DHI(SZ:002487) Soochow Securities·2025-11-26 15:15Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has signed a transition segment order with a unit price exceeding 50,000 yuan per ton, marking its transition towards becoming a full-service solution provider [9] - The order, totaling 1.339 billion yuan, involves supplying 63 transition segments for a German offshore wind project, indicating a significant increase in revenue potential [9] - The company has successfully completed the loading process for oversized piles using domestic SPMT equipment, achieving industry records and enhancing its solution capabilities [9] - Profit forecasts for 2025 and 2026 are maintained at 1.1 billion yuan and 1.7 billion yuan respectively, with an upward revision for 2027 to 2.53 billion yuan [9] Financial Projections - Total revenue is projected to decline in 2023 and 2024, followed by significant growth in 2025 (6,752 million yuan, +78.63%) and continued growth through 2027 (11,710 million yuan, +30.41%) [1][10] - Net profit attributable to shareholders is expected to increase from 425.16 million yuan in 2023 to 2,528.66 million yuan in 2027, reflecting a growth rate of 133% from 2025 to 2027 [1][10] - The earnings per share (EPS) is forecasted to rise from 0.67 yuan in 2023 to 3.96 yuan in 2027, with a corresponding decrease in P/E ratio from 74.37 to 12.50 [1][10]