DHI(SZ:002487) ZHESHANG SECURITIES·2025-03-18 05:10Investment Rating - The industry investment rating is "看好" (Positive) based on the expectation that the industry index will outperform the CSI 300 index by more than 10% in the next six months [8] Core Viewpoints - The report highlights that 大金重工 (Dajin Heavy Industry) is a leading player in the offshore wind power tower market, with significant growth potential due to increasing overseas orders and market share [5] - The company is expected to exceed performance expectations due to a clear demand for offshore wind towers in Europe, with a projected CAGR of 50.4% from 2024 to 2026 [5] - The profitability of tower units is anticipated to improve significantly, as the cost of materials and labor in Europe is approximately 1.4 and 3.4 times higher than in China, respectively [5] Summary by Sections Market Overview - On March 17, the total trading volume of the A-share market was 16,209 billion yuan, with a net inflow of 10.483 billion HKD from southbound funds [4] - The Shanghai Composite Index rose by 0.19%, while the CSI 300 Index fell by 0.24% [4] Industry Performance - The best-performing sectors on March 17 included construction materials (+2.05%), environmental protection (+1.88%), and real estate (+0.96%) [4] - The worst-performing sectors included non-ferrous metals (-0.79%), beauty and personal care (-0.73%), and coal (-0.35%) [4] Company Insights - Dajin Heavy Industry is positioned as a leader in the offshore wind tower market, with a focus on capturing overseas opportunities [5] - The company is expected to achieve significant revenue growth, with projected revenues of 3,992.96 million yuan in 2024, 6,061.58 million yuan in 2025, and 9,066.62 million yuan in 2026 [6] - The net profit forecast for the same period is 428.51 million yuan, 781.71 million yuan, and 1,425.73 million yuan, respectively [6]