Titan Wind(002531) Minsheng Securities·2024-11-02 04:00Investment Rating - The report maintains a "Recommended" rating for the company, considering its steady progress in global offshore engineering and sufficient order backlog [4]. Core Views - The company reported a revenue of 3.56 billion yuan for the first three quarters of 2024, a year-on-year decrease of 44.43%, with a net profit attributable to shareholders of 292 million yuan, down 59.49% year-on-year [3]. - The company signed an EPC construction contract for a Floating Storage and Offloading (FSO) vessel worth 45 million USD, which is expected to enhance its offshore engineering business and smooth out production capacity [4]. - The forecast for revenue from 2024 to 2026 is 5.88 billion, 10.28 billion, and 13.37 billion yuan, with net profits of 480 million, 1.42 billion, and 1.93 billion yuan respectively [4]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 1.302 billion yuan, a year-on-year increase of 37.96% and a quarter-on-quarter increase of 7.99% [3]. - The gross margin for the first three quarters of 2024 was 25.29%, an increase of 3.23 percentage points year-on-year, while the net margin was 8.18%, a decrease of 3.09 percentage points year-on-year [3]. - The company’s total revenue for 2023 is projected at 7.727 billion yuan, with a net profit of 782 million yuan [7]. Financial Forecasts - The company is expected to see a revenue growth rate of -23.96% in 2024, followed by significant rebounds of 75.03% in 2025 and 30.05% in 2026 [7]. - The projected net profit growth rates are -39.18% for 2024, 193.94% for 2025, and 35.39% for 2026 [7]. - The price-to-earnings (PE) ratio is expected to be 34, 11, and 8 for the years 2024, 2025, and 2026 respectively [4][7].