研究报告 Research Report 22 Mar 2024 金盘科技 JINPAN TECHNOLOGY (688676 CH) 业绩符合市场预期，海外市场订单增速亮眼 Fianancial Performance Met the Market Expections in 2023, Outstanding Growth in Overseas Orders [Table_yemei1] 观点聚焦 Investment Focus | --- | --- | --- | --- | --- | |-------------------------------------------------------------|----------------|--------------------|--------------------------------|-------------------| | [Table_Info] 维持优于大市 \n评级 | | | Maintain OUTPERFORM \n优于大市 | OUTPERFORM | | 现价 | | | | Rmb41.62 | | 目标价 ...

Investment Rating - The report maintains a "Buy" rating for the company, consistent with the previous rating [1] Core Views - The company achieved rapid growth in 2023, with revenue reaching 6.668 billion yuan, a year-on-year increase of 40.50%, and net profit attributable to the parent company reaching 505 million yuan, a year-on-year increase of 104.92% [1] - The company seized opportunities in the new energy and industrial digitalization sectors, driving significant growth in its performance [1] - The company's overseas revenue reached 5.449 billion yuan, a year-on-year increase of 34.5%, while domestic revenue was 1.177 billion yuan, a year-on-year increase of 79.54% [1] - The company's gross margin improved to 22.81% in 2023, up 2.52 percentage points year-on-year, with the net profit margin reaching 7.53%, up 1.56 percentage points year-on-year [1] - The company's digital transformation efforts have enhanced its profitability, with digital factories contributing to cost control and improved gross margins [1] Business Segments - The dry-type transformer business generated revenue of 1.770 billion yuan in 2023, a year-on-year increase of 59.81%, with a gross margin of 17.74%, up 0.89 percentage points year-on-year [1] - The energy storage business saw revenue of 414 million yuan, a year-on-year increase of 546.95%, with new energy-related sales growing by 88.95% year-on-year [1] - The company's energy storage system orders reached 641 million yuan in 2023, a year-on-year increase of 144.87% [2] - The company is expanding into new business areas such as hydrogen energy, aiming to become a leading player in the hydrogen energy industry during the 14th and 15th Five-Year Plan periods [2] Financial Projections - The company is expected to achieve revenue of 9.5 billion yuan, 12.3 billion yuan, and 15.0 billion yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 43%, 29%, and 22% [2] - Net profit attributable to the parent company is projected to be 800 million yuan, 1.124 billion yuan, and 1.419 billion yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 60%, 39%, and 26% [2] - The company's gross margin is expected to remain stable at around 22.3% to 22.5% over the next three years [3] Digital Transformation - The company has completed the construction of digital factories in Haikou, Guilin, and Wuhan, which have improved its digital manufacturing capabilities and operational efficiency [1] - The company has signed new digital solution contracts worth 229 million yuan in 2023, with cumulative orders exceeding 600 million yuan [1] - Digital business is expected to become a new growth driver for the company, contributing to industry-wide digital transformation [1]

2024 年 03 月 24 日 公司研究 评级：买入 (首次覆盖 ) 研究所： 证券分析师： 李航 S0350521120006 盈利能力持续[T 提abl 升e_T ，itle 海] 外增长亮眼 lih11@ghzq.com.cn 证券分析师： 邱迪 S0350522010002 qiud@ghzq.com.cn ——金盘科技（ ） 年年报点评 688676 2023 证券分析师： 王刚 S0350524020001 wangg06@ghzq.com.cn 最近一年走势 事件 : 金盘科技3月20日发布2023年年报：2023年公司实现营收66.68亿元， 同比+41%；归母净利5.05亿元，同比+78%；扣非归母净利4.81亿元， 同比+105%。2023Q4实现营业收入18.95亿元，同比+22%，环比+1%； 归母净利润1.71 亿元，同比+49%，环比+21%；扣非归母净利润1.59 亿元，同比+130%，环比+17%。 投资要点 : 相对沪深300表现 2024/03/22  数字化赋能成果显著，盈利能力持续提升。2023年，公司积极拓展 表现 1M 3M 12M 新能源市场、新行业和客户，获 ...

2024年3月21日 公司研究 海外业务持续取得突破，储能+数字化业务未来可期 ——金盘科技（688676.SH）2023 年年报点评 要点 买入（维持） 当 前价：40.60元 事件：公司发布2023年年报，2023年实现营业收入66.68亿元，同比增长 40.50%；归母净利润5.05亿元，同比增长78.15%；扣非归母净利润4.81亿元， 同比增长104.92%。2023Q4公司实现营业收入18.95亿元，同比增长21.59%， 作者 实现归母净利润1.71亿元，同比增长48.76%，环比增长20.56%。 分析师：殷中枢 执业证书编号：S0930518040004 持续推进数字化转型，产能扩张推动接单能力进一步提升。截止2023年末，公 010-58452063 司已完成海口、桂林基地数字化工厂建设，同时武汉基地各数字化工厂已全面投 yinzs@ebscn.com 产，公司整体产能得到进一步扩张，销售订单持续增长。2023年公司新增销售 订单78.32 亿（不含税），同比增长 35.14%。此外，数字化制造能力的加强 分析师：郝骞 执业证书编号：S0930520050001 亦带来降本增效，2023年 ...

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].