国海证券：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-20240812

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] 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] - The gross profit margin for H1 2024 was 23.4%, an increase of 1.6 percentage points year-on-year, while the net profit margin was 7.6%, up 1.0 percentage points year-on-year [3][4] Market Position and Strategy - The company has expanded its international market presence, with foreign orders increasing by 120% year-on-year in H1 2024 [4][5] - As of June 2024, the company had a backlog of orders amounting to 6.56 billion yuan, a year-on-year increase of 30%, with foreign orders accounting for 2.85 billion yuan, up 180% year-on-year [4][5] Growth Projections - The company is expected to achieve revenues of 8 billion yuan, 9.5 billion yuan, and 11.4 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 20%, 19%, and 20% [6][7] - Net profit attributable to shareholders is projected to be 660 million yuan, 912 million yuan, and 1.2 billion yuan for the same years, with growth rates of 31%, 38%, and 31% [6][7]