证券代码：688676 证券简称：金盘科技 公告编号：2024-091 海南金盘智能科技股份有限公司 关于公司参与投资基金减资暨关联交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次减资内容：海南金盘智能科技股份有限公司（以下简称"公司"） 参与投资的无锡光远金盘新能源股权投资基金合伙企业（有限合伙）（以下简称 "基金"）拟进行减资。经友好沟通协商，本次基金的全部合伙人根据出资比例 按照等比例方式减资，基金规模由30,300万元减少至12,120万元，其中公司作为 基金有限合伙人直接出资由12,000万元减至4,800万元，本次减资完成后，公司直 接出资占基金比例保持不变，仍为39.6040%。 本次减资涉及与关联方共同投资减资，本次减资构成关联交易。 本次减资不构成《上市公司重大资产重组管理办法》规定的重大资产重 组。 本次减资实施不存在重大法律障碍。 本次关联交易事项已经公司第三届董事会独立董事专门会议第一次会议 审议通过后提交董事会审议，并经第三届董事会第十四次会议、第三届监事会第 九次 ...

Group 1: Financial Performance - The company achieved a total operating revenue of 476,810.34 million yuan from January to September 2024, with domestic sales contributing 340,232.21 million yuan and foreign sales contributing 136,578.13 million yuan [1] - Net profit attributable to shareholders reached 40,378.95 million yuan, representing a year-on-year growth of 21.17% [2] - The gross profit margin was 24.21%, an increase of 2.27 percentage points compared to the same period last year [2] Group 2: Share Buyback and Dividends - As of October 8, 2024, the company completed its share buyback plan, with a maximum repurchase price of 46.50 yuan per share and a total expenditure of 9,798.81 million yuan [1] - The company distributed a cash dividend of 4.5 yuan per 10 shares (including tax), totaling 206 million yuan, reflecting an 80% year-on-year increase in cash dividend per share [3] - The company plans to distribute profits exceeding 40% of the available distributable profits for the fiscal year 2024 [3] Group 3: Product Applications and Market Expansion - The company's transformer products are widely used in renewable energy sectors such as wind, solar, and hydrogen energy, as well as in data centers and new infrastructure [2] - Orders for data center products increased by 102% year-on-year from January to September 2024 [2] - The company has expanded its production capacity in Mexico and the U.S., with new capacity planned in Poland to support market expansion [2] Group 4: Marketing and Brand Influence - The company is focusing on global market expansion, international cooperation, and digital marketing to enhance brand influence [3] - In 2023, foreign sales orders surged to 1.991 billion yuan, a year-on-year increase of 119.18%, with overseas revenue growing by 79.54% to reach 1.177 billion yuan [3] - In the first half of 2024, foreign sales orders increased by 119.56%, with overseas revenue growing by 48.53% [3]

Investment Rating - The report maintains an "OUTPERFORM" rating for Jinpan Technology, with a target price of Rmb49.33 per share [1][16][12]. Core Insights - The profitability of Jinpan Technology has been restored in Q3 2024, with performance aligning with market expectations. The company achieved revenue of Rmb4.799 billion in the first three quarters of 2024, a year-on-year increase of 0.53%, and a net profit of Rmb404 million, up 21.17% year-on-year [12][16]. - The overseas revenue proportion has significantly increased, reaching 28.64%, which is a 10.2 percentage point increase compared to 2023. This reflects the company's deepening globalization strategy [15][16]. - The company is experiencing a doubling in the growth rate of domestic data center orders, which increased by 102% year-on-year from January to September 2024, indicating a new growth pole for the company [14][15]. Financial Performance - For Q3 2024, the company reported revenue of Rmb1.882 billion, a slight increase of 0.15% year-on-year, and a net profit of Rmb181 million, which is a 27.54% increase year-on-year. The gross profit margin for the first three quarters of 2024 was 24.21%, with Q3 showing a 3.8 percentage point increase from Q2 [12][13]. - The company’s net profit margin for Q3 improved by 1.7 percentage points compared to Q2, indicating a significant recovery in profitability [12][13]. Expense and Investment Insights - The expense ratio has slightly increased, with the sales expense ratio at 3.3%, up 0.08 percentage points year-on-year, while the management expense ratio decreased to 4.23%, down 0.78 percentage points year-on-year. R&D investment saw a slight decrease of 2.49% year-on-year, totaling Rmb221 million [13][14]. - The company has successfully launched the world's highest voltage level and largest capacity floating wind turbine, and has been recognized as one of the top 100 enterprises in Hainan Province for 2024 [13][14]. Future Projections - Based on new orders and industry developments, the company is expected to achieve operating revenues of Rmb7.95 billion, Rmb9.95 billion, and Rmb12.42 billion for the years 2024, 2025, and 2026, respectively, with corresponding net profits of Rmb650 million, Rmb950 million, and Rmb1.2 billion [16][12].

Investment Rating - The investment rating for Jinpan Technology is "Buy" [6][9][17] Core Views - Jinpan Technology reported a revenue of approximately 4.8 billion yuan for the first three quarters of 2024, representing a year-on-year growth of about 1%. The net profit attributable to shareholders was 400 million yuan, a year-on-year increase of approximately 21% [4] - The company has seen an increase in the proportion of foreign sales, with foreign sales accounting for about 29% of total revenue in the first three quarters of 2024. Domestic data center orders grew by approximately 102% year-on-year [5] - The company maintains a robust operational management with improved profitability quality, as evidenced by a gross margin of approximately 25.5% in Q3 2024, up 2.8 percentage points year-on-year [5] - The company completed a share buyback of approximately 2.6 million shares, accounting for 0.57% of the total share capital, with an average buyback price of 37.68 yuan per share [5] Summary by Sections Financial Performance - For the first three quarters of 2024, Jinpan Technology achieved a revenue of approximately 4.8 billion yuan, with a net profit of 400 million yuan, reflecting a year-on-year growth of 21% [4] - The gross margin for Q3 2024 was approximately 25.5%, and the net profit margin was about 9.6%, both showing improvements compared to previous periods [5] Revenue and Profit Forecast - Revenue projections for Jinpan Technology from 2024 to 2026 are estimated at 9.0 billion yuan, 11.9 billion yuan, and 14.4 billion yuan respectively, with corresponding net profits of 780 million yuan, 1.1 billion yuan, and 1.4 billion yuan [6] - The expected price-to-earnings ratios for 2024, 2025, and 2026 are 21, 15, and 12 times respectively [6] Market Position and Strategy - Jinpan Technology is positioned to benefit from the development of the transformer and energy storage sectors, driven by the current challenges in renewable energy consumption [6] - The company is pursuing a global strategy with rapid growth in overseas business, which is expected to contribute positively to future revenue [6]

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company has shown strong performance in Q3 2024, with revenue and net profit growth driven by increased overseas business and improved internal management [2][3] - The company is expanding its production capacity, particularly in overseas markets, which is expected to enhance revenue generation [3] - The domestic business is also positioned for growth despite some challenges, with significant increases in order volumes in non-renewable sectors [4] Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 4.799 billion yuan, a year-on-year increase of 0.53%, and a net profit of 404 million yuan, up 21.17% year-on-year [1] - The gross profit margin improved to approximately 24.21%, an increase of 2.27 percentage points year-on-year, attributed to a higher proportion of high-margin overseas orders [2] - The company’s earnings per share (EPS) for Q3 was approximately 0.91 yuan, reflecting a year-on-year increase of 16.67% [1] Revenue and Profit Forecast - The company is projected to achieve revenues of 7.239 billion yuan in 2024, with a year-on-year growth rate of 8.57% [7] - Net profit is expected to reach 633 million yuan in 2024, with a growth rate of 25.43% [7] - The EPS forecast for 2024 is 1.38 yuan, with a corresponding P/E ratio of 25.8 times [7] Capacity Expansion - The company is expanding its production capabilities, with the new Tongxiang factory expected to add an annual production capacity of 16 million KVA transformers [3] - The establishment of sales and after-sales service headquarters in Europe is set to support the company's growth in that region [3] Domestic Business Development - Despite a decline in domestic revenue due to the impact of the photovoltaic industry, the company has seen a significant increase in order volumes, particularly in data centers, which grew by 102% year-on-year [4] - The company is focusing on three key areas for domestic growth: data centers, infrastructure upgrades, and the wind power sector [4]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a year-on-year increase of 27.54% in net profit attributable to shareholders for Q3 2024, with a gross margin increase of 2.75 percentage points [4] - The revenue for Q3 2024 was 1.882 billion yuan, reflecting a year-on-year growth of 0.15% and a quarter-on-quarter growth of 16.82% [4] - The company has improved its overseas capacity layout and increased the proportion of high-quality orders, contributing to the growth in net profit [5][6] Summary by Sections Financial Performance - For Q3 2024, the company achieved a net profit of 181 million yuan, a year-on-year increase of 27.54% and a quarter-on-quarter increase of 41.86% [4] - The gross margin for Q3 2024 was 25.53%, up 2.75 percentage points year-on-year and 3.82 percentage points quarter-on-quarter [4] - For the first nine months of 2024, the company reported a total revenue of 4.799 billion yuan, a year-on-year increase of 0.53%, and a net profit of 404 million yuan, up 21.17% year-on-year [4] Overseas Business Development - In the first nine months of 2024, the company's foreign sales revenue was 1.366 billion yuan, accounting for 28.64% of total revenue, a slight increase from the first half of 2024 [5] - The company has expanded its production capacity in Mexico and is preparing for capacity expansion in the U.S. and Poland, which will support further market expansion [5] Cash Flow and Financial Health - The company's operating cash flow for the first nine months of 2024 showed significant improvement, with a net cash flow of -87 million yuan, an increase of 63.66% year-on-year [6] - As of September 2024, the company had inventory of 1.972 billion yuan, with accounts receivable at 3.130 billion yuan, reflecting a year-on-year increase of 20.78% [6] Earnings Forecast and Valuation - The company is expected to achieve net profits of 667 million yuan and 837 million yuan for 2024 and 2025, respectively, with corresponding EPS of 1.46 yuan and 1.83 yuan [6] - The valuation is set at a PE ratio of 25-30 times for 2024, with a reasonable value range of 36.5 to 43.8 yuan per share [6]

Investment Rating - The report maintains a "Buy" rating for the company, with an expected price-to-earnings (PE) ratio of 24, 18, and 14 for the years 2024, 2025, and 2026 respectively [2][6]. Core Insights - The company reported a significant increase in profitability, with a year-on-year net profit growth of 21.17% for the first three quarters of 2024, reaching 4.04 billion [1]. - Revenue for the first three quarters of 2024 was 47.99 billion, reflecting a slight increase of 0.53% year-on-year [1]. - The third quarter of 2024 saw a revenue of 18.82 billion, up 0.15% year-on-year and 16.82% quarter-on-quarter, with a net profit of 1.81 billion, marking a year-on-year increase of 27.54% and a quarter-on-quarter increase of 41.86% [1]. - The company's overseas revenue has increased significantly, accounting for 30.54% of total revenue in Q3 2024, up 5.56 percentage points from the previous quarter [1]. - The overall gross margin for the first three quarters of 2024 was 24.21%, an increase of 2.05 percentage points year-on-year, while the net profit margin was 8.34%, up 1.38 percentage points year-on-year [1]. Financial Summary - The company is expected to achieve revenues of 75.90 billion, 95.19 billion, and 115.17 billion for the years 2024, 2025, and 2026, with year-on-year growth rates of 13.83%, 25.43%, and 20.98% respectively [2][3]. - The projected net profits for the same years are 6.67 billion, 9.02 billion, and 11.40 billion, with growth rates of 32.19%, 35.26%, and 26.36% respectively [2][3]. - The earnings per share (EPS) are forecasted to be 1.46, 1.97, and 2.49 yuan for 2024, 2025, and 2026 respectively [2][3]. - The company’s total assets are projected to reach 11.366 billion, 13.132 billion, and 15.210 billion by 2024, 2025, and 2026 respectively [4].

gszqdatemark 5 证券研究报告 | 季报点评 2024 10 27 年 月 日 金盘科技（688676.SH） 海外订单逐步兑现，公司盈利性受益结构改善 事件：公司发布 2024 年三季报。 公司 2024 年 Q1-Q3 实现营业收入 47.99 亿，同比+0.53%；归母净利润 4.04 亿，同比+21.17%；扣非归母 净利润 3.83 亿，同比+18.89%。其中，2024Q3 公司实现营业收入 18.82 亿元，同比+0.15%；实现归母净利润 1.81 亿元，同比+27.54%。公司业 绩符合预期。 收入划分：海外市场逐步兑现。收入结构方面，2024 年前三季度公司实现 国内收入 34.02 亿元，占比 71%，实现海外收入 13.66 亿元，占比 29%。 盈利性：毛净利率齐升，随着海外订单逐步交付，有望带动公司盈利攀升。 公司前三季度毛利率为 24.21%，同比+2.27pcts，其中 2024Q3 毛利率为 25.53%，同比+2.75pcts，环比+3.82pcts，净利率 9.57%，同比+2.06pcts， 环比+1.70pcts。主要原因是：①公司以海外为主的优质订单比例 ...

Investment Rating - The report assigns a "Buy" investment rating to the company, indicating a positive outlook based on expected growth in overseas orders and improved profitability [8]. Core Insights - The company reported a revenue of 4.799 billion yuan for the first three quarters of 2024, showing a year-on-year growth of 0.53%, while the net profit attributable to shareholders reached 404 million yuan, up 21.17% year-on-year [2][3]. - The gross margin improved to 24.21%, an increase of 2.05 percentage points year-on-year, and the net margin reached 8.34%, up 1.38 percentage points year-on-year [3]. - In Q3 2024, the company achieved a revenue of 1.882 billion yuan, maintaining year-on-year levels but showing a quarter-on-quarter growth of 16.82%, with a net profit of 181 million yuan, reflecting a year-on-year increase of 27.54% and a quarter-on-quarter increase of 41.86% [3]. - The company’s overseas sales accounted for 28.64% of total revenue in the first three quarters, with Q3 showing an increase to 30.79%, indicating a positive trend in international orders [4]. - The company is expanding its production capacity both domestically and internationally, with new facilities in Mexico and Poland, which are expected to enhance market reach [5][7]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported total revenue of 4.799 billion yuan and a net profit of 404 million yuan, with respective year-on-year growth rates of 0.53% and 21.17% [2][3]. - The gross margin for Q3 reached 25.53%, and the net margin was 9.57%, marking the highest quarterly performance since the company went public [3]. Sales Breakdown - The company’s external sales revenue for the first three quarters was 1.366 billion yuan, representing 28.64% of total revenue, with Q3 external sales at 575 million yuan, or 30.79% of that quarter's revenue [4]. - Domestic sales for the same period totaled 3.402 billion yuan, accounting for 71.36% of total revenue, with a narrowing decline expected in the domestic market due to increased orders in non-new energy sectors [4]. Capacity Expansion - The company is actively expanding its production capacity, with new facilities in Mexico and Poland, and a project in Tongxiang, China, expected to enhance its product offerings [5][7]. Profit Forecast - The report forecasts revenues of 7.734 billion yuan, 9.677 billion yuan, and 12.018 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.37 yuan, 1.80 yuan, and 2.43 yuan [8][10].

| --- | --- | --- | |---------------------------------------------------|---------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | 证券研究报告 | | 电力设备 | | 报告日期： 2024 年 10 月 24 日 | | | | 盈利能力显著提升，外销收入持续增长 | | | | ——金盘科技（ 688676.SH ） 2024 年三季报点评报告 | | ...