HHI(SH:601226) Zheng Quan Shi Bao Wang·2025-11-07 11:53Core Viewpoint - Huadian Technology (601226) has signed a significant contract for the construction and installation of a 1 million kW offshore wind power project in Dandong, Liaoning, with a total contract value of approximately 3.415 billion yuan (including tax) [1] Group 1: Contract Details - The contract involves the construction of 84 wind turbine positions, including single pile foundation engineering, wind turbine installation, submarine cable procurement, and laying [1] - The project is expected to achieve full capacity grid connection by October 1, 2027 [1] - Huadian Technology, as the leading member of the consortium, is responsible for all work related to the foundation and installation of the 84 wind turbines [1] Group 2: Recent Contracts - In July, Huadian Technology signed three contracts totaling approximately 6.567 billion yuan, including design and supply contracts and construction contracts for the Nusantara project [2] - The total amount of the two contracts related to the coal yard and long-distance transportation system is about 2.516 billion yuan, with coal transportation conditions expected to be met by July 30, 2027 [2] - The company has also signed an operation and maintenance framework agreement worth approximately 3.051 billion yuan for the same project [2] Group 3: Business Overview - Huadian Technology is an engineering solution provider, offering services in system design, general contracting, and high-end equipment development across various sectors, including power, ports, and metallurgy [2] - The company has expanded its business to include projects along the "Belt and Road" initiative, targeting overseas clients for material transportation system EPC projects [2] Group 4: Financial Performance - In 2024, Huadian Technology reported revenue of 7.541 billion yuan, a year-on-year increase of 5.11%, and a net profit attributable to shareholders of 115 million yuan, up 18.11% [3] - For the first three quarters of 2025, the company achieved revenue of 6.534 billion yuan, a year-on-year increase of 32.64%, and a net profit of 120 million yuan, up 11.58% [3] - The successful execution of the recent contracts is expected to positively impact the company's operating performance and strengthen its market position in offshore wind power [3]