金盘科技：业绩稳健增长，海外产能加速扩张

Investment Rating - Investment Rating: Buy (Maintain) [2] Core Views - The company reported a steady revenue growth of 4.53 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 0.53% [2] - 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 18.89% increase [2] - The gross profit margin improved to 24.21%, an increase of 2.05 percentage points year-on-year, driven by a higher proportion of quality orders and better management of accounts receivable and inventory [2] - The company has seen a significant increase in data center orders, with a 102% year-on-year growth in order volume in the first three quarters of 2024 [2] - The overseas business generated revenue of 1.366 billion yuan, accounting for 28.64% of total revenue, with expanded production capacity in Mexico and established operations in Poland [2] Financial Performance Summary - Revenue for 2023 is projected at 6.668 billion yuan, with a year-on-year growth of 40.5%, and expected to reach 8.846 billion yuan in 2024 [5] - The net profit attributable to shareholders is forecasted to be 505 million yuan in 2023, increasing to 654 million yuan in 2024, reflecting a net profit growth of 78.2% in 2023 [5] - The gross margin is expected to be 22.8% in 2023, slightly decreasing to 22.2% in 2024 [5] - The company’s return on equity (ROE) is projected to be 15.3% in 2023, with a slight decrease to 13.5% in 2024 [5] Investment Recommendations - The profit forecasts for 2024, 2025, and 2026 are adjusted to 654 million yuan, 953 million yuan, and 1.138 billion yuan respectively, with corresponding price-to-earnings ratios of 25, 17, and 14 [2]