金盘科技（688676）：2024年年报点评：海外业务增速亮眼，数据中心贡献新增量

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company achieved a revenue of 6.901 billion yuan in 2024, a year-on-year increase of 3.5%, and a net profit attributable to shareholders of 574 million yuan, up 13.82% year-on-year [1] - The overseas business showed remarkable growth, with overseas revenue reaching 1.981 billion yuan, a significant increase of 68.26%, accounting for 29% of total revenue [2] - The company is expected to see a recovery in domestic business in 2025, with a strong order backlog of 6.509 billion yuan, up 35.49% year-on-year, providing a solid foundation for future performance [2] - The non-renewable energy sector, particularly data centers, has shown significant growth, with revenue from this segment increasing by 31.02% to 3.712 billion yuan, and data center orders growing by 603.68% [3] - The company is actively expanding its global production capacity and digital factory solutions, with revenue from digital solutions increasing by 74.04% to 123 million yuan [4] - Future revenue projections for 2025-2027 are 9.184 billion, 11.001 billion, and 13.445 billion yuan, with corresponding growth rates of 33.1%, 19.8%, and 22.2% [4] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 6.901 billion yuan and a net profit of 574 million yuan, with a gross margin of 24.32%, an increase of 1.71 percentage points year-on-year [1][3] - The company expects to achieve net profits of 785 million, 1.069 billion, and 1.469 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 36.6%, 36.2%, and 37.4% [5][11] Market Outlook - The company anticipates a positive outlook for 2025, driven by the growth of overseas markets and data center revenues, with a focus on expanding into emerging markets [2][4] - The report highlights the company's strategic focus on digital transformation and global capacity expansion as key drivers for future growth [4] Valuation Metrics - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 22X, 16X, and 12X, respectively, indicating a favorable valuation trend [5][11]