Titan Wind(002531) 国盛证券·2024-11-01 02:50Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company is expected to benefit from a significant increase in offshore wind projects starting in 2025, with a strong performance anticipated in the foundation segment [4][2]. - The resolution of sea usage issues in Jiangsu and Guangdong is expected to facilitate the construction of offshore wind projects, leading to a more standardized process [2]. - The company has begun to secure overseas orders, expanding its business into the offshore engineering sector, which indicates a diversification strategy [3]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 3.56 billion yuan, a year-on-year decrease of 44.43%, and a net profit attributable to shareholders of 292 million yuan, down 59.49% [1]. - The gross margin for the first three quarters was 25.29%, an increase of 3.24 percentage points year-on-year, while the net profit margin was 8.18%, a decrease of 3.09 percentage points [1]. - In Q3 2024 alone, the company achieved revenue of 1.302 billion yuan, a year-on-year decline of 37.96%, but a quarter-on-quarter increase of 7.99% [1]. Earnings Forecast - The company is projected to achieve net profits of 612 million yuan, 1.459 billion yuan, and 1.886 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 26.2, 11.0, and 8.5 [4][5].