DHI(SZ:002487) Zhong Guo Zheng Quan Bao·2025-10-03 14:42Core Viewpoint - Daikin Heavy Industries has submitted its prospectus to the Hong Kong Stock Exchange, highlighting its position as a leading supplier of offshore wind power equipment and its significant growth in overseas revenue [2][5]. Group 1: Company Overview - Daikin Heavy Industries is a core equipment supplier for offshore wind power, listed on the Shenzhen Stock Exchange since 2010, and is the first A-share listed company in wind power tower piles [2]. - The company provides a one-stop solution for offshore wind power infrastructure, including construction, transportation, and delivery [3]. Group 2: Financial Performance - The company's revenue for 2022, 2023, 2024, and the first half of 2025 was approximately 5.106 billion, 4.325 billion, 3.78 billion, and 2.841 billion yuan, respectively, with net profits of about 450 million, 425 million, 474 million, and 547 million yuan, showing a net profit margin increase from 8.8% in 2022 to 19.2% in the first half of 2025 [3]. - The top five customers contributed revenues of approximately 2.748 billion, 2.285 billion, 2.1 billion, and 2.169 billion yuan, accounting for 53.8%, 52.8%, 55.6%, and 76.4% of total revenue, respectively [3]. Group 3: Supply Chain and Procurement - The company's main suppliers include raw material suppliers (steel plates, flanges, paints, and internal accessories) and transportation service providers, with procurement amounts to the top five suppliers being approximately 2.155 billion, 1.414 billion, 1.516 billion, and 957 million yuan, representing 52.6%, 44.5%, 45.4%, and 43.3% of total procurement, respectively [4]. Group 4: Market Position and Orders - Daikin Heavy Industries is ranked as the number one supplier of offshore wind power infrastructure in the European market as of the first half of 2025, and it is the only supplier in the Asia-Pacific region to have delivered single piles in bulk to Europe [5]. - The company has over 10 billion yuan in offshore engineering orders, primarily focused on delivery in the next two years, covering multiple offshore wind project clusters in the North Sea and the Baltic Sea [5].