TSP(SZ:300129) EBSCN·2025-04-25 03:11Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Views - The company achieved a revenue of 4.838 billion yuan in 2024, a slight increase of 0.52% year-on-year, but the net profit attributable to shareholders decreased by 37.77% to 182 million yuan [1][5]. - The company is actively pursuing its "dual-sea" strategy, focusing on both domestic and international markets, particularly in offshore wind energy [3][4]. - The company has a robust order backlog of approximately 4.917 billion yuan, which is expected to support future revenue growth [3]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 48.38 billion yuan, with a year-on-year growth of 0.52%. The net profit attributable to shareholders was 1.82 billion yuan, down 37.77% from the previous year [1]. - The fourth quarter of 2024 saw a revenue of 18.88 billion yuan, marking a 2.88% increase year-on-year and a 45.91% increase quarter-on-quarter [1]. Business Segments - The onshore wind equipment segment, including concrete towers, saw a revenue increase of 15.24% to 40.26 billion yuan, although the gross margin decreased by 5.21 percentage points to 13.69% [2]. - The offshore wind and marine engineering equipment segment experienced a revenue decline of 37.77% to 6.72 billion yuan, with a gross margin of 8.13% [2]. - The zero-carbon business segment's revenue decreased by 8.34% to 0.29 billion yuan, with a gross margin of 38.84% [2]. Strategic Developments - The company has established a new production base in Changji, designed for high-end tower products, with a planned capacity of 100,000 tons [3]. - An overseas sales center was set up in Germany to enhance international market presence, contributing to a 21.57% increase in overseas revenue to 1.694 billion yuan [3]. - The company has secured supplier certifications from major clients, indicating strong market positioning and potential for future growth [3]. Profitability and Valuation - The report projects a decline in profitability due to increased industry competition, with net profit estimates for 2025, 2026, and 2027 at 325 million yuan, 424 million yuan, and 501 million yuan, respectively [4][5]. - The estimated earnings per share (EPS) for the same years are projected to be 0.35 yuan, 0.45 yuan, and 0.54 yuan, with corresponding price-to-earnings (P/E) ratios of 18, 14, and 12 [4][5].