DHI(SZ:002487) Ping An Securities·2024-04-30 08:00Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation that the stock will outperform the market by 10% to 20% over the next six months [4][24]. Core Insights - The company has established itself as a mainstream supplier of offshore wind power equipment in Europe, with significant growth potential in its marine engineering export business due to increasing demand in the offshore wind sector [10][11][14]. - In 2023, the company reported a revenue of 4.325 billion yuan, a decrease of 15.3% year-on-year, and a net profit of 425 million yuan, down 5.6% year-on-year. The first quarter of 2024 saw a further decline in revenue to 463 million yuan, a 45.83% decrease year-on-year [7][10]. - The company has seen a significant increase in its marine engineering export business, with overseas shipments rising over 4000% and revenue increasing by more than 4300% [10][11]. Financial Performance - The company’s revenue and profit are expected to recover in the coming years, with projected revenues of 5.137 billion yuan in 2024 and 5.787 billion yuan in 2025, reflecting year-on-year growth of 18.8% and 12.7% respectively [9][15]. - The net profit is projected to increase to 636 million yuan in 2024 and 778 million yuan in 2025, with corresponding year-on-year growth rates of 49.6% and 22.3% [9][15]. - The gross margin is expected to improve from 23.4% in 2023 to 25.3% in 2024, indicating enhanced profitability [9][20]. Business Segments - The company’s domestic tower and pile business is undergoing strategic contraction, while its marine engineering export business is thriving, particularly with the successful delivery of products for the MorayWest project in the UK [10][11]. - The company is focusing on expanding its production and logistics capabilities to support its global strategy, including the construction of new facilities in Tangshan and Panjin [13][14]. Market Position - The company has secured a significant order volume in the European offshore wind market, with a 50% year-on-year increase in overseas orders, positioning it among the top suppliers in this region [11][14]. - A recent agreement with a European offshore wind developer includes a locked production capacity of up to 400,000 tons of offshore wind foundation structures, further solidifying the company's market position [11][14].