Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has achieved significant revenue growth, with a year-on-year increase of 99.3% in the first three quarters of 2025, reaching a total revenue of 4.595 billion yuan [4] - The net profit attributable to the parent company for the same period is 888 million yuan, reflecting a year-on-year increase of 214.6% [4] - The company has a strong order backlog, with overseas marine engineering orders exceeding 10 billion yuan, primarily scheduled for delivery over the next two years [4] - The company is recognized as the leading supplier of offshore wind power foundation equipment in Europe, with a market share of 29.1% in the first half of 2025 [5] - The company has successfully signed contracts for large-scale semi-submersible vessels, marking its expansion into multiple marine equipment sectors [6] Financial Summary - For 2025, the company is projected to achieve a revenue of 6.551 billion yuan, with a year-on-year growth of 73.3% [7] - The net profit for 2025 is estimated at 1.189 billion yuan, representing a year-on-year increase of 151.0% [7] - The gross margin for Q3 2025 is reported at 35.9%, an increase of 9.61 percentage points from the previous quarter [4] - The earnings per share (EPS) for 2025 is projected to be 1.86 yuan, with corresponding price-to-earnings (P/E) ratios of 27.0, 20.0, and 15.7 for 2025, 2026, and 2027 respectively [4][7]

Core Viewpoint - 大金重工 is a significant player in the global wind power equipment manufacturing sector, focusing on the production and sales of wind power towers and thermal power boiler steel structures, with a comprehensive industry chain advantage [1] Financial Performance - In Q3 2025, 大金重工 achieved a revenue of 4.595 billion yuan, ranking 4th among 22 companies in the industry, while the net profit reached 0.887 billion yuan, the highest in the industry [2] - The company's asset-liability ratio stood at 43.42% in Q3 2025, lower than the industry average of 45.32%, and its gross profit margin was 31.12%, significantly above the industry average of 18.38% [3] Executive Compensation - The chairman, 金鑫, received a salary of 1.35 million yuan in 2024, an increase of 707,800 yuan from 2023, while the general manager, 孙晓乐, earned 1.5121 million yuan, up by 668,000 yuan from the previous year [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 5.06% to 53,500, with an average holding of 11,800 shares, a decrease of 4.81% [5] - The company has shown strong performance in the first three quarters of 2025, with significant growth in offshore engineering exports and improved profitability [5] Business Highlights - The company has supplied over 200 monopiles to Europe, with nearly 80% of wind power equipment revenue coming from exports, and has over 10 billion yuan in overseas orders [5] - The company is a leader in the European offshore wind market, holding approximately 30% market share, and has initiated its own shipbuilding projects [6]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **China Energy Transition** and the **power market** in China, projecting a significant increase in power demand growth to **8% by 2028-30E**, which is double the previous estimate of **4%** [2][3][15]. Core Insights and Arguments - **Power Demand Growth Drivers**: - The forecast of **8% power demand growth** is driven by three main structural factors: 1. **AI Infrastructure**: Expected to contribute **2.3 percentage points (ppt)** to growth, up from **0.5ppt** previously [3][14][16]. 2. **Exports**: Contribution raised from **0ppt to 1.4ppt**, with a long-term export growth assumption of **4% annually** [3][24]. 3. **Electrification**: Increased contribution from **0.6ppt to 1.2ppt**, driven by the adoption of electric vehicles (EVs) and power-intensive manufacturing [3][27]. - **Investment and Capacity Forecast**: - The **15th Five-Year Plan** capacity addition target is revised up by **14% to 438GW**, with significant increases in thermal (from **32GW to 61GW**), wind (from **105GW to 128GW**), and nuclear (from **12GW to 16GW**) approvals [4][35][39][41]. - **Earnings Upgrades**: - Earnings per share (EPS) forecasts for preferred companies are raised by **2-18%** for **2025-27E**, reflecting stronger volumes and improved pricing [5][47]. Stock Recommendations - **Upgrades**: - Dajin and CGN Power upgraded from **Neutral to Buy** due to stronger volume growth and improved margin forecasts [5][9]. - **Top Picks**: - Harbin Electric and CGN Power are highlighted as top investment choices, along with Dongfang, Sieyuan, Yingliu, Goldwind, and Dajin [2][9]. Additional Important Insights - **Valuation Metrics**: - Preferred stocks are trading at **15.6x 2026E PE**, below historical averages of **22x** and **21x** during previous high growth cycles [2][9]. - **Market Dynamics**: - Despite a **116% YTD rally**, the current valuations do not fully reflect the anticipated demand upcycle, indicating potential for re-rating as consensus aligns with the **8% demand growth thesis** [2][9][54]. - **Grid Capex**: - Grid capital expenditure (capex) growth is expected to accelerate to **9% CAGR** for **2025-30E**, reflecting the need to connect additional power supply to demand [47][48]. Conclusion - The report presents a bullish outlook on China's power market, driven by structural changes in demand from AI, exports, and electrification, alongside significant upgrades in capacity and earnings forecasts for key players in the industry. The anticipated demand growth and necessary investments in infrastructure suggest a favorable environment for power equipment and independent power producers (IPPs) moving forward.

Summary of Dajin Heavy Industry Conference Call Company Overview - **Company Name**: Dajin Heavy Industry - **Industry**: Electric Components & Equipment - **Core Business**: Manufacturing towers for onshore and offshore wind turbine generators, and operating wind and solar farms totaling 250MW as of 2023 [10][11] Key Financial Highlights - **Q325 Results**: - Recurring net profit reached Rmb333 million, up 243% YoY, slightly beating market expectations [2][3] - Revenue growth of 96% YoY, primarily driven by the wind tower base business [2][3] - Gross margin improved to 36% from 25% in Q325, with a 31% gross margin for 9M25, up from 27% [3] - Operating cash flow increased to Rmb1.5 billion as of 9M25, up 174% YoY [3] - **Market Performance**: - 9M25 net profit increased by 248% YoY to Rmb896 million, representing 84% of UBS and consensus FY estimates [3] - Contract liabilities remained flat YoY at Rmb1.7 billion, indicating potential deceleration in new order intake due to capacity constraints [3] Investment Outlook - **Rating**: Buy with a 12-month price target of Rmb70.00, current price at Rmb52.63 [5][31] - **Forecast Returns**: - Expected price appreciation of 33.0% and a dividend yield of 0.3%, leading to a forecast stock return of 33.3% [9] Analyst Comments - Positive investor reaction anticipated due to robust earnings growth [4] Risks and Challenges - **Downside Risks**: - Slower-than-expected capacity additions could reduce wind tower demand [11][12] - Higher raw material prices, particularly for steel, may squeeze margins [12] - Increased competition from new entrants due to government policy changes [12] Valuation Metrics - **Market Capitalization**: Rmb33.6 billion (approximately US$4.72 billion) [5] - **P/BV (12/25E)**: 4.0x [5] - **Net Debt to EBITDA (12/25E)**: Not meaningful (NM) [5] Earnings Forecasts - **EPS Estimates**: - 12/25E: Rmb1.68 - 12/26E: Rmb3.04 - 12/27E: Rmb4.35 [6] Conclusion Dajin Heavy Industry shows strong financial performance with significant growth in net profit and revenue, driven by its core wind tower business. The company is well-positioned for future growth, although it faces potential risks from market competition and raw material costs. The investment outlook remains positive with a strong buy rating and substantial expected returns.

一、合同签署情况 证券代码：002487 证券简称：大金重工 公告编号：2025-066 大金重工股份有限公司 关于签署欧洲首个超大型半潜驳船建造合同的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 近日，公司全资子公司盘锦大金海洋工程有限公司（以下简称"盘锦大金"） 与挪威某船东签署了《半潜驳船建造合同》（以下简称"本合同"），盘锦大 金将为其设计、建造、交付一艘 43000DWT（载重吨）的无动力半潜驳船（以 下简称"本船"），本船总长约 150 米、型宽 60 米、型深 9.5 米、最大下潜吃 水 32.5 米，合同总金额折合人民币约 2.85 亿元，该船舶将于 2027 年完成交付。 本船载重吨、最大下潜深度等核心参数在全球同类型船舶中均处于领先水 平，具备强大调载能力，船体采用尾部六浮箱等稳健设计，并集成大管径复杂 管系系统，整体性能优异，可满足船级社、船籍国等多方严格要求。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监 管指引第 1 号——主板上市公司规范运作》等有关法律法规、规范性文件和《公 司章程》的规定，上述合同属于 ...

Core Viewpoint - The announcement by Daikin Heavy Industries regarding the contract for constructing a semi-submersible barge signifies the company's growing recognition in the international shipbuilding market, particularly through its first collaboration with a European shipowner [1] Company Summary - Daikin Heavy Industries' wholly-owned subsidiary, Panjin Daikin, has signed a contract with a Norwegian shipowner to design, build, and deliver a 43,000 DWT semi-submersible barge [1] - The total contract value is approximately 285 million yuan, with an expected delivery date in 2027 [1] - The dimensions of the barge include a total length of about 150 meters, a width of 60 meters, a depth of 9.5 meters, and a maximum submerged draft of 32.5 meters [1] Industry Summary - This contract marks the first cooperation between Panjin Daikin and a European shipowner, indicating a positive trend in the company's shipbuilding capabilities being recognized in the international market [1] - The execution of this contract is anticipated to have a positive impact on the company's future operating performance [1]

Core Viewpoint - The company has signed a contract for the construction of a semi-submersible barge, indicating a strategic move to expand its capabilities in marine engineering and construction [1] Group 1: Contract Details - The wholly-owned subsidiary, Panjin Dajin Ocean Engineering Co., Ltd., has entered into a construction contract with a Norwegian shipowner [1] - The contract involves the design, construction, and delivery of a 43,000 DWT (deadweight tonnage) semi-submersible barge [1] - The barge will have a total length of approximately 150 meters, a width of 60 meters, a depth of 9.5 meters, and a maximum submersion draft of 32.5 meters [1] Group 2: Financial Aspects - The total contract value is approximately 285 million RMB [1] - The delivery of the vessel is scheduled for 2027 [1]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential stock price increase of over 15% relative to the benchmark index [3][10]. Core Insights - The company reported a significant increase in revenue and profit for the first three quarters of 2025, with total revenue reaching 4.595 billion yuan, a year-on-year growth of 99.25%, and a net profit of 0.887 billion yuan, up 214.63% [1][3]. - The company has seen rapid growth in its offshore engineering exports, with over 200 units supplied to the European market and nearly 80% of total revenue coming from wind power equipment exports [2][3]. - The company is expanding its shipping and shipbuilding capabilities, successfully launching new specialized vessel designs, including the KING ONE, which is set to begin operations in early 2026 [2][3]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a gross margin of 35.91%, an increase of 10.69 percentage points year-on-year, and a net profit margin of approximately 19.42%, up 8.04 percentage points year-on-year [1][3]. - The forecast for revenue from 2025 to 2027 is projected to be 6.34 billion yuan, 8.78 billion yuan, and 10.84 billion yuan, respectively, with growth rates of 67%, 39%, and 24% [3][4]. - The expected net profit for the same period is projected to be 1.14 billion yuan, 1.62 billion yuan, and 2.16 billion yuan, with growth rates of 141%, 42%, and 33% [3][4]. Financial Metrics - The report provides detailed financial forecasts, including earnings per share (EPS) expected to rise from 1.79 yuan in 2025 to 3.39 yuan in 2027, with corresponding price-to-earnings (PE) ratios decreasing from 28x to 15x over the same period [4][7]. - The company's return on equity (ROE) is projected to improve from 13.68% in 2025 to 18.01% in 2027, indicating enhanced profitability [7][8].

Core Insights - The wind power equipment industry is experiencing a recovery phase, with over 70% of disclosed companies reporting both revenue and net profit growth year-on-year [1][2] - The growth is driven by supportive policies and steady market demand, leading to improved profitability across the sector [1][2] Group 1: Financial Performance - For the first three quarters, Goldwind Technology Co., Ltd. reported revenue of 48.147 billion yuan, a year-on-year increase of 34.34%, and a net profit of 2.584 billion yuan, up 44.21% [1] - In Q3 alone, Goldwind's net profit reached 1.097 billion yuan, marking a significant year-on-year increase of 170.64% [1] - Component manufacturers are leading the growth, with Jiangsu Haili Wind Power Equipment Technology Co., Ltd. achieving revenue of 3.671 billion yuan, a 246.01% increase, and a net profit of 347 million yuan, up 299.36% [1] - Qingdao Tianeng Heavy Industry Co., Ltd. reported a staggering 1359.03% increase in net profit year-on-year [1] Group 2: Policy Impact - The wind power sector is benefiting from a series of supportive policies, including the "Thousand Villages and Ten Thousand Towns Wind Action" initiative aimed at promoting local wind power development [2] - The Ministry of Natural Resources has issued guidelines to optimize offshore wind project management, encouraging deeper offshore development [2] - A new VAT policy will provide a 50% immediate refund for sales of electricity generated from offshore wind, effective from November 2025 to December 2027 [2] Group 3: Industry Outlook - The overall industry is expanding, with increasing competitiveness and a clear long-term development goal [2][3] - Policies are stimulating investment and project construction, leading to rapid growth in installed capacity [3] - The fourth quarter is expected to see improved cash flow quality and profitability due to increased grid connections and financial confirmations [3]

Group 1: Performance Growth - The company achieved a revenue of 4.595 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 99.25% [1] - The net profit attributable to shareholders reached 888 million yuan, with a year-on-year increase of 214.63% [1] - In Q3 2025, the company reported a revenue of 1.754 billion yuan, up 84.64% year-on-year and 3.16% quarter-on-quarter, with a net profit of 341 million yuan, reflecting a year-on-year growth of 215.12% and a quarter-on-quarter increase of 7.98% [1] Group 2: Offshore Wind Power Orders - The company has significantly increased its overseas offshore engineering orders, with a market share in the European offshore wind foundation equipment rising from 18.5% in 2024 to 29.1% in the first half of 2025 [2] - As of the 2025 semi-annual report, the company has accumulated over 10 billion yuan in overseas offshore engineering orders, primarily scheduled for delivery in the next two years [2] - The company is actively participating in tenders for offshore wind projects in several European countries and Asian emerging markets, with some projects already in the later stages of bidding [2] Group 3: Shipbuilding Developments - The company successfully launched its first self-built ultra-large deck transport ship, KINGONE, which is expected to begin its maiden voyage in early 2026 [3] - The company has established a production plan for two self-built ultra-large deck transport ships for 2026 and 2027, enhancing its order profitability [3] - The company signed a contract with a South Korean shipping company to design and build a 23,000 DWT heavy-duty wind power deck transport ship, with a total contract value of approximately 300 million yuan, scheduled for delivery in 2027 [3] Group 4: Profit Forecast and Valuation - The profit forecast has been raised, maintaining a "buy" rating, with expectations of significant performance driven by increased European orders [4] - Projected net profits attributable to shareholders for 2025-2027 are 1.059 billion, 1.617 billion, and 2.194 billion yuan, respectively, with corresponding EPS of 1.66, 2.54, and 3.44 yuan [4] - The projected PE ratios for the same period are 32, 21, and 15 times, respectively [4]