金盘科技（688676）：业绩符合市场预期，加码布局SST

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q3 2025 met market expectations, with total revenue of 6.668 billion yuan, reflecting a year-on-year growth of 40.5% [1] - The net profit attributable to the parent company for 2025 is projected to be 783.79 million yuan, representing a year-on-year increase of 36.45% [1] - The company is focusing on expanding its presence in the SST (Solid State Transformer) sector, with a prototype already completed and expected to be delivered domestically by the end of 2025 [8] - The international strategy is deepening, with overseas revenue expected to grow by over 20% in 2025 due to the easing of tariff impacts and strong demand for transformers [8] Financial Projections - Total revenue is forecasted to reach 8.838 billion yuan in 2025, with a compound annual growth rate (CAGR) of 28.07% from 2024 to 2025 [1][9] - The projected net profit for 2025 is 783.79 million yuan, with a growth rate of 36.45% compared to 2024 [1][9] - The earnings per share (EPS) is expected to be 1.70 yuan in 2025, with a P/E ratio of 39.60 based on the current price [1][9] Market Data - The closing price of the company's stock is 67.50 yuan, with a market capitalization of approximately 31.035 billion yuan [5] - The company has a price-to-book ratio of 6.58 and a debt-to-asset ratio of 53.99% [6][5]