金盘科技：2024年三季报点评报告：盈利能力显著提升，外销收入持续增长

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1] Core Views - The company's net profit growth rate exceeds revenue growth, indicating a significant improvement in profitability. In Q3 2024, the company achieved a revenue increase of 0.15% year-on-year, while net profit rose by 27.54% [1] - The company has increased the proportion of high-quality orders, achieving a gross margin of 25.53% in Q3, up by 2.75 percentage points year-on-year. Additionally, the company has improved its management of accounts receivable and inventory, leading to a decrease in credit impairment losses and asset impairment losses compared to the same period last year [1] - The company is expanding its overseas business, with domestic order structure expected to improve. In the first three quarters of 2024, domestic sales revenue reached 34.02 billion yuan, accounting for 71% of total revenue, while overseas sales revenue was 13.66 billion yuan, accounting for 28% [1] - The company plans to enhance shareholder returns, with a projected dividend payout ratio exceeding 40% in 2024 [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 4.799 billion yuan, a year-on-year increase of 0.53%, and a net profit attributable to shareholders of 404 million yuan, up by 21.17% [1] - The company’s operating revenue for Q3 2024 was 1.882 billion yuan, a year-on-year increase of 0.15%, with a net profit of 181 million yuan, reflecting a year-on-year growth of 27.54% [1] - The company is projected to achieve net profits of 624 million yuan, 846 million yuan, and 1.034 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 24.8, 18.3, and 15.0 [2][3] Comparable Company Valuation - The company is compared with peers such as Yigor, Mingyang Electric, and Siyuan Electric, with its current valuation being lower than the average valuation of these comparable companies [1][3]