DHI(SZ:002487) GOLDEN SUN SECURITIES·2025-04-28 01:23Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company reported better-than-expected performance with a revenue of 3.78 billion yuan in 2024, a decrease of 12.6% year-on-year, while the net profit attributable to shareholders increased by 11.5% to 470 million yuan [1] - The company is focusing on expanding its export of offshore engineering products, which has led to improved profitability and a significant increase in revenue from this segment [2][3] - The establishment of a floating foundation business center and participation in global tenders are part of the company's strategy to enhance its market position in the offshore wind sector [4] Financial Performance Summary - In 2024, the company achieved a gross margin of 29.83%, up 6.4 percentage points year-on-year, and a net profit margin of 12.54%, up 2.7 percentage points [1] - For Q1 2025, the company reported a 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] - The company expects net profits to reach 898 million yuan, 1.181 billion yuan, and 1.514 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 19.5, 14.8, and 11.6 [4][5] Business Segment Insights - The revenue from the export of offshore engineering products reached 1.733 billion yuan in 2024, with a gross margin of 38.5% [2] - The company's renewable energy segment generated 220 million yuan in revenue in Q1 2025, a 64% increase year-on-year, driven by the profitability of a 250MW wind power project [3] - The company has completed the layout of three major offshore engineering export bases, targeting the global offshore engineering market [2]