Titan Wind(002531) EBSCN·2025-04-28 05:20Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns [3]. Core Views - The company faced significant revenue decline in 2024, with a 37.10% decrease to 4.86 billion yuan and a 74.29% drop in net profit to 204 million yuan. The first quarter of 2025 also showed a revenue decrease of 12.10% year-on-year [1][3]. - The domestic wind power industry is experiencing intensified competition, which has pressured the company's main business operations. Revenue from wind towers and related products fell by 47.98% to 1.67 billion yuan, while marine engineering products saw a 71.59% decline to 429 million yuan [1]. - The company is strategically positioned to benefit from the accelerating domestic offshore wind construction, with a bid capacity of 13.7 GW in 2024, laying a solid foundation for future growth [2]. - The company is actively expanding its offshore business and has established a base in Germany to enhance its international presence, which is expected to open up new growth opportunities [2][3]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 4.86 billion yuan, down 37.10% from the previous year, and a net profit of 204 million yuan, down 74.29% [1]. - For Q1 2025, revenue was 926 million yuan, a decrease of 12.10% year-on-year, but a recovery from a previous loss with a net profit of 36 million yuan [1]. Revenue Breakdown - Wind tower and related products revenue decreased by 47.98% to 1.67 billion yuan, with a gross margin decline of 5.59 percentage points to 7.15% [1]. - Marine engineering products revenue fell by 71.59% to 429 million yuan, with a gross margin decline of 13.25 percentage points to 3.08% [1]. - Blade products revenue decreased by 20.59% to 1.25 billion yuan, with a gross margin of -0.72% [1]. - Power generation business revenue increased by 2.10% to 1.27 billion yuan, with a gross margin of 62.47% [1]. Future Outlook - The company is expected to see improved performance from its marine engineering projects, with several key projects set to commence construction and delivery in 2025 [2]. - The company plans to enhance operational efficiency in its wind farms and explore asset-light models to drive future growth [2]. Profit Forecast - The report projects net profits of 730 million yuan, 1.09 billion yuan, and 1.36 billion yuan for 2025, 2026, and 2027 respectively, reflecting a significant recovery from the 2024 figures [3][4].