DHI(SZ:002487) KAIYUAN SECURITIES·2025-04-23 02:55Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved its highest quarterly net profit since its listing in Q1 2025, with a net profit of 231 million yuan, representing a year-over-year increase of 336% [4][5] - The company's revenue for Q1 2025 was 1.141 billion yuan, a year-over-year increase of 146% [4] - The gross margin and net margin for Q1 2025 were 30.95% and 20.25%, respectively [4] - The company has a strong order backlog, particularly with the ongoing European offshore wind projects, which supports the revenue forecast for 2025-2027 [4][5] Financial Summary - For 2025, the company is projected to achieve revenues of 6.131 billion yuan and a net profit of 881 million yuan, with corresponding P/E ratios of 20.0 [7] - The company’s gross margin is expected to improve gradually, reaching 31.9% by 2027 [10] - The projected revenue growth rates for 2025, 2026, and 2027 are 62.2%, 23.0%, and 17.2%, respectively [7][10] Operational Highlights - The company has successfully transitioned to a DAP delivery model, enhancing its service value and profitability [5] - The company’s production base in Penglai is recognized as the largest for large offshore wind monopiles in the Asia-Pacific region, solidifying its competitive advantage in the European market [6]