DHI(SZ:002487) Xin Lang Cai Jing·2025-04-16 08:34Core Viewpoint - The company demonstrated strong profitability in 2024, achieving a net profit of 4.74 billion yuan, a year-on-year increase of 11.46%, despite a 12.61% decline in revenue to 37.80 billion yuan [1]. Group 1: Financial Performance - In 2024, the company achieved a gross margin of 29.83%, an increase of 6.59 percentage points year-on-year, marking the highest level in nearly a decade [1]. - The net profit margin reached 12.54%, up by 2.71 percentage points year-on-year [1]. - In Q4 2024, the company reported a net profit of 1.92 billion yuan, reflecting a significant year-on-year growth of 1018% [1]. Group 2: Market Expansion and Orders - In 2024, European offshore wind project auctions reached a historical high of 36.8 GW, with offshore wind accounting for over half of this total, a 46.3% increase from 2023 [2]. - The company has significantly increased its export volume of offshore projects to Europe, delivering nearly 110,000 tons of various offshore products to major clients such as RWE and GE [2]. - The company is actively expanding into emerging markets in Japan, Southeast Asia, and Australia, leveraging its strong performance in Europe to secure new orders [3]. Group 3: Strategic Developments - The company is enhancing its core competitiveness through a "three-in-one" strategy involving offshore monopiles, self-built marine vessels, and floating foundations [6]. - The company plans to deliver two specialized offshore wind equipment transport vessels by 2025, aiming to establish a fleet of 10-20 large transport vessels [3]. - The company is also focusing on the floating foundation market, with several projects expected to be launched in Europe by 2025 [4]. Group 4: Future Outlook - The transition to a DAP delivery model is expected to strengthen the company's product profitability and overall supply capabilities [5]. - The company anticipates continued growth in overseas orders, supported by favorable market conditions and its competitive advantages [7]. - Revenue projections for 2025, 2026, and 2027 are 59.21 billion yuan, 78.05 billion yuan, and 92.79 billion yuan, respectively, with corresponding net profits of 8.57 billion yuan, 11.88 billion yuan, and 15.03 billion yuan [7].