Titan Wind(SZ:002531) Ping An Securities·2024-05-05 06:07Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance in the near term [8][12][13]. Core Insights - The company has shown significant results from its strategic transformation, with growth expected in its offshore and zero-carbon businesses [4][6]. - In 2023, the company achieved a revenue of 7.727 billion yuan, a year-on-year increase of 14.67%, and a net profit of 795 million yuan, up 26.53% year-on-year [4][5]. - The company is focusing on enhancing its offshore business, which is anticipated to become a core growth driver in the future [6][8]. Financial Performance Summary - 2023 Financials: Revenue reached 77.27 billion yuan, with a net profit of 7.95 billion yuan, and an EPS of 0.44 yuan. The company proposed a cash dividend of 0.75 yuan per 10 shares [4][5]. - 2024 Projections: Expected revenue of 9.498 billion yuan, with a net profit forecast of 1.264 billion yuan, reflecting a significant growth trajectory [5][9]. - Segment Performance: The traditional tower segment saw a revenue decline of 19% to 3.202 billion yuan, while the power generation segment grew by 31% to 1.246 billion yuan, driven by new wind farm contributions [5][6]. Business Segment Analysis - Offshore Business: The offshore segment generated 1.511 billion yuan in revenue, with a gross margin of 16.33%. This segment is expected to grow significantly due to new capacity and market demand [5][6]. - Zero-Carbon Initiatives: The company is investing in zero-carbon projects, with ongoing developments in wind power projects that are expected to contribute to future revenues [8][9]. Capacity and Production - The company has established multiple production bases for its offshore wind business, with significant capacities planned for the coming years, including a 50,000-ton facility in Germany [6][8]. - The offshore business is projected to have a shipment volume of approximately 120,000 tons in 2023, indicating substantial growth potential [8][9]. Future Outlook - The company is adjusting its profit forecasts, expecting net profits of 1.264 billion yuan in 2024 and 1.642 billion yuan in 2025, with a dynamic PE ratio of 14.8 and 11.4 respectively [8][9]. - The strategic focus on offshore and zero-carbon businesses is expected to enhance the company's market position and financial performance in the long term [6][8].