DHI(002487) KAIYUAN SECURITIES·2025-04-14 13:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved operating revenue of 3.78 billion yuan in 2024, a year-over-year decrease of 12.6%, while the net profit attributable to the parent company was 474 million yuan, an increase of 11.5% year-over-year. In Q4 2024, the company reported operating revenue of 1.47 billion yuan, a year-over-year increase of 48.5%, and a net profit of 192 million yuan, a year-over-year increase of 1018% [4] - The company is the only supplier in the Asia-Pacific region to deliver offshore engineering products to the European market, having entered the European offshore wind market in 2019 and secured overseas orders since 2022. The report anticipates continued growth in European offshore wind projects from 2025 to 2027 [4][5] - The profit forecasts for 2025-2026 have been raised, with expected net profits of 881 million yuan and 1.195 billion yuan respectively, and a new forecast for 2027 of 1.535 billion yuan. The corresponding price-to-earnings ratios are 18.1, 13.4, and 10.4 times [4] Financial Summary - The company reported a total revenue of 4.325 billion yuan in 2023, which decreased by 15.3% year-over-year. The revenue for 2024 is projected at 3.78 billion yuan, with a further increase to 6.131 billion yuan in 2025, representing a year-over-year growth of 62.2% [7] - The net profit attributable to the parent company for 2023 was 425 million yuan, with an expected increase to 881 million yuan in 2025, reflecting a year-over-year growth of 85.8% [7] - The gross margin is expected to improve from 29.8% in 2024 to 31.9% in 2027, while the net margin is projected to increase from 12.5% in 2024 to 17.4% in 2027 [7] Strategic Developments - The company has successfully delivered its first self-managed overseas offshore engineering project and plans to deliver two specialized offshore wind equipment transport vessels from its Panjin base in 2025. The goal is to become a comprehensive solution provider for production and transportation [6] - The company is collaborating with leading international floating foundation solution providers and establishing a global floating business center to develop next-generation floating foundation products [6]