JIN LEI(SZ:300443) Quan Jing Wang·2025-04-17 11:54Core Viewpoint - The wind power industry continues to maintain high prosperity, driving growth in the wind power main shaft and related components market, with Jinlei Co., Ltd. achieving significant breakthroughs in production and sales in 2024 [1][2]. Financial Performance - In 2024, Jinlei Co., Ltd. reported an operating income of 1.967 billion yuan and a net profit attributable to shareholders of 173 million yuan [1]. - The company plans to distribute a cash dividend of 0.70 yuan per 10 shares (including tax) to all shareholders [1]. - For Q1 of this year, the company expects a net profit attributable to shareholders of 50 million to 56 million yuan, representing a year-on-year growth of 70.96% to 91.47% [2]. Market Strategy - The company adopts a strategy of "emphasizing but not relying on" the wind power components market while expanding into the industrial casting and forging market [1]. - Jinlei Co., Ltd. is actively promoting an "integrated casting and forging" strategy, with rapid development in casting business and a production capacity for 25MW models [2]. Product Development - The company has achieved a record high in the development of new industrial products, with wind power castings certified by well-known domestic and international manufacturers [1]. - Jinlei Co., Ltd. is diversifying its product offerings in the wind power sector, including forging and casting main shafts, bearing seats, hubs, and bases, while also exploring business in wind turbine gearbox bearings [3]. Industry Outlook - The wind power industry is expected to see robust growth in 2025, driven by strong demand for wind power components, particularly in offshore wind power installations [2]. - The demand for high-end casting and forging products is anticipated to increase as national strategies are further implemented, indicating a positive trend for the high-end casting and forging industry [3].