JIN LEI(SZ:300443) Guolian Securities·2024-09-03 06:00Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's wind power business has shown significant recovery, and the development of industrial casting and forging components is promising [4] - In the first half of 2024, the company achieved operating revenue of 713 million yuan, a year-on-year decrease of 10.63%, and a net profit attributable to shareholders of 74 million yuan, down 63.11% year-on-year [2][6] - The second quarter of 2024 saw a notable increase in net profit, with operating revenue reaching 458 million yuan, up 26.84% year-on-year and 79.15% quarter-on-quarter [6] Financial Performance - The company reported a significant recovery in its wind power segment, with a doubling trend in revenue from forged main shafts and over 400% increase in revenue from cast main shaft products compared to Q1 [6] - The company has developed over 30 new domestic and international clients in various sectors, including shipbuilding and energy [6] - The company plans to invest 2.65 billion yuan to build an annual production capacity of 280,000 tons of high-end forgings, which is expected to enhance its profitability and competitiveness [6] Earnings Forecast and Investment Suggestions - The revenue forecast for 2024-2026 is adjusted to 2.485 billion yuan, 3.173 billion yuan, and 3.945 billion yuan, with year-on-year growth rates of 27.71%, 27.69%, and 24.33% respectively [6] - The net profit forecast for the same period is 360 million yuan, 600 million yuan, and 750 million yuan, with growth rates of -13.24%, 69.12%, and 24.29% respectively [6] - The company is expected to benefit from its position as a leading manufacturer of wind power main shafts, with increasing revenue from overseas and offshore markets [6]