DHI(SZ:002487) Minsheng Securities·2025-10-30 07:31Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential stock price increase of over 15% relative to the benchmark index [3][10]. Core Insights - The company reported a significant increase in revenue and profit for the first three quarters of 2025, with total revenue reaching 4.595 billion yuan, a year-on-year growth of 99.25%, and a net profit of 0.887 billion yuan, up 214.63% [1][3]. - The company has seen rapid growth in its offshore engineering exports, with over 200 units supplied to the European market and nearly 80% of total revenue coming from wind power equipment exports [2][3]. - The company is expanding its shipping and shipbuilding capabilities, successfully launching new specialized vessel designs, including the KING ONE, which is set to begin operations in early 2026 [2][3]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a gross margin of 35.91%, an increase of 10.69 percentage points year-on-year, and a net profit margin of approximately 19.42%, up 8.04 percentage points year-on-year [1][3]. - The forecast for revenue from 2025 to 2027 is projected to be 6.34 billion yuan, 8.78 billion yuan, and 10.84 billion yuan, respectively, with growth rates of 67%, 39%, and 24% [3][4]. - The expected net profit for the same period is projected to be 1.14 billion yuan, 1.62 billion yuan, and 2.16 billion yuan, with growth rates of 141%, 42%, and 33% [3][4]. Financial Metrics - The report provides detailed financial forecasts, including earnings per share (EPS) expected to rise from 1.79 yuan in 2025 to 3.39 yuan in 2027, with corresponding price-to-earnings (PE) ratios decreasing from 28x to 15x over the same period [4][7]. - The company's return on equity (ROE) is projected to improve from 13.68% in 2025 to 18.01% in 2027, indicating enhanced profitability [7][8].