JIN LEI(300443) 申万宏源·2024-04-30 01:32Investment Rating - The report maintains a "Buy" rating for the company [12][22]. Core Insights - The company reported a revenue of 1.946 billion in 2023, a year-on-year increase of 7.41%, and a net profit of 412 million, up 16.85% [12][23]. - In Q1 2024, the company experienced a revenue decline of 41.56% to 255 million and a net profit drop of 70.80% to 29 million, attributed to seasonal factors and increased depreciation costs [12][17]. - The overall profitability is expected to recover as wind power demand increases, with significant growth anticipated in Q2 2024 [13][22]. Financial Summary - Total revenue projections for 2024, 2025, and 2026 are 2.505 billion, 3.041 billion, and 3.709 billion respectively, with corresponding net profits of 554 million, 703 million, and 877 million [12][23]. - The gross margin for 2023 was 33.04%, with a projected recovery to 32.8% in 2024 [12][23]. - The company’s earnings per share (EPS) are expected to be 1.70, 2.16, and 2.69 for 2024, 2025, and 2026 respectively [12][22]. Market Position and Outlook - The company is positioned as a leader in the global wind power sector, focusing on large offshore wind turbine components [22]. - The report highlights a strong growth trajectory in the wind power industry, with expected installations of 82GW and 90GW in 2024 and 2025 respectively [13][22]. - The company has successfully developed production capabilities for 20MW turbine models and is expanding its customer base [21][22].