Core Viewpoint - The report from Guojin Securities highlights that Daikin Heavy Industries has introduced a globally innovative multi-purpose vessel designed for the transportation of wind power equipment, which is expected to create new demand in the industry [1] Group 1: Product Innovation - Daikin Heavy Industries unveiled a multi-purpose vessel at the China International Maritime Exhibition on December 2, which is specifically optimized for transporting wind power equipment such as main engines, towers, transition pieces, and blades [1] - The new vessel features two 800-ton cranes and can operate under both roll-on/roll-off and lifting modes, with a cargo area of approximately 7,000 square meters, meeting the requirements for transporting the longest offshore wind turbine blades [1] Group 2: Market Impact - The specialized design of the new vessel is expected to result in significant cost differences compared to conventional transport vessels, potentially leading to new demand in the industry [1] - As the company builds its own fleet, there is optimism regarding the expansion of its specialized marine service business, which is anticipated to become a second growth curve for the company [1] Group 3: Financial Outlook - The report anticipates an increase in future revenue from the shipping business and an expected rise in unit profitability due to the growing share of offshore service orders [1] - The company's earnings forecasts for 2026-2027 have been slightly adjusted upwards, maintaining a "buy" rating [1]

Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings growth leading to a price-to-earnings (PE) ratio of 27, 19, and 12 times for the years 2025 to 2027 respectively [6]. Core Insights - The company has introduced a globally innovative multi-purpose vessel designed for the transportation of wind power equipment, which is expected to create new demand due to its cost advantages over conventional vessels [4]. - The domestic wind turbine manufacturers are accelerating their overseas orders, with a significant increase in new contracts signed, indicating a robust growth trajectory for the company's specialized marine services [5]. - The forecasted net profits for the company are projected to be 1.21 billion, 1.66 billion, and 2.63 billion RMB for the years 2025 to 2027, reflecting a strong recovery and growth in profitability [6]. Summary by Sections Event - On December 2, the company participated in the China International Maritime Exhibition and launched a globally innovative multi-purpose vessel [3]. Operational Analysis - The newly launched vessel is optimized for transporting wind power equipment, including main engines, towers, transition pieces, and blades, and is also applicable for offshore engineering and heavy industry [4]. - The vessel features two 800-ton cranes and a cargo area of approximately 7,000 square meters, meeting the requirements for transporting the longest offshore wind turbine blades [4]. Market Outlook - The acceleration of domestic wind turbine exports is evident, with new overseas orders reaching 28 GW in 2024 and a further increase of 27.9 GW in the first eleven months of 2025, marking a year-on-year growth of 68% [5]. - The company is expected to expand its specialized marine service business as it builds its own fleet, which will serve as a second growth curve [5]. Financial Forecast and Valuation - The company’s revenue is projected to recover from 3.78 billion RMB in 2024 to 12.38 billion RMB by 2027, with a significant growth rate of 70.6% in 2025 [10]. - The net profit is expected to grow from 474 million RMB in 2024 to 2.63 billion RMB in 2027, indicating a compound annual growth rate of 58.43% [10]. - The report highlights an increase in the proportion of offshore engineering service orders, which is anticipated to enhance unit profitability [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [6][13]. Core Insights - The company has introduced a globally innovative multi-purpose vessel designed for the transportation of wind power equipment, which is expected to create new demand due to its cost advantages over conventional vessels [4]. - The domestic wind turbine manufacturers are accelerating their overseas orders, with a significant increase in new contracts signed, suggesting a robust growth trajectory for the company's specialized maritime services [5]. - The forecasted net profits for the company are projected to be 1.21 billion, 1.66 billion, and 2.63 billion RMB for the years 2025, 2026, and 2027 respectively, reflecting a strong growth outlook [6]. Summary by Sections Event - On December 2, the company participated in the China International Maritime Exhibition and launched a globally innovative multi-purpose vessel [3]. Operational Analysis - The newly launched vessel is optimized for transporting wind power equipment, including main engines, towers, transition pieces, and blades, and can also serve heavy industrial and offshore engineering sectors. It features two 800-ton cranes and a cargo area of approximately 7,000 square meters, meeting the requirements for the longest offshore wind turbine blades [4]. Market Outlook - The acceleration of domestic wind turbine exports is evident, with new overseas orders reaching 28 GW in 2024 and further increasing by 68% in the first eleven months of 2025. This trend is expected to continue, enhancing the company's growth potential in specialized maritime services [5]. Profit Forecast and Valuation - The company’s net profit forecasts for 2025, 2026, and 2027 are 1.21 billion, 1.66 billion, and 2.63 billion RMB respectively. The current stock price corresponds to a PE ratio of 27, 19, and 12 for the years 2025, 2026, and 2027, respectively [6][10].