TSP(SZ:300129) Guolian Securities·2024-08-28 10:03Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a revenue of 1.656 billion yuan in H1 2024, a year-on-year decrease of 0.84%, while the net profit attributable to shareholders was 130 million yuan, an increase of 9.45% year-on-year [2][6] - The increase in profitability is attributed to a high proportion of foreign sales revenue [2] - In Q2 2024, the company achieved a revenue of 1 billion yuan, a year-on-year increase of 15.5% and a quarter-on-quarter increase of 52.0% [6] Financial Performance - In H1 2024, the company's onshore wind power business generated revenue of 1.5 billion yuan, a year-on-year increase of 17.2%, while the offshore wind business generated 110 million yuan, a year-on-year decrease of 65.5% [6] - The company has a strong order backlog, with new onshore wind orders amounting to 1.87 billion yuan and pending orders of 3.28 billion yuan [6] - The company's foreign sales revenue reached 890 million yuan in H1 2024, a year-on-year increase of 36.8%, accounting for 54% of total revenue [6] Profitability and Forecast - The gross margin for H1 2024 was 20.0%, an increase of 1.0 percentage point year-on-year, and the net profit margin was 7.8%, an increase of 0.8 percentage points year-on-year [6] - The company expects revenue for 2024, 2025, and 2026 to be 5.209 billion yuan, 7.002 billion yuan, and 8.390 billion yuan respectively, with year-on-year growth rates of 8.23%, 34.42%, and 19.83% [7] - The net profit attributable to shareholders is projected to be 450 million yuan, 660 million yuan, and 850 million yuan for the years 2024, 2025, and 2026, with growth rates of 52.61%, 47.98%, and 28.91% respectively [7]