金盘科技公司2024三季报点评：经营发展稳健，业绩符合预期

Investment Rating - The investment rating for Jinpan Technology is "Buy" [6][9][17] Core Views - Jinpan Technology reported a revenue of approximately 4.8 billion yuan for the first three quarters of 2024, representing a year-on-year growth of about 1%. The net profit attributable to shareholders was 400 million yuan, a year-on-year increase of approximately 21% [4] - The company has seen an increase in the proportion of foreign sales, with foreign sales accounting for about 29% of total revenue in the first three quarters of 2024. Domestic data center orders grew by approximately 102% year-on-year [5] - The company maintains a robust operational management with improved profitability quality, as evidenced by a gross margin of approximately 25.5% in Q3 2024, up 2.8 percentage points year-on-year [5] - The company completed a share buyback of approximately 2.6 million shares, accounting for 0.57% of the total share capital, with an average buyback price of 37.68 yuan per share [5] Summary by Sections Financial Performance - For the first three quarters of 2024, Jinpan Technology achieved a revenue of approximately 4.8 billion yuan, with a net profit of 400 million yuan, reflecting a year-on-year growth of 21% [4] - The gross margin for Q3 2024 was approximately 25.5%, and the net profit margin was about 9.6%, both showing improvements compared to previous periods [5] Revenue and Profit Forecast - Revenue projections for Jinpan Technology from 2024 to 2026 are estimated at 9.0 billion yuan, 11.9 billion yuan, and 14.4 billion yuan respectively, with corresponding net profits of 780 million yuan, 1.1 billion yuan, and 1.4 billion yuan [6] - The expected price-to-earnings ratios for 2024, 2025, and 2026 are 21, 15, and 12 times respectively [6] Market Position and Strategy - Jinpan Technology is positioned to benefit from the development of the transformer and energy storage sectors, driven by the current challenges in renewable energy consumption [6] - The company is pursuing a global strategy with rapid growth in overseas business, which is expected to contribute positively to future revenue [6]