DHI(002487) 长城国瑞证券·2024-10-11 10:37Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [1][5]. Core Insights - The company has over 20 years of experience in the wind power equipment manufacturing industry, transitioning from domestic to global manufacturing [1][15]. - The company has successfully expanded its overseas operations, particularly in the European offshore wind market, becoming the only supplier in the Asia-Pacific region to deliver offshore products to Europe [2][15]. - The company's revenue from overseas operations has significantly increased, with a notable rise in the proportion of revenue from offshore projects [2][4]. - The company has a strong focus on high-margin offshore projects while reducing its exposure to lower-margin onshore wind tower projects [2][4]. - The company has achieved impressive gross margins in its wind tower and new energy generation businesses, indicating strong profitability [1][4][25]. Summary by Sections Company Overview - The company was established in 2000 and has evolved from producing construction steel structures to becoming a leading manufacturer of clean energy equipment [1][15]. - It became the first listed company in its industry in China in 2010 and has since expanded its production capabilities and market reach [1][15]. Market Opportunities - The global wind power market is expected to grow significantly, with a projected CAGR of 9.4% from 2023 to 2028 [33]. - China's wind power installation capacity is also on the rise, with expectations of adding over 75 GW annually in the coming years [33][40]. Financial Performance - The company reported a revenue of 4.33 billion yuan in 2023, a decrease of 15.3% year-on-year, primarily due to strategic divestments in lower-performing projects [7][22]. - The forecasted net profits for 2024, 2025, and 2026 are 529.81 million yuan, 795.03 million yuan, and 1.11 billion yuan, respectively, indicating a recovery and growth trajectory [5][7]. Strategic Initiatives - The company is implementing a "dual-sea strategy" to enhance its global presence and capitalize on the growing demand for offshore wind power [2][15]. - It has established key offshore manufacturing bases in China and is actively pursuing projects in Europe, which are expected to contribute significantly to future revenues [2][15]. Product and Service Development - The company is expanding its product offerings to include next-generation floating foundation solutions in collaboration with international partners [17]. - It has also initiated the development of a dedicated shipping fleet to support the transportation of large offshore products, enhancing its operational capabilities [18][17].