Titan Wind(SZ:002531) GOLDEN SUN SECURITIES·2026-02-12 00:48Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Insights - The company has secured domestic offshore engineering orders totaling approximately 870 million yuan, indicating a strong position in the offshore wind market [1][2]. - The company has ceased operations at six wholly-owned subsidiaries, shedding its onshore business burdens and focusing on high-potential offshore wind projects, which is expected to lead to a turnaround by 2026 [1][3]. - The company is positioned to benefit from the increasing demand for offshore wind energy in Europe, with its German base ready for production and key equipment already in place [3]. Financial Performance - The company is projected to achieve a net profit of -199 million yuan in 2025, followed by a recovery to 655 million yuan in 2026 and 1.558 billion yuan in 2027, reflecting a significant turnaround [3]. - Revenue is expected to decline to 3.575 billion yuan in 2025, with a subsequent increase to 7.070 billion yuan by 2027, indicating a recovery trajectory [5]. - The company's P/E ratio is forecasted to be 25.1 in 2026 and 10.6 in 2027, suggesting improved valuation as profitability returns [3][5].