大金重工拟港股上市，海外收入占比快速提升

Core Insights - Daikin Heavy Industries has submitted its prospectus to the Hong Kong Stock Exchange, positioning itself as a key supplier of offshore wind power equipment, with a significant increase in overseas revenue from 16.4% in 2022 to 79.0% in the first half of 2025 [1][4] Group 1: Business Overview - The company provides a one-stop solution for offshore wind power infrastructure, including construction, transportation, and delivery [2] - Core business areas include R&D and manufacturing of offshore wind power equipment, specialized ocean transportation, ship design and construction, renewable energy development and operation, and wind power port operations [2] Group 2: Financial Performance - Revenue figures for the years 2022, 2023, 2024, and the first half of 2025 are approximately CNY 5.106 billion, CNY 4.325 billion, CNY 3.78 billion, and CNY 2.841 billion respectively, with net profits of about CNY 450 million, CNY 425 million, CNY 474 million, and CNY 547 million [2] - Net profit margins are projected to increase from 8.8% in 2022 to 19.2% in the first half of 2025 [2] Group 3: Client and Supplier Relationships - Major clients include leading offshore wind developers and manufacturers, with the top five clients generating revenues of approximately CNY 2.748 billion, CNY 2.285 billion, CNY 2.1 billion, and CNY 2.169 billion, accounting for 53.8%, 52.8%, 55.6%, and 76.4% of total revenue respectively [2] - The company’s suppliers mainly consist of raw material suppliers and transportation service providers, with the top five suppliers accounting for CNY 2.155 billion, CNY 1.414 billion, CNY 1.516 billion, and CNY 0.957 billion in procurement, representing 52.6%, 44.5%, 45.4%, and 43.3% of total procurement respectively [3] Group 4: Market Position and Orders - Daikin Heavy Industries is ranked as the number one supplier of offshore wind power equipment in the European market as of the first half of 2025, with over CNY 10 billion in offshore engineering orders on hand [4] - The company has focused on expanding its high-value overseas market, with overseas revenues of approximately CNY 0.838 billion, CNY 1.715 billion, CNY 1.733 billion, and CNY 2.243 billion, representing 16.4%, 39.6%, 45.9%, and 79% of total revenue respectively [4]