DHI(SZ:002487) ZHONGTAI SECURITIES·2025-04-14 12:10Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [9]. Core Views - The company is experiencing a robust order flow and has a strong performance in overseas markets, particularly in high-value offshore engineering products, which is expected to drive revenue growth [5][6]. - The company has strategically reduced low-margin domestic business, focusing on higher-margin exports, resulting in improved gross margins [5]. - The outlook for the offshore wind market is positive, with expectations of increased demand and the company's strong market position likely to lead to significant revenue growth [6]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 3,780 million, a decrease of 12.6% year-on-year, while net profit attributable to shareholders was 474 million, an increase of 11.5% year-on-year [5]. - The gross margin for 2024 was reported at 29.8%, up by 5.9 percentage points compared to the previous year [5]. - The fourth quarter of 2024 saw a significant revenue increase of 48.5% year-on-year, driven by high-value product deliveries [5]. Revenue and Profit Forecast - The company is projected to achieve revenues of 5,941 million in 2025, with a year-on-year growth rate of 57% [6]. - Net profit is expected to reach 752 million in 2025, reflecting a growth rate of 59% [6]. - The earnings per share (EPS) is forecasted to be 1.18 in 2025, increasing to 2.19 by 2027 [6]. Market Position and Strategy - The company is positioned as a leading player in the offshore wind sector, with a strong order backlog and a focus on high-margin products [6]. - The company has successfully passed certification with major European clients, enhancing its competitive position in the market [5]. - The anticipated increase in offshore wind projects in Europe is expected to provide significant growth opportunities for the company [5].