DHI(SZ:002487) KAIYUAN SECURITIES·2024-09-03 17:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2024 was impacted by the phase of domestic offshore projects, with a year-on-year revenue decline of 34.2% to 1.356 billion yuan and a net profit decline of 36.2% to 174 million yuan. However, the comprehensive gross margin improved by 4.6 percentage points to 28.57% compared to the first half of 2023. The company is expected to benefit from a rich backlog of overseas orders and the upcoming launch of offshore wind projects, leading to a maintained "Buy" rating [4][5] Financial Performance Summary - In the first half of 2024, the company achieved operating revenue of 1.356 billion yuan, down 34.2% year-on-year, and a net profit attributable to shareholders of 174 million yuan, down 36.2% year-on-year. The comprehensive gross margin was 28.57%, an increase of 4.6 percentage points from the first half of 2023 [4] - For Q2 2024, the company reported operating revenue of 893 million yuan, a year-on-year decrease of 26.0%, and a net profit of 121 million yuan, down 38.9% year-on-year [4] - The company has revised down its profit forecasts for 2024-2026, now expecting net profits of 496 million yuan, 742 million yuan, and 912 million yuan respectively, with corresponding EPS of 0.78, 1.16, and 1.43 yuan [4] Market Position and Strategy - The company is the only supplier in the Asia-Pacific region to achieve bulk delivery of offshore engineering products to Europe, solidifying its first-mover advantage. In the first half of 2024, export revenue reached 758 million yuan, accounting for 55.9% of total revenue [5] - The company has completed all product deliveries for the Moray West project in Scotland and is actively advancing multiple offshore engineering projects across different regions [5] - The company has developed its own shipping management capabilities, transitioning from a FOB model to a DAP model, and plans to establish its own shipbuilding base and specialized transport fleet [6] Financial Projections - The company’s projected operating revenue for 2024 is 4.339 billion yuan, with a slight increase of 0.3% year-on-year, followed by significant growth in 2025 and 2026 [7] - The projected net profit for 2024 is 496 million yuan, reflecting a year-on-year increase of 16.7%, with further growth expected in subsequent years [7] - Key financial ratios indicate an improvement in gross margin and net margin, with gross margin projected at 26.5% for 2024 and net margin at 11.4% [7]