金盘科技（688676）：2025年半年报点评：海外市场高增，数据中心下游贡献显著

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved a revenue of 3.154 billion yuan in H1 2025, representing a year-over-year increase of 8.16%, with a net profit of 265 million yuan, up 19.10% year-over-year [1]. - The company is experiencing significant growth in overseas markets, with overseas revenue increasing by 11.27% in H1 2025, and domestic orders growing by over 30% year-over-year [2]. - The company is focusing on the AIDC sector, with a projected compound annual growth rate (CAGR) of 79.22% in the data center segment from 2022 to 2024, and a notable increase in sales revenue in this area [3]. Summary by Sections Financial Performance - In H1 2025, the company reported a gross profit margin of 25.87%, an increase of 2.80 percentage points year-over-year, and a net profit margin of 8.34%, up 0.79 percentage points year-over-year [1]. - The company’s sales in the data center sector reached over 500 million yuan in H1 2025, marking a 460.51% increase year-over-year [3]. Order Backlog - The company has a substantial order backlog of 7.540 billion yuan (excluding tax), with domestic orders at 4.738 billion yuan and foreign orders at 2.802 billion yuan, reflecting a year-over-year growth of 14.89% [2]. Growth Projections - Revenue projections for 2025 to 2027 are 9.184 billion yuan, 11.001 billion yuan, and 13.445 billion yuan, with corresponding growth rates of 33.1%, 19.8%, and 22.2% respectively [4][5]. - The expected net profits for the same period are 732 million yuan, 1.046 billion yuan, and 1.549 billion yuan, with growth rates of 27.3%, 43.0%, and 48.1% respectively [4][5].