Titan Wind(002531) Soochow Securities·2025-04-29 13:15Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for 2024 is projected to be 4.86 billion yuan, a year-on-year decrease of 37.1%, with a net profit of 204.44 million yuan, down 74.29% year-on-year [8] - The report highlights that the company is experiencing pressure on performance but is expected to see an increase in shipments in the future [8] - The company is focusing on high-quality development rather than merely expanding production capacity, which has led to a decrease in delivery volumes [8] Financial Summary - Total revenue forecast for 2023 is 7.727 billion yuan, with a year-on-year growth of 14.67% [1] - The projected net profit for 2025 is 712.10 million yuan, representing a significant year-on-year increase of 248.33% [1] - The earnings per share (EPS) for 2024 is expected to be 0.11 yuan, with a projected increase to 0.40 yuan in 2025 [1] - The company's price-to-earnings (P/E) ratio is projected to be 56.96 for 2024, decreasing to 16.35 in 2025 [1] Business Segmentation - The offshore equipment segment is expected to generate 430 million yuan in revenue for 2024, a decline of 71.6% year-on-year [8] - The land tower business is projected to have revenue of 1.67 billion yuan in 2024, down 48.0% year-on-year [8] - Blade products are expected to generate 1.25 billion yuan in revenue, a decrease of 20.6% year-on-year [8] - The power generation revenue is projected to be 1.27 billion yuan, with a slight increase of 2.1% year-on-year [8]