Core Viewpoint - The "A+H" listing trend is gaining momentum, with 11 A-share companies successfully achieving dual listings this year, marking the third-highest number in history [1] - Daikin Heavy Industries is seeking to become the first listed company for wind power towers in Hong Kong, indicating its potential investment value [1][2] Industry Development Prospects - Daikin Heavy Industries, established in 2003, is a leading supplier of offshore wind power equipment, providing comprehensive solutions for global offshore wind developers [2] - The company has expanded its services from manufacturing to include special transportation, ship design, and wind power port operations, transitioning from a product supplier to a system service provider [2] - The company's overseas revenue surged from 16.4% in 2022 to 79.0% in the first half of 2025, reflecting the successful implementation of its "New Two Seas Strategy" [2] Market Growth - Global wind power installation capacity is projected to grow from 95.3 GW in 2020 to 117.0 GW in 2024, with a compound annual growth rate (CAGR) of 5.3% [3] - Offshore wind power is expected to see explosive growth, with its share of global wind power installations rising to 18.6% by 2030, driven by technological advancements and policy support [3] - China and Europe are key players in global offshore wind development, contributing approximately half of the global installed capacity [3] European Market Insights - By the end of 2024, Europe is expected to have a cumulative wind power installation capacity of 285 GW, with offshore wind accounting for 37 GW [6] - The European offshore wind infrastructure market is projected to grow from 81 billion RMB in 2020 to 417 billion RMB by 2030, with a CAGR of 27.7% [6] Financial Performance - Daikin Heavy Industries' overseas revenue increased significantly, with figures of 8.38 billion RMB in 2022 and 22.4 billion RMB in the first half of 2025, while domestic revenue remained stable [7] - The company's net profit has shown a consistent increase, reaching 5.47 billion RMB in the first half of 2025, with a net profit margin of 19.2% [8] Strategic Outlook - The company has secured over 10 billion RMB in offshore orders, primarily for delivery in the next two years, and has established a global marketing network to expand into emerging markets [8] - Despite the growth in overseas revenue, the company faces potential risks related to geopolitical factors and currency fluctuations, which could impact future business stability [9]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][25] Core Views - The company has achieved significant growth in revenue and profitability, with a 99.25% year-on-year increase in revenue to 4.595 billion yuan and a 214.63% increase in net profit to 0.887 billion yuan for the first three quarters of 2025 [8][19] - The company is expected to maintain its leading position in the European offshore wind market, with a projected increase in both volume and profit in 2026 due to ongoing order acquisition and production optimization [23][25] - The launch of self-manufactured deck transport vessels is anticipated to enhance supply security and profitability, with the first vessel expected to commence operations in early 2026 [24][25] Financial Performance Summary - For the first three quarters of 2025, the company reported a revenue of 4.595 billion yuan, a year-on-year increase of 99.25%, and a net profit of 0.887 billion yuan, up 214.63% [8][19] - In Q3 2025, the company achieved a revenue of 1.754 billion yuan, representing an 84.64% year-on-year increase, and a net profit of 0.341 billion yuan, up 215.12% [19] - The gross margin for Q3 2025 was 35.91%, an increase of 10.69 percentage points year-on-year, while the net margin was 19.42%, up 8.04 percentage points [19] Earnings Forecast and Financial Metrics - The company is projected to achieve net profits of 1.194 billion yuan, 1.655 billion yuan, and 2.096 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 28, 20, and 16 [3][25] - The expected revenue for 2025 is 5.998 billion yuan, reflecting a growth of 58.7% compared to the previous year [4][27] - The company's EBIT margin is forecasted to improve to 19.9% in 2025 and 23.3% in 2026 [4][27]

Core Viewpoint - The "A+H" listing trend is gaining momentum, with 11 A-share companies successfully achieving dual listings this year, marking the third-highest number in history. The recent submission of a listing application by Daikin Heavy Industries positions it to become the first wind turbine tower company listed in Hong Kong, highlighting its investment potential [1][2]. Company Overview - Daikin Heavy Industries, established in 2003 and listed on the Shenzhen Stock Exchange in 2010, is a leading supplier of offshore wind power equipment, providing comprehensive solutions for construction, transportation, and delivery [2]. - The company has expanded its services beyond offshore wind power equipment to include special ocean transportation, ship design and construction, and wind power port operations, reflecting a strategic shift from a product supplier to a system service provider [2]. Industry Development Prospects - The global wind power market is experiencing robust growth, with new installed capacity projected to increase from 95.3 GW in 2020 to 117.0 GW in 2024, representing a compound annual growth rate (CAGR) of 5.3%. By 2030, this figure is expected to reach 196.7 GW, with a CAGR of 9.0% from 2024 to 2030 [3]. - Offshore wind power is anticipated to see explosive growth, with its share of global new installed capacity expected to rise to 18.6% by 2030, growing from 8.0 GW in 2024 to 36.7 GW by 2030, reflecting a CAGR of 28.9% [3]. Financial Performance - Daikin Heavy Industries' overseas revenue has significantly increased, with figures of 8.38 billion, 17.15 billion, and 17.33 billion yuan from 2022 to 2024, representing 16.4%, 39.6%, and 45.9% of total revenue respectively. In the first half of 2025, overseas revenue surged to 22.4 billion yuan, a year-on-year increase of 195.78% [6]. - Despite the growth in overseas revenue, the company's overall revenue has declined, with figures of 51.06 billion, 43.25 billion, 37.80 billion, and 28.41 billion yuan from 2022 to the first half of 2025 [6]. - The net profit for the same periods was 4.5 billion, 4.25 billion, 4.74 billion, and 5.47 billion yuan, with net profit margins increasing from 8.8% to 19.2% [7]. Market Position and Strategy - Daikin Heavy Industries has established a strong international brand reputation, particularly in the European market, which has become a cornerstone of its global marketing strategy [6]. - The company has secured over 10 billion yuan in offshore engineering orders, primarily for delivery in the next two years, and has set up multiple overseas offices to enhance its global reach [7]. - The company aims to expand its offshore wind power business into emerging markets such as Australia and Southeast Asia, leveraging its established marketing network [7].

Core Viewpoint - The stock price of Daikin Heavy Industries (002487.SZ) closed at 48.07 yuan, reflecting a decline of 8.51% on October 28 [1] Group 1: Financial Performance - Daikin Heavy Industries achieved a record high gross margin in its Q3 2025 report [1] - The company has seen its delivery share in Europe rise to the first position [1] Group 2: Analyst Ratings - Dongwu Securities maintains a "Buy" rating for Daikin Heavy Industries [1]

Market Overview - The wind power equipment sector experienced a decline of 2.23% on October 28, with Daikin Heavy Industries leading the drop [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Stock Performance - Notable gainers in the wind power equipment sector included: - Electric Network Electric (688660) with a closing price of 20.37, up 4.73% and a trading volume of 573,700 shares, totaling 1.162 billion yuan [1] - Taisheng Wind Power (300129) closed at 8.49, up 2.41% with a trading volume of 914,000 shares, totaling 796.7 million yuan [1] - Daikin Heavy Industries (002487) saw a significant decline of 8.51%, closing at 48.07 with a trading volume of 474,900 shares [2] - Other notable decliners included: - Pangu Intelligent (301456) down 6.70% to 32.15 [2] - Hewei Electric (603063) down 4.85% to 30.81 [2] Capital Flow - The wind power equipment sector experienced a net outflow of 1.435 billion yuan from institutional investors, while retail investors saw a net inflow of 1.371 billion yuan [2][3] - Key stocks with significant capital flow included: - Jinlei Co. (300443) with a net inflow of 73.5485 million yuan from institutional investors [3] - Electric Wind Power (688660) with a net inflow of 62.4276 million yuan from institutional investors [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a record high gross margin, with a significant increase in its European delivery share, now ranking first in the market [1][8] - For the first three quarters of 2025, the company reported a revenue of 4.6 billion yuan, a year-on-year increase of 99.2%, and a net profit attributable to shareholders of 890 million yuan, up 214.6% year-on-year [8] - The company has secured its first overseas heavy deck transport ship construction contract, contributing to incremental performance [8] Financial Forecasts - Total revenue is projected to reach 6.75 billion yuan in 2025, with a year-on-year growth of 78.63% [1] - The net profit attributable to shareholders is expected to be 1.1 billion yuan in 2025, reflecting a year-on-year increase of 132.56% [1] - The earnings per share (EPS) is forecasted to be 1.73 yuan in 2025, with a price-to-earnings (P/E) ratio of 30.46 [1] Market Position - The company holds a 29.1% market share in the European market based on single pile sales amount for the first half of 2025, ranking first [8] - The company's operating cash flow for the first three quarters of 2025 was 1.51 billion yuan, a year-on-year increase of 173.6% [8]

Group 1 - The core viewpoint of the news is that as of October 27, 2025, institutional investors hold a significant portion of Daikin Heavy Industries' A-shares, totaling 314 million shares, which accounts for 49.28% of the company's total share capital [1] - The top ten institutional investors collectively hold 48.06% of the shares, with a decrease of 2.72 percentage points compared to the previous quarter [1] - The report highlights the changes in public funds, with six funds increasing their holdings and five funds decreasing their holdings, indicating a mixed sentiment among public investors [2] Group 2 - Among public funds, the increase in holdings is represented by funds such as China Europe Economic Growth Mixed A and Silver Hua Science and Technology Theme Flexible Configuration Mixed, with an increase ratio of 0.34% [2] - Conversely, the decrease in holdings includes funds like E Fund Innovation-Driven Mixed and E Fund Rui Cheng Mixed A, with a decrease ratio of 0.22% [2] - The report also notes that one social security fund and one pension fund reduced their holdings, indicating a cautious approach from these institutional investors [2][3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4]. Core Insights - The company reported a revenue of 2.31 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 99.3%, with a net profit attributable to shareholders of 888 million yuan, up 214% year-on-year [2]. - In Q3 alone, the company achieved a revenue of 1.75 billion yuan, a year-on-year increase of 84.6% and a quarter-on-quarter increase of 3.2%, with a net profit of 341 million yuan, reflecting a year-on-year growth of 215.1% and a quarter-on-quarter growth of 8.0% [2]. - The company has seen a significant increase in its market share in the European offshore wind market, with a sales ranking of first and a market share of approximately 29.1% in the first half of 2025, up from 18.5% in 2024 [3]. - The successful launch of the company's first self-built large deck transport vessel, KING ONE, is expected to contribute additional profits starting in 2026 [3]. Summary by Sections Performance Review - The company’s revenue for the first three quarters of 2025 reached 2.31 billion yuan, with a net profit of 888 million yuan, marking substantial growth compared to the previous year [2]. - Q3 revenue was 1.75 billion yuan, with a net profit of 341 million yuan, both showing impressive year-on-year increases [2]. Operational Analysis - The company has increased its overseas deliveries, leading to record high quarterly revenue and net profit since its listing [2]. - The gross margin for Q3 was approximately 35.9%, reflecting a significant improvement due to optimized delivery structures and the use of advanced manufacturing techniques [2]. Market Position and Future Outlook - The company is well-positioned in the European offshore wind market, with expectations for continued order growth, supported by several upcoming projects requiring foundation suppliers [3]. - The introduction of the KING ONE vessel is anticipated to enhance service capabilities and profitability from 2026 onwards [3]. Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been slightly adjusted upwards to 1.21 billion, 1.60 billion, and 2.59 billion yuan respectively, with corresponding PE ratios of 28, 21, and 13 times [4].

Core Insights - 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 0.887 billion yuan, with a year-on-year increase of 214.63% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 0.896 billion yuan, reflecting a year-on-year growth of 247.77% [1]

Core Insights - The company reported significant growth in revenue and net profit for the first three quarters of 2025, with revenue reaching 4.595 billion yuan, a year-on-year increase of 99.25%, and net profit at 888 million yuan, up 214.63% [1][2] - The company is a leading global supplier of offshore wind power equipment, focusing on high-tech standards and high-quality requirements in the offshore wind market, and is transitioning from a product supplier to a system service provider [1][2] Financial Performance - For the first three quarters of 2025, the company achieved a net profit of 888 million yuan, a year-on-year increase of 214.63%, and a net operating cash flow of 1.509 billion yuan, up 173.60% [2] - In Q3 2025, the company reported a net profit of 341 million yuan, a year-on-year increase of 215.12%, and a quarter-on-quarter increase of 7.98%, continuing to set historical highs [2] - The company's net profit margin and gross profit margin reached 19.42% and 35.91%, respectively, indicating strong performance in the offshore engineering business [2] Market Position - The company is the number one supplier of offshore wind power foundation equipment in the European market, with its market share increasing from 18.5% in 2024 to 29.1% in the first half of 2025 [2] Product Development - The company has designed and launched three specialized ship types for offshore wind equipment transportation, with the first self-built ultra-large deck transport ship, KING ONE, successfully launched [3] - KING ONE is designed for transporting offshore wind and oil and gas equipment, measuring 240 meters in length and capable of carrying up to 40,000 tons [3] Production Efficiency - The company achieved significant milestones in shipbuilding, with three major projects progressing simultaneously, setting a new record for the shipyard [4] - Continuous optimization of production processes and construction techniques has laid a solid foundation for further scaling and high-quality delivery [4] International Collaboration - The company’s subsidiary signed its first external market shipbuilding contract with a South Korean shipping company to design and build a heavy-duty wind power deck transport ship, valued at approximately 300 million yuan [5] - The ship will meet the latest international standards for energy efficiency and environmental emissions, complying with the IMO Tier III emission standards [5]