DHI(SZ:002487) 智通财经网·2025-10-28 11:13Core Viewpoint - The "A+H" listing trend is gaining momentum, with 11 A-share companies successfully achieving dual listings this year, marking the third-highest number in history. The recent submission of a listing application by Daikin Heavy Industries positions it to become the first wind turbine tower company listed in Hong Kong, highlighting its investment potential [1][2]. Company Overview - Daikin Heavy Industries, established in 2003 and listed on the Shenzhen Stock Exchange in 2010, is a leading supplier of offshore wind power equipment, providing comprehensive solutions for construction, transportation, and delivery [2]. - The company has expanded its services beyond offshore wind power equipment to include special ocean transportation, ship design and construction, and wind power port operations, reflecting a strategic shift from a product supplier to a system service provider [2]. Industry Development Prospects - The global wind power market is experiencing robust growth, with new installed capacity projected to increase from 95.3 GW in 2020 to 117.0 GW in 2024, representing a compound annual growth rate (CAGR) of 5.3%. By 2030, this figure is expected to reach 196.7 GW, with a CAGR of 9.0% from 2024 to 2030 [3]. - Offshore wind power is anticipated to see explosive growth, with its share of global new installed capacity expected to rise to 18.6% by 2030, growing from 8.0 GW in 2024 to 36.7 GW by 2030, reflecting a CAGR of 28.9% [3]. Financial Performance - Daikin Heavy Industries' overseas revenue has significantly increased, with figures of 8.38 billion, 17.15 billion, and 17.33 billion yuan from 2022 to 2024, representing 16.4%, 39.6%, and 45.9% of total revenue respectively. In the first half of 2025, overseas revenue surged to 22.4 billion yuan, a year-on-year increase of 195.78% [6]. - Despite the growth in overseas revenue, the company's overall revenue has declined, with figures of 51.06 billion, 43.25 billion, 37.80 billion, and 28.41 billion yuan from 2022 to the first half of 2025 [6]. - The net profit for the same periods was 4.5 billion, 4.25 billion, 4.74 billion, and 5.47 billion yuan, with net profit margins increasing from 8.8% to 19.2% [7]. Market Position and Strategy - Daikin Heavy Industries has established a strong international brand reputation, particularly in the European market, which has become a cornerstone of its global marketing strategy [6]. - The company has secured over 10 billion yuan in offshore engineering orders, primarily for delivery in the next two years, and has set up multiple overseas offices to enhance its global reach [7]. - The company aims to expand its offshore wind power business into emerging markets such as Australia and Southeast Asia, leveraging its established marketing network [7].