TSP(300129)2025-05-29 09:19Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [3][7]. Core Views - The company's performance is under short-term pressure, but it continues to advance its dual-sea strategy, focusing on expanding its offshore wind power market and overseas markets [3][5]. - The company reported a revenue of 48.38 billion yuan for 2024, a year-on-year increase of 0.52%, while the net profit attributable to shareholders decreased by 37.77% to 1.82 billion yuan [6]. - The company has a growing order backlog, with total orders amounting to 49.17 billion yuan by the end of 2024, reflecting a year-on-year increase of 27.97% [6][7]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 48.38 billion yuan and a net profit of 1.82 billion yuan, with a gross margin of 13.83%, down 6.26 percentage points year-on-year [6][8]. - For Q1 2025, the company reported a revenue of 7.95 billion yuan, a year-on-year increase of 21.01%, and a net profit of 0.45 billion yuan, down 17.47% year-on-year [6][8]. Market Strategy - The company is actively expanding its production capacity and has established a European sales center in Germany to tap into international market opportunities [6][7]. - The company is also focusing on technological innovation, developing new products such as floating offshore wind turbine platforms and high-capacity offshore wind equipment [6][7]. Earnings Forecast - The earnings per share (EPS) for 2025-2027 are projected to be 0.37 yuan, 0.47 yuan, and 0.59 yuan, respectively, with corresponding price-to-earnings (PE) ratios of approximately 17, 13, and 11 [7][8].