DHI(SZ:002487) Soochow Securities·2025-08-27 12:50Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported Q2 performance exceeding the forecast median, with a new contract for the design and construction of its first wind power transport vessel contributing to incremental performance [1] - The company's revenue for H1 2025 reached 2.84 billion yuan, a year-on-year increase of 109.5%, while net profit attributable to shareholders was 550 million yuan, up 214.3% year-on-year [7] - The growth in performance is primarily driven by the deepening of the global strategic layout, with overseas business achieving significant growth, becoming the core engine of overall performance [7] - The company signed a contract for the construction of a heavy deck transport vessel, which is expected to contribute to future performance [7] - The report forecasts net profits for 2025-2027 to be 1.10 billion, 1.51 billion, and 1.99 billion yuan respectively, with corresponding P/E ratios of 20.1, 14.7, and 11.1 [7] Financial Summary - Total revenue forecast for 2025 is 6.75 billion yuan, with a year-on-year growth of 78.63% [1] - The company's gross profit margin is expected to improve from 29.83% in 2024 to 36.35% in 2027 [8] - The report indicates that the company's operating cash flow for H1 2025 was 240 million yuan, with a significant increase in capital expenditure [8]