GDTC(688186) 民生证券·2025-04-23 07:33Investment Rating - The report maintains a "Recommended" rating for the company [6][8]. Core Insights - The company achieved a revenue of 4.003 billion yuan in 2024, a year-on-year increase of 5.67%, and a net profit attributable to shareholders of 115 million yuan, up 4.97% year-on-year [3]. - The company’s overall sales volume in 2024 reached 311,000 tons, representing a year-on-year growth of 7.31%, with significant increases in various product categories [4]. - The wind power bidding process is accelerating, with a projected increase in installed capacity, which is expected to support demand for wind power installations in 2025-2026 [5]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 1.044 billion yuan, a year-on-year increase of 25.31%, while the net profit attributable to shareholders was 35 million yuan, marking a turnaround from losses [3]. - For Q1 2025, the company achieved a revenue of 1.122 billion yuan, a year-on-year increase of 25.75%, and a net profit of 74 million yuan, reflecting a substantial year-on-year growth of 1488.76% [3]. Product Performance - The gross profit margin for 2024 was 16.62%, an increase of 1.96 percentage points year-on-year, with specific product categories like gear steel and wind power precision machinery components contributing significantly to profitability [4]. - The company signed a framework procurement contract worth 1.505 billion yuan with Mingyang Smart Energy for wind turbine components, which is expected to significantly enhance the company's performance if executed smoothly [6]. Market Outlook - The wind power installed capacity reached 520.68 GW in 2024, with a new installed capacity of 79.82 GW, indicating a year-on-year growth of 6% [5]. - The company is expanding its gearbox project, which is expected to see increased production capacity and improved profitability due to higher operational efficiency and reduced fixed costs [5].