TSP(SZ:300129) Changjiang Securities·2025-05-23 08:15Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company achieved approximately 790 million yuan in revenue for Q1 2025, representing a year-on-year increase of 21.0%. However, the net profit attributable to the parent company was about 50 million yuan, a decrease of 17.5% year-on-year, while the net profit after deducting non-recurring gains and losses was approximately 40 million yuan, down 16.1% year-on-year [2][4] Revenue Analysis - The revenue growth in Q1 2025 is primarily attributed to an increase in offshore wind product shipments. The onshore wind orders completed were approximately 610 million yuan, a slight year-on-year decrease, while offshore wind orders completed were about 210 million yuan, a year-on-year increase of 239%. Domestic orders reached approximately 440 million yuan, up 29% year-on-year, and overseas orders were about 400 million yuan, an increase of 14% year-on-year [10] Profitability Analysis - The gross profit margin for Q1 2025 was 13.94%, a decrease of 6.06 percentage points year-on-year, mainly due to changes in the customer structure for overseas sales. The operating expense ratio for Q1 2025 was 8.29%, down 2.99 percentage points year-on-year, with sales, management, R&D, and financial expense ratios showing respective declines [10] Order Backlog - As of the end of Q1 2025, the company had a total of approximately 5.014 billion yuan in executed and pending orders, a year-on-year increase of 21%. This includes 3.76 billion yuan in onshore tower orders (up 18% year-on-year) and 1.23 billion yuan in offshore wind orders (up 42% year-on-year). Domestic orders were about 3.79 billion yuan (up 44% year-on-year), while foreign orders were 1.23 billion yuan (down 18% year-on-year) [10] Future Outlook - The company is expected to benefit from rapid growth in domestic wind power installations in 2025, leading to increased shipment and delivery volumes. Additionally, the company is actively expanding into overseas markets, with production capacity in Yangzhou expected to contribute to performance flexibility. The estimated net profit attributable to the parent company for 2025 is approximately 320 million yuan, corresponding to a PE ratio of about 19 times [10]