TSP(SZ:300129) Soochow Securities·2024-04-29 15:02Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% in the next six months [8][19]. Core Insights - The company reported a revenue of 4.8 billion yuan for 2023, a year-on-year increase of 54%, with a net profit of 292 million yuan, up 6.4% year-on-year [8]. - The gross margin for 2023 was 18%, slightly down by 0.3 percentage points compared to the previous year [8]. - The company expects to ship 800,000 tons of steel towers in 2024, a 40% increase from 2023, with a focus on both offshore and onshore projects [8]. - The company has seen an increase in overseas orders, with the proportion of high-quality overseas orders rising to 36% as of Q1 2024 [8]. - The company plans to expand its operations into rocket component manufacturing in 2024, diversifying its business [8]. Financial Summary - Total revenue (in million yuan) is projected to grow from 4,813 in 2023 to 5,176 in 2024, with a year-on-year growth rate of 7.54% [5]. - The net profit attributable to the parent company is expected to increase from 292 million yuan in 2023 to 613 million yuan in 2024, reflecting a growth rate of 109.64% [5]. - The earnings per share (EPS) is projected to rise from 0.31 yuan in 2023 to 0.66 yuan in 2024 [5]. - The company’s P/E ratio is expected to decrease from 24.75 in 2023 to 11.80 in 2024, indicating improved valuation metrics [5]. Operational Performance - The company shipped 570,000 tons of steel towers in 2023, a 53% increase year-on-year, with expectations to ship 800,000 tons in 2024 [8]. - The company’s cash flow from operating activities was negative in 2023, indicating pressure on cash flow management [8]. - The company has faced credit impairment losses of 920 million yuan in 2023, primarily due to project delays [8].