JIN LEI(SZ:300443) Xin Lang Cai Jing·2025-04-03 00:43Core Viewpoint - The company experienced a decline in net profit in 2024, primarily due to pressure on wind power spindle revenue, while precision shaft products showed rapid growth [1][4]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 1.967 billion yuan, a year-on-year increase of 1.11%, and a net profit attributable to shareholders of 173 million yuan, a year-on-year decrease of 58.03% [1]. - The revenue from wind power spindle products was 1.388 billion yuan, while other precision shaft products generated 376 million yuan [1]. - In Q4 2024, the company reported operating revenue of 654 million yuan, a year-on-year increase of 7.30% and a quarter-on-quarter increase of 8.99%, with a net profit of 24 million yuan, down 72.05% year-on-year and 68.40% quarter-on-quarter [1]. Group 2: Casting Business - The company has significantly enhanced its production capacity for large wind turbine core casting components, including spindles and hubs, with a sales revenue of 277 million yuan in 2024, representing a year-on-year growth of 71% [2]. - The delivery volume of casting products, including spindles and bearing seats, increased by 120% year-on-year [2]. - The company is expected to benefit from strong demand for offshore wind power in 2025, leading to a potential reversal in profitability for large castings [2]. Group 3: Forging Business - The company has established itself as a global leader in wind power forged spindles, achieving strong profitability through high product quality and cost advantages [3]. - The company covers a range of forged spindle models from 1.5MW to 9.5MW and is poised for growth due to significant increases in land wind power bidding in 2024 [3]. - Revenue from other precision shaft products reached 376 million yuan in 2024, reflecting a year-on-year increase of 29.46% [4]. Group 4: Profit Forecast and Valuation - The company is recognized as a global leader in wind power spindles, with accelerated expansion in casting capacity [5]. - The profit forecast has been adjusted downward, with expected net profits for 2025-2027 at 455 million, 548 million, and 676 million yuan, respectively [5]. - Corresponding EPS for these years is projected to be 1.42, 1.71, and 2.11 yuan per share, with PE ratios of 15, 13, and 10 times [5].