金盘科技：海外市场景气高涨，Q3业绩符合预期

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]