DHI(002487) Minsheng Securities·2025-04-23 01:25Investment 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]. Core Views - The company reported strong Q1 2025 results, with revenue of 1.141 billion yuan, a year-on-year increase of 146.36%, and a net profit of 231 million yuan, up 335.91% year-on-year [1][2]. - The operational quality continues to improve, with the highest quarterly net profit since its listing, driven by record export volumes of offshore engineering products [1]. - The company is focusing on a dual upgrade in production and shipping, aiming to establish a strong presence in the global offshore engineering market [2]. Financial Performance Summary - For Q1 2025, the company achieved a gross margin of approximately 30.95% and a net margin of about 20.25%, with a significant improvement in net margin due to a substantial decrease in financial expenses [1]. - The forecasted revenues for 2025-2027 are 5.895 billion, 7.452 billion, and 9.218 billion yuan, with growth rates of 56%, 26%, and 24% respectively [2][4]. - The projected net profits for the same period are 938 million, 1.244 billion, and 1.601 billion yuan, with growth rates of 98%, 33%, and 29% respectively [2][4]. Production and Shipping Strategy - The company plans to enhance its production capabilities at the Caofeidian offshore engineering base, expected to reach full capacity by 2025 [2]. - It aims to deliver two specialized transport vessels for offshore wind power equipment in 2025, with a long-term goal of establishing a fleet of 10 to 20 large transport vessels [2].