Titan Wind(SZ:002531) Minsheng Securities·2024-09-01 06:30Investment Rating - The report maintains a "Recommended" rating for the company, considering its solid position in the wind tower sector and steady progress in offshore engineering projects [2][3]. Core Insights - The company reported a revenue of 2.259 billion yuan for H1 2024, a year-on-year decline of 47.57%, with a net profit attributable to shareholders of 216 million yuan, down 62.75% year-on-year [1]. - The revenue for Q2 2024 was 1.205 billion yuan, reflecting a 59.09% year-on-year decline but a 14.38% quarter-on-quarter increase [1]. - The gross margin for H1 2024 was 26.73%, an increase of 3.81 percentage points year-on-year, while the net margin was 9.57%, a decrease of 4.01 percentage points year-on-year [1]. Business Segment Summary - Tower Segment: Revenue for H1 2024 was 610 million yuan, down 54.75% year-on-year, accounting for approximately 26.95% of total revenue, a decrease of about 4.27 percentage points year-on-year [2]. - Offshore Engineering: Revenue for H1 2024 was 90 million yuan, down 90.30% year-on-year, representing about 4.08% of total revenue, a decline of approximately 18.01 percentage points year-on-year. The company expects acceleration in offshore wind projects in the second half of the year [2]. - Blades and Molds: Revenue for H1 2024 was 790 million yuan, down 35.79% year-on-year, accounting for about 34.86% of total revenue, an increase of 6.4 percentage points year-on-year [2]. - Wind Farms: The company had a cumulative grid-connected capacity of 1583.8 MW, generating revenue of 660 million yuan for H1 2024, down 3.67% year-on-year, representing about 29.32% of total revenue, an increase of approximately 13.36 percentage points year-on-year [2]. Financial Forecast - The company is projected to achieve revenues of 8.171 billion yuan, 11.733 billion yuan, and 13.370 billion yuan for 2024, 2025, and 2026, respectively. Net profits attributable to shareholders are expected to be 1.022 billion yuan, 1.654 billion yuan, and 1.974 billion yuan for the same years [3].