DHI(SZ:002487) KAIYUAN SECURITIES·2026-03-10 07:12Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company, 大金重工, is a global leader in offshore engineering equipment and is transitioning into a one-stop system service provider for offshore wind power [1][5] - In 2025, the company achieved a revenue of 6.174 billion yuan, representing a year-over-year increase of 63.3%, and a net profit attributable to the parent company of 1.103 billion yuan, up 132.8% year-over-year [4][6] - The company has a robust order backlog, with overseas offshore orders exceeding 10 billion yuan, primarily scheduled for delivery over the next two years [4][5] - The company is strategically positioned in the European offshore wind infrastructure market, with significant partnerships with leading offshore wind developers [5] Financial Summary - Revenue projections for 2026 and 2027 are estimated at 8.251 billion yuan and 9.451 billion yuan, respectively, with corresponding net profits of 1.602 billion yuan and 2.045 billion yuan [6][8] - The company's gross margin is expected to improve from 31.2% in 2025 to 32.4% in 2026, while the net margin is projected to rise from 17.9% to 19.4% in the same period [6][9] - The price-to-earnings (P/E) ratio is forecasted to decrease from 37.8 in 2025 to 26.0 in 2026, indicating a more attractive valuation as earnings grow [6][9]