大金重工（002487）：全球海工龙头，持续看好

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company is a global leader in offshore engineering, with a strong outlook for growth due to significant improvements in profitability and market share expansion in the offshore wind sector [1][2] - The company has reported substantial revenue growth, with a 99.25% year-on-year increase in revenue for the first three quarters of 2025, reaching 4.595 billion yuan, and a 214.63% increase in net profit attributable to shareholders, amounting to 0.887 billion yuan [1] - The company is positioned to benefit from a tightening domestic supply of offshore wind foundation capacity, expected to become critical around 2027, which may lead to price increases and further profitability enhancements [1][2] Financial Performance - For Q3 2025, the company achieved a revenue of 1.754 billion yuan, representing an 84.64% year-on-year increase, and a net profit of 0.341 billion yuan, up 215.12% year-on-year [1] - The gross margin for Q3 2025 was reported at 35.91%, an increase of 10.69 percentage points year-on-year, while the net margin was 19.42%, up 8.04 percentage points year-on-year [1] - The company has revised its profit forecasts, expecting net profits of 1.09 billion yuan, 1.661 billion yuan, and 2.479 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 27.8, 18.2, and 12.2 [5] Market Position and Strategy - The company is the leading supplier of offshore wind power foundation equipment in Europe, with market share increasing from 18.5% in 2024 to 29.1% in the first half of 2025 [2] - The company is expanding its business model to include a one-stop solution for construction, transportation, and delivery of wind power equipment, enhancing its competitive edge [2] - The company has successfully launched three specialized ship designs and plans to further enhance its global strategy through an H-share listing in Hong Kong [4] Order Book and Future Prospects - The company has secured contracts for the construction of semi-submersible vessels and heavy cargo ships, with total orders amounting to 585 million yuan, indicating accelerated progress in its shipbuilding business [5] - The company is expected to benefit from the increasing demand for offshore wind projects, particularly with the recent establishment of a separate budget for floating wind projects in Europe [11]