金盘科技：海外订单逐步兑现，公司盈利性受益结构改善

Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company reported a revenue of 4.799 billion, a year-on-year increase of 0.53%, and a net profit of 404 million, up 21.17% year-on-year for the first three quarters of 2024. The performance is in line with expectations [2] - The revenue structure shows a gradual realization of overseas orders, with domestic revenue accounting for 71% and overseas revenue 29% in the first three quarters of 2024 [2] - The gross profit margin increased to 24.21% for the first three quarters, with a net profit margin of 9.57%, indicating improved profitability due to a higher proportion of quality overseas orders and better management of receivables and inventory [2][3] Revenue Breakdown - In the first three quarters of 2024, domestic revenue was 3.402 billion, while overseas revenue reached 1.366 billion [2] - The company’s gross margin for Q3 2024 was 25.53%, reflecting a year-on-year increase of 2.75 percentage points [2] Profitability - The company’s net profit margin for Q3 2024 was 9.57%, up 2.06 percentage points year-on-year, driven by an increase in overseas sales and improved management of credit and asset impairments [2][3] Future Outlook - The company is optimistic about the growth in AI and the demand for transformers in the European and American markets, with a significant increase in domestic data center orders by 102% year-on-year [3] - The company has expanded its production capacity in Mexico and is preparing for further expansion in Poland and the U.S. to support market growth [3] - The profit forecast for 2024-2026 is adjusted to 621 million, 851 million, and 1.044 billion respectively, with corresponding P/E ratios of 26.3, 19.2, and 15.6 [3] Financial Metrics - For 2024, the expected revenue is 7.250 billion, with a year-on-year growth rate of 8.7% [8] - The expected net profit for 2024 is 621 million, reflecting a year-on-year growth rate of 23% [8] - The company’s EPS for 2024 is projected to be 1.36 [8]