金盘科技：2024Q3订单结构持续优化，利润率明显提升

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]