证券研究报告·公司点评报告·电网设备 金盘科技（688676） 2023 年年报点评：出海首战告捷，数字化又 2024 年 03月 22日 下一城 证券分析师 曾朵红 买入（维持） 执业证书：S0600516080001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E zengdh@dwzq.com.cn 证券分析师 谢哲栋 营业总收入（百万元） 4,746 6,668 8,846 11,130 13,473 执业证书：S0600523060001 同比 43.69% 40.50% 32.67% 25.82% 21.05% xiezd@dwzq.com.cn 归母净利润（百万元） 283.28 504.66 790.69 1,134.51 1,418.30 同比 20.74% 78.15% 56.68% 43.48% 25.01% 股价走势 EPS-最新摊薄（元/股） 0.66 1.18 1.85 2.65 3.32 金盘科技 沪深300 P/E（现价&最新摊薄） 61.25 34.38 21.94 15.29 12.23 ...

证券研究报告 公 2024年03月21日 司 报 告 金盘科技(688676) 行 业： 电力设备/电网设备 │ 公 投资评级： 增持（下调） 司 当前价格： 43.03元 变压器盈利能力高增，海外布局持续深化 年 目标价格： 47.00元 报 点 事件： 评 基本数据 公司发布2023年年报，2023年实现营业收入66.68亿元，同比+40.50%； 总股本/流通股本(百万股) 427.36/427.36 实现归母净利润5.05亿元，同比+78.15%。其中23Q4公司实现营业收入 流通A股市值(百万元) 18,389.41 18.95亿元，同比+21.59%，环比+0.79%；实现归母净利润1.71亿元，同 每股净资产(元) 7.33 比+48.76%，环比+20.56%。 资产负债率(%) 61.35 ➢ 需求旺盛叠加降本增效，公司业绩大幅提升 一年内最高/最低(元) 47.30/26.75 2023年，公司新能源相关销售收入同比增长68.21%，其中光伏相关收入同 比增长 88.95%，储能相关收入同比增长 302.58%；在非新能源业务中，工 股价相对走势 业企业电气配套销售收入同比增长40.06% ...

证券研究报告 | 2024年03月22日 金盘科技（688676.SH） 买入 干变龙头持续打磨内功，海外业务引领行业 核心观点 公司研究·财报点评 全年业绩符合预期，归母净利润增长78%。公司2023年实现营收66.68亿元 电力设备·电网设备 （同比+40.50%），归母净利润5.05亿元（同比+78.15%），扣非净利润4.81 证券分析师：王蔚祺 证券分析师：王晓声 亿元（同比+104.92%），销售毛利率22.81%（同比+2.52pct.），扣非销售 010-88005313 010-88005231 wangweiqi2@guosen.com.cnwangxiaosheng@guosen.com.cn 净利率7.21%（同比+2.27pct.）。 S0980520080003 S0980523050002 基础数据 四季度业绩创历史新高，盈利能力持续提升。公司2023年四季度实现营收 18.95亿元（同比+21.59%，环比+0.79%），归母净利润1.71亿元（同比 投资评级 买入(维持) 合理估值 +48.76%，环比+20.56%），销售毛利率 24.45%（同比+2.1pct.，环比 收 ...

[Table_StockInfo] 持有 2024年 03月 20日 （维持） 证券研究报告•2023年年报点评 当前价： 43.03元 金盘科技（688676） 电力设备 目标价： ——元（6个月） 变压器出海驱动量利双升，“储能+数字化”提振增长 投资要点 西南证券研究发展中心 [T ab事le件_S：u公mm司a2ry0]2 3年实现营业收入 66.7亿元，同比增长 40.5%；实现归母净利 [分Ta析bl师e_：Au韩th晨or ] 润 5亿元，同比增长78.2%；扣非归母净利润4.8亿元，同比增长104.9%。2023 执业证号：S1250520100002 年第四季度公司实现营收18.9亿元，同比增长21.6%；实现归母净利润1.7亿 电话：021-58351923 元，同比增长48.8%；扣非归母净利润1.6亿元，同比增长129.7%。 邮箱：hch@swsc.com.cn  盈利能力持续提升，研发投入维持高位。盈利端：2023年公司销售毛利率/净利 联系人：李昂 率分别为 22.8%/7.5%，同比增长 2.5/1.6pp；单 Q4 毛利率/净利率分别为 电话：021-58351923 2 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [5]. Core Views - The demand for transformers in both domestic and overseas markets is clear, leading to significant growth in performance [1]. - The company achieved a revenue of 6.668 billion yuan in 2023, a year-on-year increase of 40.5%, and a net profit of 505 million yuan, up 78.2% year-on-year [1][2]. - The company is expected to benefit from the acceleration of new energy construction and grid investment, which will drive transformer demand [3]. Revenue Breakdown - The overseas sales revenue reached 1.177 billion yuan, a year-on-year increase of 79.54%, while domestic sales revenue was 5.449 billion yuan, up 34.50% [1]. - Transformer sales revenue was 6.141 billion yuan, an increase of 36.26% year-on-year, while energy storage sales revenue surged to 414 million yuan, up 546.95% [1]. - In the new energy sector, sales revenue was 3.723 billion yuan, a year-on-year increase of 68.21%, with solar energy accounting for 51% of this revenue [1]. Profitability - The company's gross profit margin improved to 22.81%, an increase of 2.52 percentage points from 2022, while the net profit margin rose to 7.53%, up 1.56 percentage points [2]. - The overall expense ratio remained stable at 13.36%, indicating effective cost management despite aggressive overseas market expansion [2]. Future Outlook - The company expects to see continued growth in transformer sales orders, which reached 7.832 billion yuan in 2023, a year-on-year increase of 35.14% [3]. - The company has successfully entered the offshore wind market with its liquid-immersed transformers and is expanding its digital solutions business, with new orders totaling 229 million yuan [3]. - Forecasted net profits for 2024-2026 are 750 million yuan, 1.056 billion yuan, and 1.452 billion yuan, respectively, with corresponding P/E ratios of 24.5, 17.4, and 12.7 [3][4].

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Insights - The company achieved a total revenue of 6.668 billion, representing a year-on-year growth of 40.50%, and a net profit attributable to shareholders of 505 million, with a year-on-year increase of 78.15% [2][5]. - The company has a strong order backlog, with total sales orders reaching 7.832 billion, a year-on-year increase of 35.14%, and significant growth in overseas sales orders, which reached 1.991 billion, up 119.18% [4][5]. - The company is focusing on the transformer business while expanding into new areas such as energy storage and digital factory solutions, indicating strong growth potential [5]. Financial Performance - The company's gross margin and net margin for 2023 were 22.81% and 7.53%, respectively, showing improvements of 2.52 percentage points and 1.56 percentage points year-on-year [3]. - The company’s revenue from the energy storage segment grew significantly by 546.95%, while the digital solutions segment saw a decline of 47.91% [2][5]. - The projected revenues for 2024, 2025, and 2026 are 9.090 billion, 12.307 billion, and 16.710 billion, respectively, with corresponding growth rates of 36.3%, 35.4%, and 35.8% [6][9]. Business Segments - Revenue from the new energy sector reached 3.723 billion, a year-on-year increase of 68.21%, with energy storage sales growing by 302.58% and photovoltaic sales increasing by 88.95% [5]. - The company’s overseas revenue for 2023 was 1.177 billion, reflecting a year-on-year growth of 79.54% [4][5].

Financial Performance - The company achieved a net profit attributable to ordinary shareholders of RMB 504,660,243.92 for the fiscal year 2023[5]. - The proposed cash dividend is RMB 4.5 per 10 shares, totaling RMB 19,231.31 million (including tax), which represents 38.11% of the net profit for the year[5]. - As of December 31, 2023, the company's distributable profit was RMB 919,988,044.55[5]. - The company reported a revenue of RMB 1.5 billion for the fiscal year 2023, representing a year-over-year growth of 15%[15]. - The company achieved total operating revenue of CNY 6,667,579,429.44 in 2023, representing a year-on-year growth of 40.50%[24]. - Net profit attributable to shareholders reached CNY 504,660,243.92, an increase of 78.15% compared to the previous year[24]. - Basic earnings per share (EPS) for 2023 was CNY 1.18, up 76.12% year-on-year[25]. - The company reported a significant increase in sales revenue from the new energy sector, with a growth rate of 68.21%[27]. - The company achieved a main business revenue of 662,605.91 million yuan in 2023, representing a year-on-year growth of 40.77%[40]. - The company’s total sales expenses increased by 38.82% to 220,930,737.90 CNY, primarily due to expanded sales efforts and increased employee compensation[174]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 30% market share by 2025[15]. - A strategic acquisition of a local competitor was completed, which is anticipated to increase market penetration by 15%[15]. - The company is actively expanding its market presence both domestically and internationally, leading to a notable increase in sales orders and revenue[26]. - The company is focused on expanding its digital solutions and energy storage product lines, rapidly achieving commercialization[59]. - The company has established 58 marketing outlets in key cities across China, enhancing customer service and market reach[72]. - The company is expanding into new energy storage, which is still a new business area with uncertain market demand and technological alignment[152]. Research and Development - Research and development investment increased by 18%, focusing on renewable energy technologies[15]. - Research and development expenses accounted for 5.27% of operating revenue in 2023, slightly up from 5.21% in 2022[26]. - The total R&D investment reached ¥351,076,772.02, a significant increase of 42.06% compared to the previous year, driven by enhanced focus on overseas markets and products in the new energy and energy efficiency sectors[127]. - The company holds a total of 250 valid patents, including 31 domestic invention patents and 5 overseas invention patents, along with 49 software copyrights and 36 trademarks[125]. - The company has developed 108 core technologies as of December 31, 2023, including 57 in power distribution and control equipment, 26 in energy storage, and 25 in manufacturing innovation and digital factory solutions[99]. Digital Transformation - The company plans to enhance its digital transformation efforts, aiming for a 40% increase in operational efficiency through automation[15]. - The company has completed the construction of digital factories in Haikou, Guilin, and Wuhan, enhancing its digital manufacturing capabilities[27]. - The company has successfully integrated new generation information technology with traditional manufacturing, leading to significant commercial benefits from its digital transformation efforts[53]. - The company has implemented a digital transformation strategy, integrating advanced information technology with manufacturing technology to enhance operational efficiency[88]. - The company is actively exploring AI technology applications in its digital factories to optimize production processes and enhance automation levels[94]. Sustainability and Environmental Initiatives - The company aims to achieve carbon neutrality by 2030, with a roadmap that includes renewable energy initiatives[15]. - The company has received "zero-carbon factory" certifications for its Haikou and Guilin digital factories, showcasing its commitment to sustainable development[57]. - The company’s new energy projects utilize eco-friendly insulating liquids, addressing environmental pollution concerns and aligning with national strategic development directions[107]. - The company emphasizes the importance of ESG principles in its sustainable development strategy[196]. Operational Efficiency - The company achieved a net cash flow from operating activities improved significantly to CNY 204,958,200, primarily due to enhanced inventory turnover and increased cash collection[28]. - The company’s accounts receivable balance reached 2,865.56 million RMB, an increase of 43.83% compared to the previous year, indicating potential cash flow risks[149]. - The company’s inventory includes a significant amount of goods in transit, with a balance of 835.45 million RMB, which may affect cash flow due to delayed revenue recognition[149]. - The company has achieved significant advancements in transformer technology, including the successful delivery of the first "17MVA/66kV offshore wind immersed transformer," marking a new height in its R&D capabilities[50]. Challenges and Risks - The company faced risks related to tax policy changes, which could increase corporate income tax expenses if subsidiaries fail to meet high-tech enterprise standards[150]. - The company is experiencing intensified market competition in the new energy storage sector, which may compress profit margins[151]. - The company reported a significant decrease in investment amount by 92.83% to ¥4,500,000.00 compared to the previous year[181]. Product Development - New product launches include a state-of-the-art energy management system, expected to enhance operational efficiency by 25%[15]. - The introduction of a new battery management system is expected to improve battery life by 20%[15]. - The company has developed a lightweight and compact liquid-immersed transformer for wind power applications, which is environmentally friendly and biodegradable, significantly reducing fire risks associated with insulation liquids[105]. - The company has developed advanced technologies such as enhanced fault voltage ride-through technology and black start control technology for energy storage systems, improving grid stability and recovery capabilities[122].

海南金盘智能科技股份 2023 年度审计 中国杭州市钱江新城新业路8号UDC时代大厦A座5-8层、12层、23层 Floors 5–8, 12 and 23, Block A, UDC Times Building, No. 8 Xinye Road, Qianjiang New City, Hangzhou Tel. 0571-88879999 Fax. 0571-88879000 www.zhcpa.cn IE 报告是否由具有执业许可的会计师事务所出具。 您可使用手机"扫一扫"或进入"注册会 = (http://a 报告编码:浙24U7B2N8NL 审计报告 海南金盘智能科技股份有限公司全体股东; 一、审计意见 我们审计了海南金盘智能科技股份有限公司(以下简称金盘科技公司)财务报 表,包括2023年12月31日的合并及母公司资产负债表,2023年度的合并及母公司 利润表、合并及母公司现金流量表、合并及母公司所有者权益变动表以及财务报 表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制, 公允反映了金盘科技公司2023年12月31日的合并及母公司财务状况以及2023年度 的合并及母公 ...

海南金盘智能科技股份有限公司 年度募集资金存放与使用情况鉴证报告 中国杭州市钱江新城新业路8号UDC时代大厦A座5-8层、12层、23层 Floors 5–8, 12 and 23, Block A, UDC Times Building, No. 8 Xinye Road, Qianjiang New City. Hangzhou Tel. 0571-88879999 Fax. 0571-88879000 www.zhcpa.cn 三、注册会计师的责任 我们的责任是在实施鉴证工作的基础上对金盘科技管理层编制的《关于2023 年度募集资金存放与使用情况的专项报告》提出鉴证结论。 一、对报告使用者和使用目的的限定 年度募集资金存放与使用情况鉴证报告 本鉴证报告仅供金盘科技年度报告披露时使用,不得用作任何其他目的。我们 同意将本鉴证报告作为金盘科技年度报告的必备文件,随同其他文件一起报送并对 外披露。 二、管理层的责任 中汇会鉴[2024]2223号 金盘科技管理层的责任是提供真实、合法、完整的相关资料,按照《上海证券 交易所科创板上市公司自律监管指引第1号 -- 规范运作(2023年12月修订)》及相 关格式指 ...

海南金盘智能科技股份有限公司 内部控制审计报告 中国杭州市钱江新城新业路8号UDC时代大厦A座5-8居、12层、23层 Floors 5–8, 12 and 23, Block A, UDC Times Building, No. 8 Xinye Road, Qianjiang New City, Hangzhou Tel. 0571-88879999 Fax. 0571-88879000 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我 们审计了海南金盘智能科技股份有限公司(以下简称金盘科技)2023年12月31日的 财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部 控制评价指引》的规定,建立健全和有效实施内部控制,并评价其有效性是金盘 科技董事会的责任。 www.zhcpa.cn 日本 "证明该审计报告是否由具有执业许可的会计师事务 您可使用手机"扫一扫"或进入"注册 监管平台(http:// 拐生编码 · 浙24M 内部控制审计报告 中汇会审[2024]2225号 海南金盘智能科技股份有限公司全体股东: 二、注册会 ...