DHI(SZ:002487) HUAXI Securities·2025-09-09 15:23Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company has shown strong performance in H1 2025, achieving a revenue of 2.841 billion yuan, a year-on-year increase of 109.48%, and a net profit of 547 million yuan, up 214.32% year-on-year, with a record high in non-recurring net profit [1][2] - The European offshore wind auction market is experiencing a high boom, with the company benefiting from abundant orders and expected delivery growth [2][3] - The company is transitioning from a product supplier to a system service provider, expanding its service range to include specialized shipping, shipbuilding, and offshore wind power operations, which is expected to create new growth curves [4][9] Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 2.841 billion yuan, a year-on-year increase of 109.48%, and a net profit of 547 million yuan, up 214.32% year-on-year [1] - The non-recurring net profit reached 563 million yuan, marking a 250.48% increase year-on-year, the highest for the same period in history [1] Market Outlook - The global offshore wind auction volume reached a historical high of 56.3GW in 2024, with Europe contributing 23.2GW [2] - The company has secured nearly 3 billion yuan in orders since 2025, with overseas offshore wind orders growing rapidly, covering multiple offshore wind projects in Europe [3] Strategic Initiatives - The company is actively transforming into a system service provider, expanding into specialized shipping and shipbuilding, and has successfully developed three specialized ship types for offshore wind equipment transportation [4][9] - The company has signed a contract for the construction of a 23,000 DWT heavy-duty wind power deck transport ship, expected to be delivered in 2027 [8] Growth Projections - The company expects to see continued growth in overseas deliveries, with a projected increase in offshore wind delivery volumes from 2025 to 2027 [3] - The revenue forecasts for 2025, 2026, and 2027 have been revised upwards, with expected revenues of 6.064 billion yuan, 8.021 billion yuan, and 10.431 billion yuan respectively, reflecting strong growth rates [11]