金盘科技：公司半年报点评：24H1盈利能力提升，海外订单高增

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The report highlights strong growth in overseas business orders and continuous improvement in profitability [4] - The company's net profit attributable to shareholders for Q3 2023 was 1.42 billion yuan, representing a year-on-year increase of 96% [1] Financial Performance Summary - In H1 2024, the company's revenue was 2.916 billion yuan, up 0.79% year-on-year, with a net profit of 222 million yuan, reflecting a 16.43% increase year-on-year [4] - The gross profit margin for H1 2024 was 23.36%, an increase of 1.6 percentage points year-on-year, while the net profit margin was 7.55%, up 0.95 percentage points year-on-year [4] - The company reported a significant increase in overseas sales revenue, which reached 790 million yuan, a year-on-year increase of 48.53%, accounting for 27.3% of total sales [4] Order and Market Expansion - As of June 2024, the company had a backlog of orders worth 6.56 billion yuan, a year-on-year increase of 29.88%, with overseas orders amounting to 2.849 billion yuan, up 180.16% year-on-year [4] - The company is preparing for capacity expansion in Mexico and the United States and has established a factory in Poland along with a European sales and after-sales service headquarters [4] Profitability Forecast and Valuation - The forecast for net profit attributable to shareholders is 666 million yuan for 2024 and 916 million yuan for 2025, with corresponding EPS of 1.46 yuan and 2.00 yuan per share [5] - The report suggests a reasonable valuation range of 36.5 to 43.8 yuan based on a PE ratio of 25-30X for 2024, considering the company's leading position in the dry transformer sector and the potential for overseas business growth [5]