DHI(SZ:002487) GOLDEN SUN SECURITIES·2025-04-11 03:22Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Views - The company is a leading player in the offshore wind tower and pile market, with significant growth potential driven by increasing European demand and a favorable pricing environment [2][3]. - The company has successfully established itself as a key supplier in the European offshore wind market, with a strong order backlog and competitive advantages in pricing and profitability compared to domestic markets [3][4]. Financial Performance - The company reported a revenue of 5,106 million yuan in 2022, with a projected decline to 4,325 million yuan in 2023, followed by a recovery to 3,698 million yuan in 2024 and significant growth to 5,634 million yuan in 2025 and 8,323 million yuan in 2026 [5]. - The net profit attributable to the parent company is expected to increase from 450 million yuan in 2022 to 1,154 million yuan by 2026, reflecting a strong growth trajectory [5]. - The earnings per share (EPS) is projected to rise from 0.71 yuan in 2022 to 1.81 yuan in 2026, indicating improved profitability [5]. Market Dynamics - The European offshore wind market is expected to see a doubling of demand in the medium to long term, with a projected annual growth rate exceeding 50% from 2025 to 2026 [2][9]. - The company has secured a substantial order volume in Europe, with a total demand exceeding 3 million tons across various offshore projects [1][2]. Competitive Advantages - The company benefits from a unique position as the only domestic firm to have secured European offshore wind pile orders, providing it with a first-mover advantage in a high-barrier market [3][4]. - The company's production base in Penglai is highlighted as a critical asset, being the largest single pile manufacturing and export base globally, which enhances its competitive edge [9][17]. Strategic Initiatives - The company is actively expanding its overseas operations, with overseas revenue contributing over 50% of total income in the first half of 2024, marking a significant increase from previous years [22][27]. - The establishment of a self-owned shipping fleet is expected to further enhance the company's competitiveness in the European market by reducing logistics costs [9][17].