DHI(SZ:002487) Western Securities·2025-03-14 03:20Investment Rating - The report gives a "Buy" rating for the company [4][15]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 4.53 billion, 7.81 billion, and 10.59 billion yuan for 2024-2026, representing year-on-year growth of +6.6%, +72.3%, and +35.5%, respectively, with corresponding PE ratios of 30.5, 17.7, and 13.0X [4][15]. - The company is a leader in the offshore wind tower market and is benefiting from the acceleration of offshore wind construction, particularly in overseas markets [4][15]. - The company is executing a dual-sea strategy, successfully exporting offshore wind towers and monopiles, with production capacity expansion to support this growth [4][15]. Summary by Sections Domestic Offshore Wind Demand - Domestic offshore wind installation demand is expected to be released, with continuous shipments from the company. The domestic offshore wind projects that were previously delayed are now resuming, with significant projects in Guangdong and Jiangsu expected to start construction [4][15]. - The domestic offshore wind competition capacity for 2023 is 25.8GW, and for 2024 it is 25.35GW, indicating a robust pipeline for future growth [4][15]. International Offshore Wind Demand - International offshore wind demand is beginning to ramp up, with the company positioned as a leading exporter of offshore wind towers and monopiles. The global offshore wind installation is projected to see significant growth starting in 2026, particularly in Europe, where new installations are expected to reach 8.40GW in 2026 [2][4]. - The company has already exported nearly 100,000 tons of offshore wind towers and monopiles in 2023, with a full order book for future deliveries [2][4]. Export Capacity and Advantages - The company has established three major offshore engineering bases in Penglai, Tangshan, and Panjin, with a combined export capacity of 1.5 million tons once fully operational. Additionally, the company is developing its own fleet of large deck transport vessels to enhance its export capabilities [2][4]. - The company’s international orders are robust, and it has received recognition from overseas clients, further solidifying its position as a leader in offshore wind exports [2][4]. Financial Performance and Projections - The company’s revenue from wind tower manufacturing is expected to grow significantly, with projected year-on-year growth rates of -5%, +48%, and +28% for 2024-2026 [9][10]. - The company’s revenue structure has been upgraded, with a CAGR of 26.53% from 2019 to 2023, and it is anticipated that the profitability will improve as the company continues to push for offshore wind exports [24][30].