JIN LEI(SZ:300443) Tianfeng Securities·2025-05-18 10:43Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company reported a significant increase in revenue and profit for Q1 2025, with total revenue reaching 505 million yuan, a year-on-year increase of 97.5%, and net profit attributable to shareholders at 56 million yuan, up 91.2% [1] - The company is positioned as a leading manufacturer of forged main shafts for wind power, benefiting from the high growth in wind power installations and increased shipment volumes [2][4] - The company has implemented cost control and technological innovations to enhance customer satisfaction and expand market share in the industrial casting and forging sector [3] Summary by Sections Financial Performance - In Q1 2025, the company achieved a total operating income of 505 million yuan, a 97.5% increase year-on-year, and a total profit of 63 million yuan, up 95.12% [1] - The net profit attributable to shareholders was 56 million yuan, reflecting a 91.2% increase, while the non-recurring net profit was 53 million yuan, up 127.2% [1] Business Development - The company is leveraging its expertise in forging to capture a larger market share in the wind power sector, with a focus on large megawatt products [2] - The casting business has seen rapid growth, with a 120% year-on-year increase in delivery volume for casting products, and sales revenue for wind power casting products reached 277 million yuan, a 71% increase [2] Employee Incentives - The company announced an employee stock ownership plan in April 2025, involving up to 2.805 million shares, which is expected to enhance operational vitality [4] Financial Projections - The company has adjusted its profit forecasts, expecting net profits attributable to shareholders to be 380 million yuan, 570 million yuan, and 720 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 17, 11, and 9 [4]