DHI(002487) 开源证券·2024-11-03 08:00Investment Rating - The report maintains a "Buy" rating for Dajin Heavy Industry (002487 SZ) [1] Core Views - Overseas and domestic offshore engineering margins are improving, and the company's overseas advantages remain solid [1] - The company's Q3 performance was affected by cross-quarter revenue recognition, but overseas offshore engineering profitability remains stable [4] - The company secured a new offshore engineering order in Europe, with a contract value of 46 million euros, expected to be delivered in 2025 [5] - The company successfully completed its first self-transported offshore engineering project, enhancing service value [6] Financial Performance - In Q3 2024, the company achieved revenue of 950 million yuan, a year-on-year decrease of 25 3%, and a quarter-on-quarter increase of 6 4% [4] - Net profit attributable to shareholders in Q3 2024 was 108 million yuan, a year-on-year decrease of 20 1%, and a quarter-on-quarter decrease of 10 6% [4] - For 2024-2026, the company is expected to achieve net profits of 496 million yuan, 742 million yuan, and 912 million yuan, respectively [4] - The company's PE ratio for 2024-2026 is projected to be 29 8x, 19 9x, and 16 2x, respectively [4] Overseas Expansion - The company has completed multiple overseas offshore engineering projects, including the MorayWest offshore wind farm in Scotland and the NOY-lles D'Yeu et Noirmoutier offshore wind farm in France [5] - The company signed a contract to supply 10 ultra-large monopiles for a Baltic Sea offshore wind project, with delivery expected in 2025 [5] - The company's subsidiary, Penglai Dajin, successfully transported the first batch of monopiles for the Thor offshore wind farm project in Denmark, marking its first self-transported offshore engineering project [6] Financial Forecasts - Revenue for 2024-2026 is projected to be 4 34 billion yuan, 6 65 billion yuan, and 8 06 billion yuan, respectively [7] - Net profit attributable to shareholders for 2024-2026 is expected to be 496 million yuan, 742 million yuan, and 912 million yuan, respectively [7] - The company's gross margin is forecasted to be 26 5%, 25 1%, and 24 8% for 2024-2026, respectively [7] - ROE is expected to improve from 6 8% in 2024 to 10 3% in 2026 [7] Valuation Metrics - The company's P/E ratio for 2024-2026 is projected to be 29 8x, 19 9x, and 16 2x, respectively [7] - The P/B ratio for 2024-2026 is expected to be 2 0x, 1 8x, and 1 7x, respectively [7] - EV/EBITDA for 2024-2026 is forecasted to be 19 5x, 15 4x, and 10 5x, respectively [8]