DHI(SZ:002487) KAIYUAN SECURITIES·2025-04-23 03:03Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - 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-on-year increase of 336% [4] - The company reported a significant increase in revenue, reaching 1.141 billion yuan in Q1 2025, which is a year-on-year growth 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] Financial Summary - For 2025, the company is expected to generate revenues of 6.131 billion yuan, with net profits projected at 881 million yuan, reflecting a year-on-year growth of 85.8% [7] - The projected P/E ratios for 2025, 2026, and 2027 are 20.0, 14.8, and 11.5, respectively [7] - The company’s gross margin is expected to improve from 29.9% in 2025 to 31.9% by 2027 [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 the construction of large offshore wind monopiles in the Asia-Pacific region, solidifying its competitive advantage in the European market [6]