人民财讯8月19日电，大金重工（002487）8月19日晚间公告，公司全资子公司蓬莱大金海洋重工有限公 司为德国Nordseecluster海上风电集群项目A阶段建造的45根单桩产品已全部交付完毕。该项目包含A阶 段和B阶段两部分，计划合计装机容量1.6GW，是目前德国正在建设的最大规模的海上风电场。该项目 的顺利交付，将对公司本年度经营业绩产生积极影响。 ...

大金重工(002487.SZ)公告称，公司全资子公司蓬莱大金海洋重工有限公司为德国Nordseecluster海上风 电集群项目A阶段建造的45根单桩产品已全部交付完毕。该项目采用DAP模式交付，是公司与RWE的再 次深度合作，展现了公司在制造工艺标准、质量控制体系、跨洋运输交付等方面的全球领先水平。本项 目的顺利交付将对公司本年度经营业绩产生积极影响。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve significant year-on-year growth in its half-year performance for 2025, with a projected net profit increase of 193% to 228% [7] - The growth is primarily driven by the company's global strategy, with a notable increase in overseas project deliveries and a shift to a higher value-added delivery model [7] - The company has successfully completed the delivery of a major offshore wind project in the Baltic Sea, marking a significant achievement in its international operations [7] - The European offshore wind sector continues to receive substantial government subsidies, which may further support the company's growth [7] - The profit forecast has been revised upwards, with expected net profits for 2025-2027 now at 11.0 billion, 15.1 billion, and 20.0 billion respectively, reflecting a growth rate of 133%, 37%, and 32% [7] Financial Projections - Total revenue for 2023 is projected at 4,325 million, with a significant increase to 6,752 million in 2025, representing a year-on-year growth of 78.63% [1] - The net profit attributable to shareholders is expected to rise from 425.16 million in 2023 to 1,102.04 million in 2025, indicating a growth of 132.56% [1] - The earnings per share (EPS) is forecasted to increase from 0.67 in 2023 to 1.73 in 2025 [1] - The price-to-earnings (P/E) ratio is projected to decrease from 50.87 in 2023 to 19.62 in 2025, suggesting improved valuation [1]

电站业务持续贡献优质增量盈利。截至2024 年末，公司已投运250MW 辽宁阜新风电场。根据公司公 告，公司唐山250MW 渔光互补项目已于近期完成首批并网，公司预计将于2025 年年中前后完成全容量 并网，我们预计有望进一步增厚发电收益。此外，公司在河北区域也有风电场项目计划后续启动开发建 设。 盈利预测与估值 考虑到公司海外海风项目确收由FOB 切换至DAP 模式，以及公司在手的部分海外海工产品单位盈利有 进一步上修空间，我们分别上调2025/2026年净利润预测28.0%/22.4%至9.00 亿元/11.08 亿元。公司当前 股价对应2025/2026 年19.6/15.9 倍市盈率。我们持续看好公司作为国产海工企业出海引领者，在海外海 风需求高景气周期中持续强化出海业务竞争力，我们维持跑赢行业评级。我们同步上调公司目标价 28.9%至33.9 元，对应2025/2026 年24.0/19.5 倍市盈率，较当前股价有22.5%的上行空间。 风险 1Q25 业绩高于市场预期 公司公布1Q25 业绩：收入11.41 亿元，同比+146.4%，环比-22.6%；归母净利润2.31 亿元，同比 +335.9% ...