Titan Wind(SZ:002531) Changjiang Securities·2024-09-14 02:39Investment Rating - The report maintains a "Buy" rating for the company [7][8]. Core Views - The company reported a revenue of approximately 2.26 billion yuan for the first half of 2024, a year-on-year decrease of 48%, and a net profit attributable to shareholders of 220 million yuan, down 63% [6][7]. - In Q2 2024, the company achieved a revenue of 1.21 billion yuan, a decline of 59% year-on-year, with a net profit of 70 million yuan, down 82% [6][7]. - The decline in revenue is primarily attributed to a decrease in shipment volumes across various segments, including offshore wind, onshore towers, blades, and power generation [7]. - Despite the revenue drop, the gross margin improved to approximately 27%, up by 4 percentage points year-on-year, although the net profit margin decreased [7]. - The company has seen significant growth in inventory and contract liabilities, indicating proactive stockpiling and a strong foundation for future deliveries [7]. - New orders include a contract for the construction and transportation of an offshore booster station project valued at approximately 106 million yuan, enhancing the company's competitive position in the Zhejiang offshore wind market [7]. - The company is expected to benefit from the recovery in the offshore wind industry, with projected net profit for 2024 estimated at around 900 million yuan, corresponding to a PE ratio of approximately 14 times [7]. Financial Summary - For the first half of 2024, capital expenditures were approximately 470 million yuan, indicating active capacity expansion [7]. - The company has an operational wind farm capacity of about 1.6 GW, with an additional 0.96 GW under construction, which is expected to enhance installed capacity [7]. - The financial outlook for 2024 includes total revenue projections of 8.425 billion yuan, with a gross profit of 1.832 billion yuan, maintaining a gross margin of around 22% [13].