DHI(SZ:002487) KAIYUAN SECURITIES·2024-05-05 01:30Investment Rating - The investment rating for the company is "Buy" (maintained) [17] Core Insights - The company has established a significant first-mover advantage in the overseas offshore wind market, with expectations for project launches in the near future [3][4] - In 2023, the company achieved total shipments of 508,000 tons, with nearly 100,000 tons delivered to Europe, marking the year as the beginning of large-scale export deliveries [4] - The total order volume in 2023 increased by over 50% compared to 2022, with expectations for deliveries from 2024 to 2026, indicating a robust order backlog [4] - The company is expanding its offshore production capacity, with new growth points in transport vessels and power generation [5] - The company is actively developing a world-class manufacturing facility capable of producing all types of large offshore wind and oil & gas equipment, with a new base expected to commence operations in March 2025 [18] Financial Summary - In 2023, the company reported revenue of 4.325 billion yuan, a year-over-year decrease of 15.3%, and a net profit of 425 million yuan, down 5.6% year-over-year [17] - The gross margin for 2023 was 23.4%, with a net margin of 9.8% [5] - The company forecasts a net profit of 651 million yuan for 2024, 860 million yuan for 2025, and 1.024 billion yuan for 2026, with corresponding EPS of 1.02, 1.35, and 1.61 yuan [17] - The P/E ratio is projected to decrease from 31.5 in 2023 to 20.6 in 2024, and further to 13.1 by 2026 [5][17]