Investment Rating - The investment rating for the company is "Outperform the Market" [4][10][11]. Core Views - The company's net profit has shown steady growth, with a year-on-year increase of 21.17% in the first three quarters, reaching 404 million yuan. The revenue for the same period was 4.799 billion yuan, reflecting a slight increase of 0.53% year-on-year [5][10]. - The company has significantly increased its overseas business, with export revenue accounting for 28% of total revenue, and foreign orders exceeding 40% of total orders. The backlog of orders reached 6.562 billion yuan, a year-on-year increase of 29.88% [10][11]. - The company is actively expanding its production capacity in Mexico, the United States, and Poland to enhance its global footprint [10][11]. Summary by Sections Financial Performance - In the first three quarters, the company achieved a revenue of 4.799 billion yuan, with a net profit of 404 million yuan, and a gross profit margin of 24.21%, which is an increase of 2.05 percentage points year-on-year [5][10]. - In Q3 alone, the company reported a revenue of 1.882 billion yuan, a year-on-year increase of 0.15% and a quarter-on-quarter increase of 16.82%. The net profit for Q3 was 181 million yuan, reflecting a year-on-year increase of 27.54% and a quarter-on-quarter increase of 41.86% [5][10]. Order Growth - The company has seen a 102% year-on-year increase in new orders for data centers in the first three quarters, with September alone contributing 120 million yuan in new orders [2][10]. - The company is focusing on expanding into new infrastructure sectors to mitigate the impact of slowing growth in the renewable energy sector [2][10]. Market Position and Strategy - The company is leveraging its technological advantages in the transformer sector, with products being used in over a hundred data center projects for major clients like Baidu, Huawei, and Alibaba [2][10]. - The strategic expansion into international markets is expected to bolster the company's growth trajectory, with significant investments in production capabilities in key regions [10][11].

海南金盘智能科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | |-----------------------|----------------|------------------------------------------------|--------------------------------------------------------| | 证券简称： 金盘科技 | | 证券代码： 688676 \n√特定对象调研 □分析师会议 | 编号： 20241022 | | 投资者关系活动 | | □媒体采访 □业绩说明会 | | | 类别 | | □新闻发布会 路演活动 | | | | □现场参观 其他 | | | | | | | 华福证券有限责任公司；国联证券股份有限公司；华鑫证券 | | | | | 有限责任公司；红塔证券股份有限公司；长城证券股份有限 | | | | | 公司；开源证券股份有限公司；东方证券股份有限公司；国 | | | | | 盛证券有限责任公司；东亚前海证券有限责任公司；华泰证 | | | | | 券股份有限公司；东北证券股份有限 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a revenue of 4.799 billion yuan for the first three quarters of 2024, a year-on-year increase of 0.53%, and a net profit attributable to shareholders of 404 million yuan, up 21.17% year-on-year [2][6] - In Q3 alone, the company achieved a revenue of 1.882 billion yuan, a year-on-year increase of 0.15% and a quarter-on-quarter increase of 16.82%, with a net profit of 181 million yuan, reflecting a year-on-year growth of 27.54% and a quarter-on-quarter growth of 41.86% [2][6] - The optimization of the order structure has driven an improvement in profitability, with a significant increase in the proportion of high-quality orders and a focus on managing accounts receivable and inventory [6] - The company is expanding its global production capacity, particularly in Mexico and Europe, to reduce reliance on a single market [6] - The data center product line is expected to open new growth avenues, with a 102% year-on-year increase in domestic data orders from January to September 2024 [6] Financial Summary - For 2024-2026, the company is projected to achieve revenues of 71.94 billion yuan, 88.70 billion yuan, and 106.78 billion yuan, with year-on-year growth rates of 7.89%, 23.31%, and 20.38% respectively [6][7] - The net profit attributable to shareholders is expected to be 6.18 billion yuan, 8.27 billion yuan, and 10.93 billion yuan for the same period, with growth rates of 22.38%, 33.87%, and 32.24% respectively [6][7] - The earnings per share (EPS) are projected to be 1.35 yuan, 1.81 yuan, and 2.39 yuan, with a three-year compound annual growth rate (CAGR) of 29.40% [6][7] - The company's price-to-earnings (P/E) ratio is expected to decrease from 58.9 in 2022 to 15.3 by 2026, indicating improved valuation [7]

Group 1: Company Overview and Performance - Jinpan Technology reported a main business revenue of ¥476,810.34 million for the first nine months of 2024, with domestic sales contributing ¥340,232.21 million (28.64%) and international sales contributing ¥136,578.13 million (71.36%) [4] - The company has expanded its production capacity in Mexico and is preparing for full-line product capacity expansion in both Mexico and the United States [3] Group 2: Market and Industry Insights - The company anticipates focusing on industries such as data centers and infrastructure, following trends in AI and emerging national policies [3] - In the first nine months of 2024, domestic data center orders increased by 102% year-on-year, driven by the superior performance of its transformer series products [3][4] Group 3: Future Developments - The Jinpan Technology New Energy Equipment Intelligent Manufacturing project in Tongxiang officially commenced in October 2024, expected to enhance production capacity for various transformer series products [3] - The company is establishing a production capacity in Poland, which will support further market expansion in Europe [3] Group 4: Competitive Landscape - Jinpan Technology's transformer products are recognized for their stability, quality, and low failure rates, making them suitable for various applications including wind energy, photovoltaics, and data centers [4] - Different industries have varying technical demands for transformer products, with data centers requiring high stability and wind energy demanding complex manufacturing processes [4]

沪深 300 23.6% 12.6% 12.7% 2024 年 10 月 23 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 李航 S0350521120006 lih11@ghzq.com.cn 证券分析师： 王刚 S0350524020001 wangg06@ghzq.com.cn [Table_Title] 外销业务占比提升，公司盈利能力进一步改善 ——金盘科技（688676）2024 年三季报点评 最近一年走势 事件: 金盘科技 2024 年 10 月 22 日发布 2024 年三季度报告：2024 年前三季 度，公司实现营收 48 亿元，同比+1%；归母净利润 4.0 亿元，同比+21%； 扣非归母净利润 3.8 亿元，同比+19%；销售毛利率 24.2%，同比+2.0pct； 销售净利率 8.3%，同比+1.4pct。 其中，2024Q3，营收 18.8 亿元，环比+17%，同比+0.1%；归母净利润 1.8 亿元，环比+42%，同比+28%；扣非归母净利润 1.7 亿元，环比+54%， 同比+27%；销售毛利率 25.5%，环比+3.8pct，同比+2.7pct；销售净利 率 9.6 ...

[ T able_StockInfo] 2024 年 10 月 21 日 证券研究报告•2024 年三季报点评 持有 （维持） 当前价：36.47 元 金盘科技（688676）电力设备 目标价：——元（6 个月） 盈利能力同环比增长，外销占比进一步提升 [Table_Summary 事件：2024年]第三季度，公司实现营业收入 18.8亿元，同比增长 0.2%；实现 归母净利润 1.8 亿元，同比增长 27.5%；扣非归母净利润 1.7 亿元，同比增长 26.7%。2024年 1-9月，公司累计实现营业收入 48亿元，同比增长 0.5%；实 现归母净利润 4 亿元，同比增长 21.2%；扣非归母净利润 3.8 亿元，同比增长 18.9%。 盈毛利率与净利率进一步提升，费用率略有增长。盈利端：2024前三季度公司 销售毛利率/净利率分别为 24.2%/8.3%，同比+2.0pp/+1.4pp；24Q3 毛利率/净 利率分别为 25.5%/9.6%，分别同比+2.7pp/+2.1pp，主要系公司优质订单比例 增加，同时公司持续加大对应收账款和存货管理，信用减值损失和资产减值损 失同比下降，并且进项税额端受益。费用 ...

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|----------------------------------------|------------------------------------------|----------------------------| | 2024 年 10 月 22 日 \n金盘科技（ 688676.SH ） \n毛利率提升明显，海外市场布局加码 | 投资评级 | 电力设备及新能源 | 公司研究●证券研究报告 \n\| \n买入-B(维持 | 公司快报 \n输变电设备Ⅲ \n) | | 投资要点 | 股价 | (2024-10-21) | | 36.47 元 | | | 交易数据 | ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - The company reported a revenue of 4.799 billion with a year-on-year growth of 0.53% and a net profit attributable to shareholders of 404 million, reflecting a year-on-year increase of 21.17% [2]. - The company's profitability has significantly improved, driven by an increase in high-quality orders and better management of accounts receivable and inventory [3]. - The export data for electrical equipment continues to show high demand, with the company's international influence on the rise, particularly in North America and Europe [4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a gross margin of 25.53%, up 2.74 percentage points year-on-year, and a net profit margin of 9.57%, up 2.06 percentage points year-on-year [3]. - The revenue structure shows that domestic revenue accounted for 34.02 billion (71%), while overseas revenue reached 13.66 billion (29%) [2]. - The company expects revenues of 7.329 billion, 9.034 billion, and 11.146 billion for 2024, 2025, and 2026 respectively, with corresponding growth rates of 9.9%, 23.3%, and 23.4% [5][7]. Market Position and Outlook - The company is positioned as a leading player in the transformer export market, with a rapid increase in overseas revenue share and a strong competitive edge globally [4]. - The report forecasts net profits of 608 million, 813 million, and 1.038 billion for 2024, 2025, and 2026 respectively, with growth rates of 20.5%, 33.6%, and 27.8% [5][7].

Summary of Conference Call Transcript Company Overview - The company positions itself as a global power equipment supplier, focusing on technological research and innovation [1] Core Points and Arguments - The company is actively promoting its technological research and innovation to enhance its market position [1] Other Important Content - The mention of the third quarter operating conditions indicates ongoing efforts to maintain a competitive edge in the industry [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown impressive profit margins, with a significant recovery in profitability expected in the near term [3] - The overseas demand for power equipment remains strong, with accelerated order fulfillment and expectations for continued growth [3] - Domestic revenue decline is narrowing, and profit margins are expected to recover to earlier levels [3] Financial Performance Summary - For Q1-Q3 2024, revenue increased by 1% year-on-year, with net profit attributable to shareholders rising by 21% [3] - The company achieved revenues of 4.8 billion yuan and 1.88 billion yuan for Q1-Q3 and Q3 respectively, with net profits of 400 million yuan and 180 million yuan, reflecting year-on-year increases of 21% and 28% [3] - Gross margin for Q1-Q3 and Q3 was 24.2% and 25.5%, respectively, showing year-on-year increases of 2.1 and 2.8 percentage points [3] Order and Revenue Insights - The demand for transformers in the U.S. data centers and power grids is leading the market, with European and Middle Eastern demand driven by offshore wind and solar storage [3] - The company expects overseas orders to nearly double year-on-year for Q1-Q3, with a shift towards data centers and power grids in the order structure [3] - Domestic revenue for Q3 was 1.31 billion yuan, showing a year-on-year decline of 16% but an increase of 8% quarter-on-quarter [3] Cash Flow and Financial Health - Operating cash flow improved significantly, with a net cash flow from operating activities of -90 million yuan, an increase of 150 million yuan year-on-year [4] - Contract liabilities grew by 22% year-to-date, indicating a healthy order book [4] - The company has adjusted its profit forecasts for 2024-2026, with expected net profits of 610 million yuan, 820 million yuan, and 1.04 billion yuan, respectively [4] Valuation Metrics - The company is projected to have a P/E ratio of 27x, 20x, and 16x for 2024, 2025, and 2026, respectively [4] - The target price for 2025 is set at 53.7 yuan, based on a 30x P/E ratio [4]