电力设备 | 证券研究报告 — 调整盈利预测 2025 年 11 月 3 日 002487.SZ 买入 原评级：买入 市场价格:人民币 50.30 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 155.5 6.5 57.6 112.9 相对深圳成指 122.8 7.6 36.1 86.6 发行股数 (百万) 637.75 流通股 (百万) 630.92 总市值 (人民币 百万) 32,078.79 3 个月日均交易额 (人民币 百万) 1,036.63 主要股东 北京金胤能源咨询有限公司（%） 38.93 (19%) 10% 39% 68% 98% 127% Oct-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 大金重工 深圳成指 资料来源：公司公告， Wind ，中银证券 以 2025 年 10 月 31 日收市价为标准 相关研究报告 《大金重工》20250415 《大金重工》20240517 《大金重工》20230829 中银国际证券股份有限公司 具备 ...

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]

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]