金雷股份（300443）：毛利率继续提升，铸件盈利弹性持续释放

Investment Rating - The report maintains a "Buy" rating for Jinlei Co., Ltd. [6] Core Insights - The company's gross margin continues to improve, with the profitability of castings showing sustained elasticity. In the first three quarters of 2025, the company achieved a gross margin of 24.63%, an increase of 1.88 percentage points year-on-year [6] - The revenue growth in Q3 2025 was primarily driven by an increase in the shipment volume of casting products, supported by strong domestic and international wind power demand [6] - The company is expanding its high-end transmission equipment business, with significant investments in new production lines for bearings, which are expected to enhance market opportunities [6] Financial Data and Profit Forecast - Total revenue for 2025 is projected to be 2,646 million yuan, with a year-on-year growth rate of 34.5% [5] - The net profit attributable to the parent company is expected to reach 447 million yuan in 2025, reflecting a year-on-year increase of 158.9% [5] - The gross margin is forecasted to rise to 27.8% in 2025, continuing its upward trend [5]