金盘科技（688676）：AIDC收入高增，重点关注公司SST进展

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported strong revenue growth in the AIDC segment, with a focus on the progress of its SST technology [2][3] - The company achieved a revenue of 5.194 billion yuan in the first three quarters of 2025, representing an 8.25% year-on-year increase, and a net profit of 486 million yuan, up 20.27% year-on-year [1][3] - The gross margin for the first three quarters of 2025 was 26.08%, an increase of 1.87 percentage points year-on-year, while the net margin was 9.29%, up 0.94 percentage points year-on-year [1] Financial Performance - For Q3 2025, the company reported a revenue of 2.04 billion yuan, a year-on-year increase of 8.38% and a quarter-on-quarter increase of 12.61% [1] - The net profit for Q3 2025 was 221 million yuan, reflecting a year-on-year increase of 21.71% and a quarter-on-quarter increase of 39.92% [1] - The company’s overseas market revenue accounted for over 30% of total revenue in the first three quarters of 2025, with exports reaching 1.59 billion yuan [2] Future Projections - The company is expected to achieve net profits of 711 million yuan, 1.043 billion yuan, and 1.376 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 59.6, 40.7, and 30.8 [3][4] - The company’s revenue is projected to grow to 8.78 billion yuan in 2025, with a year-on-year growth rate of 27.2% [4]