Core Viewpoint - Jinlei Co., Ltd. (300443.SZ) produces precision shafts that can be widely applied in the energy and power sectors, including hydropower units, thermal power units, and various types of motor shafts. Currently, the company does not supply precision shafts for gas turbine applications [1]. Group 1 - The company specializes in manufacturing precision shafts for various energy applications [1]. - The precision shafts produced by the company are applicable in hydropower and thermal power units [1]. - There is no current supply of precision shafts for the gas turbine sector from the company [1].

Core Viewpoint - The company, Jinlei Co., Ltd. (300443.SZ), confirmed that it does not currently supply precision shafts for gas turbines, despite the global gas turbine market entering a favorable cycle [1] Group 1: Company Information - Jinlei Co., Ltd. produces precision shafts that can be widely applied in the energy and power sector, including hydropower units, thermal power units, and various types of motor shafts [1] - The company has not yet entered the gas turbine precision shaft supply market [1]

Group 1 - The company, Jinlei Co., Ltd. (300443.SZ), primarily engages in the research, development, production, and sales of wind turbine main shafts and other large castings and forgings [1] - The products are widely used in various industries, including wind power, shipping, mining machinery, and energy [1]

Core Viewpoint - Jinlei Co., Ltd. has shown significant growth in revenue and net profit for the first nine months of 2025, indicating strong operational performance in the wind power equipment sector [2]. Financial Performance - For the period from January to September 2025, Jinlei Co., Ltd. achieved operating revenue of 2.119 billion yuan, representing a year-on-year increase of 61.35% [2]. - The net profit attributable to the parent company reached 305 million yuan, marking a year-on-year growth of 104.59% [2]. Stock Performance - As of November 5, Jinlei Co., Ltd.'s stock price increased by 2.02%, trading at 28.74 yuan per share, with a total market capitalization of 9.201 billion yuan [1]. - The stock has appreciated by 45.52% year-to-date, although it has seen a decline of 2.28% over the last five trading days and 3.85% over the last twenty days [1]. Shareholder Information - As of September 30, the number of shareholders decreased by 7.27% to 27,900, while the average number of circulating shares per person increased by 7.84% to 8,701 shares [2]. - The company has distributed a total of 506 million yuan in dividends since its A-share listing, with 210 million yuan distributed over the past three years [3]. Major Shareholders - As of September 30, 2025, Hong Kong Central Clearing Limited is the third-largest circulating shareholder, holding 4.2502 million shares, an increase of 1.0937 million shares from the previous period [3]. - Southern CSI 1000 ETF is a new entrant among the top ten circulating shareholders, holding 2.0467 million shares [3].

Investment Rating - The report maintains a positive outlook on the wind power industry, highlighting continued revenue and profit growth in Q3 2025, with a recommendation to focus on companies with higher profit elasticity [3][25][28]. Core Insights - The wind power sector achieved revenues of 662 billion yuan in Q3 2025, a year-on-year increase of 27.2%, and a net profit of 14.4 billion yuan, up 4.6% year-on-year, indicating a sustained upward trend in profitability [2][25][28]. - The industry is expected to maintain high demand and pricing levels, supported by a robust order backlog of approximately 300 GW, which is projected to ensure continued growth through 2027 [2][3][13]. - The report identifies four key segments with varying performance: 1. The turbine segment shows profit differentiation, with companies like Goldwind and Yunda benefiting from fewer low-price orders [2][3]. 2. The operator segment has seen significant cash flow improvements due to accelerated national subsidies [2][3]. 3. The offshore wind and cable segments are experiencing high demand and increased capital expenditures [2][3]. 4. The components segment is benefiting from reduced raw material costs and high capacity utilization [2][3]. Summary by Sections Revenue and Profit Growth - The wind power sector's revenue for the first three quarters reached 1.71 trillion yuan, a 37.9% increase year-on-year, with a net profit of 56.7 billion yuan, up 12.5% year-on-year [18][21]. - Q3 2025 saw a sales gross margin of 13.5% and a net margin of 3.6%, reflecting a slight decline due to the increased share of lower-margin manufacturing business [18][21]. Demand and Pricing Trends - The average bidding price for onshore wind turbines increased by 12% year-on-year to 1593 yuan/kW, indicating a positive pricing trend [16][28]. - The report anticipates that the demand for wind installations will continue to accelerate, with an expected total of 118 GW of new installations for the year [8][13]. Segment Performance - The turbine segment's profitability is expected to improve due to a higher proportion of high-price orders in future deliveries [2][3]. - The offshore wind segment is experiencing robust growth, with significant capital investments and project deliveries [2][3]. - The components segment is seeing improved profitability driven by lower raw material costs and increased production efficiency [2][3]. Investment Recommendations - The report recommends focusing on companies with strong profit elasticity in the turbine segment, such as Goldwind, Yunda, and Mingyang Smart Energy, as well as those in the cable and component segments like Daikin Heavy Industries and Dongfang Cable [3][3].

Core Viewpoint - Jinlei Co., Ltd. has experienced a stock price decline of 2.01% on November 4, with a current price of 28.33 CNY per share, despite a year-to-date increase of 43.44% [1] Financial Performance - For the period from January to September 2025, Jinlei Co., Ltd. achieved a revenue of 2.119 billion CNY, representing a year-on-year growth of 61.35%, and a net profit attributable to shareholders of 305 million CNY, reflecting a growth of 104.59% [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Jinlei Co., Ltd. is 27,900, a decrease of 7.27% from the previous period, with an average of 8,701 circulating shares per shareholder, an increase of 7.84% [2] Dividend Distribution - Since its A-share listing, Jinlei Co., Ltd. has distributed a total of 506 million CNY in dividends, with 210 million CNY distributed over the past three years [3] Major Shareholders - As of September 30, 2025, Hong Kong Central Clearing Limited is the third-largest circulating shareholder with 4.2502 million shares, an increase of 1.0937 million shares from the previous period. Southern CSI 1000 ETF is the tenth-largest circulating shareholder with 2.0467 million shares, marking a new entry [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][28]. Core Insights - The company has experienced significant revenue and profit growth in the first three quarters, with revenue reaching 2.119 billion yuan, a year-on-year increase of 61.35%, and a net profit of 305 million yuan, up 104.59% year-on-year [1][8]. - The demand for forging business remains strong, while the casting business is entering a harvest period, particularly in the wind power sector [1][2]. - The company has successfully turned around its Dongying subsidiary, achieving profitability with a revenue of 438 million yuan and a net profit of 20 million yuan in the first half of 2023 [2][18]. - The company is expanding its wind power materials business and has established a subsidiary to enter the bearing sector, indicating a strategic move towards integrated solutions in wind power transmission [2][19]. Summary by Sections Financial Performance - In Q3, the company achieved revenue of 836 million yuan, a year-on-year increase of 39.36%, and a net profit of 117 million yuan, up 56.50% year-on-year [1][18]. - The gross margin for Q3 was 26.41%, an increase of 1.55 percentage points year-on-year, while the net margin was 14.07%, up 1.54 percentage points year-on-year [1][18]. Revenue Projections - The company is projected to achieve revenues of 3.112 billion yuan in 2025, with a growth rate of 58.2%, and net profits of 437 million yuan, reflecting a growth rate of 152.9% [4][27]. - For the years 2025-2027, the expected revenues are 31.12 billion yuan, 39.67 billion yuan, and 44.12 billion yuan, respectively [20][27]. Business Segments - The wind power main shaft segment is expected to generate revenues of 22.1 billion yuan in 2025, with a gross margin of 24.1% [21]. - Other precision shaft products are projected to achieve revenues of 5.0 billion yuan in 2025, with a gross margin of 34.0% [22][23]. - The company anticipates that other businesses, including wind power castings and sliding bearings, will generate revenues of 4.0 billion yuan in 2025, with a gross margin of 10.9% [25].

Core Insights - The company's Q3 2025 report shows performance in line with market expectations, with a revenue of 2.119 billion yuan for the first three quarters, a year-on-year increase of 61.35%, and a net profit attributable to shareholders of 305 million yuan, up 104.59% year-on-year [1] - The gross margin continues to improve, reaching 24.63% for the first three quarters, an increase of 1.88 percentage points year-on-year, with Q3 gross margin at 26.41%, up 1.54 percentage points year-on-year [1] Revenue and Profitability - For Q3 2025, the company achieved a revenue of 836 million yuan, a year-on-year increase of 39.36%, and a net profit of 117 million yuan, up 56.50% year-on-year [1] - The increase in revenue is primarily driven by the rise in shipment volume of casting products, supported by strong domestic and international wind power demand [1] Business Development - The free forging business has seen rapid growth, with a compound annual growth rate of 57% over the past three years, indicating strong profitability and potential for continued growth [2] - The company is expanding into high-end transmission equipment, establishing a wholly-owned subsidiary, Jinlei Transmission, to enter the bearing market, and investing in a sliding bearing production line in Suzhou [2] Future Outlook - The company has adjusted its net profit forecasts for 2025-2027 to 447 million, 652 million, and 758 million yuan, respectively, with corresponding EPS of 1.40, 2.04, and 2.37 yuan per share [2] - The company maintains a "buy" rating, reflecting confidence in the structural changes in forging products and the growth potential of high-end transmission equipment [2]

Investment Rating - The report maintains a "Buy" rating for Jinlei Co., Ltd. [6] Core Insights - The company's gross margin continues to improve, with the profitability of castings showing sustained elasticity. In the first three quarters of 2025, the company achieved a gross margin of 24.63%, an increase of 1.88 percentage points year-on-year [6] - The revenue growth in Q3 2025 was primarily driven by an increase in the shipment volume of casting products, supported by strong domestic and international wind power demand [6] - The company is expanding its high-end transmission equipment business, with significant investments in new production lines for bearings, which are expected to enhance market opportunities [6] Financial Data and Profit Forecast - Total revenue for 2025 is projected to be 2,646 million yuan, with a year-on-year growth rate of 34.5% [5] - The net profit attributable to the parent company is expected to reach 447 million yuan in 2025, reflecting a year-on-year increase of 158.9% [5] - The gross margin is forecasted to rise to 27.8% in 2025, continuing its upward trend [5]

Core Points - The 2025 High-Quality Development Forum for Listed Companies and the 27th Golden Bull Award Ceremony took place in Nantong, Jiangsu, with the theme "Moving Forward with New Initiatives for a Sustainable Future" [1] - Jinlei Co., Ltd. was recognized with the "2024 Golden Bull Secretary Award" for its outstanding performance in information disclosure and investor relations management [3] Company Overview - Jinlei Co., Ltd. is a high-tech enterprise engaged in the research, production, and sales of wind turbine main shafts and various large castings and forgings [3] - The company is one of the largest and most professional manufacturers of wind turbine main shafts globally, offering products that cover mainstream models ranging from 1.5MW to 8MW [3] Awards and Recognition - The Golden Bull Award is a prestigious evaluation activity organized by China Securities Journal, emphasizing transparency, professionalism, and credibility in the capital market [3] - The award categories include "Most Investment Value Award," "Golden Bull Outstanding Entrepreneur Award," and "Golden Bull Secretary Award," among others, with the latter recognizing outstanding performance in corporate governance, equity management, information disclosure, and investor relations [3]