金盘科技（688676）：全球化产能布局铺开，提升AIDC模块化产品竞争力

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark within the next six months [5][18]. Core Views - The company is expected to achieve a revenue of 6.901 billion in 2024, reflecting a year-on-year growth of 3%, and a net profit attributable to shareholders of 574 million, representing a 14% increase [3][5]. - The report highlights significant growth in overseas orders, with foreign sales projected to reach 1.98 billion, a year-on-year increase of 68%, while domestic sales are expected to decline by 11% due to pressures in the renewable energy sector [4]. - The company is actively expanding its global production capacity and enhancing its AIDC modular product competitiveness, with a notable increase in orders for data center solutions [4][5]. Financial Performance Summary - In Q4 2024, the company reported a revenue of 2.102 billion, a year-on-year increase of 11%, and a net profit of 171 million, remaining stable compared to the previous quarter [3]. - The gross profit margin for 2024 is projected to be 24.3%, an increase of 1.5 percentage points year-on-year, while the net profit margin is expected to be 8.3%, up by 0.7 percentage points [3]. - The overall sales order for the group in 2024 is anticipated to be 8.9 billion, a year-on-year increase of 13.63%, with a backlog of 6.5 billion at the end of 2024, up 35% year-on-year [4]. Earnings Forecast - The company’s net profit is forecasted to reach 740 million in 2025, 1.07 billion in 2026, and 1.51 billion in 2027, with corresponding P/E ratios of 20, 14, and 10 times [5][7].