金盘科技：业绩符合市场预期，海外营收占比大幅增加

Investment Rating - The report maintains an "OUTPERFORM" rating for Jinpan Technology, with a target price of Rmb49.33 per share [1][16][12]. Core Insights - The profitability of Jinpan Technology has been restored in Q3 2024, with performance aligning with market expectations. The company achieved revenue of Rmb4.799 billion in the first three quarters of 2024, a year-on-year increase of 0.53%, and a net profit of Rmb404 million, up 21.17% year-on-year [12][16]. - The overseas revenue proportion has significantly increased, reaching 28.64%, which is a 10.2 percentage point increase compared to 2023. This reflects the company's deepening globalization strategy [15][16]. - The company is experiencing a doubling in the growth rate of domestic data center orders, which increased by 102% year-on-year from January to September 2024, indicating a new growth pole for the company [14][15]. Financial Performance - For Q3 2024, the company reported revenue of Rmb1.882 billion, a slight increase of 0.15% year-on-year, and a net profit of Rmb181 million, which is a 27.54% increase year-on-year. The gross profit margin for the first three quarters of 2024 was 24.21%, with Q3 showing a 3.8 percentage point increase from Q2 [12][13]. - The company’s net profit margin for Q3 improved by 1.7 percentage points compared to Q2, indicating a significant recovery in profitability [12][13]. Expense and Investment Insights - The expense ratio has slightly increased, with the sales expense ratio at 3.3%, up 0.08 percentage points year-on-year, while the management expense ratio decreased to 4.23%, down 0.78 percentage points year-on-year. R&D investment saw a slight decrease of 2.49% year-on-year, totaling Rmb221 million [13][14]. - The company has successfully launched the world's highest voltage level and largest capacity floating wind turbine, and has been recognized as one of the top 100 enterprises in Hainan Province for 2024 [13][14]. Future Projections - Based on new orders and industry developments, the company is expected to achieve operating revenues of Rmb7.95 billion, Rmb9.95 billion, and Rmb12.42 billion for the years 2024, 2025, and 2026, respectively, with corresponding net profits of Rmb650 million, Rmb950 million, and Rmb1.2 billion [16][12].