DHI(SZ:002487) SINOLINK SECURITIES·2026-03-06 05:24Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5]. Core Insights - In 2025, the company achieved a revenue of 6.17 billion RMB, a year-on-year increase of 63.3%, and a net profit attributable to shareholders of 1.10 billion RMB, up 132.8% [2]. - The revenue structure has been optimized, with overseas revenue reaching 4.60 billion RMB, a significant increase of 165.3%, and export business accounting for 74.5% of total revenue, up 28.6 percentage points [3]. - The company is transitioning from a "product supplier" to a "system service provider," with significant breakthroughs in various business areas, including shipping and storage services in Europe [4]. Financial Performance - The company’s gross margin improved to 31.2% in 2025, an increase of 1.4 percentage points year-on-year [3]. - Forecasted net profits for 2026-2028 are 1.66 billion RMB, 2.76 billion RMB, and 4.18 billion RMB, respectively, with corresponding P/E ratios of 27, 16, and 11 times [5]. - The company’s revenue is projected to grow to 17.17 billion RMB by 2028, with a compound annual growth rate of 39.38% from 2025 [9].