TSP(300129) 长江证券·2024-11-18 02:37Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a slight decline in revenue for Q3 2024, primarily due to slower construction in offshore wind projects, leading to a decrease in product delivery [6][7]. - Despite the challenges, the company has a robust order backlog totaling approximately 4.07 billion yuan, with new orders amounting to 3.4 billion yuan [8]. - The company is expected to benefit from increased domestic wind power installations in 2025 and is actively expanding its overseas market presence [8]. Financial Performance Summary - For the first three quarters of 2023, the company achieved revenue of approximately 2.95 billion yuan, a year-on-year decrease of 1%, and a net profit attributable to shareholders of 150 million yuan, down 37% [6][7]. - In Q3 2024, the company reported revenue of 1.29 billion yuan, a year-on-year decline of 1%, and a net profit of 20 million yuan, down 83% [6][7]. - The gross margin for Q3 2024 was approximately 12.2%, showing a decline compared to previous periods, attributed to changes in product and customer mix [7]. - Operating cash flow for Q3 2024 was approximately 50 million yuan, with capital expenditures around 100 million yuan, indicating active capacity expansion efforts [7]. Order and Market Outlook - As of the end of Q3 2024, the company had a total of 4.07 billion yuan in executed and pending orders, with 3.36 billion yuan from onshore wind and 680 million yuan from offshore wind [8]. - The company anticipates significant growth in domestic wind power installations in 2025, which is expected to drive increased deliveries [8]. - The company is also focusing on enhancing its overseas market contributions, particularly from its Yangzhou base, and is advancing technical upgrades at its Taisheng Blue Island base [8].