DHI(SZ:002487) Zheng Quan Zhi Xing·2025-04-25 05:44Core Viewpoint - The report highlights the strong performance of Dajin Heavy Industry, with significant growth in revenue and net profit, driven by high demand in the offshore engineering sector and favorable currency exchange rates [1][2]. Financial Performance - In Q1 2025, the company achieved a revenue of 1.141 billion yuan, representing a year-on-year increase of 146.36% [1] - The net profit attributable to shareholders was 246 million yuan, up 448.47% year-on-year and 40.03% quarter-on-quarter [1] - Gross margin and net margin improved to 30.95% and 20.25%, respectively, marking the highest quarterly net profit since the company's listing [1] Export and Market Position - The export of offshore engineering products reached a historical high in Q1 2025, with a significant increase in shipment volume [1] - The company aims to capture the leading market share in the offshore wind power sector in developed economies over the next 3-5 years, having successfully entered the European market [2] Growth Strategies - Dajin Heavy Industry is developing its "second growth curve" by expanding into offshore wind power equipment and has secured multiple overseas project orders since 2022 [2] - The company is also working on a "third growth curve" by collaborating with leading floating foundation solution providers and establishing a global floating business center [2] Future Projections - Revenue forecasts for 2025, 2026, and 2027 are 5.5 billion, 7 billion, and 8.5 billion yuan, respectively, with net profits projected at 848 million, 1.221 billion, and 1.594 billion yuan [3] - The estimated EPS for the same years is 1.33, 1.91, and 2.50 yuan, with a target price range of 26.6 to 33.25 yuan based on a PE ratio of 20-25 times for 2025 [3]