DHI(SZ:002487) Bank of China Securities·2025-11-03 00:09Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 50.30 and a sector rating of "Outperform" [2][4]. Core Insights - The company has shown significant growth in revenue and net profit, with a 99.25% year-on-year increase in revenue to RMB 45.95 billion and a 214.63% increase in net profit to RMB 8.87 billion for the first three quarters of 2025 [4][9]. - The company is a leading manufacturer of wind power towers globally and is expected to benefit from the increasing demand for offshore wind installations, particularly in Europe [4][9]. - The company's strategy focuses on reducing domestic business with lower profitability and higher payment risks, leading to a substantial increase in export revenue, which accounted for nearly 80% of total wind power product revenue in 2025 [9][10]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of RMB 45.95 billion, with a gross margin of 31.12% and a net margin of 19.31%, reflecting improvements of 3.93 percentage points and 7.08 percentage points year-on-year, respectively [10][11]. - The company expects to achieve revenues of RMB 60.82 billion, RMB 81.06 billion, and RMB 101.64 billion for the years 2025, 2026, and 2027, respectively, with corresponding net profits of RMB 10.49 billion, RMB 15.50 billion, and RMB 20.23 billion [6][8]. - The earnings per share (EPS) are projected to be RMB 1.65, RMB 2.43, and RMB 3.17 for 2025, 2026, and 2027, respectively, with a current price-to-earnings (PE) ratio of 30.6 for 2025 [6][8]. Market Position and Strategy - The company has established a strong presence in the European offshore wind market, with a market share of 29.1% and over 200 units supplied to the region [9]. - The company is also expanding its shipbuilding business, having designed and launched specialized vessels for offshore wind equipment transport, with contracts already signed for future deliveries [9][10].