TSP(300129) 长城证券·2024-09-06 08:11Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [4]. Core Views - The company has shown steady growth in onshore wind power development, with a strategic "dual-sea" layout driving performance growth [1]. - The company reported a revenue of 1.656 billion yuan in H1 2024, a slight year-on-year decrease of 0.84%, while net profit attributable to shareholders reached 130 million yuan, up 9.45% year-on-year [1][2]. - The company is focusing on expanding its export market, with overseas sales revenue of 889 million yuan in H1 2024, representing a year-on-year increase of 36.83% [2]. - The company has a robust order backlog totaling 4.238 billion yuan, with significant contributions from both onshore and offshore wind projects [2]. Financial Summary - Revenue is projected to grow from 5.332 billion yuan in 2024E to 8.900 billion yuan in 2026E, with a corresponding net profit increase from 463 million yuan to 881 million yuan [4][5]. - The company's gross margin and net margin improved to 19.97% and 7.80% respectively in H1 2024, reflecting operational efficiency despite a slight revenue decline [2]. - The report anticipates EPS to rise from 0.50 yuan in 2024E to 0.94 yuan in 2026E, with a decreasing P/E ratio from 13.6 to 7.1 over the same period [4][5].