JIN LEI(SZ:300443) SINOLINK SECURITIES·2025-10-29 01:06Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with revenue reaching 2.12 billion RMB, a year-on-year growth of 61.3%, and a net profit of 305 million RMB, up 104.6% year-on-year [2] - The wind power main shaft is accelerating in volume, leading to continuous improvement in profitability, with a gross margin of 24.6% for the first three quarters, up 1.9 percentage points year-on-year [3] - The industry demand for wind power is expected to remain strong, with an upward revision for 2026, which is anticipated to support the company's profit improvement trend [3] Summary by Sections Performance Review - In Q3 2025, the company achieved revenue of 836 million RMB, a year-on-year increase of 39.4% and a quarter-on-quarter increase of 7.5%, with a net profit of 117 million RMB, up 56.5% year-on-year but down 10.8% quarter-on-quarter [2] Operational Analysis - The company’s gross margin improved to approximately 26.4% in Q3, benefiting from increased demand for wind power and a significant rise in the shipment of wind shaft products, particularly cast main shafts [3] - The company’s expense ratios for sales, management, and R&D have decreased, indicating improved cost management as revenue scales up [3] Profit Forecast and Valuation - The forecasted net profits for 2025, 2026, and 2027 are 440 million RMB, 570 million RMB, and 690 million RMB, respectively, with corresponding P/E ratios of 23, 17, and 14 [4]