JIN LEI(SZ:300443) Great Wall Securities·2024-11-07 00:44Investment Rating - The report maintains a rating of "Accumulate" for the company [5] Core Views - The company's profitability is showing a significant recovery, with scale efficiency gradually manifesting [1][2] - The sales gross margin for Q3 2024 is approximately 24.87%, reflecting a quarter-on-quarter increase of 5.54 percentage points, primarily due to lower raw material costs and increased production capacity [2] - The company is expected to benefit from the rapid development of offshore wind power in Europe, with projected growth rates of 52.8% and 56.4% for new installations in 2025 and 2026, respectively [2] - The company is focusing on maintaining its market share in forged spindles while accelerating the construction of casting spindle capacity and customer expansion [5] Financial Summary - Revenue for 2022 was 1,812 million, with a projected increase to 2,100 million in 2024, reflecting a year-on-year growth rate of 7.9% [1] - The net profit attributable to the parent company was 352 million in 2022, expected to decrease to 390 million in 2024, with a year-on-year decline of 5.4% [1] - The company's EPS is projected to be 1.22 in 2024, with a corresponding P/E ratio of 21.5 [1][5] - The operating cash flow for 2023 is expected to be 569 million, showing a recovery from a negative cash flow of 146 million in 2022 [6] Production Capacity and Market Position - The company has a forging capacity of approximately 180,000 tons, with stable partnerships established with major overseas clients such as Siemens Gamesa and GE [3] - The casting capacity is expected to reach 400,000 tons upon completion of ongoing projects, enhancing the company's ability to supply large-scale components [3] - The company is actively developing casting clients and products, with successful supply to Siemens Gamesa and ongoing certification efforts with GE and VESTAS [3]