金盘科技：继续重视海外产业趋势，新增订单超预期

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [6]. Core Views - The company reported a revenue of 2.92 billion yuan for the first half of 2024, a year-on-year increase of 1%, and a net profit attributable to the parent company of 222 million yuan, up 16% year-on-year [1]. - The gross margin improved to 23.4%, an increase of 1.6 percentage points year-on-year, driven by a higher proportion of quality customers and orders [1]. - The company has a strong competitive advantage in overseas markets, with foreign sales orders increasing by 180% year-on-year, contributing to 43% of total orders [3][4]. Revenue Breakdown - For the first half of 2024, foreign sales revenue reached 790 million yuan, a significant increase of 48.5% year-on-year, while domestic sales revenue was 2.11 billion yuan, down 10% year-on-year due to a 19% decline in domestic new energy-related revenue [2]. - In terms of downstream markets, revenue from non-new energy infrastructure increased by 105%, while power generation and supply sales rose by 67% [2]. Order Backlog - As of the end of the first half of 2024, the company had an order backlog of 6.56 billion yuan (excluding tax), representing a year-on-year increase of 30% [3]. Financial Forecasts - The revenue forecasts for 2024 and 2025 have been adjusted to 8.2 billion yuan and 10.8 billion yuan, respectively, reflecting year-on-year growth of 23% and 32% [4]. - The net profit attributable to the parent company is projected to be 680 million yuan and 1 billion yuan for 2024 and 2025, respectively, with year-on-year growth rates of 34% and 48% [4]. Valuation Metrics - The current market capitalization corresponds to a price-to-earnings (P/E) ratio of 22, 15, and 11 for the years 2024, 2025, and 2026, respectively [5].