TMT(600458) 甬兴证券·2025-05-21 08:09Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company has shown a solid performance in 2024 with a revenue of 20.055 billion yuan, representing a year-on-year increase of 14.35%, and a net profit attributable to shareholders of 445 million yuan, up 15.20% year-on-year [1][12] - The company is expected to benefit from the recovery in the wind power industry, improvements in the automotive parts business, and the mass production of new materials, leading to anticipated profit growth in the coming years [12] Revenue Breakdown - Wind Power: Revenue reached 8.2 billion yuan, accounting for 40.89% of total revenue, with a year-on-year increase of 22.36% [2] - Automotive Parts: Revenue was 7.101 billion yuan, making up 35.41% of total revenue, with a year-on-year increase of 3.51% [2] - Rail Transit: Revenue amounted to 2.355 billion yuan, representing 11.74% of total revenue, with a year-on-year increase of 25.59% [2] - Engineering and Other Products: Revenue was 1.920 billion yuan, accounting for 9.57% of total revenue, with a year-on-year increase of 15.27% [2] Business Performance - The wind power blade segment sold 21.22 GW in 2024, with an average power of 5.96 MW per unit, achieving a revenue of 8.2 billion yuan, reflecting a 22.37% increase year-on-year [3] - The automotive parts segment turned profitable, generating 7.101 billion yuan in revenue, with significant orders from major clients [3] - The rail transit segment achieved a revenue of 2.355 billion yuan, with both domestic and international markets reaching historical highs [3] - The industrial and engineering segment reported a revenue of 1.920 billion yuan, with a 15.32% year-on-year increase [3] Financial Projections - The company forecasts net profits of 661 million yuan, 860 million yuan, and 1.059 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 14.45, 11.10, and 9.01 [12][14]