Core Viewpoint - The company signed an exclusive supply contract for a transitional phase of an offshore wind farm project with a European energy company, amounting to approximately RMB 1.339 billion, which represents about 35.4% of the company's revenue for 2024 [1][2]. Group 1: Offshore Wind Projects - The project is expected to be delivered by 2027, and with the acceleration of offshore wind construction in Europe, the company achieved a revenue of RMB 4.595 billion in the first three quarters, a year-on-year increase of 99%, and a net profit of RMB 0.887 billion, a year-on-year increase of 214.6% [3]. - The company has accumulated over RMB 10 billion in overseas offshore engineering orders, expected to be delivered between 2026 and 2027, with overseas revenue anticipated to maintain a growth rate of over 20% in the next two years [3]. - The company is actively planning to build its own transportation vessels and establish a total assembly base in Europe to enhance delivery capabilities [3]. Group 2: Onshore Wind Projects - The company plans to invest in three onshore wind projects with a total capacity of 950 MW and an estimated total investment of no more than RMB 4.38 billion, funded by its own capital and loans [3]. - The projects are located in Tangshan, benefiting from favorable wind resources, with expected internal rates of return of 17.05%, 13.27%, and 11.82% for the respective projects [3]. - The construction period for these projects is estimated to be 12-18 months, with partial grid connection expected by the end of 2026 [3]. Group 3: Financial Projections - The company has revised its net profit forecasts for 2025, 2026, and 2027 to RMB 1.19 billion, RMB 1.59 billion, and RMB 2.16 billion, representing year-on-year growth of 152%, 33%, and 35% respectively [1][4]. - The earnings per share (EPS) are projected to be RMB 1.87, RMB 2.50, and RMB 3.38 for the years 2025, 2026, and 2027, with corresponding price-to-earnings (PE) ratios of 26, 19.6, and 14.5 times based on current A-share prices [1][4].

格隆汇11月27日｜东吴证券研报指出，大金重工签署过渡段订单，单价超5万元/吨，向全套解决方案服 务商进发！该订单为2.52万吨过渡段，对应单价为5.3万元/吨，订单含存储及后道总装，价格大超市场 预期，也代表着公司从单纯的风机基础设备供应商到交付安装一站式解决方案商的转型。近日，公司成 功运用国产SPMT设备，圆满完成出口欧洲超大型单桩的装船全流程作业，一举创下"首次使用国产 SPMT设备装船"、"首次由装备制造商自有SPMT团队执行装船"两项业内纪录。考虑到公司新接过渡段 订单于27年交付，上修27年盈利预测，维持"买入"评级。 ...

Core Viewpoint - The stock of Dajin Heavy Industry has shown significant growth, with a year-to-date increase of 149.41%, reflecting strong performance in the wind power equipment sector [1][2]. Financial Performance - For the period from January to September 2025, Dajin Heavy Industry reported a revenue of 4.595 billion yuan, representing a year-on-year growth of 99.25%. The net profit attributable to shareholders was 888 million yuan, marking a substantial increase of 214.63% [2]. - Cumulative cash dividends since the company's A-share listing amount to 325 million yuan, with 240 million yuan distributed over the past three years [3]. Shareholder Information - As of October 31, 2025, the number of shareholders for Dajin Heavy Industry reached 67,300, an increase of 15.29% from the previous period. The average number of tradable shares per shareholder decreased by 13.26% to 9,381 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder, holding 22.0823 million shares, an increase of 2.6702 million shares from the previous period. New entrants among the top shareholders include Southern CSI 1000 ETF and Oriental Red Qi Yuan Mixed A [3]. Market Activity - On November 27, Dajin Heavy Industry's stock price rose by 2.24%, reaching 50.69 yuan per share, with a trading volume of 622 million yuan and a turnover rate of 1.98%. The total market capitalization stood at 32.328 billion yuan [1]. - The stock has experienced a recent upward trend, with an increase of 8.59% over the last five trading days and 46.40% over the past 60 days [1]. Business Overview - Dajin Heavy Industry, established on September 22, 2003, and listed on October 15, 2010, primarily engages in the production and sales of wind power tower structures and thermal power boiler steel structures. The revenue composition is heavily weighted towards wind power equipment products, accounting for 94.54% of total revenue [1]. - The company operates within the power equipment sector, specifically focusing on wind power equipment and components [1].

群益证券(香港)研报指出，大金重工新签大额海外订单，自持风电场加速推进，建议"买进"。公司与欧 洲某能源企业签署了某海上风电场项目过渡段独家供应合同。合同总金额折合人民币约13.39亿元，占 公司2024年度收入比例约35.4%。此外，公司拟投资建设3个陆风项目，总容量950MW，总投资预计不 超过人民币43.8亿元。2025年多个欧洲国家发布支持政策，欧洲海风建设正在加速，2026年公司海外交 付量有望继续增长20%，支撑公司业绩稳健增长。中期看，目前海外海风供应链产能供不应求，公司手 握客户资源，生产能力充足，运输能力逐步提升，海外市场份额有望扩大。前三季度公司在手海外海工 订单已经累计超100亿元，预计在26-27年集中交付，未来2年海外收入有望维持20%以上增速。公司正 在积极布局自有运输船只，以及建设欧洲总装基地，来提升交付能力。 ...

Group 1 - The company has signed a supply contract with European energy firm Skyborn Renewables for the Gennaker offshore wind project in Germany, with a total contract value of 1.339 billion yuan [1] - The contract involves the provision of 63 transition pieces, with each piece approximately 20 meters tall and weighing around 400 tons, totaling 25,200 tons [1] - The unit price of the order is significantly higher than market expectations at 53,000 yuan per ton, indicating a shift from being a simple supplier to a one-stop solution provider for installation [1] Group 2 - The company has successfully completed the loading process for oversized piles using domestically produced SPMT equipment, setting two industry records for the first use of such equipment and execution by its own team [2] - This achievement demonstrates the company's capability to meet stringent European standards and has redefined the DAP (Delivered at Place) delivery model for oversized marine equipment [2] - The company has also signed its first external market contract for building a large deck transport vessel, contributing to incremental performance [2] Group 3 - The profit forecast for 2025 and 2026 remains unchanged, with expected net profits of 1.1 billion and 1.71 billion yuan respectively; the profit forecast for 2027 has been revised upward to 2.53 billion yuan from 2.31 billion yuan [2] - The net profit growth rates for 2025, 2026, and 2027 are projected at 133%, 55%, and 48% respectively, with corresponding PE ratios of 28.7, 18.5, and 12.5 times [2]

Group 1: Macro Strategy Insights - The macroeconomic environment is facing increasing downward pressure, with commodity consumption and exports continuing to be under pressure due to base effects [1][11] - The Federal Reserve's hawkish signals and the delay in the release of November non-farm payroll data have led to a significant reduction in market expectations for a rate cut in December [12][13] - The overall economic growth is expected to be stable, with a projected GDP growth rate of around 4.9% for 2026, driven by investment recovery and consumption subsidies [4][15] Group 2: Industry and Company Analysis - The company has signed a supply contract with Skyborn Renewables for the Gennaker offshore wind project, with a total contract value of 1.339 billion yuan, indicating a significant shift towards providing comprehensive solutions rather than just equipment supply [6] - Yitang Co., Ltd. is recognized as a hidden champion in front-end equipment, with a projected net profit of 650 million yuan in 2025, reflecting strong growth potential in the semiconductor equipment sector [7] - Lexin Technology is expanding its AIoT ecosystem, with a revenue forecast of 2.007 billion yuan in 2024, driven by growth in smart home and AI edge applications [8] - Aotewei has secured a 700 million yuan order for its string welding machines, indicating strong demand in the photovoltaic equipment sector and a robust order pipeline for 2025 [10]

Core Insights - Daikin Heavy Industries' subsidiary, Penglai Daikin Marine Engineering Co., Ltd., signed an exclusive supply contract for a transitional segment of an offshore wind farm project with a European energy company, amounting to approximately RMB 1.339 billion, which represents about 35.41% of the company's audited revenue for 2024 [1][3] Group 1 - The contract includes a comprehensive service package for product construction, transportation, storage, and assembly, with delivery expected by 2027. The offshore construction is anticipated to start in 2026, and the project will provide green electricity to around 1 million households once operational in 2028 [3] - Daikin Heavy Industries, founded in 2000 and listed in 2010, is the first publicly listed company in China's wind power tower industry, offering a full range of products for both offshore and onshore wind power [3] - Penglai Daikin, established in 2009 with a registered capital of RMB 130 million, is the largest single factory for offshore wind power marine engineering globally, with a production capacity of 500,000 tons [3] Group 2 - In addition to the aforementioned contract, Penglai Daikin has signed multiple overseas contracts in recent years, including a long-term supply contract for offshore wind foundations worth approximately RMB 1.25 billion, which accounts for about 33% of Daikin Heavy Industries' audited revenue for 2024 [4] - The first batch of six foundation piles for the InchCape offshore wind project in Scotland has been shipped from Daikin Heavy Industries' Penglai base, with the project being the second delivery to Scotland following the MorayWest project [4] - On July 21, Penglai Daikin signed a contract to supply ultra-large offshore wind foundation piles for another European offshore wind project, with a total contract value of approximately RMB 430 million, showcasing the international recognition of its marine engineering manufacturing capabilities [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has signed a transition segment order with a unit price exceeding 50,000 yuan per ton, marking its transition towards becoming a full-service solution provider [9] - The order, totaling 1.339 billion yuan, involves supplying 63 transition segments for a German offshore wind project, indicating a significant increase in revenue potential [9] - The company has successfully completed the loading process for oversized piles using domestic SPMT equipment, achieving industry records and enhancing its solution capabilities [9] - Profit forecasts for 2025 and 2026 are maintained at 1.1 billion yuan and 1.7 billion yuan respectively, with an upward revision for 2027 to 2.53 billion yuan [9] Financial Projections - Total revenue is projected to decline in 2023 and 2024, followed by significant growth in 2025 (6,752 million yuan, +78.63%) and continued growth through 2027 (11,710 million yuan, +30.41%) [1][10] - Net profit attributable to shareholders is expected to increase from 425.16 million yuan in 2023 to 2,528.66 million yuan in 2027, reflecting a growth rate of 133% from 2025 to 2027 [1][10] - The earnings per share (EPS) is forecasted to rise from 0.67 yuan in 2023 to 3.96 yuan in 2027, with a corresponding decrease in P/E ratio from 74.37 to 12.50 [1][10]

长江证券研究所电力设备与新能源研究小组 2025-11-26 %% %% %% %% research.95579.com 1 分析师 邬博华 分析师 曹海花 SAC执业证书编号：S0490514040001 SAC执业证书编号：S0490522030001 SFC执业证书编号：BQK482 分析师及联系人 证券研究报告 • 证券研究报告 • 评级 看好 维持 新能源作为产业发展新增长的现状与 未来 %% %% %% %% research.95579.com 2 01 现状：全球竞争力突出，供需矛盾导致盈利承压 02 未来：迈向高质量发展，业务延伸打造新增长点 目 录 2.1 从高速发展迈向高质量发展 2.2 企业谋求出海带动量利齐升 2.3 业务延伸打造第二增长曲线 %% research.95579.com 3 01 现状：全球竞争力突出，供需矛盾导致盈利承压 %% %% %% %% research.95579.com 在光伏需求爆发背景下，供给端迎来快速扩张，目前各环节产能均超过1000GW，产能利用率大幅下降，其中硅料环节甚至低于50%。 图：2020年以来全球光伏装机快速增长 0% 10% 20 ...

Summary of the Conference Call for Daikin Heavy Industries Company Overview - Daikin Heavy Industries has significantly increased its export business share to 79% in 2025, driven by explosive growth in offshore wind power exports, despite historical revenue fluctuations due to adjustments in onshore wind power business [2][3][4]. Key Points and Arguments Industry Dynamics - The global offshore wind power installation target for Europe and the Asia-Pacific region is expected to exceed 200 GW by 2030, with only 38-39 GW installed by the end of 2024, indicating substantial growth potential [2][6]. - The global offshore wind installation capacity is projected to experience explosive growth by 2026, increasing from approximately 5-6 GW per year to 13 GW [6][9]. Company Performance - Daikin Heavy Industries has achieved a remarkable profit growth in 2025, primarily due to increased overseas offshore wind product shipments and a transition to a manufacturing and transportation integrated service model, which has significantly improved gross and net profit margins [2][4][5]. - The company’s export business share rose from 18% in 2020 to 79% in 2025, reflecting a doubling of revenue from offshore wind exports [3][4]. Competitive Advantages - Daikin Heavy Industries possesses cost and capacity advantages in the international market, with domestic steel prices lower than those in the EU and lower labor costs compared to Europe [4][12]. - The company’s effective production capacity is expected to reach 500,000 tons by the end of 2025, with potential expansion to over 700,000 tons [4][12]. Order Backlog and Future Prospects - The company has a robust order backlog, including high-value projects such as the Danish Raytheon project and the German NSC project, which are expected to enhance overall profit levels [7][8]. - The company is well-positioned to capture more market share and achieve unexpected performance growth due to optimistic global offshore wind installation plans and ongoing business model iterations [9][13]. Strategic Initiatives - Daikin Heavy Industries is expanding its production capacity and transitioning to an integrated manufacturing and transportation model to reduce costs and improve delivery efficiency [13]. - The establishment of a global floating wind power center in Madrid, Spain, aims to capitalize on the future growth of the floating wind power market in Europe [13]. Additional Important Insights - The company is actively pursuing opportunities in emerging markets such as Japan and South Korea, where significant growth in offshore wind capacity is anticipated [10][11]. - Daikin Heavy Industries has become the first company globally to obtain SBTI certification, enhancing its collaboration with clients focused on green certifications [12]. This comprehensive overview highlights Daikin Heavy Industries' strategic positioning, competitive advantages, and growth potential in the offshore wind power sector.