Titan Wind(SZ:002531) Minsheng Securities·2024-04-28 00:00Investment Rating - The report maintains a "Recommended" rating for the company, considering its strong market position and global expansion efforts in the offshore engineering sector [2][3]. Core Insights - The company achieved a revenue of 7.727 billion yuan in 2023, representing a year-on-year growth of 14.67%, and a net profit attributable to shareholders of 795 million yuan, up 26.60% year-on-year [1][2]. - The company is actively expanding in multiple business areas, including offshore wind power, wind tower manufacturing, and blade and mold production, with significant production capacity being developed across various locations [1][2]. - The company has seen a rapid increase in foreign revenue, contributing 581 million yuan, which is a 72.40% year-on-year growth, indicating a successful transition from product export to equipment manufacturing capabilities abroad [2]. Financial Forecasts - The company is projected to achieve revenues of 10.034 billion yuan, 16.200 billion yuan, and 18.827 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 1.415 billion yuan, 2.452 billion yuan, and 2.992 billion yuan [3][7]. - The expected growth rates for revenue are 29.9% in 2024, 61.4% in 2025, and 16.2% in 2026, while net profit growth rates are projected at 77.9%, 73.3%, and 22.0% for the same years [3][7]. - The company's price-to-earnings (PE) ratio is expected to decrease from 21 in 2023 to 6 by 2026, reflecting an improving valuation as earnings grow [3][7].