证券金盘科技：Q1盈利能力保持稳定，海外营收占比快速提升

Summary of Jinpan Technology (688676 CH) Q1 2024 Earnings Call Company Overview - Company: Jinpan Technology (金盘科技) - Ticker: 688676 CH - Date of Report: May 22, 2024 Key Financial Performance - Q1 2024 Revenue: RMB 1.305 billion, a year-on-year increase of 0.60% [7] - Net Profit Attributable to Parent Company: RMB 95 million, a year-on-year increase of 8.57% [7] - Net Profit Growth (Excluding Non-Recurring Gains): 36.6% [7] - Gross Profit Margin: 25.81%, an increase of 2.7 percentage points year-on-year [7] - Net Profit Margin: 7.16%, an increase of 6.51 percentage points year-on-year [7] Revenue Breakdown - Transformers, Distribution, and Control Equipment: RMB 1.133 billion [8] - Energy Storage Products: RMB 110 million [8] - Digital Solutions: RMB 57 million [8] - Domestic Sales: RMB 912 million [8] - Overseas Revenue: RMB 389 million, accounting for 30% of total sales, a significant increase compared to 2023 [8] Business Segments and Growth Drivers - Core Products: Continuous upgrades to meet diverse application needs; leader in dry-type transformers [9] - Transformer Business Revenue: 61.3% of total revenue in 2023 [9] - Contracts Signed: RMB 739 million in transformer contracts with overseas EPC clients as of April 18, 2024 [9] - Growth in Energy Storage and Digital Business: Expected to lead development during the 14th Five-Year Plan; energy storage revenue exceeded RMB 71 million from H1 2023 [10] Future Projections - Revenue Forecast (2024-2026): RMB 9.1 billion in 2024, RMB 12 billion in 2025, and RMB 15.1 billion in 2026 [11] - Net Profit Forecast: RMB 780 million in 2024, RMB 1.05 billion in 2025, and RMB 1.35 billion in 2026 [11] - Target Price: Increased from RMB 48.30 to RMB 67.51 per share, maintaining an "OUTPERFORM" rating [11] Risks Identified 1. Relevant policies and power grid investments may fall short of expectations [12] 2. Installed capacity for new energy and energy storage may be lower than anticipated [12] 3. Significant increases in raw material prices [12] 4. Trade friction [12] Investment Rating - Current Rating: Maintain "OUTPERFORM" [5][11] ESG Considerations - Environmental: Environmentally friendly practices [13] - Social: High product quality [13] - Governance: Strong governance practices [13]