DHI(SZ:002487) Soochow Securities·2025-10-28 03:11Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a record high gross margin, with a significant increase in its European delivery share, now ranking first in the market [1][8] - For the first three quarters of 2025, the company reported a revenue of 4.6 billion yuan, a year-on-year increase of 99.2%, and a net profit attributable to shareholders of 890 million yuan, up 214.6% year-on-year [8] - The company has secured its first overseas heavy deck transport ship construction contract, contributing to incremental performance [8] Financial Forecasts - Total revenue is projected to reach 6.75 billion yuan in 2025, with a year-on-year growth of 78.63% [1] - The net profit attributable to shareholders is expected to be 1.1 billion yuan in 2025, reflecting a year-on-year increase of 132.56% [1] - The earnings per share (EPS) is forecasted to be 1.73 yuan in 2025, with a price-to-earnings (P/E) ratio of 30.46 [1] Market Position - The company holds a 29.1% market share in the European market based on single pile sales amount for the first half of 2025, ranking first [8] - The company's operating cash flow for the first three quarters of 2025 was 1.51 billion yuan, a year-on-year increase of 173.6% [8]