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].