DHI(002487) 国联证券·2024-09-03 08:40Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's Q2 2024 performance met market expectations, with significant quarter-over-quarter growth in revenue and net profit [6] - The company's overseas wind power business is accelerating, with overseas revenue accounting for over 60% of the wind equipment manufacturing segment, up 16 percentage points year-over-year [6] - The company has secured multiple overseas orders, including a 400,000-ton offshore wind foundation production agreement with a European developer, positioning it as a global leader in offshore wind exports [6] Financial Performance Summary - In H1 2024, the company reported revenue of 1.356 billion yuan, down 34.20% year-over-year, and net profit of 174 million yuan, down 36.23% year-over-year, primarily due to delays in domestic wind power project construction [2][6] - In Q2 2024, revenue was 893 million yuan, down 25.96% year-over-year but up 92.91% quarter-over-quarter, while net profit was 121 million yuan, down 38.92% year-over-year but up 128.16% quarter-over-quarter [6] - The company's gross margin in H1 2024 reached 28.57%, up 4.61 percentage points year-over-year, with the wind equipment segment achieving a gross margin of 22.65%, up 0.92 percentage points year-over-year [6] Future Outlook - The company is expected to achieve revenue of 4.448 billion yuan in 2024, 6.943 billion yuan in 2025, and 8.770 billion yuan in 2026, with year-over-year growth rates of 2.84%, 56.10%, and 26.31%, respectively [6] - Net profit is forecasted to be 560 million yuan in 2024, 920 million yuan in 2025, and 1.222 billion yuan in 2026, with year-over-year growth rates of 31.28%, 64.89%, and 32.74%, respectively [6] - The company's EPS is projected to be 0.88 yuan in 2024, 1.44 yuan in 2025, and 1.92 yuan in 2026, with corresponding P/E ratios of 23x, 14x, and 10x [6] Industry and Market Position - The company operates in the power equipment/wind power equipment industry [4] - It is one of the leading domestic tower manufacturers, with a strong position in the global offshore wind market [6]