金盘科技公司2024中报点评：海外收入高增，在手订单充裕

Investment Rating - The report maintains a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark index by more than 20% [5][14]. Core Views - The company is experiencing significant growth in overseas revenue, which offsets domestic pressures. In the first half of 2024, the company's export revenue increased by approximately 49%, while domestic sales decreased by about 10% [4]. - The company has a robust order backlog of approximately 6.56 billion yuan, a year-on-year increase of about 30%. The export orders have surged by approximately 180% [4]. - The company is advancing its global capacity expansion, with significant production increases in Mexico and Poland, which are expected to support future market expansion [4]. Summary by Relevant Sections Financial Performance - For 2023, the company reported revenue of 6,668 million yuan, with a year-on-year growth rate of 40.5%. The net profit attributable to the parent company was 505 million yuan, reflecting a growth rate of 78.2% [2]. - The projected revenues for 2024, 2025, and 2026 are 9,011 million yuan, 11,871 million yuan, and 14,438 million yuan, respectively, with corresponding net profits of 780 million yuan, 1,104 million yuan, and 1,411 million yuan [2][5]. Market Strategy - The company is focusing on a dual-driven development strategy, enhancing domestic market efforts while exploring overseas market potential to strengthen its global competitiveness [4]. - The company’s transformer and energy storage businesses are expected to benefit directly from industry developments related to renewable energy consumption and grid construction [5]. Valuation Metrics - The projected price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are 21.20, 14.98, and 11.72, respectively, indicating a favorable valuation outlook [2][5].