Investment Rating - The report upgrades the investment rating of the company to "Buy" from "Hold" [1][5][7] Core Views - The company has shown initial success in its "New Two Seas" strategy, with significant improvements in operational quality. In 2024, the company achieved a revenue of 3.78 billion RMB, a year-on-year decrease of 12.61%, while the net profit attributable to shareholders increased by 11.46% to 474 million RMB [5][10] - The company is positioned to benefit from the growing demand for wind power installations both domestically and internationally, particularly in the offshore wind sector in Europe, which is expected to see rapid growth starting in 2025 [10][11] - The company has a strong order backlog and is actively expanding its production capacity, aiming for a global capacity of over 3 million tons, with a focus on establishing a marketing network in Europe and Southeast Asia [10][11] Financial Summary - In 2024, the company reported a revenue of 3,780 million RMB, with a gross margin of 29.83%, an increase of 6.39 percentage points year-on-year. The net profit margin improved to 12.54%, up by 2.71 percentage points [11][12] - The company forecasts revenues of 5.23 billion RMB, 7.59 billion RMB, and 8.80 billion RMB for 2025, 2026, and 2027 respectively, with corresponding net profits of 711 million RMB, 1.02 billion RMB, and 1.31 billion RMB [7][9] - The earnings per share (EPS) are projected to be 1.12 RMB, 1.59 RMB, and 2.05 RMB for 2025, 2026, and 2027 respectively, with a current price-to-earnings (P/E) ratio of 20.4, 14.3, and 11.1 for the same years [7][9]

Investment Rating - The report initiates coverage with a "Strong Buy" rating for the company [2]. Core Insights - The company is well-positioned to benefit from the acceleration of offshore wind development in Europe, with its domestic business expected to exceed expectations [1]. - The company has a clear development strategy, having established a presence in domestic onshore and offshore wind markets, as well as the European offshore wind market [1][6]. - The company has successfully entered the high-barrier, high-value European offshore wind market, with significant order volumes and a strong customer base [6][30]. Company Overview - Founded in 2000, the company transitioned from traditional energy equipment manufacturing to clean energy manufacturing in 2006 and was listed on the Shenzhen Stock Exchange in 2010 [12]. - The company primarily produces wind turbine towers and related structures, with a focus on offshore wind projects [12][17]. - As of 2024, the company reported a revenue decline of 12.6% year-on-year to 3.78 billion yuan, primarily due to a strategic reduction in domestic business with lower profitability and higher payment risks [6][21]. European Offshore Wind Market - The company has made significant strides in the European offshore wind market, having signed its first order in 2022 and accumulating a substantial order book since then [6][30]. - The total value of undisclosed European offshore wind orders is approximately 7.2 billion yuan, with a gross margin significantly higher than domestic operations [6][30]. - The European offshore wind market is expected to grow rapidly, with a compound annual growth rate of 36% from 2024 to 2027, driven by energy independence and climate goals [39][40]. Domestic Business Outlook - The domestic wind power market is projected to see a 90% increase in bidding volume in 2024, reaching 164 GW, which is expected to lead to accelerated deliveries in 2025 [34][38]. - The company’s domestic onshore wind business is anticipated to exceed expectations, with a production capacity of approximately 500,000 tons [34]. - The company’s operational projects, including a 250 MW wind project, are expected to contribute stable profits [35]. Financial Projections - The company is projected to achieve net profits of 804 million yuan and 948 million yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 20X and 17X [6][7].

Investment Rating - The report upgrades the investment rating of the company to "Buy" from "Hold" [1][5][7] Core Views - The company has shown initial success in its "New Two Seas" strategy, with significant improvements in operational quality. In 2024, the company achieved revenue of 3.78 billion RMB, a year-on-year decrease of 12.61%, while net profit attributable to shareholders increased by 11.46% to 474 million RMB [5][10] - The company is positioned to benefit from the growing demand for wind power installations both domestically and internationally, particularly in the offshore wind sector in Europe, which is expected to see rapid growth starting in 2025 [10][11] - The company has a strong order backlog and is actively expanding its production capacity, aiming for a global production capacity of over 3 million tons, which will support future growth [10][11] Financial Summary - In 2024, the company reported a revenue of 3,780 million RMB, with a gross margin of 29.83%, up 6.39 percentage points year-on-year. The net profit margin was 12.54%, an increase of 2.71 percentage points [11][12] - The company forecasts revenues of 5.23 billion RMB, 7.59 billion RMB, and 8.80 billion RMB for 2025, 2026, and 2027 respectively, with corresponding net profits of 711 million RMB, 1,017 million RMB, and 1,310 million RMB [7][9] - The earnings per share (EPS) are projected to be 1.12 RMB, 1.59 RMB, and 2.05 RMB for 2025, 2026, and 2027 respectively, with a current price-to-earnings (P/E) ratio of 20.4, 14.3, and 11.1 for the same years [7][9]

证券研究报告 | 2025年04月15日 大金重工（002487.SZ） 优于大市 海工出口表现亮眼，客户与产品持续突破 全年业绩稳步增长，盈利能力持续提升。2024 年公司实现营收 37.80 亿元， 同比-12.61%；归母净利润 4.74 亿元，同比+11.46%。2024 年公司销售毛利 率为 29.83%，同比+6.39pct.；销售净利率为 12.54%，同比+2.71pct。公司 海外海工业务快速发展，盈利能力持续提升。 四季度业绩表现亮眼，盈利能力再创新高。第四季度公司实现营收 14.73 亿 元，同比+48.55%，环比+55.07%；归母净利润 1.92 亿元，同比+1017.55%， 环比+77.44%。四季度公司毛利率 33.96%，同比+13.07pct，环比+8.74pct， 净利率 13.02%，同比+11.29pct，环比+1.64pct。 全年海风出口发运近 11 万吨，首次实现 DAP 交付。2024 年公司海外收入达 17.33 亿元，占风电装备板块收入近 50%。公司 2024 年实现向英国、法国、 丹麦、德国等地多个海上风电项目交付单桩、海塔、过渡段等海工产品，出 口 ...

Summary of Key Points from the Conference Call Company and Industry Overview - The conference call primarily discusses **Dajin Heavy Industry** and the **European offshore wind tower market** [1][2][3]. Core Insights and Arguments - Dajin Heavy Industry has shown outstanding performance in the offshore wind sector, particularly in offshore wind power, leading to a significant increase in the entire sector [2]. - The company's annual report indicates a performance scale of approximately **200 million** yuan, exceeding market expectations [2]. - The net profit from Dajin's overseas tower manufacturing and marine engineering businesses has significantly increased, with the net profit per ton for European marine engineering exceeding **3,000 yuan** in Q4 2025, a substantial rise from Q4 2024 [2][3]. - The growth in net profit is attributed to high-value order deliveries, adjustments in delivery models, and profit realization from freight [2][3]. - The European offshore wind tower market is experiencing a tight supply-demand situation, with a significant gap expected to emerge from **2027**, expanding to over **one million** units by **2028**, providing market opportunities for Dajin and other domestic companies [3][4]. - Domestic offshore wind tower manufacturing has lower profitability compared to Europe, where high demand and sufficient project reserves allow Dajin to achieve net profits exceeding **3,000 yuan** per ton [3][5]. - The shift towards larger diameter SSPDL or three SL structures in Europe will create a demand that current capacities cannot meet, presenting opportunities for Dajin to enhance its valuation through new orders [3][6]. - Dajin's performance outlook for **2025** is positive, with a significant year-on-year increase in overseas marine engineering shipments expected to reach around **200,000 tons** [3][8]. - The offshore wind sector is expected to have a high degree of growth certainty, with Dajin's valuation potentially dropping below **20 times** and possibly reaching around **10 times** by next year [3][10]. Additional Important Insights - The expansion cycle for offshore wind projects is lengthy, typically requiring **3 to 5 years** from planning to capacity deployment, with current capacity gaps primarily filled by domestic companies [7]. - Dajin Heavy Industry's market share in Europe is close to **one-third**, indicating a relatively fast progress in the European market [7]. - Other companies worth monitoring include **Haili Wind Power**, which is expected to see significant growth in its operating scale over the next **1-2 years** due to increased bidding activity [11]. - The market for offshore wind foundation projects is anticipated to continue expanding in **2026**, with Dajin planning to establish customer relationships in Europe [12]. - Dajin's performance in Europe has exceeded expectations, with net profits projected to reach **30 million yuan**, driven by tight supply-demand dynamics and limited expansion from foreign enterprises [13]. - The domestic recovery and overseas demand opportunities are expected to enhance the valuation and space for the deep-sea economy sector, with several core companies showing significant investment potential [14].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved operating revenue of 3.78 billion yuan in 2024, a year-over-year decrease of 12.6%, while the net profit attributable to the parent company was 474 million yuan, an increase of 11.5% year-over-year. In Q4 2024, the company reported operating revenue of 1.47 billion yuan, a year-over-year increase of 48.5%, and a net profit of 192 million yuan, a year-over-year increase of 1018% [4] - The company is the only supplier in the Asia-Pacific region to deliver offshore engineering products to the European market, having entered the European offshore wind market in 2019 and secured overseas orders since 2022. The report anticipates continued growth in European offshore wind projects from 2025 to 2027 [4][5] - The profit forecasts for 2025-2026 have been raised, with expected net profits of 881 million yuan and 1.195 billion yuan respectively, and a new forecast for 2027 of 1.535 billion yuan. The corresponding price-to-earnings ratios are 18.1, 13.4, and 10.4 times [4] Financial Summary - The company reported a total revenue of 4.325 billion yuan in 2023, which decreased by 15.3% year-over-year. The revenue for 2024 is projected at 3.78 billion yuan, with a further increase to 6.131 billion yuan in 2025, representing a year-over-year growth of 62.2% [7] - The net profit attributable to the parent company for 2023 was 425 million yuan, with an expected increase to 881 million yuan in 2025, reflecting a year-over-year growth of 85.8% [7] - The gross margin is expected to improve from 29.8% in 2024 to 31.9% in 2027, while the net margin is projected to increase from 12.5% in 2024 to 17.4% in 2027 [7] Strategic Developments - The company has successfully delivered its first self-managed overseas offshore engineering project and plans to deliver two specialized offshore wind equipment transport vessels from its Panjin base in 2025. The goal is to become a comprehensive solution provider for production and transportation [6] - The company is collaborating with leading international floating foundation solution providers and establishing a global floating business center to develop next-generation floating foundation products [6]

风电设备 执业证书编号：S0740522020001 Email：zengbiao@zts.com.cn 执业证书编号：S0740522040004 Email：wupeng@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 637.75 | | 流通股本(百万股) | 630.92 | | 市价(元) | 22.76 | | 市值(百万元) | 14,515.18 | | 流通市值(百万元) | 14,359.75 | 1、《海外发货节奏有序，订单充沛 支撑业绩释放》2024-12-01 大金重工（002487.SZ） 证券研究报告/公司点评报告 2025 年 04 月 13 日 事件：公司发布 2024 年年报，2024 年实现营收 37.80 亿，同比-12.6%，归母净利润 4.74 亿，同比+11.5%，毛利率 29.8%，同比+5.9pct；24Q4 实现营收 14.73 亿，同 比+48.5%，环比+55.1%，归母净利润 1.92 亿，同比+1017.5%，环比+77.4%，毛利 率 34.0%，同比+6.5pct，环比+8.7pct。 股价与行 ...

"2024年公司全面进入欧洲海风市场，成功通过绝大多数欧洲头部业主的合格供应商体系认证，并作 为'一供'或'主供'形成实质性业务合作，覆盖欧洲海风市场头部前五大业主，在手订单充足。"大金重工 表示，公司已完成英国Moray West海塔项目、法国NOY单桩项目、丹麦Thor单桩项目、英国Sofia海塔 项目、英国DBB海塔项目发运，项目发运量和交货范围明显增加，囊括欧洲海上风电开发头部业主3 家，所有批次货物均实现如期、保质交付。 丹麦Thor项目是公司建造的首批无过渡段(TP-less)单桩产品，也是首次由公司自主负责运输的海外海工 项目，对公司在海工产品的工艺管控水平、建造综合能力和自主航运管理等能力均提出了极高的要求。 Thor项目全部批次产品顺利完成建造、海运、交付过程，标志着大金重工在深化航运管理建设上迈出了 关键一步，实现了从自有风电母港建造并发运至客户目的港的"一站式服务"，获得了与客户间更高的信 任度和更加紧密的合作关系，并为公司后续使用自建特种运输船执行远洋运输业务积累了有效经验。 据了解，除欧洲市场外，大金重工也在积极参与日本、韩国等亚洲新兴市场海风项目投标。公司是第一 家参加日本风能展的 ...

大金重工(002487.SZ) 管桩出口盈利水平突出，即将步入交付大年 推荐（维持） 股价：22.76 元 主要数据 | 行业 | 电力设备及新能源 | | --- | --- | | 公司网址 | www.dajin.cn | | 大股东/持股 | 阜新金胤能源咨询有限公司/38.93% | | 实际控制人 | 金鑫 | | 总股本(百万股) | 638 | | 流通 A 股(百万股) | 631 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 145 | | 流通 A 股市值(亿元) | 144 | | 每股净资产(元) | 11.40 | | 资产负债率(%) | 37.1 | 行情走势图 证券分析师 皮秀 投资咨询资格编号 S1060517070004 PIXIU809@pingan.com.cn 事项： 公司发布 2024 年报，实现营收 37.8 亿元，同比减少 12.61%，归母净利润 4.74 亿元，同比增长 11.46%，扣非后净利润 4.33 亿元，同比增长 17.7%；EPS 0.74 元，拟每 10 股派发现金红利 0.80 元（含税）。2024 年四季度，公司实现 ...

大金重工在海外市场的布局和成果如何？ 大金重工在海外市场取得显著成果，与欧洲头部五家客户建立了稳固合作关系， 并以主要供应商身份共同推进后续海风项目。具体项目包括法国 NOV 单桩项目、 丹麦雷神项目、英国 Moray East 和索菲亚项目、中国 DBB 海上风电项目等。这 些项目均如期保质交付。此外，公司在新能源发电方面也有重要进展，如阜新 彰武风电厂全年发电超过 6.6 亿度，贡献收入超 2 亿元，净利润超 1.6 亿元， 以及唐山十里海渔光互补光伏项目提前并网等。 大金重工 20250412 摘要 Q&A 请简要介绍一下大金重工 2024 年的业绩情况及其亮点。 2024 年大金重工的整体业绩超出市场预期，经营质量和盈利能力显著提升。全 年发运量约 39 万吨，尽管收入同比有所下降，但这是由于战略性缩减国内业务 所致。利润方面，由于出口海工产品的高盈利驱动，全年实现规模利润 4.74 亿 元，同比提升 11.46%。毛利率接近 30%，同比提升 6.6 个百分点；净利率达到 • 大金重工 2025 年利润显著提升，得益于高盈利的出口海工产品驱动，全年 利润达 4.74 亿元，同比增长 11.46%，毛 ...