Xin Lang Cai Jing·2026-01-05 06:22Core Viewpoint - The report from Dongwu Securities indicates that Tianshun Wind Power is currently under short-term pressure but is expected to reach a recovery turning point in the future due to the high prosperity of the offshore wind power industry [1] Financial Performance - From 2019 to 2021, Tianshun Wind Power achieved revenues of 6.058 billion, 8.100 billion, and 8.172 billion yuan, with year-on-year growth rates of +58%, +34%, and +1% respectively [1] - The net profit attributable to shareholders for the same period was 747 million, 1.050 billion, and 1.310 billion yuan, with year-on-year growth rates of +59%, +41%, and +25% respectively [1] - In 2022-2023, due to issues with the progress of key projects, the company's revenue is expected to decline to between 6.7 billion and 7.7 billion yuan, with a significant drop in profitability [1] Industry Outlook - The offshore wind power sector is anticipated to experience a rebound in demand, particularly with the "14th Five-Year Plan" for land and offshore wind installations, which is expected to benefit tower and pile enterprises, leading to an increase in both volume and profit per ton [1] - The company plans to raise no more than 1.95 billion yuan through a private placement to deepen its global layout in "marine engineering + transportation" [1] Future Projections - Given the company's leading position in the domestic offshore wind industry and historical performance issues due to project delays, it is expected that after the commencement of projects in 2026, the company will enter a performance turning point [1] - The investment rating for Tianshun Wind Power is maintained at "Buy" [1]