Core Viewpoint - Jinlei Co., Ltd. reported a significant decline in net profit for 2024, while projecting substantial growth in Q1 2025 due to increased demand in the wind power sector and improved pricing for casting products [1][2][4]. Financial Performance Summary - In 2024, the company achieved operating revenue of 1.967 billion yuan, a year-on-year increase of 1.11%, but net profit attributable to shareholders fell to 173 million yuan, a decrease of 58.03% [1][2]. - The company's Q4 2024 revenue was 654 million yuan, reflecting a year-on-year growth of 7.30% and a quarter-on-quarter increase of 8.99%, while net profit for the quarter dropped 72.05% year-on-year [2][4]. - For Q1 2025, the company forecasts a net profit of 50 to 56 million yuan, representing a year-on-year growth of 70.96% to 91.47% [1][2]. Product Performance Summary - In 2024, revenue from wind power main shaft products was 1.388 billion yuan, while other precision shaft products generated 376 million yuan; sales of wind power casting products increased by 71% to 277 million yuan [3][4]. - The anticipated growth in Q1 2025 is attributed to a significant increase in shipments of forged and cast main shafts, alongside improved pricing for casting products due to rising demand in the wind power industry [3][4]. Challenges and Cost Structure - The decline in 2024 performance was influenced by intensified competition in the wind power sector, leading to lower prices for wind power products, particularly castings [4]. - The company faced high costs due to underutilization of new capacity and increased operational expenses, with a total expense ratio of 10.53% in 2024, up 2.2 percentage points year-on-year [4].

证券研究报告 | 公司点评 | 纺织制造 华利集团(300979) 报告日期：2025 年 03 月 12 日 新厂投产助力新客放量，盈利能力逐步释放 ——华利集团点评报告 投资要点 ❑ 公司发布 2024 年业绩快报及分红预案： 2024 年实现营业收入 240.06 亿元（同比+19.35%），归母净利润 38.41 亿元（同 比+20.01%），扣非后归母净利润 37.82 亿元（同比+18.87%）。 24Q4 单季度实现营业收入 64.95 亿元（同比+11.9%），归母净利润 9.97 亿元（同 比+9.2%），扣非后归母净利润 9.79 亿元（同比+5.3%）。 2024 年公司运动鞋销量 2.23 亿双（同比+17.53%），单 Q4 销量约 0.60 亿双（同 比+10.5%），Q4 由于基数上升，较前三季度有所降速，全年增长符合预期。 根据测算，2024 年人民币 ASP 约 107 元/双（同比+2%左右），单 Q4 人民币 ASP 约 108 元/双（同比+1%左右），全年各季度 ASP 均较稳定。 2024 年净利率 16.0%（同比+0.1pp），单 Q4 净利率 15.4%（同比 ...