TSP(300129) Soochow Securities·2025-04-23 06:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for 2024 is projected to be 4.838 billion yuan, a slight increase of 0.52% year-on-year, while the net profit attributable to shareholders is expected to decline by 37.77% to 181.96 million yuan [1][8] - The report highlights the company's dual-sea strategy, which is gradually being realized, indicating significant growth potential [8] Financial Forecasts - Total revenue projections for the company from 2023 to 2027 are as follows: 4.813 billion yuan in 2023, 4.838 billion yuan in 2024, 5.866 billion yuan in 2025, 6.839 billion yuan in 2026, and 7.864 billion yuan in 2027, with respective year-on-year growth rates of 53.93%, 0.52%, 21.25%, 16.59%, and 14.99% [1][9] - The net profit attributable to shareholders is forecasted to be 292.41 million yuan in 2023, 181.96 million yuan in 2024, 325.66 million yuan in 2025, 430.53 million yuan in 2026, and 512.92 million yuan in 2027, with year-on-year growth rates of 6.37%, -37.77%, 78.97%, 32.20%, and 19.13% respectively [1][9] - The latest diluted EPS is projected to be 0.31 yuan in 2023, 0.19 yuan in 2024, 0.35 yuan in 2025, 0.46 yuan in 2026, and 0.55 yuan in 2027 [1][9] Business Segmentation - The revenue from onshore wind towers (including mixed towers) is expected to reach 4.03 billion yuan in 2024, a year-on-year increase of 15.2%, while offshore wind tower piles are projected to generate 670 million yuan, a decrease of 37.8% [8] - Domestic revenue is anticipated to be 3.14 billion yuan in 2024, down 8.1% year-on-year, while overseas revenue is expected to rise by 21.6% to 1.69 billion yuan [8] Cost and Expenses - The company's operating expenses for 2024 are projected to be 3.8 billion yuan, a decrease of 21.5% year-on-year, with an expense ratio of 7.9% [8] - The report indicates a significant reduction in operating cash flow, projected at -380 million yuan for 2024 [9]