Investment Rating - The report assigns a "Buy" rating to the company, marking its first coverage [6]. Core Insights - The company is a global leader in the anchor chain industry, with significant growth potential driven by the floating wind power sector [5][4]. - The company has a strong market position, benefiting from the increasing demand in shipbuilding and offshore platform investments [5][2]. - The company has shown impressive order growth, with a 68.1% increase in new orders for mooring chains in the first half of 2025 compared to the entire year of 2024 [3]. Company Overview - Jiangsu Yaxing Anchor Chain Co., Ltd. was established in 1981 and has developed into a leading manufacturer of ship chains and mooring chains, with a revenue composition of 71.6% from ship chains and 27.0% from mooring chains as of 2024 [1][26]. - The company has a production capacity of 350,000 tons, including 160,000 tons of ship chains and 110,000 tons of offshore platform mooring chains [26]. Industry Trends - The global shipbuilding industry is experiencing a growth cycle, with new ship orders increasing by 58.8% in 2024, and China's share of new orders rising to 66.9% [2][48]. - Offshore oil and gas exploration investments are projected to continue growing, with an expected investment of $220 billion in 2025, reflecting a 5.0% year-on-year increase [3]. - The floating wind power market is anticipated to see explosive growth, with a projected compound annual growth rate of 54.9% from 2024 to 2029 [4]. Financial Projections - The company is expected to achieve revenues of 2.25 billion, 2.61 billion, and 3.03 billion yuan from 2025 to 2027, with year-on-year growth rates of 13.3%, 15.7%, and 16.4% respectively [5][10]. - The net profit attributable to shareholders is projected to grow from 342 million yuan in 2025 to 488 million yuan in 2027, with growth rates of 21.1%, 19.9%, and 19.2% [5][10].

Core Viewpoint - The company Daikin Heavy Industries has officially initiated its "A+H" dual capital platform construction by submitting an application for its initial public offering (IPO) of H-shares on the Hong Kong Stock Exchange, aiming to become the first stock in the "full industry chain of offshore wind equipment" in the Hong Kong market [1][4] Group 1: Company Overview - Daikin Heavy Industries, listed on the Shenzhen Stock Exchange since 2010, is a leading global supplier of core equipment for offshore wind power, providing a one-stop solution for "construction + transportation + delivery" for major offshore wind developers worldwide [1] - As of September 29, 2025, the total market capitalization of Daikin Heavy Industries' A-shares reached 30.153 billion yuan [1] Group 2: Financial Performance - In the first half of 2025, Daikin Heavy Industries achieved a revenue of 2.841 billion yuan, representing a year-on-year growth of 109.48%, and a net profit attributable to shareholders of 547 million yuan, up 214.32% year-on-year [1] - The company's overseas revenue surged by 196% to 2.243 billion yuan, with a gross margin increase of 3.1 percentage points to 30.69%, and the revenue share from overseas markets rose from 16.4% in 2022 to 79.0% in 2025 [2] Group 3: Market Position and Strategy - Daikin Heavy Industries has established itself as the number one supplier of offshore wind power foundation equipment in the European market, with a market share of 29.1% as of the first half of 2025 [2] - The company is transitioning from a product supplier to a system service provider, expanding its offerings to include offshore special transportation, ship design and construction, and wind power mother port operations [2] Group 4: Future Outlook - The Global Wind Energy Council (GWEC) projects that Europe will add 126 GW of offshore wind capacity from 2025 to 2034, with an average annual installation of 12.6 GW, indicating a significant growth opportunity for Daikin Heavy Industries [3] - The funds raised from the Hong Kong IPO will primarily be used for upgrading deep-sea comprehensive solutions, establishing a European assembly base, investing in global R&D centers, expanding into new markets, and supplementing working capital [3] - The move to list in Hong Kong is seen as a key step in the company's globalization strategy, enhancing its compliance management and information disclosure standards while solidifying its leading position in the global offshore wind equipment sector [4]

Company Overview - Ningbo Dongli Co., Ltd. is located at No. 1 Yinhai Road, Jiangbei District, Ningbo City, Zhejiang Province, established on June 8, 1998, and listed on August 23, 2007. The company specializes in the manufacturing, processing, and sales of general equipment, including transmission equipment and door control systems. The main revenue composition is as follows: transmission equipment 84.61%, door control systems 13.20%, and others 2.20% [1]. Stock Performance - As of September 30, Ningbo Dongli's stock price decreased by 2.06%, trading at 14.77 CNY per share, with a total market capitalization of 7.86 billion CNY. The stock has increased by 194.81% year-to-date, with a recent decline of 3.84% over the last five trading days, a 16.76% increase over the last 20 days, and a 63.75% increase over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" 10 times this year, with the most recent appearance on September 9 [1]. Financial Performance - For the period from January to June 2025, Ningbo Dongli achieved operating revenue of 734 million CNY, representing a year-on-year growth of 4.77%. The net profit attributable to the parent company was 30.58 million CNY, reflecting a significant year-on-year increase of 43.65% [2]. - The total number of shareholders as of July 31 was 56,900, a decrease of 7.52% from the previous period, with an average of 8,437 circulating shares per person, an increase of 8.13% [2]. Dividend Information - Since its A-share listing, Ningbo Dongli has distributed a total of 191 million CNY in dividends. However, there have been no dividend distributions in the past three years [3].

Core Viewpoint - Jilin Electric Power Co., Ltd. (吉电股份) has shown a significant stock price increase this year, with a 19.64% rise year-to-date and a 10.62% increase in the last five trading days, indicating strong market interest despite some recent net outflows of funds [1][2]. Company Overview - Jilin Electric Power Co., Ltd. was established on November 20, 1997, and listed on September 26, 2002. The company is based in Changchun, Jilin Province, and its main business includes power generation (wind, solar, hydro, thermal, distributed energy, gas, biomass, nuclear), heating (residential and industrial), comprehensive smart energy supply, clean energy investment and development, power plant maintenance, technology project research and development, and power distribution [1]. - The revenue composition of the company is as follows: coal power products 33.67%, photovoltaic products 29.55%, wind power products 23.40%, heating products 10.86%, and operation and maintenance and others 2.52% [1]. Financial Performance - For the first half of 2025, Jilin Electric Power Co., Ltd. reported a revenue of 6.569 billion yuan, a year-on-year decrease of 4.63%, and a net profit attributable to shareholders of 726 million yuan, down 33.72% year-on-year [2]. - The company has distributed a total of 969 million yuan in dividends since its A-share listing, with 764 million yuan distributed over the past three years [3]. Shareholder Information - As of September 19, 2025, the number of shareholders for Jilin Electric Power Co., Ltd. was 154,300, a decrease of 3.59% from the previous period, with an average of 21,654 circulating shares per shareholder, an increase of 3.73% [2]. - Notable changes in institutional holdings include the exit of several ETFs from the top ten circulating shareholders by June 30, 2025 [3].

Core Viewpoint - 大金重工 has submitted a listing application to the Hong Kong Stock Exchange, with Huatai International and China Merchants Securities International as joint sponsors [1] Company Overview - Established in 2000, 大金重工 became the first wind power tower company listed on the Shenzhen Stock Exchange in 2010 [1] - The company provides a one-stop solution of "construction + transportation + delivery" for global large offshore wind power developers [1] Market Position - According to a Frost & Sullivan report, by the first half of 2025, 大金重工 is ranked as the number one offshore wind foundation equipment supplier in the European market, with a significant increase in market share [1] - As of June 30, 2025, the company is the only supplier in the Asia-Pacific region capable of bulk delivery of single piles to Europe [1] Business Expansion - The company's business has expanded from offshore wind foundation equipment R&D and manufacturing to include deep-sea special transportation, ship design and construction, and wind power port operation, as well as new energy development and operation [1] Revenue Growth - From 2022 to the first half of 2025, the proportion of overseas revenue in total revenue increased from 16.4% to 79.0%, indicating the successful implementation of the "New Two Seas Strategy" [1] Profitability Drivers - The high barriers to entry and high added value in the European offshore wind power market are the main factors driving the company's profitability improvement [1] - The company has established a global strategic marketing system [1]

Core Viewpoint - 大金重工 is a leading supplier of offshore wind power core equipment, focusing on providing comprehensive solutions in the renewable energy sector, with significant growth in overseas markets, particularly in Europe [1] Company Overview - Founded in 2000 and listed on the Shenzhen Stock Exchange in 2010, 大金重工 is the first company in China's A-share market to list wind power tower foundations [1] - As of September 29, the total market capitalization of 大金重工 is 30.153 billion RMB [1] - The company has been deeply involved in the renewable energy industry for nearly two decades, offering a one-stop solution for construction, transportation, and delivery of wind power infrastructure [1] Market Position - According to Frost & Sullivan, by June 30, 2025, 大金重工 will be the only supplier in the Asia-Pacific region capable of delivering single piles in bulk to Europe [1] - The company has expanded its product and service offerings from offshore wind power equipment to include specialized ocean transportation, ship design and construction, and wind power port operations [1] Strategic Developments - In 2023, the company upgraded its "Two Seas Strategy" to a "New Two Seas Strategy" to better meet diverse customer needs [1] - From 2022 to the first half of 2025, the company's overseas business has seen rapid growth, with overseas revenue accounting for a significant portion of total revenue [1] Financial Performance - For the six months ending June 30, 2025, the company achieved operating revenue of 2.841 billion RMB, a year-on-year increase of 109.5%, and a net profit of 546.515 million RMB, up 214.3% [1] - The gross profit margin has improved, with gross profit reaching 800.339 million RMB, representing 28.2% of total revenue for the same period [1] - The company has established a strong international brand reputation in the European offshore wind market, which is a key driver of its profitability [1]

Core Viewpoint - The recent impact of Typhoon "Haikui" on wind power facilities in Guangdong has raised concerns about the resilience of older wind turbines against extreme weather conditions, highlighting the need for improved design standards in the industry [1][3][6]. Group 1: Incident Overview - Typhoon "Haikui" made landfall in Yangjiang, Guangdong, with maximum wind speeds of 40 m/s, leading to the collapse of several wind turbines [1][3]. - The affected wind turbines were part of the Huaneng Leiping Wind Farm, which has a total installed capacity of 178.5 MW and has been operational since 2012 [4][6]. - The maximum recorded wind speed at the wind farm reached 75 m/s, significantly exceeding the design limits of the turbines [3][6]. Group 2: Industry Insights - Industry experts indicated that the collapsed turbines were older models with lower specifications compared to current standards, and their design did not account for extreme weather events [4][6]. - The wind farm had been operating safely for 13 years, and the manufacturer’s warranty had expired in 2017, with maintenance now managed by a third party [4][6]. - The World Wind Energy Association noted that the incident was an isolated event due to extreme weather, as newer offshore wind turbines are designed to withstand such conditions [6][7]. Group 3: Response and Future Considerations - In contrast to the inland wind turbines, over a thousand offshore wind turbines successfully withstood the typhoon, demonstrating the effectiveness of modern design standards [7][8]. - The offshore wind farms had implemented preemptive measures, entering "typhoon mode" to protect their equipment during the storm [7]. - Companies like Mingyang Smart Energy have developed advanced turbine designs that allow for adaptive yawing to minimize stress during high winds, showcasing innovation in the sector [8].

Core Viewpoint - Daikin Heavy Industries has submitted a listing application to the Hong Kong Stock Exchange, aiming to leverage its leading position in the offshore wind power equipment market, particularly in Europe, where its market share is projected to grow significantly by 2025 [1][3]. Company Overview - Founded in 2000 and listed on the Shenzhen Stock Exchange in 2010, Daikin Heavy Industries has a total market capitalization of 30.153 billion RMB as of September 29, 2023, making it the first wind power tower company listed in China's A-shares [3]. - The company is recognized as a global leader in offshore wind power core equipment, providing a one-stop solution for construction, transportation, and delivery of wind power infrastructure [3]. Market Position and Strategy - According to Frost & Sullivan, Daikin Heavy Industries is the top supplier of offshore wind power foundation equipment in Europe, with its market share expected to rise from 18.5% in 2024 to 29.1% in the first half of 2025 [1]. - The company has transitioned from a product supplier to a system service provider, expanding its offerings to include specialized transportation, ship design and construction, and wind power port operations [3]. - Daikin Heavy Industries has upgraded its "Two Seas Strategy" to a "New Two Seas Strategy," resulting in a significant increase in overseas revenue from 16.4% in 2022 to 79.0% in the first half of 2025 [3]. Financial Performance - For the six months ending June 30, 2025, Daikin Heavy Industries reported a revenue of 2.841 billion RMB, a year-on-year increase of 109.5%, and a net profit of 546.5 million RMB, up 214.3% [6]. - The company achieved its best historical performance in the second quarter of 2025, benefiting from the growth of high-quality overseas project deliveries and maintaining a robust cash flow [6]. Market Dynamics - The European offshore wind power market is characterized by high barriers to entry and significant added value, which are key drivers for Daikin Heavy Industries' profitability [4]. - The company has established a global marketing network with permanent offices in Europe and Japan, positioning itself to expand into emerging markets such as Australia and Southeast Asia [4].

Core Viewpoint - Daikin Heavy Industries has submitted an application for listing on the Hong Kong Stock Exchange, aiming to leverage its leading position in the offshore wind power equipment market, particularly in Europe, where its market share is projected to grow significantly by 2025 [1][3]. Company Overview - Founded in 2000 and listed on the Shenzhen Stock Exchange in 2010, Daikin Heavy Industries has a total market capitalization of RMB 30.153 billion as of September 29, making it the first wind power tower company listed in China's A-shares [3]. - The company is recognized as a global leader in offshore wind power core equipment, providing a comprehensive "construction + transportation + delivery" solution for major offshore wind developers [3]. - Daikin Heavy Industries has transitioned from a product supplier to a system service provider, expanding its offerings to include specialized transportation, ship design and construction, and wind power port operations [3]. Market Position and Strategy - According to Frost & Sullivan, Daikin Heavy Industries is the top supplier of offshore wind power foundation equipment in Europe, with its market share expected to rise from 18.5% in 2024 to 29.1% in the first half of 2025 [1][3]. - The company has upgraded its "Two Seas Strategy" to a "New Two Seas Strategy," resulting in a significant increase in overseas revenue from 16.4% of total revenue in 2022 to 79.0% in the first half of 2025 [3]. - Daikin Heavy Industries has established a global marketing network with permanent offices in Europe and Japan, aiming to expand into emerging markets such as Australia and Southeast Asia [4]. Financial Performance - For the six months ending June 30, 2025, Daikin Heavy Industries reported a revenue of RMB 2.841 billion, a year-on-year increase of 109.5%, and a net profit of RMB 546.515 million, up 214.3% [6]. - The company achieved its best historical performance in the second quarter of 2025, benefiting from the growth of high-quality overseas project deliveries and maintaining a robust cash flow [6].

Core Viewpoint - The company, a leading global supplier of offshore wind power equipment, has submitted a listing application to the Hong Kong Stock Exchange, aiming to enhance its market position and expand its operations in the renewable energy sector [1][4]. Group 1: Company Overview - The company has been deeply involved in the renewable energy industry for nearly two decades, providing one-stop solutions for offshore wind power developers, including construction, transportation, and delivery [4]. - It was the first wind power tower company to be listed on the Shenzhen Stock Exchange in 2010 and has played a significant role in the development of China's wind power industry [4]. - The company has strategically focused on high-tech standards and high-value offshore wind power markets, transitioning from a product supplier to a system service provider [4]. Group 2: Market Position and Financial Performance - According to Frost & Sullivan, the company is the number one supplier of offshore wind power equipment in the European market, with market share increasing from 18.5% in 2024 to 29.1% in the first half of 2025 [7]. - The company has achieved significant growth in overseas revenue, with figures of RMB 837.9 million, RMB 1,714.7 million, RMB 1,733.0 million, and RMB 2,243.2 million for the years 2022, 2023, 2024, and the first half of 2025, respectively, representing a rising proportion of total revenue from 16.4% to 79.0% [7]. - The company's net profit has shown a consistent upward trend, with net profits of RMB 450.3 million, RMB 425.2 million, RMB 473.9 million, and RMB 546.5 million for the same periods, leading to a net profit margin increase from 8.8% to 19.2% [8]. - For the first half of 2025, the company reported a revenue of RMB 2,841.1 million, a year-on-year increase of 109.5%, and a net profit of RMB 546.5 million, a growth of 214.3% [8]. Group 3: Future Plans and Investments - The funds raised from the listing are intended for upgrading comprehensive solutions for deep-sea projects, constructing a European assembly base, investing in global research and development centers, expanding into new global markets, and general corporate purposes [8].