DHI(SZ:002487) Great Wall Securities·2025-09-02 03:59Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [4][18]. Core Insights - The company has demonstrated strong performance in its export offshore engineering business, with significant revenue and profit growth in the first half of 2025. Revenue reached 2.841 billion yuan, a year-on-year increase of 109.48%, and net profit attributable to shareholders was 547 million yuan, up 214.32% [1][2]. - The company's sales gross margin for the first half of 2025 was 28.17%, with a net profit margin of 19.24%, reflecting a year-on-year increase of 6.42 percentage points. The growth was primarily driven by increased delivery volumes and profitability in the export offshore engineering sector [2]. - The company has a robust order backlog, with cumulative signed orders exceeding 3 billion yuan since the beginning of the year, and over 10 billion yuan in overseas offshore engineering orders. This positions the company well for stable revenue and profit contributions in the coming years [3][8]. Financial Summary - The company's projected revenue for 2025 is 5.953 billion yuan, with a significant growth rate of 57.5% year-on-year. By 2027, revenue is expected to reach 9.619 billion yuan [1][8]. - Net profit attributable to shareholders is forecasted to be 1.008 billion yuan in 2025, with a growth rate of 112.8%, and is expected to increase to 1.853 billion yuan by 2027 [1][8]. - The report highlights a decrease in the company's price-to-earnings (P/E) ratio from 52.0 in 2023 to 11.9 by 2027, indicating improved valuation as earnings grow [1][8].