JIN LEI(SZ:300443) Xin Lang Cai Jing·2025-10-31 12:50Core Insights - The company's Q3 2025 report shows performance in line with market expectations, with a revenue of 2.119 billion yuan for the first three quarters, a year-on-year increase of 61.35%, and a net profit attributable to shareholders of 305 million yuan, up 104.59% year-on-year [1] - The gross margin continues to improve, reaching 24.63% for the first three quarters, an increase of 1.88 percentage points year-on-year, with Q3 gross margin at 26.41%, up 1.54 percentage points year-on-year [1] Revenue and Profitability - For Q3 2025, the company achieved a revenue of 836 million yuan, a year-on-year increase of 39.36%, and a net profit of 117 million yuan, up 56.50% year-on-year [1] - The increase in revenue is primarily driven by the rise in shipment volume of casting products, supported by strong domestic and international wind power demand [1] Business Development - The free forging business has seen rapid growth, with a compound annual growth rate of 57% over the past three years, indicating strong profitability and potential for continued growth [2] - The company is expanding into high-end transmission equipment, establishing a wholly-owned subsidiary, Jinlei Transmission, to enter the bearing market, and investing in a sliding bearing production line in Suzhou [2] Future Outlook - The company has adjusted its net profit forecasts for 2025-2027 to 447 million, 652 million, and 758 million yuan, respectively, with corresponding EPS of 1.40, 2.04, and 2.37 yuan per share [2] - The company maintains a "buy" rating, reflecting confidence in the structural changes in forging products and the growth potential of high-end transmission equipment [2]