DHI(SZ:002487) Xin Lang Cai Jing·2025-09-09 15:35Group 1 - The company achieved strong performance in H1 2025, with operating revenue of 2.841 billion yuan, a year-on-year increase of 109.48%, and a net profit attributable to shareholders of 547 million yuan, up 214.32% [1] - The company reported a net profit of 316 million yuan in Q2 2025, reflecting a year-on-year growth of 161.04% and a quarter-on-quarter increase of 36.63% [1] Group 2 - The European offshore wind auction market is experiencing a high growth cycle, with a total global auction capacity of 56.3 GW in 2024, of which Europe contributes 23.2 GW [2] - The company expects significant demand from upcoming auctions in 2025, including the UK AR7 auction and others in Denmark, Poland, and France, which will translate into installation demand and orders [2][3] Group 3 - The company has secured nearly 3 billion yuan in orders since 2025, with total overseas offshore orders exceeding 10 billion yuan, primarily focused on projects in the North Sea and the Baltic Sea [3] - The company’s overseas delivery volume has more than doubled in H1 2025, with export revenue accounting for nearly 80% of total revenue, reflecting a year-on-year growth of nearly 200% [3] Group 4 - The company is transitioning from a product supplier to a system service provider, expanding its service range to include special transportation, shipbuilding, and offshore wind farm operations [4] - The company has successfully developed three specialized vessels for offshore wind equipment transportation and is set to launch its first two self-built large deck transport vessels in 2025 [4] Group 5 - The company is deepening its involvement in floating wind projects, with expectations for commercial viability by 2029 and a projected global installed capacity of 19 GW by 2034 [5] - The company is actively participating in multiple floating foundation project bids in Europe and has established a global floating wind center in Madrid [5] Group 6 - The company’s shift to a DAP delivery model and the establishment of its logistics system are expected to enhance its product profitability and overall supply capabilities [6][7] - The company is well-positioned to maintain its leading position in the offshore market due to favorable overseas demand and product advantages [7] Group 7 - The company has revised its revenue forecasts upward for 2025, 2026, and 2027, with expected revenues of 6.064 billion, 8.021 billion, and 10.431 billion yuan respectively, reflecting year-on-year growth rates of 60.5%, 32.3%, and 30.1% [9] - The net profit forecasts for the same years have also been increased, with expected profits of 1.102 billion, 1.509 billion, and 1.988 billion yuan, indicating significant growth potential [9]