JIN LEI(SZ:300443) Changjiang Securities·2025-05-06 01:45Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a significant increase in Q1 2025, achieving operating revenue of 500 million yuan, a year-on-year growth of 97.5%. The net profit attributable to the parent company was 60 million yuan, up 91.2%, while the net profit excluding non-recurring items reached 50 million yuan, reflecting a growth of 127.2% [2][4] - The growth in revenue is primarily driven by the booming downstream wind power industry, leading to rapid increases in production and shipment of forgings and castings [11] - The gross margin for Q1 2025 was 21.38%, a decrease of 2.53 percentage points year-on-year, attributed to changes in product mix. The operating expense ratio was 8.5%, down 5.6 percentage points year-on-year, benefiting from the dilution effect of increased revenue [11] - The company ended Q1 2025 with inventory of 1.075 billion yuan, showing a rapid year-on-year and quarter-on-quarter increase, indicating a strong outlook for future shipments [11] - The company is expected to achieve a net profit of approximately 450 million yuan in 2025, corresponding to a PE ratio of about 14 times, supported by anticipated high growth in wind power installations and price increases for large castings [11] Summary by Sections Financial Performance - Q1 2025 operating revenue was 500 million yuan, a 97.5% increase year-on-year [2][4] - Net profit attributable to the parent company was 60 million yuan, a 91.2% increase [2][4] - Net profit excluding non-recurring items was 50 million yuan, a 127.2% increase [2][4] - Gross margin was 21.38%, down 2.53 percentage points year-on-year [11] - Operating expense ratio was 8.5%, down 5.6 percentage points year-on-year [11] Market Outlook - The company is expected to benefit from high growth in wind power installations in 2025 and price increases for large castings, leading to a projected net profit of 450 million yuan [11]