金盘科技（688676）：海外订单交付带来盈利提升，海外在手订单丰富

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has shown improvement in profitability due to increased overseas orders and a rich backlog of orders [1][3] - The revenue for 2024 reached 6.901 billion yuan, a year-on-year increase of 3.5%, with a net profit of 574 million yuan, up 13.82% year-on-year [1] - The company is expanding into new fields such as AI and smart industrial robots, focusing on intelligent welding, handling, and collaboration [4] Financial Performance - In 2024, the company achieved a gross margin of 24.32%, an increase of 1.51 percentage points year-on-year, and a net margin of 8.27%, up 0.74 percentage points year-on-year [1] - The company’s overseas sales revenue reached 1.981 billion yuan, a significant increase of 68.26% year-on-year, accounting for 29% of total revenue [2] - The company’s backlog of orders as of the end of 2024 was 6.509 billion yuan, a year-on-year increase of 35.49% [3] Revenue Breakdown - Domestic sales revenue was 4.862 billion yuan, down 10.78% year-on-year, primarily due to the oversupply in the polysilicon segment affecting the performance of the new energy sector [2] - The new infrastructure sector saw a revenue increase of 167.43%, while digital solutions grew by 74.04% [2] Future Projections - The company is expected to achieve net profits of 808 million yuan, 1.162 billion yuan, and 1.390 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 21.6, 15.0, and 12.6 [4][5]