TSP(SZ:300129) Changjiang Securities·2025-09-09 09:15Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company is expected to achieve approximately 2.3 billion yuan in revenue for the first half of 2025, representing a year-on-year growth of 38.8%. However, the net profit attributable to shareholders is projected to be around 120 million yuan, a decrease of 8.1% year-on-year [2][4]. - The company has a robust order backlog, with approximately 5.48 billion yuan in executed and pending orders, reflecting a year-on-year increase of 29%. This strong order position is anticipated to support future delivery performance [10]. Summary by Sections Revenue Performance - For the first half of 2025, the company’s revenue is expected to be about 2.3 billion yuan, with a significant year-on-year increase of 38.8%. In Q2 2025 alone, revenue is projected to reach approximately 1.5 billion yuan, marking a 50.6% increase year-on-year [2][4]. Profitability - The net profit attributable to shareholders for the first half of 2025 is estimated at around 120 million yuan, which is an 8.1% decline compared to the previous year. The non-recurring net profit is also expected to be about 120 million yuan, down 3.5% year-on-year [2][4]. Order Backlog - The company has a strong order backlog, with approximately 5.48 billion yuan in executed and pending orders, which is a 29% increase year-on-year. New orders for onshore wind power equipment (including concrete towers) reached about 2.58 billion yuan, up 37% year-on-year, while new orders for offshore wind power and marine engineering equipment surged by 194% to approximately 410 million yuan [10]. Business Segmentation - The revenue from onshore wind power equipment (including concrete towers) for the first half of 2025 is expected to be around 1.88 billion yuan, reflecting a 25.6% year-on-year increase. The revenue from offshore wind power and marine engineering equipment is projected to be approximately 360 million yuan, a substantial increase of 226.2% [10]. Margin Analysis - The gross margin for the first half of 2025 is expected to be 12.9%, a decrease of 6.9 percentage points year-on-year, primarily due to rising raw material costs and changes in the customer structure of overseas business [10].