金盘科技（688676）：国内新增长极显现，海外积极应对关税

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights the emergence of new growth drivers domestically and proactive measures taken overseas to address tariff impacts [1][8] - The company's Q1 2025 performance met market expectations, with revenue of 1.34 billion yuan, a year-on-year increase of 3%, and a net profit of 110 million yuan, up 13% year-on-year [8] - Domestic orders are recovering rapidly, with significant growth in downstream revenues from data centers and wind energy [8] - The company is expanding production capacity in multiple locations to mitigate the impact of trade tensions, including factories in Mexico, Poland, and Malaysia [8] Financial Forecasts - Total revenue is projected to grow from 6.67 billion yuan in 2023 to 12.93 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 19.24% [1] - Net profit attributable to the parent company is expected to increase from 504.66 million yuan in 2023 to 1.32 billion yuan in 2027, reflecting a CAGR of 27.06% [1] - The latest diluted EPS is forecasted to rise from 1.10 yuan in 2023 to 2.88 yuan in 2027 [1] Market Data - The closing price of the company's stock is 31.74 yuan, with a market capitalization of approximately 14.52 billion yuan [5] - The price-to-earnings (P/E) ratio is projected to decrease from 28.77 in 2023 to 11.01 in 2027, indicating an improving valuation [1][9] Operational Insights - The company reported a significant improvement in operating cash flow, with a net cash flow from operating activities of 130 million yuan in Q1 2025 [8] - The gross margin for Q1 2025 was 24.9%, slightly down by 0.5 percentage points year-on-year, while the net margin improved by 0.8 percentage points to 7.9% [8]