投资要点 公司实现超大单桩自主装船，继续提升解决方案能力。近日，公司成功运用国产SPMT 设备，圆满完成 出口欧洲超大型单桩的装船全流程作业，一举创下"首次使用国产SPMT 设备装船"、"首次由装备制造 商自有SPMT 团队执行装船"两项业内纪录。这标志着公司已完全掌握满足欧洲严苛标准的重大件滚装 装船软硬件核心能力，打通了目的地交货（DAP）模式下陆海间的最后一道"技术壁垒"，重新定义了 DAP 全流程自主交付模式，为超大型海工装备出海自主化交付提供了重要实践参考。新增首个海外重 型甲板运输船建造合同，贡献增量业绩。公司首条自建的超大型甲板运输船KING ONE 号已经顺利下 水，自建的第三艘甲板运输船举行铺底仪式，与韩国某航运公司签署了首个外部市场化船舶建造合同。 盈利预测与投资评级：我们维持25~26 年盈利预测，预计25、26 年归母净利润11.0、17.1 亿元；考虑到 公司新接过渡段订单于27 年交付，我们上修27 年盈利预测，预计27 年归母净利润25.3 亿元（前值23.1 亿元）， 25~27 年归母净利润同增133%/55%/48% ， 对应PE 为28.7/18.5/12.5x，维持"买 ...

证券研究报告·公司点评报告·风电设备 大金重工（002487） 签署过渡段订单，单价超 5 万元/吨，向全套 解决方案服务商进发！ 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4,325 | 3,780 | 6,752 | 8,980 | 11,710 | | 同比（%） | (15.30) | (12.61) | 78.63 | 33.00 | 30.41 | | 归母净利润（百万元） | 425.16 | 473.87 | 1,102.04 | 1,711.68 | 2,528.66 | | 同比（%） | (5.58) | 11.46 | 132.56 | 55.32 | 47.73 | | EPS-最新摊薄（元/股） | 0.67 | 0.74 | 1.73 | 2.68 | 3.96 | | P/E（现价&最新摊薄） | 74.37 | 66.73 | 28.69 | 18.47 | 12.50 | ...

Group 1: Performance Growth - The company achieved a revenue of 4.595 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 99.25% [1] - The net profit attributable to shareholders reached 888 million yuan, with a year-on-year increase of 214.63% [1] - In Q3 2025, the company reported a revenue of 1.754 billion yuan, up 84.64% year-on-year and 3.16% quarter-on-quarter, with a net profit of 341 million yuan, reflecting a year-on-year growth of 215.12% and a quarter-on-quarter increase of 7.98% [1] Group 2: Offshore Wind Power Orders - The company has significantly increased its overseas offshore engineering orders, with a market share in the European offshore wind foundation equipment rising from 18.5% in 2024 to 29.1% in the first half of 2025 [2] - As of the 2025 semi-annual report, the company has accumulated over 10 billion yuan in overseas offshore engineering orders, primarily scheduled for delivery in the next two years [2] - The company is actively participating in tenders for offshore wind projects in several European countries and Asian emerging markets, with some projects already in the later stages of bidding [2] Group 3: Shipbuilding Developments - The company successfully launched its first self-built ultra-large deck transport ship, KINGONE, which is expected to begin its maiden voyage in early 2026 [3] - The company has established a production plan for two self-built ultra-large deck transport ships for 2026 and 2027, enhancing its order profitability [3] - The company signed a contract with a South Korean shipping company to design and build a 23,000 DWT heavy-duty wind power deck transport ship, with a total contract value of approximately 300 million yuan, scheduled for delivery in 2027 [3] Group 4: Profit Forecast and Valuation - The profit forecast has been raised, maintaining a "buy" rating, with expectations of significant performance driven by increased European orders [4] - Projected net profits attributable to shareholders for 2025-2027 are 1.059 billion, 1.617 billion, and 2.194 billion yuan, respectively, with corresponding EPS of 1.66, 2.54, and 3.44 yuan [4] - The projected PE ratios for the same period are 32, 21, and 15 times, respectively [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a record high gross margin, with a significant increase in its European delivery share, now ranking first in the market [1][8] - For the first three quarters of 2025, the company reported a revenue of 4.6 billion yuan, a year-on-year increase of 99.2%, and a net profit attributable to shareholders of 890 million yuan, up 214.6% year-on-year [8] - The company has secured its first overseas heavy deck transport ship construction contract, contributing to incremental performance [8] Financial Forecasts - Total revenue is projected to reach 6.75 billion yuan in 2025, with a year-on-year growth of 78.63% [1] - The net profit attributable to shareholders is expected to be 1.1 billion yuan in 2025, reflecting a year-on-year increase of 132.56% [1] - The earnings per share (EPS) is forecasted to be 1.73 yuan in 2025, with a price-to-earnings (P/E) ratio of 30.46 [1] Market Position - The company holds a 29.1% market share in the European market based on single pile sales amount for the first half of 2025, ranking first [8] - The company's operating cash flow for the first three quarters of 2025 was 1.51 billion yuan, a year-on-year increase of 173.6% [8]

Group 1 - The core viewpoint of the article highlights that Daikin Heavy Industry has seen significant growth in its overseas offshore orders and product prices since 2022, with a strong outlook for future European orders [1] - Daikin Heavy Industry's overall shipment volume increased by over 40% year-on-year in the first half of the year, with export offshore product shipments doubling [1] - The company plans to launch its first two ultra-large deck transport vessels in 2025 and aims to expand into installation and maintenance vessels [1] Group 2 - Daikin Heavy Industry is strategically positioning itself in the Bohai Bay area and plans to establish a deep-sea assembly base in Europe to enhance its service capabilities [1] - The company has secured core ports in the North Sea region, creating new business models and profit growth points due to the scarcity of European docks [1] - The wind power industry is expected to maintain high demand in the third quarter, which is traditionally a peak season for the sector [1]