DHI(SZ:002487) Guoxin Securities·2025-09-11 01:47Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][8]. Core Views - The company has signed a long-term production agreement for offshore wind power foundation structures, with a total contract value of approximately 1.25 billion RMB, which accounts for about 33% of the company's audited revenue for 2024. This is expected to positively impact the company's operating performance in 2026 [2][4]. - The European offshore wind auction and bidding have entered a high prosperity cycle, leading to a continuous increase in the company's export orders. Since 2025, the company has signed nearly 3 billion RMB in overseas orders, with total overseas orders exceeding 10 billion RMB as of the end of the second quarter [2][4]. - The company maintains its profit forecast for 2025-2027 at 1.0 billion, 1.41 billion, and 1.84 billion RMB, representing year-on-year growth of 112%, 40%, and 31% respectively. The current stock price corresponds to dynamic PE ratios of 25.8, 18.4, and 14.1 times [2][8]. Summary by Sections Company Announcements - The company's wholly-owned subsidiary signed a long-term production agreement for offshore wind power foundation structures, securing a manufacturing capacity of up to 400,000 tons until the end of 2030 [4]. Financial Performance - In the first half of 2025, the company achieved overseas business revenue of 2.24 billion RMB, a year-on-year increase of 196%, accounting for 79% of total revenue, with a gross margin of 30.7% [5]. Order Backlog - As of the second quarter, the company has a backlog of overseas offshore engineering orders totaling over 10 billion RMB, primarily scheduled for delivery in the next two years, covering multiple offshore wind project clusters in the North Sea and the Baltic Sea [2][4].