Hainan Jinpan Smart Technology (SH:688676) Huaan Securities·2025-05-04 05:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 6.901 billion yuan in 2024, representing a year-on-year growth of 3.50%, with a net profit attributable to the parent company of 574 million yuan, up 13.82% year-on-year [4] - The overseas sales revenue for 2024 reached 1.981 billion yuan, marking a significant increase of 68.26% year-on-year, driven by growth in data center infrastructure and digital factory solutions [5] - The company has a strong order backlog of 6.509 billion yuan as of December 31, 2024, which is a 35.49% increase year-on-year, providing a solid foundation for performance in 2025 [5] Financial Performance Summary - In 2025, the company is expected to achieve revenues of 8.690 billion yuan, with a net profit of 736 million yuan, reflecting a year-on-year growth of 25.9% and 28.1% respectively [6][8] - The gross margin for 2024 was 24.32%, an increase of 1.51 percentage points year-on-year, while the gross margin for Q1 2025 was 24.93%, a decrease of 0.46 percentage points year-on-year [4] - The projected earnings per share (EPS) for 2025 is 1.61 yuan, with a price-to-earnings (P/E) ratio of 19.81 [8]