TSP(SZ:300129) Xin Lang Cai Jing·2025-04-21 10:36Core Viewpoint - The company reported a slight increase in revenue for 2024, but a significant decline in net profit, indicating short-term pressure on profitability due to intensified competition in the industry [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 4.838 billion yuan, a year-on-year increase of 0.52% - The net profit attributable to shareholders was 182 million yuan, a year-on-year decrease of 37.77% - The non-recurring net profit attributable to shareholders was 178 million yuan, a year-on-year decrease of 29.11% [1]. Profitability Analysis - The gross profit margin for 2024 was 13.83%, down 4.25 percentage points year-on-year - The net profit margin was 3.89%, down 2.22 percentage points year-on-year - The gross profit margin for onshore wind power equipment was 13.7%, down 5.2 percentage points year-on-year, while for offshore wind power and marine engineering equipment, it was 8.1%, down 1.8 percentage points year-on-year - The decline in profitability is attributed to increased competition in the industry, leading to lower order margins in certain regional markets [2]. Market Opportunities - According to GWEC, global wind power installations are expected to grow at an average annual rate of 9.4% from 2024 to 2028 - The company has seen steady growth in export business, with foreign sales revenue reaching 1.69 billion yuan in 2024, a year-on-year increase of 21.6% - The company's Yangzhou base, which focuses on exports, began operations in 2023 and has obtained supplier certification from several key overseas clients, enhancing future competitiveness [3]. Domestic Market Outlook - The domestic offshore wind power sector is expected to enter a period of accelerated construction in 2025, with an anticipated 12 GW of new installations, representing significant growth year-on-year - As a leading manufacturer of offshore wind power towers and piles, the company is well-positioned to benefit from this trend - In 2024, the company secured new orders for offshore wind power and marine engineering equipment totaling 1.23 billion yuan, with an execution and pending execution scale of 1.27 billion yuan by the end of the period [4]. Future Projections - The company is adjusting its capacity expansion plans and may increase exports and mixed tower layouts - Revenue projections for 2025-2027 are 5.943 billion yuan, 6.876 billion yuan, and 7.754 billion yuan, representing year-on-year growth rates of 22.83%, 15.71%, and 12.77% respectively - Net profit projections for the same period are 360 million yuan, 480 million yuan, and 580 million yuan, with year-on-year growth rates of 98.38%, 33.40%, and 18.94% respectively - Earnings per share (EPS) are projected to be 0.39 yuan, 0.52 yuan, and 0.62 yuan, with corresponding price-to-earnings (PE) ratios of 16, 12, and 10 times, maintaining a "buy" rating [5].