金盘科技：2024年半年报点评：海外业绩实现高增，非新能源领域表现突出

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 32.71 [1][3]. Core Insights - The company reported a steady growth in its 2024 H1 performance, with revenue reaching 29.16 billion, a year-on-year increase of 0.79%. The net profit attributable to shareholders was 2.22 billion, up 16.43% year-on-year, while the non-recurring net profit was 2.12 billion, reflecting a 13.28% increase [2][3]. - The overseas revenue showed significant growth, with H1 overseas income at 7.91 billion, accounting for 27% of total revenue, marking a 9 percentage point increase year-on-year [2][3]. - The company’s gross profit margin for H1 was 23.36%, an increase of 1.60 percentage points year-on-year, while the net profit margin was 7.55%, up 0.95 percentage points year-on-year [2][3]. Summary by Sections Financial Performance - In 2024 H1, the company achieved a revenue of 29.16 billion, with a net profit of 2.22 billion, and a non-recurring net profit of 2.12 billion. The Q2 revenue was 16.11 billion, showing a 0.94% year-on-year increase and a 23.50% quarter-on-quarter increase [2][3]. - The gross profit margin for Q2 was 21.71%, down 3.67 percentage points quarter-on-quarter, while the net profit margin was 7.87%, reflecting a year-on-year increase of 1.37 percentage points [2][3]. Business Segments - The company’s revenue from the power transmission and transformation business was 25.45 billion in H1, down 9.23% year-on-year, primarily due to a decline in revenue from the new energy sector. However, the energy storage revenue surged by 287.15% year-on-year, with a gross margin of 12.08% [2][3]. - The digital solutions segment generated 0.71 billion in revenue, with a gross margin of 16.18%, indicating a positive trend in non-new energy sectors [2][3]. Order Backlog - As of June 30, 2024, the company had an order backlog of 65.6 billion (excluding tax), a year-on-year increase of 29.88%. The domestic order backlog was 37.1 billion, while the foreign order backlog was 28.5 billion, reflecting a substantial year-on-year increase of 180.16% [2][3]. Future Projections - The company’s revenue projections for 2024-2026 are 75.90 billion, 95.19 billion, and 115.17 billion, with year-on-year growth rates of 13.83%, 25.43%, and 20.98% respectively. The net profit projections for the same period are 6.67 billion, 9.02 billion, and 11.40 billion, with growth rates of 32.19%, 35.26%, and 26.36% respectively [4][3].