20250829-国金证券-金雷股份-300443.SZ-公司点评_制造业务盈利回暖_期间费用改善明显_4页_952kb

Performance Summary

In the first half of 2025, the company achieved revenue of RMB 1.28 billion, up by 80% year-on-year, and a net profit attributable to shareholders of RMB 188 million, a growth of 153%. In Q2 2025, revenue reached RMB 780 million (up 70% YoY, 54% quarter-on-quarter), with a net profit attributable to shareholders of RMB 132 million, up 194% YoY and 135% QoQ.

Business Analysis

Strong growth in wind energy demand improved profitability in the wind power segment. Wind turbine shaft business saw revenue of RMB 870 million (up 93.6% YoY) with a 24.8% gross margin, an improvement of 2.27 percentage points. Key products include forged shafts (RMB 590 million, up 47.3%) and cast shafts (RMB 280 million, up 276%). The company now offers end-to-end production for wind turbine components like main shafts and hub bases, with its subsidiary Jinlei Heavy capable of rapid output scaling. With the domestic wind energy peak season expected in the second half, further growth in both volume and profit is anticipated.

The company’s “Other Precision Shafts” division expanded steadily, with revenue of RMB 182 million (up 11.6%). The gross margin reached 34.2%, up 3.02 percentage points YoY.

Financial Improvement

Due to higher revenue, operating expenses decreased significantly, with sales, admin, and R&D expenses ratios down by 0.36, 1.84, and 1.51 percentage points respectively in the first half year-on-year. With domestic wind energy expected to remain strong, overall profitability is set to improve further.

Outlook & Ratings

The company is projected to have net profits of RMB 410 million, 570 million, and 680 million for 2025–2027, corresponding to PE ratios of 22x, 16x, and 13x. A “Buy” recommendation is maintained.

Key Risks

Intensifying competition, rising raw material costs, delayed capacity expansion, and lower-than-expected wind installations are potential risks.

总结

截至2025年7月底，本公司实现营业收入人民币12.8亿元，同比增长80%；归属于母公司净利润1.88亿元，增长153%；尤其二季度营收和净利润分别实现70%和194%的增长，量价齐升背景下盈利能力显著提升。风电业务因需求激增与铸件价格回暖，实现870万元收入，毛利率达24.8%；其子公司金雷重装产能释放迅速，未来有望受益于下半年装机旺季。除风电业务外，精密轴类产品亦呈现稳健增长态势，毛利率达34.2%。期间费用率同比下降显著，成本控制能力增强。2025至2027年盈利预测分别为4.1亿、5.7亿、6.8亿，对应市盈率分别为22倍、13倍。在维持“买入”评级的同时，亦需关注竞争加剧、原材料价格上涨以及市场需求波动等风险。

Word Count: 377 (Chinese Summary)