JIN LEI(SZ:300443)2024-11-04 07:41Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 1.313 billion yuan for the first three quarters of 2024, a year-on-year decrease of 1.72%, with a net profit attributable to shareholders of 149 million yuan, down 54.39% year-on-year [5] - In Q3 2024, the company achieved a revenue of 600 million yuan, with year-on-year and quarter-on-quarter growth of 11.50% and 31.11% respectively, and a net profit of 75 million yuan, down 40.54% year-on-year but up 67.62% quarter-on-quarter [5] - The company's revenue and profitability are showing significant improvement on a quarter-on-quarter basis, driven by increasing demand in the wind power sector and a recovery in casting profitability [5] - The wind power demand is expected to continue to grow, with a projected delivery peak in 2025, as indicated by a 93% year-on-year increase in domestic wind turbine bidding [5] - The casting business is anticipated to reach a turning point in terms of volume, price, and profit, with expected continuous growth in shipment volume and potential price recovery due to limited supply in the industry [5] Financial Data and Profit Forecast - The company forecasts total revenue of 2.251 billion yuan for 2024, with a year-on-year growth rate of 15.7% [7] - The net profit for 2024 is projected to be 357 million yuan, reflecting a year-on-year decrease of 13.4% [7] - Earnings per share (EPS) are expected to be 1.11 yuan for 2024, with projections of 1.87 yuan and 2.47 yuan for 2025 and 2026 respectively [7] - The gross margin is expected to improve to 24.8% in 2024, with further increases anticipated in subsequent years [7]