金盘科技：2024年三季报点评：海外收入占比提升，盈利表现亮眼

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - The company reported a revenue of 4.799 billion with a year-on-year growth of 0.53% and a net profit attributable to shareholders of 404 million, reflecting a year-on-year increase of 21.17% [2]. - The company's profitability has significantly improved, driven by an increase in high-quality orders and better management of accounts receivable and inventory [3]. - The export data for electrical equipment continues to show high demand, with the company's international influence on the rise, particularly in North America and Europe [4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a gross margin of 25.53%, up 2.74 percentage points year-on-year, and a net profit margin of 9.57%, up 2.06 percentage points year-on-year [3]. - The revenue structure shows that domestic revenue accounted for 34.02 billion (71%), while overseas revenue reached 13.66 billion (29%) [2]. - The company expects revenues of 7.329 billion, 9.034 billion, and 11.146 billion for 2024, 2025, and 2026 respectively, with corresponding growth rates of 9.9%, 23.3%, and 23.4% [5][7]. Market Position and Outlook - The company is positioned as a leading player in the transformer export market, with a rapid increase in overseas revenue share and a strong competitive edge globally [4]. - The report forecasts net profits of 608 million, 813 million, and 1.038 billion for 2024, 2025, and 2026 respectively, with growth rates of 20.5%, 33.6%, and 27.8% [5][7].