金盘科技（688676）：业绩符合市场预期，SST进展值得期待

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2025 is in line with market expectations, with projected revenue of 7.299 billion yuan, a year-on-year increase of 6%, and a net profit attributable to shareholders of 660 million yuan, up 15% year-on-year [9] - The company has effectively mitigated the impact of fluctuating tariff policies through proactive business strategies and global capacity coordination, leading to a significant increase in overseas revenue, which has enhanced profitability [9] - The launch of the Yuan Shen ONE series SST products is expected to accelerate the company's growth in the SST market, with a projected market size exceeding 100 billion yuan by 2030 [9] Financial Summary - Total revenue projections for the company are as follows: 6.901 billion yuan in 2024, 7.299 billion yuan in 2025, 8.455 billion yuan in 2026, and 10.500 billion yuan in 2027, reflecting growth rates of 3.50%, 5.78%, 15.83%, and 24.18% respectively [1][10] - The net profit attributable to shareholders is forecasted to be 574 million yuan in 2024, 660 million yuan in 2025, 892 million yuan in 2026, and 1.217 billion yuan in 2027, with growth rates of 13.82%, 14.89%, 35.15%, and 36.47% respectively [1][10] - The latest diluted EPS is projected to be 1.25 yuan in 2024, 1.44 yuan in 2025, 1.94 yuan in 2026, and 2.65 yuan in 2027 [1][10] - The current P/E ratios based on the latest diluted EPS are 81.55 for 2024, 70.98 for 2025, 52.52 for 2026, and 38.48 for 2027 [1][10]