Donghai Securities·2026-01-23 03:39Group 1: Company Overview - The report highlights that Jinchuang Group (603680) expects a significant increase in net profit for 2025, projecting a range of 540 million to 620 million yuan, representing a year-on-year growth of 78.77% to 105.25% [5] - The company anticipates a non-recurring net profit of 560 million to 640 million yuan for 2025, indicating a growth of 72.72% to 97.39% year-on-year [5] - The demand for rail transit vehicles is expected to rise due to large-scale tenders for the Fuxing high-speed trains, with the company benefiting from increased delivery volumes and improved product structure leading to higher overall gross margins [5][6] Group 2: Industry Insights - The mechanical equipment industry is projected to see growth in both domestic and international forklift sales, with total sales for 2025 expected to reach 1.4518 million units, a year-on-year increase of 12.9% [9] - Domestic forklift sales are expected to grow by 12.6% in 2025, driven by a recovery in demand linked to the manufacturing and logistics sectors [10] - The report notes that the overall forklift market is showing stable growth, with expectations for this trend to continue into 2026 [10] Group 3: Investment Recommendations - The report maintains a positive outlook for Jinchuang Group, projecting net profits of 551 million, 587 million, and 665 million yuan for 2025 to 2027, with corresponding EPS of 0.70, 0.75, and 0.85 yuan, and PE ratios of 23X, 21X, and 19X respectively, recommending a "buy" rating [8] - The report emphasizes the importance of technological barriers and a comprehensive product range for the company to strengthen its position in the rail transit vehicle supply market [8]