金盘科技：毛利率提升明显，海外市场布局加码

Investment Rating - The report maintains a "Buy" rating for the company [1][2] Core Views - The company has shown significant improvement in gross margin and is actively expanding its overseas market presence [1] - In the first three quarters of 2024, the company achieved a revenue of 4.768 billion yuan, with a year-on-year increase of 24.47% [1] - The net profit attributable to shareholders reached 404 million yuan, up 21.17% year-on-year, while the net profit excluding non-recurring items was 383 million yuan, an increase of 18.89% [1] - The gross margin improved to 25.53%, reflecting a year-on-year increase of 2.75 percentage points [1] - The company is benefiting from a higher proportion of quality orders and improved management of accounts receivable and inventory [1] - The company has successfully developed offshore wind power floating transformer products and is enhancing its ability to secure orders in various downstream sectors [1] Financial Performance - For the third quarter of 2024, the company reported a revenue of 1.882 billion yuan, a year-on-year increase of 0.15% and a quarter-on-quarter increase of 16.82% [1] - The net profit for Q3 was 181 million yuan, up 27.54% year-on-year and 41.86% quarter-on-quarter [1] - The company’s operating cash flow improved significantly, with a net cash flow from operating activities of -87 million yuan, compared to -240 million yuan in the same period last year [1][2] Revenue and Profit Forecast - The company is expected to achieve net profits of 674 million yuan, 912 million yuan, and 1.136 billion yuan for the years 2024, 2025, and 2026 respectively [2][3] - The projected earnings per share (EPS) for the same years are 1.47 yuan, 1.99 yuan, and 2.48 yuan [2][3] Market Expansion - The company’s overseas sales accounted for 28.65% of total revenue, with a significant increase in overseas orders, which reached 2.849 billion yuan, a year-on-year increase of 180.16% [1] - The company is accelerating its overseas production capacity expansion, with preparations underway in Mexico, the United States, and Poland [1] Strategic Positioning - The company is positioned as a leader in the dry transformer sector, benefiting from the high demand in the domestic market and the new cycle of overseas grid construction [1]