DHI(SZ:002487) Zhi Tong Cai Jing·2025-10-28 11:36Core 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 [1] - Daikin Heavy Industries is seeking to become the first listed company for wind power towers in Hong Kong, indicating its potential investment value [1][2] Industry Development Prospects - Daikin Heavy Industries, established in 2003, is a leading supplier of offshore wind power equipment, providing comprehensive solutions for global offshore wind developers [2] - The company has expanded its services from manufacturing to include special transportation, ship design, and wind power port operations, transitioning from a product supplier to a system service provider [2] - The company's overseas revenue surged from 16.4% in 2022 to 79.0% in the first half of 2025, reflecting the successful implementation of its "New Two Seas Strategy" [2] Market Growth - Global wind power installation capacity is projected to grow from 95.3 GW in 2020 to 117.0 GW in 2024, with a compound annual growth rate (CAGR) of 5.3% [3] - Offshore wind power is expected to see explosive growth, with its share of global wind power installations rising to 18.6% by 2030, driven by technological advancements and policy support [3] - China and Europe are key players in global offshore wind development, contributing approximately half of the global installed capacity [3] European Market Insights - By the end of 2024, Europe is expected to have a cumulative wind power installation capacity of 285 GW, with offshore wind accounting for 37 GW [6] - The European offshore wind infrastructure market is projected to grow from 81 billion RMB in 2020 to 417 billion RMB by 2030, with a CAGR of 27.7% [6] Financial Performance - Daikin Heavy Industries' overseas revenue increased significantly, with figures of 8.38 billion RMB in 2022 and 22.4 billion RMB in the first half of 2025, while domestic revenue remained stable [7] - The company's net profit has shown a consistent increase, reaching 5.47 billion RMB in the first half of 2025, with a net profit margin of 19.2% [8] Strategic Outlook - The company has secured over 10 billion RMB in offshore orders, primarily for delivery in the next two years, and has established a global marketing network to expand into emerging markets [8] - Despite the growth in overseas revenue, the company faces potential risks related to geopolitical factors and currency fluctuations, which could impact future business stability [9]