JIN LEI(SZ:300443) Caixin Securities·2025-09-05 08:32Investment Rating - The investment rating for the company is "Buy" [1][6][9] Core Views - The company has shown significant growth in its financial performance, with a revenue increase of 79.85% year-on-year in the first half of 2025, reaching 1.283 billion yuan, and a net profit increase of 153.34%, amounting to 188 million yuan [5] - The wind power spindle business has been a key driver of revenue growth, achieving 870 million yuan in revenue, a year-on-year increase of 93.60% [5] - The company is expected to continue its growth trajectory, with projected revenues of 28.5 billion yuan in 2025, 37 billion yuan in 2026, and 45 billion yuan in 2027 [5] Financial Performance Summary - For the first half of 2025, the company reported a gross margin of 23.47%, an increase of 2.50 percentage points year-on-year, and a net profit margin of 14.63%, up by 4.26 percentage points [5] - The second quarter of 2025 saw a revenue of 778 million yuan, a year-on-year increase of 69.98% and a quarter-on-quarter increase of 54.16% [5] - The company’s earnings per share (EPS) is projected to be 1.34 yuan in 2025, 1.88 yuan in 2026, and 2.34 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 20.33, 14.45, and 11.60 respectively [5][7] Business Segment Analysis - The core business of wind power forging has adapted to the trend of larger wind turbines, with sales revenue of 589 million yuan, a year-on-year increase of 47.33% [5] - The wind power casting segment has also seen rapid growth, with sales revenue reaching 280 million yuan, a year-on-year increase of 276.06% [5] - The company has expanded its production capabilities for large wind turbine components, enhancing its competitive position in the offshore wind power market [5]