DHI(SZ:002487) Guoxin Securities·2026-01-28 11:26Investment Rating - The investment rating for the company is "Outperform the Market" [5][26]. Core Views - The company is expected to achieve a net profit of 10.50-12.00 billion yuan for 2025, with a median of 11.25 billion yuan, representing a year-on-year increase of 137.40%. The non-recurring net profit is also projected to be in the same range, with a median of 11.25 billion yuan, reflecting a year-on-year growth of 159.85% [1][9]. - The company has made significant progress in its offshore wind power delivery, with higher construction standards leading to increased value-added services. This has notably enhanced the company's profitability [1][9]. - The fourth quarter net profit is expected to be between 1.63-3.13 billion yuan, with a median of 2.38 billion yuan, indicating a year-on-year increase of 23.90% [20]. Financial Forecasts - The company is projected to achieve the following net profits for 2025-2027: 11.19 billion yuan in 2025, 17.55 billion yuan in 2026, and 22.62 billion yuan in 2027, with corresponding price-to-earnings ratios (PE) of 38, 24, and 19 respectively [3][26]. - The expected revenue for 2025 is 5.646 billion yuan, with a growth rate of 49.4% compared to the previous year. The revenue is projected to continue growing to 8.600 billion yuan in 2026 and 10.663 billion yuan in 2027 [4][28]. - The company's EBIT margin is expected to improve from 19.7% in 2025 to 25.1% in 2027, indicating enhanced operational efficiency [4][28].