DHI(SZ:002487) Xin Jing Bao·2025-09-30 12:00Core Viewpoint - The company, Dajin Heavy Industry, is set to become the first listed company in the wind power tower sector in Hong Kong, despite facing revenue declines in recent years. The company has achieved significant profit growth through expansion into overseas markets, particularly in Europe, which now accounts for nearly 79% of its revenue [1][7][9]. Group 1: Company Performance - Dajin Heavy Industry has experienced a continuous decline in revenue over the past three years, attributed to the customized and high-value nature of its products, which leads to fluctuations in income and gross margins [4]. - In the first half of 2025, the company reported a revenue of 2.841 billion yuan, a year-on-year increase of 109%, and a net profit of 547 million yuan, representing a growth of over 200% [5]. - The company's inventory reached a record high of 2.373 billion yuan by mid-2023, while its borrowings increased significantly to over 1.3 billion yuan [6]. Group 2: Market Strategy - Dajin Heavy Industry has adopted a "two seas" strategy, focusing on offshore wind power and overseas market expansion, with a strategic emphasis on high-margin offshore wind orders [7]. - The company's revenue from overseas markets surged from 838 million yuan in 2022 to 2.243 billion yuan in the first half of 2025, with the overseas revenue share rising from 16.4% to 79% [7][9]. - The European offshore wind market is characterized by high barriers and added value, with Dajin Heavy Industry becoming the leading supplier in this market, increasing its market share from 18.5% in 2024 to 29.1% in the first half of 2025 [9]. Group 3: Future Outlook - The offshore wind sector is expected to experience explosive growth, with projections indicating that its share of global wind power installations will rise to 18.6% by 2030, with a compound annual growth rate of 28.9% [9]. - Dajin Heavy Industry plans to invest a significant portion of its IPO proceeds into the construction of an overseas assembly base and the development of advanced deep-sea products to enhance its local supply capabilities in Europe [10].