DHI(SZ:002487) Ge Long Hui A P P·2025-11-27 05:27Core Viewpoint - The report from Guoying Securities (Hong Kong) highlights that Daikin Heavy Industries has secured significant overseas orders and is accelerating the development of its self-owned wind farms, recommending a "buy" rating for the company [1] Group 1: Overseas Orders and Contracts - The company has signed an exclusive supply contract for a transitional phase of an offshore wind farm project with a European energy company, with a total contract value of approximately RMB 1.339 billion, accounting for about 35.4% of the company's revenue for 2024 [1] - The company has plans to invest in the construction of three onshore wind projects with a total capacity of 950 MW, with an estimated total investment not exceeding RMB 4.38 billion [1] Group 2: Market Growth and Projections - Multiple European countries are expected to release supportive policies in 2025, accelerating the construction of offshore wind projects in Europe, with the company anticipating a 20% increase in overseas delivery volume by 2026, supporting stable growth in performance [1] - The company currently has over RMB 10 billion in overseas offshore engineering orders accumulated in the first three quarters, with concentrated deliveries expected in 2026-2027, and overseas revenue is projected to maintain a growth rate of over 20% in the next two years [1] Group 3: Capacity and Infrastructure Development - The offshore wind supply chain is currently facing a supply-demand imbalance, and the company possesses customer resources, sufficient production capacity, and gradually improving transportation capabilities, which are expected to expand its market share overseas [1] - The company is actively planning to develop its own transportation vessels and establish a final assembly base in Europe to enhance its delivery capabilities [1]