GDTC(SH:688186) Minsheng Securities·2025-04-01 09:39Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company is expected to achieve a revenue of 1.12 billion yuan in Q1 2025, representing a year-on-year increase of 25.54% and a quarter-on-quarter increase of 9.32% [1] - The net profit attributable to shareholders is projected to be 75 million yuan, showing a significant year-on-year growth of 1504.79% and a quarter-on-quarter increase of 88.71% [1] - The demand in the wind power industry is improving, leading to a substantial increase in both sales volume and revenue for the company [1] - The company has optimized its product structure to increase the sales share of wind power main shafts and precision mechanical components, which has contributed to the recovery of overall gross profit margin [1] - The wind power installation capacity is expected to grow significantly, with new installations projected to reach 79.82 GW in 2024, a year-on-year increase of 6% [2] - The company has signed a framework procurement contract worth 1.505 billion yuan with Mingyang Smart Energy for wind turbine components, which is expected to significantly enhance the company's performance [3] - The company anticipates continued improvement in profitability due to the release of production capacity in gearboxes and castings [3] Summary by Sections Financial Performance - The company forecasts revenues of 3.988 billion yuan in 2024, 5.206 billion yuan in 2025, and 5.829 billion yuan in 2026, with growth rates of 5.3%, 30.5%, and 12.0% respectively [4] - The net profit attributable to shareholders is expected to be 114 million yuan in 2024, 308 million yuan in 2025, and 417 million yuan in 2026, with growth rates of 4.4%, 169.8%, and 35.7% respectively [4] - The earnings per share are projected to be 0.53 yuan in 2024, 1.44 yuan in 2025, and 1.95 yuan in 2026 [4] Production Capacity and Contracts - The company is gradually releasing production capacity for wind power gearbox components, which is expected to significantly reduce fixed costs and improve profitability [2] - As of June 2024, approximately 90 sets of precision processing equipment for the gearbox project have been installed and are in trial production [2] - The company has completed the construction of four automated production lines, which are now in trial operation [2] Market Outlook - The wind power industry is experiencing accelerated bidding and installation, with a total new bidding capacity of 164.1 GW in 2024, a year-on-year increase of 90.2% [2] - The average single-unit capacity of newly installed wind turbines has increased to 6.0 GW, reflecting an 8.1% year-on-year growth [2]