Titan Wind(SZ:002531) Xin Lang Cai Jing·2025-04-29 02:43Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, with a focus on offshore wind power development and an optimistic outlook for 2025 [1][2] Group 1: Financial Performance - In 2024, the company achieved revenue of 4.86 billion yuan, a year-on-year decrease of 37.10%, and a net profit attributable to shareholders of 204 million yuan, down 74.29% [1] - For Q1 2025, the company reported revenue of 926 million yuan, a year-on-year decline of 12.10% and a quarter-on-quarter decrease of 28.75%; net profit attributable to shareholders was 36 million yuan, down 75.98% year-on-year but up 140.88% quarter-on-quarter [1] - The offshore wind power segment generated revenue of 429 million yuan in 2024, a decrease of 71.59%, with a gross margin of 3.08%, down 13.25 percentage points [1] Group 2: Operational Developments - The company has completed the strategic layout of its global production bases, establishing production facilities in seven coastal regions in China and accelerating market expansion in Europe through a base in Germany [1] - The company has successfully delivered projects such as Qingzhou VI and Huaneng Lin'gao, with ongoing construction on projects like Guokuan Institute's marine ranch and Huaren Cangnan booster station, expected to ship in the first half of 2025 [1] - The land-based tower and related products segment generated revenue of 1.665 billion yuan in 2024, down 47.98%, with a gross margin of 7.15%, down 5.59 percentage points; blade products generated revenue of 1.245 billion yuan, down 20.59%, with a negative gross margin of 0.72% [2] Group 3: Future Outlook - The company is actively advancing wind farm construction, with power generation revenue of 1.272 billion yuan in 2024, a year-on-year increase of 2.10%, and a gross margin of 62.47%, down 2.34 percentage points; the total grid-connected capacity of projects in hand is 1,583.8 MW [2] - Ongoing projects include Puyang Phase I (200 MW) and Jing Shan Phase I and II (250 MW), expected to be connected to the grid between the end of 2025 and the first half of 2026, indicating a positive development trend [2] - The company forecasts net profits attributable to shareholders for 2025-2027 to be 775 million, 1.033 billion, and 1.418 billion yuan, representing year-on-year growth of 279.3%, 33.2%, and 37.2%, respectively, with EPS projected at 0.43, 0.57, and 0.79 yuan [2]