JIN LEI(SZ:300443) Shenwan Hongyuan Securities·2026-03-23 13:05Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Insights - The company reported a total revenue of 2.489 billion yuan for 2025, representing a year-on-year growth of 26.54%. The net profit attributable to shareholders reached 314 million yuan, up 81.97% year-on-year, with a non-recurring net profit of 315 million yuan, an increase of 81.24% [4][6] - The gross margin improved to 27.75%, an increase of 6.42 percentage points year-on-year, aligning with expectations. However, Q4 performance was slightly below market expectations due to year-end expenses and impairments [4][6] - Wind power product shipments increased significantly, with a total of 202,300 tons shipped in 2025, a year-on-year increase of 27.34%. Revenue from wind power products reached 1.870 billion yuan, up 29.92% year-on-year, driven by increased production capacity and improved profitability [6] - The company is expanding its product structure, with steady growth in other casting and forging businesses. The revenue from other casting and forging products was 482 million yuan, a year-on-year increase of 17.73% [6] Financial Data and Profit Forecast - The company forecasts total revenue of 3.207 billion yuan for 2026, with a year-on-year growth rate of 28.8%. The net profit is expected to reach 652 million yuan, reflecting a growth rate of 107.2% [5][8] - The earnings per share (EPS) are projected to be 2.04 yuan for 2026, increasing to 2.71 yuan by 2028. The price-to-earnings (PE) ratios for 2026, 2027, and 2028 are estimated to be 15, 13, and 11, respectively [5][8]