DHI(SZ:002487) SINOLINK SECURITIES·2025-10-28 01:07Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4]. Core Insights - The company reported a revenue of 2.31 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 99.3%, with a net profit attributable to shareholders of 888 million yuan, up 214% year-on-year [2]. - In Q3 alone, the company achieved a revenue of 1.75 billion yuan, a year-on-year increase of 84.6% and a quarter-on-quarter increase of 3.2%, with a net profit of 341 million yuan, reflecting a year-on-year growth of 215.1% and a quarter-on-quarter growth of 8.0% [2]. - The company has seen a significant increase in its market share in the European offshore wind market, with a sales ranking of first and a market share of approximately 29.1% in the first half of 2025, up from 18.5% in 2024 [3]. - The successful launch of the company's first self-built large deck transport vessel, KING ONE, is expected to contribute additional profits starting in 2026 [3]. Summary by Sections Performance Review - The company’s revenue for the first three quarters of 2025 reached 2.31 billion yuan, with a net profit of 888 million yuan, marking substantial growth compared to the previous year [2]. - Q3 revenue was 1.75 billion yuan, with a net profit of 341 million yuan, both showing impressive year-on-year increases [2]. Operational Analysis - The company has increased its overseas deliveries, leading to record high quarterly revenue and net profit since its listing [2]. - The gross margin for Q3 was approximately 35.9%, reflecting a significant improvement due to optimized delivery structures and the use of advanced manufacturing techniques [2]. Market Position and Future Outlook - The company is well-positioned in the European offshore wind market, with expectations for continued order growth, supported by several upcoming projects requiring foundation suppliers [3]. - The introduction of the KING ONE vessel is anticipated to enhance service capabilities and profitability from 2026 onwards [3]. Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been slightly adjusted upwards to 1.21 billion, 1.60 billion, and 2.59 billion yuan respectively, with corresponding PE ratios of 28, 21, and 13 times [4].