金盘科技：海外订单高速增长，加速全球产能布局

Investment Rating - The report maintains a rating of "Add" for the company [1] Core Views - The company has experienced rapid growth in overseas orders, with new foreign sales orders increasing by nearly 120% year-on-year in the first half of 2024 [2] - The company is actively expanding its global production capacity, particularly in Mexico and Europe, to meet the long-term growth in demand for power equipment [2] - The company is increasing its investment in research and development, achieving significant milestones in product innovation, including offshore wind power transformers and customized immersion transformers [2] Financial Summary - Revenue for 2022 was 4,746 million, with a projected increase to 7,890 million by 2024, reflecting a growth rate of 18.3% [1] - Net profit attributable to the parent company was 283 million in 2022, expected to rise to 664 million by 2024, with a growth rate of 31.5% [1] - The company's return on equity (ROE) improved from 9.9% in 2022 to a projected 17.6% in 2024 [1] - The latest diluted earnings per share (EPS) is projected to increase from 0.62 in 2022 to 1.45 in 2024 [1] Market Dynamics - The company is leveraging both domestic and international markets to drive growth, with a focus on diversifying its overseas market presence [2] - The company reported a slight decline in domestic sales due to price pressures in the domestic renewable energy sector, but this was offset by growth in non-renewable sectors [2] - The gross margin improved by 1.60 percentage points year-on-year, reaching 23.36% [2] Strategic Initiatives - The company is implementing a strategy of "full industry chain + global market + industrial upgrade" to enhance its market position [2] - Significant investments are being made in digital solutions and artificial intelligence to improve operational efficiency and create new business opportunities [2] - The company has established a strong competitive advantage in the energy storage market, with revenue from energy storage products reaching 284 million in the first half of 2024 [6]