DHI(SZ:002487) IPO日报·2025-09-30 11:48Core Viewpoint - Dajin Heavy Industry (002487.SZ) has submitted an application for a main board listing on the Hong Kong Stock Exchange, marking a significant turnaround with substantial revenue and profit growth in the first half of the year, alongside a 58% increase in market capitalization since the beginning of the year [1][5]. Group 1: Company Overview - Dajin Heavy Industry, established in 2000, is the first listed company in China's wind power tower industry and a leading global supplier of offshore wind power core equipment [3]. - The company has maintained a strong strategic focus on both overseas and offshore wind markets, emphasizing high-quality development and risk management [3]. Group 2: Financial Performance - The company experienced significant fluctuations in revenue, with 2022 revenue at 5.106 billion yuan, dropping to 4.325 billion yuan in 2023 (a decrease of 15.3%), and further declining to 3.78 billion yuan in 2024 (a decrease of 12.6%). However, in the first half of 2025, revenue rebounded to 2.841 billion yuan, representing a 109.5% increase compared to the same period in 2024 [4]. - Net profit figures for the reporting period were 450 million yuan in 2022, 425 million yuan in 2023, 474 million yuan in 2024, and 547 million yuan in the first half of 2025, with a remarkable year-on-year growth of 214.3% in the latest half-year [5]. Group 3: Market Expansion - The company has successfully expanded its overseas market presence, with overseas revenue increasing from 838 million yuan in 2022 to 2.243 billion yuan in the first half of 2025, accounting for 79% of total revenue [7]. - Dajin Heavy Industry currently has over 10 billion yuan in orders on hand, primarily for delivery over the next two years, with projects covering multiple offshore wind farms in Europe [6][7]. Group 4: Business Structure and Strategy - The company's gross profit margins have shown improvement, with figures of 16.6%, 23.1%, 29.8%, and 28.2% over the reporting periods [8]. - Wind power equipment sales remain the primary revenue source, consistently accounting for over 90% of total revenue, while the share of new energy generation business has gradually increased since 2023 [8]. Group 5: Future Plans - The proceeds from the IPO are intended for upgrading deep-sea comprehensive solutions, constructing a European assembly base, investing in global R&D centers, expanding into new markets, and general corporate purposes [9].