金盘科技（688676）：海外贡献加大，aIDC打开新空间

Investment Rating - The report maintains a "Strong Buy" rating for the company [3]. Core Insights - The company is expected to achieve revenues of 6.901 billion RMB and a net profit of 574 million RMB in 2024, reflecting a year-on-year growth of 3.50% and 13.82% respectively [1][7]. - The company has significantly increased its overseas contributions, with foreign sales revenue reaching 1.98 billion RMB, a substantial increase of 68.26% [6][7]. - The company is actively expanding its presence in the data center transformer market, benefiting from the aIDC trend, with new orders increasing by 604% [18][19]. Financial Performance Summary - For 2024, the company is projected to have total revenue of 6.901 billion RMB, with a gross profit margin of 24.32%, an increase of 1.51 percentage points year-on-year [8][28]. - The company’s net profit margin improved to 8.3%, up by 0.8 percentage points [7][9]. - The company’s debt ratio decreased to 53.8%, down by 7.6 percentage points, primarily due to the conversion of convertible bonds [6][7]. Business Development - The company has added 890 new customers and achieved a sales order growth of 13.63%, with foreign orders making up 37% of total sales [12][13]. - The company has completed the expansion of its factory in Mexico and is preparing to build a factory in the United States, indicating a strong commitment to international growth [13][17]. - The company is also focusing on new business areas such as energy storage and digital transformation, with energy storage revenue expected to reach 520 million RMB in 2024, a growth of 26.34% [19].