TNP(SZ:300569) Zheng Quan Zhi Xing·2025-06-23 04:17Company Overview - Qingdao Tennen Heavy Industry Co., Ltd. maintains a long-term credit rating of AA- with a stable outlook for both the company and its "Tennen Convertible Bonds" [1][3] - The company is a leading manufacturer of wind turbine towers in China, with a competitive advantage in product quality, capacity layout, and customer resources [3][5] Financial Performance - In 2024, the company's total revenue decreased by 22.72% year-on-year, with a total profit of -2.70 billion yuan, indicating a shift from profit to loss [5][19] - The revenue from wind turbine tower manufacturing significantly declined due to slowed project bidding and increased market competition, leading to a drop in both revenue and gross margin [5][19] - The company's gross margin for wind turbine towers fell to 3.39% in 2024, while the gross margins for solar and wind power businesses were 65.90% and 56.97%, respectively [5][19] Asset and Liability Management - As of the end of 2024, the company's total assets were 119.52 billion yuan, with total liabilities of 49.03 billion yuan, indicating a manageable debt level [6][11] - The proportion of accounts receivable and inventory to current assets was 70.18%, with accounts receivable over one year accounting for 53.19% [6][7] Market Position and Competition - The company holds approximately 11.91% market share in the wind turbine tower sector, ranking third in the industry [17] - The wind power industry is experiencing intensified competition, with a decrease in bidding prices for wind turbine products [15][16] Future Outlook - The company is expected to see growth in operational scale as ongoing wind power projects are completed and put into operation [4][5] - The overall credit status of the company is anticipated to remain stable, with potential for rating upgrades if significant market expansion and improved cash flow occur [4][5]