Titan Wind(SZ:002531) Zhong Guo Jing Ying Bao·2026-01-30 07:03Core Viewpoint - TianShun Wind Power (002531.SZ) is facing significant financial challenges, with a projected net loss of 190 million to 250 million yuan for 2025, marking a year-on-year decline of 192.94% to 222.29% as the company shifts its focus from onshore to offshore wind power [2][3]. Financial Performance - In 2022, TianShun Wind Power reported revenue of 6.738 billion yuan, a decrease of 17.49% year-on-year, and a net profit of 628 million yuan, down 52.03% year-on-year [3]. - The company experienced a revenue increase in 2023, reaching 7.727 billion yuan, a growth of 14.67% year-on-year, with a net profit of 795 million yuan, up 26.53% year-on-year, attributed to the strategic shift towards offshore wind power [3]. - However, in 2024, revenue fell to 4.860 billion yuan, a decline of 37.10% year-on-year, and net profit plummeted to 204 million yuan, down 74.29% year-on-year [3]. Strategic Shift - The company is actively pursuing a "land-to-sea" strategic transformation, which involves reducing its onshore wind power equipment business and consolidating its operations [4]. - Six wholly-owned subsidiaries will cease operations as part of this strategy to optimize resource allocation and focus on offshore wind power [5][6]. Market Context - The onshore wind power market is becoming increasingly competitive, while the offshore wind power market presents significant growth potential, with over 300 million kilowatts of planned capacity in China [6]. - The global offshore wind power market is also expected to grow rapidly, with annual installations projected to exceed 30 million kilowatts by 2030 [6]. Industry Challenges - Despite the potential profitability of offshore wind projects, the industry is currently facing short-term challenges, including a lack of fully realized construction scale and increased competition that may lead to price wars [7]. - The annual installation capacity has stabilized between 4 to 7 GW following a peak in 2021, indicating a need for further growth to meet market demands [7].