JIN LEI(SZ:300443) Xin Lang Cai Jing·2025-04-29 02:50Core Viewpoint - The company reported significant year-on-year growth in Q1 2025, with revenue reaching 505 million yuan, a 97.54% increase, and net profit attributable to shareholders at 56 million yuan, up 91.17% [1][2]. Group 1: Q1 2025 Performance - In Q1 2025, the company achieved a net profit of 56 million yuan, representing a year-on-year increase of 91.2%, while the non-recurring net profit rose by 127.2% to 53 million yuan [1][2]. - The gross margin for Q1 2025 was 21.38%, showing a year-on-year decrease of 2.53 percentage points but an increase of 2.89 percentage points from the previous quarter [2]. - The net profit margin stood at 11.06%, down 0.37 percentage points year-on-year but up 7.46 percentage points quarter-on-quarter [2]. Group 2: Industry Outlook - The wind power industry is entering a peak delivery season, with the company expected to benefit significantly due to its capabilities in producing wind turbine components [3]. - Since March 2025, major offshore wind projects in China have commenced, leading to an anticipated 115% year-on-year increase in new offshore wind installations, projected to reach 12 GW [3]. - As a leading manufacturer of wind turbine main shafts, the company is likely to see increased demand, which may enhance its capacity utilization and profitability [3]. Group 3: Future Projections - The company forecasts revenues of 2.72 billion yuan, 3.55 billion yuan, and 4.52 billion yuan for 2025-2027, with year-on-year growth rates of 38.4%, 30.5%, and 27.3% respectively [4]. - Net profits are expected to reach 520 million yuan, 640 million yuan, and 810 million yuan for the same period, with growth rates of 201.9%, 23.1%, and 26.0% respectively [4]. - Earnings per share (EPS) are projected to be 1.6 yuan, 2.0 yuan, and 2.5 yuan for 2025-2027 [4].