Titan Wind(SZ:002531) GOLDEN SUN SECURITIES·2026-02-12 01:24Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on expected performance over the next six months [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 is transitioning away from its land-based wind business by ceasing operations at six subsidiaries, allowing it to focus on high-potential offshore wind projects [1]. - The establishment of a key manufacturing base in Germany is expected to facilitate the company's entry into the European offshore wind market, with core equipment already in place [3]. Summary by Sections Domestic Market Position - The company is a leading player in the domestic offshore wind market, with over 50% share in the Yangjiang Fan Stone II offshore wind project [2]. - The company is well-positioned to accelerate its domestic offshore wind orders due to its strategic capacity in southern coastal areas [2]. International Expansion - The German base is strategically located to serve major European markets, including Germany, Denmark, the UK, and the Netherlands [3]. - Recent advancements in the German base, including the procurement of heavy-duty equipment, are set to enhance production capabilities for offshore wind projects [3]. Financial Projections - 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 [3]. - The expected price-to-earnings (P/E) ratios for 2026 and 2027 are 25.1 and 10.6, respectively, indicating a potential for significant valuation improvement [3].