JZNEE(SH:603507) Xin Lang Cai Jing·2025-06-03 10:30Core Insights - The company reported a total operating revenue of 3.946 billion yuan in 2024, a year-on-year increase of 2.71%, while the net profit attributable to shareholders was 178 million yuan, a decrease of 2.99% [1] - In Q1 2025, the company achieved total operating revenue of 937 million yuan, a year-on-year decline of 6.16%, and a net profit of 7 million yuan, down 88.64% [1] - The company has a strong order backlog of 2.583 billion yuan as of the end of February 2025, with wind power equipment orders accounting for 2.265 billion yuan and photovoltaic equipment orders at 106 million yuan [1] Revenue Growth and Market Performance - The company generated 3.560 billion yuan in revenue from the renewable energy sector in 2024, reflecting a year-on-year growth of 1.75%, with a gross margin of 20.67%, down 0.69 percentage points [1] - Revenue from overseas operations reached 2.942 billion yuan, an increase of 18.43%, driven by expanded channels and increased orders in North America and Europe, particularly in wind and solar products [1] Capacity Expansion and Global Strategy - The company is actively expanding its production capacity, with the first phase of the offshore wind power assembly project in Nantong completed and the second phase under construction [2] - A photovoltaic bracket factory in the U.S. has been completed and is gradually increasing capacity, while a factory in Saudi Arabia is in the commissioning phase, expected to start production in Q2 this year [2] - A new offshore wind power factory in Germany has completed initial delivery, with equipment procurement and personnel recruitment ongoing, expected to commence production in Q3 [2] - The acquisition of Danish companies NordmarkProperties ApS and Nordmark Coating Cuxhaven Properties ApS has enhanced brand recognition and expanded sales channels in Europe [2] Technological Development - The company is focusing on the development of exoskeleton robots, establishing a subsidiary dedicated to intelligent control algorithms and bionic design [2] - Four patent applications related to upper limb and waist assistive exoskeletons have been filed, with small-scale trial production and promotion expected within the year [2] Financial Projections - The company is projected to achieve revenues of 5.025 billion yuan, 6.405 billion yuan, and 7.475 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits of 281 million yuan, 414 million yuan, and 555 million yuan [3] - Earnings per share (EPS) are expected to be 1.52 yuan, 2.25 yuan, and 3.01 yuan for the same years, with price-to-earnings (PE) ratios of 16, 11, and 8 [3]