JINGU(SZ:002488) Chang Jiang Shang Bao·2025-05-22 19:11Core Insights - JinGu Co., Ltd. has received a new project notification from a global leading automotive company to develop wheel products for its passenger cars in the U.S., with a project lifecycle of 10 years and expected sales of approximately $158 million in the first five years [1] - The company has shown significant growth in its Avatar low-carbon wheel products, which align with the rapid development of the new energy vehicle market, becoming a key growth driver for the company [2] - JinGu Co., Ltd. has a strong focus on technological innovation and product development, with R&D expenses increasing annually, totaling approximately $31.1 million from 2020 to 2024 [2][3] Financial Performance - In 2024, JinGu Co., Ltd. reported revenue of 3.36 billion yuan, a slight increase of 0.02% year-on-year, while net profit decreased by 27.66% to 23.18 million yuan [1] - The company experienced a revenue increase of 8.48% in Q1 2025, reaching 887 million yuan, but net profit fell by 21.89% to 7.74 million yuan due to financial expenses related to a strategic investment [2] - The company has faced significant fluctuations in net profit over the years, with a notable loss in 2022, followed by a recovery in 2023, but a decline again in 2024 [2] R&D and Innovation - JinGu Co., Ltd. has developed a comprehensive R&D talent pool and achieved full-stack independent innovation across all aspects of material, key processes, equipment, molds, and design [3] - The company ranks first in the global steel wheel industry for priority patent applications, with over one-third of its patents in this category, indicating a strong competitive position in innovation [3]