DHI(SZ:002487) Soochow Securities·2025-05-15 04:32Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to see significant growth driven by overseas orders, with a projected revenue increase of 51.52% in 2025 and a net profit growth of 96.25% [1][8] - The company has secured a major contract worth approximately 1 billion RMB for the supply of large monopile foundations for a European offshore wind project, with deliveries expected to start in 2027 [8] - The company has become the first offshore engineering enterprise to pass the Science Based Targets initiative (SBTi) audit, which is expected to enhance its market share and attract more clients [8] Financial Projections - Total revenue is projected to increase from 3,780 million RMB in 2024 to 9,133 million RMB in 2027, reflecting a compound annual growth rate (CAGR) of approximately 21.42% [1][9] - The net profit attributable to the parent company is expected to rise from 473.88 million RMB in 2024 to 1,636.57 million RMB in 2027, with a CAGR of about 30.01% [1][9] - The earnings per share (EPS) is forecasted to grow from 0.74 RMB in 2024 to 2.57 RMB in 2027, indicating strong profitability growth [1][9] Market Data - The company's closing price is reported at 28.43 RMB, with a market capitalization of approximately 18,131.21 million RMB [5] - The price-to-earnings (P/E) ratio is projected to decrease from 38.26 in 2024 to 11.08 in 2027, suggesting an attractive valuation as earnings grow [1][9]