金盘科技（688676）：公司点评：业绩基本符合预期，数据中心领域大幅增长

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits of 6.6 billion, 9.7 billion, and 13.6 billion for the years 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 15%, 46%, and 41% [5]. Core Insights - The company reported a revenue of 7.3 billion in 2025, a year-on-year increase of 5.8%, and a net profit attributable to shareholders of 660 million, up 14.9% year-on-year, with Q4 revenue remaining stable at 2.11 billion [2][4]. - The data center business has shown significant growth, with the company transitioning from a single transformer supplier to a comprehensive power solution provider, which includes oil transformers, switchgear, and power modules, capitalizing on the increasing demand for computing power driven by the global AI and renewable energy trends [3][4]. - The company is focusing on its core business and advancing digital transformation to optimize operational efficiency and management quality, which has contributed to a net profit increase of 14.9% in 2025 [4]. Financial Summary - The company’s projected revenue growth rates are 40.5% for 2023, 3.5% for 2024, 5.78% for 2025, 25.27% for 2026, and 26.27% for 2027 [9]. - The net profit attributable to shareholders is expected to grow from 505 million in 2023 to 1.36 billion in 2027, with growth rates of 78.15%, 13.82%, 14.93%, 46.46%, and 40.71% respectively [9]. - The diluted earnings per share are projected to increase from 1.182 in 2023 to 2.959 in 2027 [9].