DHI(SZ:002487) GOLDEN SUN SECURITIES·2025-04-11 03:23Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Views - The company is positioned as a leader in the offshore wind tower and pile market, with significant growth potential driven by increasing European demand and a favorable pricing environment [2][3][4]. - The company has successfully established itself in the European market, being the first domestic enterprise to export offshore wind towers and large piles, with substantial orders in hand [1][4][17]. - The company's overseas revenue has significantly increased, contributing over 50% to total revenue in the first half of 2024, reflecting a strategic shift towards international markets [22][27]. Summary by Sections Company Overview - The company specializes in manufacturing wind power products, including towers, piles, and floating foundations, and has become a key player in the global offshore wind equipment manufacturing industry [14][17]. - The company has a clear shareholding structure and experienced management, with the chairman holding approximately 40.14% of the shares [23]. Market Demand and Growth - The European offshore wind market is expected to see a significant increase in demand, with projections of installed capacity reaching 111 GW by 2030 and 317 GW by 2050 [46][48]. - The company is benefiting from a tight supply of offshore piles in Europe, which is expected to drive both volume and price increases in the industry [2][46]. Financial Performance - The company's revenue for 2023 is projected to be 4.325 billion yuan, with a net profit of 425 million yuan, showing a decline from 2022 due to market conditions, but expected to rebound significantly in the following years [5][4]. - The forecasted net profits for 2024, 2025, and 2026 are 460 million yuan, 773 million yuan, and 1.154 billion yuan, respectively, indicating strong growth potential [4][5]. Competitive Advantages - The company has established a competitive edge in Europe, where the unit profitability of towers and piles is significantly higher than in the domestic market, enhancing overall profitability [3][4]. - The company is developing its own specialized transportation fleet to improve logistics and reduce costs, further strengthening its competitive position in Europe [17][22]. Industry Context - The offshore wind industry is experiencing a favorable cycle, with increasing government support and investment in renewable energy, particularly in Europe [46][49]. - The report highlights the importance of the company's production base in China, which is strategically positioned to meet the growing demand in international markets [17][22].