DHI(SZ:002487) CMS·2025-04-22 03:11Investment Rating - The report maintains a "Strong Buy" rating for the company [3]. Core Views - The company reported Q1 2025 results that exceeded expectations, with revenue, profit, and net profit increasing by 146%, 336%, and 448% year-on-year, respectively [1][33]. - The company has successfully entered the high-barrier and high-value European offshore wind market, with expectations for domestic onshore and offshore wind businesses to also exceed forecasts [33]. Financial Data and Valuation - Total revenue is projected to grow from 4,325 million in 2023 to 6,020 million in 2025E, reflecting a year-on-year growth of 59% [2]. - The net profit is expected to increase from 425 million in 2023 to 927 million in 2025E, corresponding to a 96% year-on-year growth [2]. - The company’s PE ratio is projected to decrease from 41.6 in 2023 to 19.1 in 2025E, indicating improved valuation metrics [2]. Quarterly Performance Analysis - Q1 2025 saw the highest quarterly revenue and net profit in the last 15 years, with a gross margin of 30.95% and a net margin of 20.25% [7][8]. - The company’s operational segment is expected to contribute approximately 40 million in net profit for Q1 2025 [8]. Business Segment Insights - The company has a robust presence in the European offshore wind market, with a forecasted compound annual growth rate of 36% for offshore wind installations in Europe from 2024 to 2027 [18]. - Domestic onshore wind business is anticipated to exceed expectations, with a significant increase in wind power bidding volumes projected for 2024 [28][29]. Investment Recommendations - The company is expected to achieve net profits of 927 million and 1,196 million in 2025 and 2026, respectively, with a corresponding PE of 19X and 15X [7][33].