-year. The gross margin improved to 23.4%, reflecting a 1.6 percentage point increase [1][2]. - Overseas orders have seen rapid growth, compensating for the decline in domestic new energy orders. H1 overseas revenue reached 791 million CNY, a 49% increase year-on-year, accounting for 27% of total revenue [2]. - The company has expanded its production capacity in Mexico and is preparing for capacity expansion in the U.S. and Poland, with a focus on enhancing its product matrix and delivery capabilities [2][3]. Financial Performance - For 2024, the company is projected to achieve a net profit of 653 million CNY, with a growth rate of 29% compared to the previous year. The expected revenue for 2024 is 7.89 billion CNY, reflecting an 18% growth [5][6]. - The company's earnings per share (EPS) is expected to reach 1.43 CNY in 2024, with a price-to-earnings (P/E) ratio of 25.8 [5][6]. - The gross margin is anticipated to improve to 24.4% by 2025, with a net margin of 10.5% [6]. Market Position and Strategy - The company is focusing on enhancing its overseas market presence, with a significant increase in foreign orders, which have more than doubled year-on-year [2][3]. - The digital factory segment is expected to enter a realization phase, contributing to overall revenue growth [4]. - The company is leveraging its overseas channel resources to broaden its market reach and improve its delivery and solution capabilities [2][3].