Titan Wind(SZ:002531)2026-02-11 14:01Group 1: Company Production and Capacity - The company does not provide a forecast for 2026 shipment volumes due to the correlation with industry construction progress and lengthy approval processes [2] - Domestic production capacity includes: - Jiangsu Yancheng Sheyang base: 200,000 tons for monopiles - Tongzhou Bay base: 300,000 tons for large monopiles and floating modular products - Guangdong Jieyang and Yangjiang bases: 600,000 tons for jacket foundations - Other bases under planning with a total expected capacity of 500,000 tons [2][4] - The overseas production capacity at the German Cuxhaven port is progressing steadily with a design capacity of 500,000 tons for monopiles [2][4] Group 2: Market Trends and Demand - The domestic offshore wind market is expected to accelerate in 2025-2026, particularly in Guangdong, with a global demand surge driven by Europe, Southeast Asia, Japan, and South Korea [2][4] - The European offshore wind market is projected to grow at an annual rate of 15%-20% over the next decade, influenced by the shift towards offshore wind energy post-Russia-Ukraine conflict [12] Group 3: Zero-Carbon Business Strategy - The zero-carbon business is a core focus, aiming for a grid-connected capacity of 1.8 GW by the end of 2025, with potential plans for asset sales or REITs to enhance returns [4] Group 4: International Operations and Team Structure - The overseas team primarily consists of local European personnel, integrated with key members from the Chinese core team [6] - The company is actively pursuing AR7 projects, with supplier selection expected in 2026-2027 [3][6] Group 5: Financial and Capital Operations - The company plans to initiate a targeted capital increase by the end of 2025, pending regulatory approvals, to support its transition towards offshore wind equipment manufacturing [11] - The capital increase aims to align with the management's commitment to the offshore wind sector, which is seen as having significant growth potential [11] Group 6: Cost and Production Efficiency - The cost comparison indicates that the German factory is designed to enhance manufacturing efficiency while maintaining competitive costs against domestic facilities [8] - The company aims to maintain a strong market share in the southern offshore wind market, focusing on regions like Guangdong, Zhejiang, and Hainan [9] Group 7: Project Timelines and Delivery - The company anticipates that 2028-2030 will be significant years for the delivery of initiated overseas projects, while the next three years are expected to be peak years for domestic project deliveries [10]