JZNEE(SH:603507) Minsheng Securities·2025-04-07 00:50Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Insights - The company achieved a revenue of 3.946 billion yuan in 2024, a year-on-year increase of 2.71%, while the net profit attributable to shareholders was 178 million yuan, a decrease of 2.99% [1]. - The company has a strong order backlog exceeding 10 billion yuan, with significant contributions from its renewable energy, gas turbine, and robotics segments [2][3]. - The gas turbine segment is expected to grow due to its high efficiency and flexibility, while the exoskeleton robot segment shows potential in various industries [3]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 3.946 billion yuan, with a slight growth of 2.71% year-on-year. The net profit attributable to shareholders was 178 million yuan, reflecting a decline of 2.99% [1][4]. - The fourth quarter of 2024 saw a revenue of 1.053 billion yuan, a year-on-year decrease of 6.35% and a quarter-on-quarter increase of 12.62% [1]. Business Segments - The wind power business generated revenue of 2.469 billion yuan in 2024, up 7.92% year-on-year, while the photovoltaic business reported revenue of 901 million yuan, down 6.68% [2]. - The company has secured orders worth 2.583 billion yuan as of February 2025, with 2.265 billion yuan from wind power equipment and 106 million yuan from photovoltaic equipment [2]. Growth Projections - Revenue projections for 2025, 2026, and 2027 are 5.572 billion yuan, 6.878 billion yuan, and 8.127 billion yuan, respectively, with growth rates of 41%, 23%, and 18% [3][4]. - Net profit projections for the same years are 314 million yuan, 451 million yuan, and 584 million yuan, with corresponding growth rates of 76%, 44%, and 29% [3][4]. Valuation Metrics - The report indicates a price-to-earnings (PE) ratio of 30 for 2024, decreasing to 17, 12, and 9 for 2025, 2026, and 2027, respectively [4][10]. - The price-to-book (PB) ratio is projected to decline from 2.2 in 2024 to 1.5 by 2027 [4][10].