Investment Rating - The report maintains a cautious recommendation for the company Klait (831689.BJ) [1] Core Views - The company reported a revenue of 529 million yuan for 2024, reflecting a year-on-year growth of 4.08%, while the net profit attributable to shareholders decreased by 9.94% to approximately 54.55 million yuan [3][4] - The decline in net profit is attributed to increased R&D and salary expenses, alongside a slowdown in revenue growth due to intensified market competition [3][4] - The wind turbine industry continues to grow, with applications expanding across various sectors, suggesting potential ongoing benefits for the company [3] Financial Performance Summary - Revenue for 2024 is projected at 528.79 million yuan, with a growth rate of 4.07% [4][7] - The net profit for 2024 is expected to be 54.55 million yuan, a decrease of 9.95% compared to the previous year [4][7] - The company’s EPS for 2024 is estimated at 0.74 yuan, with a PE ratio of 33.90 times [4][7] Financial Forecasts - Revenue forecasts for 2024-2026 are 5.29 billion yuan, 5.71 billion yuan, and 5.99 billion yuan, with respective growth rates of 4.07%, 7.98%, and 4.97% [3][4] - Net profit forecasts for the same period are 0.55 billion yuan, 0.69 billion yuan, and 0.72 billion yuan, with a projected growth of -9.95%, 26.13%, and 3.99% respectively [3][4] - The company’s gross margin is expected to remain stable around 30% over the forecast period [4][7]
克莱特点评报告：研发及薪酬费用上升影响了公司的利润水平