Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 50.30 and a sector rating of "Outperform" [2][4]. Core Insights - The company has shown significant growth in revenue and net profit, with a 99.25% year-on-year increase in revenue to RMB 45.95 billion and a 214.63% increase in net profit to RMB 8.87 billion for the first three quarters of 2025 [4][9]. - The company is a leading manufacturer of wind power towers globally and is expected to benefit from the increasing demand for offshore wind installations, particularly in Europe [4][9]. - The company's strategy focuses on reducing domestic business with lower profitability and higher payment risks, leading to a substantial increase in export revenue, which accounted for nearly 80% of total wind power product revenue in 2025 [9][10]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of RMB 45.95 billion, with a gross margin of 31.12% and a net margin of 19.31%, reflecting improvements of 3.93 percentage points and 7.08 percentage points year-on-year, respectively [10][11]. - The company expects to achieve revenues of RMB 60.82 billion, RMB 81.06 billion, and RMB 101.64 billion for the years 2025, 2026, and 2027, respectively, with corresponding net profits of RMB 10.49 billion, RMB 15.50 billion, and RMB 20.23 billion [6][8]. - The earnings per share (EPS) are projected to be RMB 1.65, RMB 2.43, and RMB 3.17 for 2025, 2026, and 2027, respectively, with a current price-to-earnings (PE) ratio of 30.6 for 2025 [6][8]. Market Position and Strategy - The company has established a strong presence in the European offshore wind market, with a market share of 29.1% and over 200 units supplied to the region [9]. - The company is also expanding its shipbuilding business, having designed and launched specialized vessels for offshore wind equipment transport, with contracts already signed for future deliveries [9][10].

Core Viewpoint - The "A+H" listing trend is gaining momentum, with 11 A-share companies successfully achieving dual listings this year, marking the third-highest number in history [1] - Daikin Heavy Industries is seeking to become the first listed company for wind power towers in Hong Kong, indicating its potential investment value [1][2] Industry Development Prospects - Daikin Heavy Industries, established in 2003, is a leading supplier of offshore wind power equipment, providing comprehensive solutions for global offshore wind developers [2] - The company has expanded its services from manufacturing to include special transportation, ship design, and wind power port operations, transitioning from a product supplier to a system service provider [2] - The company's overseas revenue surged from 16.4% in 2022 to 79.0% in the first half of 2025, reflecting the successful implementation of its "New Two Seas Strategy" [2] Market Growth - Global wind power installation capacity is projected to grow from 95.3 GW in 2020 to 117.0 GW in 2024, with a compound annual growth rate (CAGR) of 5.3% [3] - Offshore wind power is expected to see explosive growth, with its share of global wind power installations rising to 18.6% by 2030, driven by technological advancements and policy support [3] - China and Europe are key players in global offshore wind development, contributing approximately half of the global installed capacity [3] European Market Insights - By the end of 2024, Europe is expected to have a cumulative wind power installation capacity of 285 GW, with offshore wind accounting for 37 GW [6] - The European offshore wind infrastructure market is projected to grow from 81 billion RMB in 2020 to 417 billion RMB by 2030, with a CAGR of 27.7% [6] Financial Performance - Daikin Heavy Industries' overseas revenue increased significantly, with figures of 8.38 billion RMB in 2022 and 22.4 billion RMB in the first half of 2025, while domestic revenue remained stable [7] - The company's net profit has shown a consistent increase, reaching 5.47 billion RMB in the first half of 2025, with a net profit margin of 19.2% [8] Strategic Outlook - The company has secured over 10 billion RMB in offshore orders, primarily for delivery in the next two years, and has established a global marketing network to expand into emerging markets [8] - Despite the growth in overseas revenue, the company faces potential risks related to geopolitical factors and currency fluctuations, which could impact future business stability [9]

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 DAJIN HEAVY INDUSTRY CO., LTD. 大金重工股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監 會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件， 即代表 閣下知悉、接納並向本公司、其聯席保薦人、整體協調人、聯席全球協調人、顧問或 包銷團成員表示同意： 於本公司招股章程根據香港法例第32章《公司（清盤及雜項條文）條例》送呈香港公司註冊處處 長註冊前，不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀 請，準投資者務請僅依據與香港公司註冊處處長註冊的本公司招股章程作出投資決定；有關文 本將於發售期內供公眾人士查閱。 (a) 本文件僅為向香港公眾 ...

Core Insights - The report highlights a significant acceleration in China's export growth in March, with a year-on-year increase of 12.4%, driven by favorable contributions from major trading partners and a strong performance in certain mechanical and electrical products [6][7][8] - The macroeconomic policy focus will continue to be on "expanding domestic demand" as a key strategy moving forward [6][9] Macroeconomic Overview - In Q1, China's exports grew by 5.8% year-on-year in USD terms, while imports fell by 7.0%, resulting in a trade surplus of $272.97 billion [6][7] - The trade surplus in RMB terms was 19,614.2 billion, with exports increasing by 6.9% and imports decreasing by 6.0% [6][7] - March's export growth was notably influenced by a 46.0% month-on-month increase, attributed to the end of the Spring Festival and active "export rush" by foreign trade enterprises [8] Industry Performance - The report emphasizes the performance of the electrical equipment sector, specifically highlighting the financial results of a key company, 大金重工, which reported a revenue of 3.78 billion yuan in 2024, a decrease of 12.61% year-on-year, but with a net profit increase of 11.46% to 474 million yuan [10][11] - The company's overseas shipments accounted for 45.58% of its revenue, indicating a strategic shift towards international markets [11] Trade Partner Contributions - In March, exports to ASEAN countries saw a year-on-year increase of 11.6%, with imports growing by 9.8%, marking the highest export share to ASEAN since 2008 [7] - Exports to the EU and the US also showed positive growth, with year-on-year increases of 10.3% and 9.1%, respectively, while imports from these regions declined [7] Future Growth Potential - The report suggests that the European offshore wind market is poised for rapid growth, which could benefit the company significantly as it has established itself as a key supplier in this sector [12][13] - The company is actively expanding its production capacity and seeking new growth avenues, including the development of floating wind power foundations and a global logistics system [13]