JIN LEI(SZ:300443) Changjiang Securities·2024-05-07 08:32Investment Rating - The investment rating for the company is "Buy" and is maintained [11][16]. Core Views - In 2023, the company achieved a revenue of approximately 1.946 billion yuan, a year-on-year increase of 7.4%, and a net profit attributable to the parent company of 410 million yuan, a year-on-year increase of 16.9% [32]. - The company is expected to benefit from the anticipated growth in domestic and overseas offshore wind installations, with a forecasted net profit of 510 million yuan in 2024, corresponding to a PE ratio of approximately 11 times [11]. Financial Performance Summary - In 2023, the company realized a gross profit margin of about 33%, an increase of 3.1 percentage points year-on-year, with a net profit margin of approximately 21.2%, up by about 1.7 percentage points [10]. - The company shipped approximately 157,000 tons of wind power products, a year-on-year increase of 6.7%, generating revenue of about 1.6 billion yuan, a 1.4% increase year-on-year [10]. - The company also shipped about 26,000 tons of other cast and forged products, achieving revenue of approximately 290 million yuan, a year-on-year increase of 67.9% [10]. Future Outlook - The domestic offshore wind installation is expected to grow significantly to 10 GW in 2024, with a potential explosive growth in 2025/2026 [11]. - The company is actively expanding its domestic and international casting markets and has begun production at its Dongying base, which is expected to gradually release capacity [11]. - The company plans to invest 2.651 billion yuan in a high-end transmission equipment industrial park project, which will have an annual production capacity of 280,000 tons of large high-end forged products [34].