DHI(SZ:002487) Guoxin Securities·2025-04-15 02:43Investment Rating - The investment rating for the company is "Outperform the Market" [5][30]. Core Views - The company has shown steady growth in annual performance, with a revenue of 3.78 billion yuan in 2024, a year-on-year decrease of 12.61%, and a net profit attributable to shareholders of 474 million yuan, an increase of 11.46% year-on-year. The gross profit margin for 2024 was 29.83%, up by 6.39 percentage points, and the net profit margin was 12.54%, up by 2.71 percentage points [1][7]. - The fourth quarter of 2024 saw remarkable performance, with revenue reaching 1.473 billion yuan, a year-on-year increase of 48.55% and a quarter-on-quarter increase of 55.07%. The net profit attributable to shareholders was 192 million yuan, a staggering year-on-year increase of 1017.55% and a quarter-on-quarter increase of 77.44% [1][18]. - The company has successfully delivered nearly 110,000 tons of offshore wind products in 2024, achieving its first DAP delivery. The overseas revenue reached 1.733 billion yuan, accounting for nearly 50% of the wind power equipment segment's revenue [2][23]. - The European offshore wind market is expected to see a recovery, with approximately 20GW of projects auctioned in 2024, the highest annual auction volume in recent years. The company has successfully passed the qualification supplier certification of most leading European owners, positioning it to benefit from this recovery [3][26]. Financial Performance and Forecast - The company is expected to achieve net profits of 858 million yuan, 1.287 billion yuan, and 1.597 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 19, 12, and 10 times [3][26]. - The financial forecast indicates a revenue increase to 4.904 billion yuan in 2025, a growth of 29.7% compared to 2024, and a net profit increase of 81% [4][28]. - The company's gross profit margin is projected to improve to 32% in 2025, with a net asset return (ROE) of 11.2% [4][28].