Investment Rating - The report maintains a "Recommended" rating for the company, considering the gradual release of industry demand and the upcoming realization of new quality production capacity [2][4]. Core Views - The company achieved a revenue of 4.696 billion yuan in 2024, a year-on-year increase of 0.87%, and a net profit attributable to shareholders of 624 million yuan, up 29.55% year-on-year, primarily due to investment income from the transfer of power stations [1][2]. - The company is expected to benefit from a significant increase in domestic bidding volume in the wind power sector, projected to grow by 90% in 2024, positioning it well for both volume and profit growth [2]. - The company has developed batch manufacturing capabilities for nuclear fuel transfer and storage tanks and is expanding into the high-end alloy steel market, enhancing its product line [2]. Financial Summary - For 2025, the company is projected to achieve revenues of 6.574 billion yuan, with a growth rate of 40%, and a net profit of 719 million yuan, reflecting a growth rate of 15.2% [4][8]. - The gross profit margin for 2024 was 17.34%, a decrease of 1.32 percentage points year-on-year, while the net profit margin was 13.11%, an increase of 2.83 percentage points year-on-year [2][8]. - The company’s earnings per share are expected to be 0.70 yuan in 2025, with a price-to-earnings ratio of 17 times [4][8].