TSP(SZ:300129) Huafu Securities·2024-10-07 07:16Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 20% relative to the market benchmark within the next six months [9]. Core Views - The company's performance in the first half of 2024 met expectations, with revenues of 1.656 billion (down 1% year-on-year) and a net profit of 130 million (up 9% year-on-year) [1]. - The export performance was particularly strong, with Q2 foreign sales reaching 889 million, a 37% increase year-on-year, significantly contributing to profit growth [1]. - The company has enhanced its competitive edge in the domestic onshore market through the strategic acquisition of Zhonghan Energy and the establishment of three new mixed tower production bases [1]. - Future profit forecasts have been adjusted downward due to lower-than-expected domestic offshore wind demand, with projected net profits for 2024-2026 at 480 million, 680 million, and 920 million respectively [1][2]. Financial Data and Valuation - Revenue projections for 2024, 2025, and 2026 are 6.342 billion, 7.842 billion, and 10.047 billion respectively, reflecting growth rates of 32%, 24%, and 28% [2]. - Net profit estimates for the same years are 478 million, 677 million, and 922 million, with corresponding growth rates of 63%, 42%, and 36% [2]. - The earnings per share (EPS) are projected to be 0.51, 0.72, and 0.99 yuan per share for 2024, 2025, and 2026 respectively [2]. - The price-to-earnings (P/E) ratios for the upcoming years are expected to be 15.9, 11.2, and 8.2 [2]. Company Overview - The company has a total share capital of approximately 934.90 million shares, with a market capitalization of about 5.4 billion [3]. - The company's net asset value per share is 4.68 yuan, and the asset-liability ratio stands at 46.37% [3].