JIN LEI(SZ:300443) Huaxin Securities·2025-03-31 07:24Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [6]. Core Views - The wind power industry is expected to return to healthy competition, which will drive the company's profit recovery [4]. - The company reported a significant increase in revenue from its casting business, with a 120% year-on-year growth in delivery volume of casting products [5]. - The company is positioned to benefit from the stabilization of bidding prices in the wind power sector, which is anticipated to enhance profitability for component manufacturers [4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 1.967 billion yuan, a year-on-year increase of 1.11%, while the net profit attributable to shareholders was 173 million yuan, down 58.03% year-on-year [3]. - The wind power segment generated 1.439 billion yuan in revenue, a decline of 11.06% year-on-year, with a gross margin of 19.32%, down 14.18 percentage points [4]. Revenue Forecast - The company forecasts revenues of 2.816 billion yuan, 3.360 billion yuan, and 3.851 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.17 yuan, 1.57 yuan, and 1.91 yuan [6][9]. Market Dynamics - The report highlights that the wind power industry is experiencing intensified competition, leading to a decrease in product prices, particularly for cast products, which has negatively impacted overall profitability [4]. - A self-regulatory agreement signed by 12 wind turbine manufacturers aims to address issues of unfair competition, which is expected to stabilize bidding prices and benefit component suppliers [4]. Production Capacity - The company has significantly increased its production capacity in the wind power casting business, achieving a 71% year-on-year increase in revenue from wind power casting products, totaling 277 million yuan [5].