DHI(002487) Minsheng Securities·2025-04-22 23:30Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential stock price increase of over 15% relative to the benchmark index within the next 12 months [2][10]. Core Insights - The company reported a significant increase in revenue and net profit for Q1 2025, with revenue reaching 1.141 billion yuan, a year-on-year growth of 146.36%, and a net profit of 231 million yuan, up 335.91% year-on-year [1]. - The operational quality of the company continues to improve, achieving the highest quarterly net profit since its listing, primarily due to record export volumes of offshore engineering products [1]. - The company is focusing on a dual upgrade in production and shipping, targeting the global offshore engineering market, with plans to enhance its production capacity and develop a fleet of specialized transport vessels [2]. Financial Forecasts - Revenue projections for 2025, 2026, and 2027 are 5.895 billion yuan, 7.452 billion yuan, and 9.218 billion yuan, respectively, with growth rates of 56%, 26%, and 24% [2][4]. - The forecasted net profit for the same years is 938 million yuan, 1.244 billion yuan, and 1.601 billion yuan, with growth rates of 98%, 33%, and 29% [2][4]. - The company's PE ratios for 2025, 2026, and 2027 are projected to be 19x, 14x, and 11x, respectively, indicating a favorable valuation trend [2][4].