TSP(SZ:300129) Changjiang Securities·2025-12-03 00:45Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a revenue of 3.7 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 26%. The net profit attributable to shareholders was approximately 220 million yuan, up 45% year-on-year. In Q3 alone, the revenue was 1.4 billion yuan, with a year-on-year increase of 9%, and the net profit reached about 100 million yuan, showing a significant growth of 395% year-on-year [2][4]. Summary by Sections Revenue Performance - In Q3, the company's revenue showed a slight year-on-year increase, primarily benefiting from an increase in shipment volume [11]. Profitability - The gross margin for Q3 was approximately 13.4%, reflecting an improvement year-on-year, attributed to a low base from the previous year and an increase in order delivery prices. The expense ratio for Q3 was about 6.3%, down 2.2 percentage points year-on-year, mainly due to the dilution effect from increased revenue [11]. Order Backlog - As of the end of Q3 2025, the company had inventory and contract liabilities of approximately 2.3 billion yuan and 600 million yuan, respectively, both at historical highs. The total executing and pending orders amounted to about 4.77 billion yuan, with land-based wind power equipment orders at approximately 3.56 billion yuan and offshore wind power orders at about 1.19 billion yuan [11]. Future Outlook - The company is actively developing its offshore wind base in Yangzhou, which is expected to capitalize on domestic and international offshore wind opportunities, enhancing performance growth potential. Additionally, the company is advancing into new business areas such as commercial aerospace, which may open up a second growth curve [11]. Financial Projections - The projected net profits for 2025 and 2026 are approximately 330 million yuan and 450 million yuan, respectively, corresponding to price-to-earnings ratios of about 21 times and 16 times [11].