DHI(002487) 群益证券·2025-03-05 07:41Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% from the current price [7][10]. Core Insights - The company is a leading player in the wind power infrastructure sector, with significant growth in overseas business and market share expected to increase. The company has successfully penetrated the high-barrier European market and is building a one-stop service system for manufacturing and transportation, which is anticipated to enhance cost control and competitive advantage [7]. - Recent measures from multiple European countries, including the UK and Germany, are expected to accelerate offshore wind construction, leading to a projected increase in overseas orders. The company anticipates delivering over 200,000 tons overseas this year, representing a year-on-year growth of 20-30%, which supports stable performance [7]. - The company is expanding its production capacity and optimizing service capabilities, with plans for new export bases in Penglai, Tangshan, and Panjin. The Penglai base is currently the largest offshore wind power base globally, with an annual capacity of 700,000 tons [7]. Company Overview - Industry: Machinery Equipment [3] - A-share price as of March 4, 2025: RMB 21.28 [3] - Market capitalization: RMB 134.26 billion [3] - Major shareholder: Fuxin Jinyin Energy Consulting Co., Ltd. (38.93%) [3] - Recent stock performance: 7.2% increase over the past month, but a decline of 6.2% over three months and 1.1% over the year [3]. Financial Projections - Expected net profits for 2024, 2025, and 2026 are RMB 448 million, RMB 711 million, and RMB 997 million, respectively, with year-on-year growth rates of 5.4%, 58%, and 40% [9]. - Earnings per share (EPS) are projected to be RMB 0.7, RMB 1.1, and RMB 1.56 for the same years [9]. - The company’s price-to-earnings (P/E) ratios for 2025 and 2026 are estimated to be 19 and 14, respectively [7][9].