证券研究报告 | 年报点评报告 gszqdatemark 2025 04 28 年 月 日 风险提示：市场需求风险、原材料价格风险、汇率波动风险、行业竞争风险、项目 执行风险。 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 4,325 | 3,780 | 5,339 | 7,004 | 8,482 | | 增长率 yoy（%） | -15.3 | -12.6 | 41.3 | 31.2 | 21.1 | | 归母净利润（百万元） | 425 | 474 | 898 | 1,181 | 1,514 | | 增长率 yoy（%） | -5.6 | 11.5 | 89.5 | 31.6 | 28.2 | | EPS 最新摊薄（元/股） | 0.67 | 0.74 | 1.41 | 1.85 | 2.37 | | 净资产收益率（%） | 6.1 | 6.5 | 11.1 | 12.9 | 14.4 | | P/E（倍） | 41.2 | 36.9 | 19.5 | ...

业绩超预期，海风出海盈利攀升 事件：公司发布 2024 年年度报告与 2025 年一季度报告。2024 年全年实现：1） 营收 37.8 亿元，同比-12.6%；归母净利润 4.7 亿元，同比+11.5%；扣非归母净 利润 4.33 亿元，同比+17.7%。2）毛利率 29.83%，同比+6.4pct；净利率 12.54%， 同比+2.7pct。3）期间费用率为 13.56%（销售/管理/研发/财务费用率分别为 2.37%/5.99%/4.82%/0.38%，同比分别变动+0.93/+2.4/-1.09/-1.1pct），同比 +1.13pct。2025 年 Q1 实现：1）营收 11.41 亿元，同比+146.36%，环比-22.57%； 归母净利润 2.31 亿元，同比+335.91%，环比+20.37%。扣非归母净利润为 2.46 亿元，同比+448.47%，环比+40.03%。2）毛利率 30.95%，同比-2.06%。净利 率 20.25%，同比+77.01%。 出口海工高增带动结构调整，2024Q4 创新高，三大基地布局出口。24 年金属制 品行业（主要产品为风电装备产品）的营业收入为 35.6 ...

财信证券股份有限公司袁玮志近期对大金重工（002487）进行研究并发布了研究报告《出口海工保持高景 气度，业绩继续兑现》，上调大金重工目标价至33.25元，给予买入评级。 大金重工 该股最近90天内共有21家机构给出评级，买入评级17家，增持评级4家；过去90天内机构目标均价为 31.57。 第二和第三增长曲线稳步推进。公司积极推动"第二增长曲线"发展增量，即海外的海上风电装备，公司自 2019年率先成功开拓欧洲海风市场，2022年开始连续斩获多个海外项目订单，目前是亚太区唯一实现海工 产品交付欧洲市场的供应商。公司力争在未来3-5年，达到全球主要发达经济体海上风电市场份额第一。 同时，公司正在积极布局未来的"第三增长曲线"，与国际头部浮式基础解决方案提供商合作，并建立专门 的全球浮式业务中心，积极研发下一代浮式基础产品。全球海工物流体系逐步成型。公司依托于盘锦新基 地，建设自有的船舶制造基地，打造自有专业运输船队，从提供产品制造的FOB模式(在装运港船上完成 交货)，逐步构建自有运输体系，现已具备自主航运管理能力，开始提供制造+运输的DAP模式(目的地交 货)，标志着公司实现了从自有风电母港建造并发运至客户 ...

长江商报消息 ●长江商报记者 汪静 风电塔桩上市公司大金重工（002487.SZ）业绩报喜。 近日，大金重工发布2025年一季报，一季度公司营业收入同比增长146.36%；归属于上市公司股东的净 利润（以下简称"净利润"）增速更是高达335.91%。 一季报还显示，大金重工获社保基金加仓。其中基本养老保险基金一二零五组合增持超552万股，社保 基金17042组合新进持仓近646万股。 二级市场上，自今年2月初低点以来，大金重工股价大幅回升，截至4月23日收盘报27.15元/股，近三个 月股价上涨超40%。 出口订单高景气毛利率提升 行业景气度向好，大金重工业绩表现出色。 4月21日晚间，大金重工发布一季报。2025年一季度，大金重工实现营业收入11.4亿元，同比增长 146.36%；归母净利润2.31亿元，同比增长335.91%；扣非净利润2.46亿元，同比增长448.47%。 近期的投资者调研报告显示，2024年，大金重工已完成英国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 ...

《全球海工装备一流供应商，两海战 略进入全面提质期—公司深度报告》 -2025.4.21 《两海战略进入全面提质期—公司信 息更新报告》-2025.4.14 电力设备/风电设备 大金重工（002487.SZ） 一季报净利润创下公司上市以来最高水平 2025 年 04 月 23 日 投资评级：买入（维持） | 日期 | 2025/4/22 | | --- | --- | | 当前股价(元) | 27.66 | | 一年最高最低(元) | 28.58/17.26 | | 总市值(亿元) | 176.40 | | 流通市值(亿元) | 174.51 | | 总股本(亿股) | 6.38 | | 流通股本(亿股) | 6.31 | | 近 3 个月换手率(%) | 120.01 | 股价走势图 数据来源：聚源 -16% 0% 16% 32% 48% 64% 2024-04 2024-08 2024-12 大金重工 沪深300 相关研究报告 《海外国内海工边际向好，公司出海 优 势 稳 固 — 公 司 信 息 更 新 报 告 》 -2024.11.3 殷晟路（分析师） 陈诺（联系人） yinshenglu@kysec. ...

电力设备/风电设备 大金重工（002487.SZ） 一季报净利润创下公司上市以来最高水平 2025 年 04 月 23 日 投资评级：买入（维持） | 日期 | 2025/4/22 | | --- | --- | | 当前股价(元) | 27.66 | | 一年最高最低(元) | 28.58/17.26 | | 总市值(亿元) | 176.40 | | 流通市值(亿元) | 174.51 | | 总股本(亿股) | 6.38 | | 流通股本(亿股) | 6.31 | | 近 3 个月换手率(%) | 120.01 | 股价走势图 数据来源：聚源 -16% 0% 16% 32% 48% 64% 2024-04 2024-08 2024-12 大金重工 沪深300 相关研究报告 《全球海工装备一流供应商，两海战 略进入全面提质期—公司深度报告》 -2025.4.21 《两海战略进入全面提质期—公司信 息更新报告》-2025.4.14 出海欧洲先发优势稳固，出口产品排产保持高景气度 《海外国内海工边际向好，公司出海 优 势 稳 固 — 公 司 信 息 更 新 报 告 》 -2024.11.3 殷晟路（分析师） 陈 ...

Core Viewpoint - The company has experienced significant growth in revenue and net profit in Q4 2024 due to its "overseas offshore" transformation strategy, with promising prospects in the European offshore wind market driven by increasing government policies [1] Financial Performance - In Q4 2024, the company achieved a revenue of 1.473 billion yuan, a year-on-year increase of 48.55% and a quarter-on-quarter increase of 55.07%, with a net profit of 192 million yuan, a staggering year-on-year increase of 1017.55% and a quarter-on-quarter increase of 77.44% [3] - For the full year 2024, total revenue was 3.78 billion yuan, a decrease of 12.61% year-on-year, primarily due to a reduction in domestic business scale with lower profitability and higher collection risks; however, net profit increased by 11.46% year-on-year to 474 million yuan, benefiting from high-margin export offshore products [3] - The revenue from wind power equipment products was 3.511 billion yuan, accounting for 92.89% of total revenue, down 15.01% year-on-year, while revenue from new energy generation increased by 63.95% to 216 million yuan, accounting for 5.71% [3] - Overseas revenue reached 1.733 billion yuan, a year-on-year increase of 1.07%, with a gross margin of 38.48%, up 11.28 percentage points year-on-year, and overseas revenue accounted for 45.85% of total revenue, an increase of 6.21 percentage points year-on-year [3] Profitability Improvement - The sales gross margin in Q4 2024 was 33.96%, an increase of 13.92 percentage points year-on-year and 8.74 percentage points quarter-on-quarter; the net profit margin was 13.02%, up 11.29 percentage points year-on-year and 1.64 percentage points quarter-on-quarter [4] - For the full year 2024, the sales gross margin was 29.83%, an increase of 6.59 percentage points year-on-year, and the net profit margin was 12.54%, up 2.71 percentage points year-on-year, indicating a significant improvement in profitability attributed to the higher proportion of high-margin overseas business [4] Market Position and Orders - The company has become a qualified supplier for most leading European owners, with sufficient orders on hand [4] - In 2025, the company plans to deliver two specialized transport vessels for offshore wind power equipment, enhancing global logistics competitiveness and reducing transportation costs [4] - The company has successfully entered the European offshore wind market, passing the qualification certification of most leading European owners and forming substantial business cooperation as a primary supplier; there are fewer than 10 global suppliers of offshore wind pile foundations that meet European marine engineering standards, indicating a high concentration [4] - The company holds an unfulfilled order worth 626 million euros for a specific offshore wind farm pile foundation project in Germany, indicating a robust order backlog [4]

Summary of the Conference Call Records Company Overview - The company discussed is **Dajin Heavy Industry**, which operates in the **offshore wind power** sector, particularly in the **European market**. Key Points and Arguments 1. **Financial Performance**: In Q1 2025, Dajin Heavy Industry reported a net profit of approximately **230 million CNY**, with a non-recurring profit of **250 million CNY**, including nearly **50 million EUR** in foreign exchange gains. After excluding these gains and domestic wind farm profits, the combined profit from overseas and domestic operations was about **170-180 million CNY**, aligning with market expectations, marking the company's second consecutive quarter of performance realization [1][5][11]. 2. **European Offshore Wind Market**: The European offshore wind sector is strategic, with a cumulative installed capacity of **285 GW** expected by the end of 2024, of which **37 GW** is offshore. The EU aims to increase the wind power share to **35%** by 2030. Dajin Heavy Industry benefits from the shortage of local production capacity in Europe, being the only Chinese company to report profits [1][6][10]. 3. **Growth Projections**: The average new installed capacity for offshore wind in Europe from 2017 to 2024 is projected at **3 GW/year**, with a lower than expected **2.6 GW** in 2024. However, improvements in approval processes, declining interest rates, and alleviation of power consumption bottlenecks are expected to sustain market growth in the coming years [1][7][8]. 4. **Approval and Capacity Growth**: The approved capacity for offshore wind in Europe for 2024 is about **20 GW**, a nearly **50%** increase year-on-year, with Germany, the UK, and the Netherlands accounting for **17-18 GW**. Cumulative new installed capacity from 2025 to 2030 is expected to reach **47 GW**, averaging **8 GW** annually [1][8][9]. 5. **Market Competition**: The European offshore wind market is concentrated, primarily led by major players like **SAFE** and **EW** in marine foundation manufacturing. A global shortage of marine foundation capacity is anticipated starting in 2028, which will support domestic companies' expansion abroad [1][9]. 6. **Dajin's Competitive Edge**: Dajin Heavy Industry is the only supplier in the Asia-Pacific region to achieve offshore delivery in Europe, having completed significant projects like the **Moray West** in the UK and the **Noi** project in France. The company has enhanced its profitability through the **DAP** model and has secured long-term capacity agreements with European developers [1][3][10]. 7. **Future Earnings Expectations**: Dajin Heavy Industry is expected to achieve profits of **800-900 million CNY** in 2025 and exceed **1.2 billion CNY** in 2026, entering a period of performance realization with high growth potential and certainty. The current market valuation corresponds to a **20x P/E ratio** for this year and **15x** for the next year [1][11]. Additional Important Information - The company faced challenges in Q3 2023, with profits dropping to **135 million CNY** and further declining to **17 million CNY** in Q4 due to project delays and increased costs related to the **Moray West** project. This impacted profits by approximately **90 million CNY** [2][4]. - Dajin's overseas revenue ratio is increasing, from about **50%** in 2023 to **56%** in the first half of 2024, indicating a strategic shift towards international markets [1][11].

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 within the next 12 months [2]. Core Views - The company reported strong Q1 2025 results, with revenue of 1.141 billion yuan, a year-on-year increase of 146.36%, and a net profit of 231 million yuan, up 335.91% year-on-year [1][2]. - The operational quality continues to improve, with the highest quarterly net profit since its listing, driven by record export volumes of offshore engineering products [1]. - The company is focusing on a dual upgrade in production and shipping, aiming to establish a strong presence in the global offshore engineering market [2]. Financial Performance Summary - For Q1 2025, the company achieved a gross margin of approximately 30.95% and a net margin of about 20.25%, with a significant improvement in net margin due to a substantial decrease in financial expenses [1]. - The forecasted revenues for 2025-2027 are 5.895 billion, 7.452 billion, and 9.218 billion yuan, with growth rates of 56%, 26%, and 24% respectively [2][4]. - The projected net profits for the same period are 938 million, 1.244 billion, and 1.601 billion yuan, with growth rates of 98%, 33%, and 29% respectively [2][4]. Production and Shipping Strategy - The company plans to enhance its production capabilities at the Caofeidian offshore engineering base, expected to reach full capacity by 2025 [2]. - It aims to deliver two specialized transport vessels for offshore wind power equipment in 2025, with a long-term goal of establishing a fleet of 10 to 20 large transport vessels [2].

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 within the next 12 months [2][10]. Core Insights - The company reported a significant increase in revenue and net profit for Q1 2025, with revenue reaching 1.141 billion yuan, a year-on-year growth of 146.36%, and a net profit of 231 million yuan, up 335.91% year-on-year [1]. - The operational quality of the company continues to improve, achieving the highest quarterly net profit since its listing, primarily due to record export volumes of offshore engineering products [1]. - The company is focusing on a dual upgrade in production and shipping, targeting the global offshore engineering market, with plans to enhance its production capacity and develop a fleet of specialized transport vessels [2]. Financial Forecasts - Revenue projections for 2025, 2026, and 2027 are 5.895 billion yuan, 7.452 billion yuan, and 9.218 billion yuan, respectively, with growth rates of 56%, 26%, and 24% [2][4]. - The forecasted net profit for the same years is 938 million yuan, 1.244 billion yuan, and 1.601 billion yuan, with growth rates of 98%, 33%, and 29% [2][4]. - The company's PE ratios for 2025, 2026, and 2027 are projected to be 19x, 14x, and 11x, respectively, indicating a favorable valuation trend [2][4].