DHI(SZ:002487) Zhong Zheng Wang·2025-09-30 04:25Core Viewpoint - The company Daikin Heavy Industries has officially initiated its "A+H" dual capital platform construction by submitting an application for its initial public offering (IPO) of H-shares on the Hong Kong Stock Exchange, aiming to become the first stock in the "full industry chain of offshore wind equipment" in the Hong Kong market [1][4] Group 1: Company Overview - Daikin Heavy Industries, listed on the Shenzhen Stock Exchange since 2010, is a leading global supplier of core equipment for offshore wind power, providing a one-stop solution for "construction + transportation + delivery" for major offshore wind developers worldwide [1] - As of September 29, 2025, the total market capitalization of Daikin Heavy Industries' A-shares reached 30.153 billion yuan [1] Group 2: Financial Performance - In the first half of 2025, Daikin Heavy Industries achieved a revenue of 2.841 billion yuan, representing a year-on-year growth of 109.48%, and a net profit attributable to shareholders of 547 million yuan, up 214.32% year-on-year [1] - The company's overseas revenue surged by 196% to 2.243 billion yuan, with a gross margin increase of 3.1 percentage points to 30.69%, and the revenue share from overseas markets rose from 16.4% in 2022 to 79.0% in 2025 [2] Group 3: Market Position and Strategy - Daikin Heavy Industries has established itself as the number one supplier of offshore wind power foundation equipment in the European market, with a market share of 29.1% as of the first half of 2025 [2] - The company is transitioning from a product supplier to a system service provider, expanding its offerings to include offshore special transportation, ship design and construction, and wind power mother port operations [2] Group 4: Future Outlook - The Global Wind Energy Council (GWEC) projects that Europe will add 126 GW of offshore wind capacity from 2025 to 2034, with an average annual installation of 12.6 GW, indicating a significant growth opportunity for Daikin Heavy Industries [3] - The funds raised from the Hong Kong IPO will primarily be used for upgrading deep-sea comprehensive solutions, establishing a European assembly base, investing in global R&D centers, expanding into new markets, and supplementing working capital [3] - The move to list in Hong Kong is seen as a key step in the company's globalization strategy, enhancing its compliance management and information disclosure standards while solidifying its leading position in the global offshore wind equipment sector [4]