TSP(SZ:300129) Tianfeng Securities·2025-11-06 01:44Investment Rating - The investment rating for the company is "Buy" with a target price not specified [3][11]. Core Views - The company has a strong order backlog, with total orders amounting to 4.769 billion yuan as of September 2025, indicating robust growth potential [1][2]. - The company reported a significant increase in net profit for Q3 2025, achieving 98 million yuan, a year-on-year increase of 394.52% [1]. - Revenue for Q3 2025 reached 1.404 billion yuan, reflecting an 8.52% year-on-year growth [1]. - The company is actively expanding its overseas market presence, which is expected to enhance its competitive advantage [2]. Financial Performance Summary - For the first three quarters of 2025, total revenue was 3.703 billion yuan, up 25.53% year-on-year, with a net profit of 217 million yuan, a 45.11% increase [1]. - The gross margin for Q3 2025 was 13.4%, an increase of 1.2 percentage points year-on-year, while the net margin was 6.7%, up 4.8 percentage points year-on-year [1]. - The company forecasts revenue growth for 2025-2027 at 14%, 18%, and 17% respectively, with net profit growth of 70%, 31%, and 24% [2]. Order and Market Analysis - The company has a well-diversified order structure, with land wind power equipment orders totaling 3.556 billion yuan and offshore wind power orders at 1.189 billion yuan as of September 2025 [4]. - Domestic orders accounted for 2.504 billion yuan, while international orders reached 1.265 billion yuan, indicating a balanced market approach [4].