Titan Wind(SZ:002531) EBSCN·2025-08-28 03:57Investment Rating - The report has downgraded the investment rating to "Accumulate" due to the company's active contraction of its land wind equipment business and the time required for the release of offshore engineering capacity [3]. Core Views - The company is actively pursuing a strategic transformation from land to offshore operations, focusing on expanding its offshore engineering business while controlling the scale of its land wind equipment segment [2]. - The company reported a revenue of 2.189 billion yuan in the first half of 2025, a decrease of 3.08% year-on-year, with a net profit attributable to the parent company of 54 million yuan, down 75.08% year-on-year [1]. - The offshore engineering products saw a significant revenue increase of 124.40% year-on-year, reaching 207 million yuan, although the gross margin declined [1]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 2.189 billion yuan, a decrease of 3.08% year-on-year, and a net profit of 54 million yuan, down 75.08% year-on-year [1]. - The second quarter of 2025 showed a revenue of 1.263 billion yuan, an increase of 4.82% year-on-year and a 36.40% increase quarter-on-quarter [1]. - The revenue from wind towers and related products increased by 33.10% to 810 million yuan, while the gross margin decreased by 4.32 percentage points to 3.89% [1]. Business Strategy - The company is focusing on the development of offshore engineering business, with its Guangdong Yangjiang base entering the production sprint phase and the expansion of the Sheyang Phase II officially launched [2]. - The company aims to establish a full industry chain layout for zero-carbon industrial business, having obtained 1,180 MW of wind power project indicators across three provinces [2]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted downwards, with expected net profits of 409 million yuan, 709 million yuan, and 924 million yuan respectively, reflecting a reduction of 44%, 35%, and 32% [3]. - The current stock price corresponds to a P/E ratio of 30, 17, and 13 for the years 2025-2027 [3].