TMT(SH:600458) Guoxin Securities·2025-08-13 11:38Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][8]. Core Views - TPI, a global leader in wind turbine blades, has filed for Chapter 11 bankruptcy in Texas, aiming for comprehensive financial restructuring. This reflects intensified competition in the global wind blade market, highlighting opportunities for domestic manufacturers like the company [3][4]. - The overseas blade market generally has a gross margin that is 10 percentage points higher than that of the domestic market. An increase in market share abroad is expected to enhance the profitability and valuation of blade manufacturers [6]. - The company, as a top two domestic blade manufacturer, possesses significant technological and cost advantages. Its factory in Vietnam is expected to commence production in 2026, which will enhance its global capacity layout [6]. Financial Forecasts - The company’s profit forecasts for 2025-2027 are projected at 650 million, 840 million, and 980 million yuan, respectively, representing year-on-year growth of 46.7%, 28.8%, and 16.2%. The current stock price corresponds to P/E ratios of 17.3, 13.4, and 11.6 times for the respective years [8][12].