DHI(002487) 东吴证券·2024-11-01 18:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 revenue was 950 million yuan, a decrease of 25.3% year-on-year, while the net profit attributable to the parent company was 110 million yuan, down 20.1% year-on-year. The gross margin was 25.2%, showing a slight increase [2] - The company's Q3 offshore wind export shipments were 40,000 tons, but only 18,000 tons were recognized due to the DAP recognition model. The net profit per ton has increased compared to the first half of the year [2] - The Q3 wind farm revenue was only 20 million yuan due to lower wind conditions, compared to 100 million yuan in the first half of the year. Solar project construction is proceeding normally, with expected revenue contributions starting next year [2] Financial Performance - For the first three quarters of 2024, the company reported total revenue of 2.31 billion yuan, a year-on-year decrease of 30.8%, and a net profit of 280 million yuan, down 30.9% year-on-year. The operating cash flow for the same period was 550 million yuan, an increase of 279.6% [3] - The company has adjusted its profit forecasts for 2024-2026, now expecting net profits of 450 million yuan, 820 million yuan, and 1.11 billion yuan respectively, with growth rates of 7%, 81%, and 35% [3] - The company's P/E ratios for 2024-2026 are projected to be 33x, 18x, and 14x respectively [3] Market Data - The closing price of the company's stock is 23.63 yuan, with a market capitalization of approximately 15.07 billion yuan [5] - The company has a price-to-book ratio of 2.13 and a debt-to-asset ratio of 38.78% [6] Future Outlook - The company anticipates that the domestic onshore and offshore wind sectors will face challenges due to insufficient capacity utilization, leading to lower-than-expected net profit per ton. Additionally, some overseas project deliveries have been delayed [3]