Titan Wind(SZ:002531) Changjiang Securities·2025-09-09 13:15Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's revenue for the first half of 2025 is 2.19 billion yuan, a year-on-year decrease of 3.1%, while the net profit attributable to the parent company is 50 million yuan, down 75.1% year-on-year [2][4]. - The company is experiencing operational fluctuations due to strategic adjustments, but historical high contract liabilities are expected to lay a foundation for future delivery performance [4][6]. - The company anticipates a recovery in the second half of 2025, driven by the ongoing construction of offshore wind projects and expansion into overseas markets [9]. Revenue Analysis - The revenue breakdown for the first half of 2025 shows: - Wind towers and related products: 810 million yuan, up 33.1% year-on-year - Blade products: 360 million yuan, down 53.8% year-on-year - Offshore engineering products: 210 million yuan, up 124.4% year-on-year - Wind power generation: 690 million yuan, up 4.7% year-on-year - Others: 120 million yuan, up 6.5% year-on-year [9]. Profitability Analysis - The gross margin for the first half of 2025 is approximately 20.9%, a decrease of 5.9 percentage points year-on-year, primarily due to underutilization of production capacity [9]. - The gross margins for specific segments are: - Wind towers and related products: 3.9%, down 4.3 percentage points - Blade products: -14.0%, down 24.2 percentage points - Offshore engineering products: -3.9%, down 14.0 percentage points - Wind power generation: 65.5%, down 1.1 percentage points - Others: 26.3%, up 4.2 percentage points [9]. Future Outlook - The company expects net profit attributable to the parent company to be around 400 million yuan for 2025, corresponding to a PE ratio of approximately 32 times [9].