天顺风能：Q3经营短暂承压，合同负债高增奠定交付景气基础

Investment Rating - The investment rating for the company is "Buy" and it is maintained [5][8]. Core Views - The company experienced a revenue decline of 44% year-on-year in the first three quarters of 2024, with a net profit attributable to shareholders down 59% [5][6]. - In Q3 2024, the company achieved revenue of 1.3 billion yuan, a year-on-year decrease of 38% but an 8% increase compared to the previous quarter [5][6]. - The increase in revenue in Q3 is attributed to a recovery in the overall construction pace of domestic offshore and onshore wind projects [6][8]. Summary by Relevant Sections Revenue Performance - The company's revenue for Q3 2024 was 1.3 billion yuan, down 38% year-on-year but up 8% quarter-on-quarter. The decline in revenue is primarily due to slower project commencement in offshore wind projects [5][6]. Profitability - The gross margin for the first three quarters of 2024 was 25.3%, an increase of 3.2 percentage points year-on-year. However, the gross margin for Q3 2024 was 22.8%, showing a year-on-year increase but a quarter-on-quarter decline [7]. - The increase in gross margin year-on-year is attributed to a change in business structure, with a higher proportion of revenue coming from the more profitable power station operation business [7]. Financial Indicators - The company reported a net operating cash inflow of approximately 110 million yuan in Q3 2024, with capital expenditures of about 190 million yuan, indicating active capacity expansion [7]. - As of the end of Q3 2024, the company's inventory was 2.8 billion yuan, with contract liabilities at approximately 830 million yuan, indicating a strong basis for future deliveries [7][8]. Future Outlook - The company is expected to benefit from upcoming projects in Jiangsu and Guangdong, with anticipated increases in offshore wind product shipments. Additionally, the company is actively expanding its overseas business to capture opportunities in the offshore wind market [8]. - The projected net profit attributable to shareholders for 2024 and 2025 is expected to be 550 million yuan and 1.35 billion yuan, respectively, with corresponding price-to-earnings ratios of 28.3 and 11.5 times [8].