格隆汇11月27日｜东吴证券研报指出，大金重工签署过渡段订单，单价超5万元/吨，向全套解决方案服 务商进发！该订单为2.52万吨过渡段，对应单价为5.3万元/吨，订单含存储及后道总装，价格大超市场 预期，也代表着公司从单纯的风机基础设备供应商到交付安装一站式解决方案商的转型。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。考虑到公司新接过渡段 订单于27年交付，上修27年盈利预测，维持"买入"评级。 ...

Group 1 - The company has signed a supply contract with European energy firm Skyborn Renewables for the Gennaker offshore wind project in Germany, with a total contract value of 1.339 billion yuan [1] - The contract involves the provision of 63 transition pieces, with each piece approximately 20 meters tall and weighing around 400 tons, totaling 25,200 tons [1] - The unit price of the order is significantly higher than market expectations at 53,000 yuan per ton, indicating a shift from being a simple supplier to a one-stop solution provider for installation [1] Group 2 - The company has successfully completed the loading process for oversized piles using domestically produced SPMT equipment, setting two industry records for the first use of such equipment and execution by its own team [2] - This achievement demonstrates the company's capability to meet stringent European standards and has redefined the DAP (Delivered at Place) delivery model for oversized marine equipment [2] - The company has also signed its first external market contract for building a large deck transport vessel, contributing to incremental performance [2] Group 3 - The profit forecast for 2025 and 2026 remains unchanged, with expected net profits of 1.1 billion and 1.71 billion yuan respectively; the profit forecast for 2027 has been revised upward to 2.53 billion yuan from 2.31 billion yuan [2] - The net profit growth rates for 2025, 2026, and 2027 are projected at 133%, 55%, and 48% respectively, with corresponding PE ratios of 28.7, 18.5, and 12.5 times [2]

Group 1: Macro Strategy Insights - The macroeconomic environment is facing increasing downward pressure, with commodity consumption and exports continuing to be under pressure due to base effects [1][11] - The Federal Reserve's hawkish signals and the delay in the release of November non-farm payroll data have led to a significant reduction in market expectations for a rate cut in December [12][13] - The overall economic growth is expected to be stable, with a projected GDP growth rate of around 4.9% for 2026, driven by investment recovery and consumption subsidies [4][15] Group 2: Industry and Company Analysis - The company has signed a supply contract with Skyborn Renewables for the Gennaker offshore wind project, with a total contract value of 1.339 billion yuan, indicating a significant shift towards providing comprehensive solutions rather than just equipment supply [6] - Yitang Co., Ltd. is recognized as a hidden champion in front-end equipment, with a projected net profit of 650 million yuan in 2025, reflecting strong growth potential in the semiconductor equipment sector [7] - Lexin Technology is expanding its AIoT ecosystem, with a revenue forecast of 2.007 billion yuan in 2024, driven by growth in smart home and AI edge applications [8] - Aotewei has secured a 700 million yuan order for its string welding machines, indicating strong demand in the photovoltaic equipment sector and a robust order pipeline for 2025 [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has signed a transition segment order with a unit price exceeding 50,000 yuan per ton, marking its transition towards becoming a full-service solution provider [9] - The order, totaling 1.339 billion yuan, involves supplying 63 transition segments for a German offshore wind project, indicating a significant increase in revenue potential [9] - The company has successfully completed the loading process for oversized piles using domestic SPMT equipment, achieving industry records and enhancing its solution capabilities [9] - Profit forecasts for 2025 and 2026 are maintained at 1.1 billion yuan and 1.7 billion yuan respectively, with an upward revision for 2027 to 2.53 billion yuan [9] Financial Projections - Total revenue is projected to decline in 2023 and 2024, followed by significant growth in 2025 (6,752 million yuan, +78.63%) and continued growth through 2027 (11,710 million yuan, +30.41%) [1][10] - Net profit attributable to shareholders is expected to increase from 425.16 million yuan in 2023 to 2,528.66 million yuan in 2027, reflecting a growth rate of 133% from 2025 to 2027 [1][10] - The earnings per share (EPS) is forecasted to rise from 0.67 yuan in 2023 to 3.96 yuan in 2027, with a corresponding decrease in P/E ratio from 74.37 to 12.50 [1][10]

Core Viewpoint - The company, Dajin Heavy Industry, is experiencing significant growth in its wind power equipment business and is expanding its renewable energy projects, highlighted by a recent exclusive supply contract worth approximately 1.339 billion yuan for an offshore wind farm project with a European energy company [1][2]. Group 1: Offshore Wind Power Contracts - Dajin Heavy Industry's subsidiary, Penglai Dajin, signed an exclusive supply contract for an offshore wind farm project with a total value of approximately 1.339 billion yuan, which accounts for about 35.41% of the company's audited revenue for 2024 [2][3]. - The company has seen explosive growth in its overseas business, frequently securing large orders, including a recent contract worth approximately 1.25 billion yuan for a large offshore wind project [2]. - The company’s other subsidiary, Panjin Dajin, signed a contract worth approximately 285 million yuan for the construction of a semi-submersible barge with a Norwegian shipowner [2]. Group 2: Financial Performance - Dajin Heavy Industry reported a revenue of 4.595 billion yuan for the first three quarters of the year, representing a year-on-year increase of 99.25%, and a net profit attributable to shareholders of 888 million yuan, a year-on-year increase of 214.63% [2]. Group 3: Onshore Wind Power Projects - The company is also expanding its renewable energy business, with plans to invest in a 950,000 kW onshore wind power project in Tangshan, with a total investment not exceeding 4.38 billion yuan [4]. - The new onshore wind project is expected to significantly enhance the company’s renewable energy generation capacity and optimize its revenue structure, strengthening its market position in North China [4]. Group 4: Strategic Transition - Dajin Heavy Industry's investments in renewable energy projects reflect a strategic shift from being solely an equipment manufacturer to becoming a comprehensive energy service provider that integrates development, construction, and operation [4][5]. - The company aims to achieve industry chain synergy and sustainable development by prioritizing the use of self-produced wind power equipment in its projects, creating a virtuous cycle of "sales promoting production" [5].

Core Insights - The company has achieved significant growth in net profit, with a nearly twofold increase in net profit for Q1 to Q3 of 2025, and a record high in Q3 performance [1] - The company is the leading supplier of offshore wind power foundation equipment in Europe, with a market share increase from 18.5% in 2024 to 29.1% in the first half of 2025 [2] - The company plans to issue H-shares for overseas listing to fund business development and has implemented a mid-term dividend distribution [3] Financial Performance - For Q1 to Q3 of 2025, the company reported revenue of 4.6 billion yuan, a year-on-year increase of 99.3%, and a net profit of 890 million yuan, up 214.6% [1] - In Q3 of 2025, the company achieved revenue of 1.75 billion yuan, a year-on-year increase of 84.6%, and a net profit of 340 million yuan, up 215.1% [1] - The gross margin for Q1 to Q3 was 31.1%, an increase of 3.9 percentage points year-on-year, while the net margin was 19.3%, up 7.1 percentage points [1] Market Position and New Developments - The company has successfully delivered high-quality offshore engineering projects, contributing to its record financial performance [1] - The company has launched its first self-built ultra-large deck transport vessel, KINGONE, and secured a contract for the construction of an ultra-large semi-submersible barge in Europe worth approximately 290 million yuan [2] Strategic Initiatives - The company plans to issue H-shares on the Hong Kong Stock Exchange, with proceeds aimed at global market expansion, technological innovation, and capacity enhancement [3] - A mid-term dividend of approximately 54.85 million yuan has been distributed, representing a payout ratio of about 10% [3] Investment Outlook - The company is expected to benefit from the global offshore wind market's recovery, with projected net profits of 970 million yuan, 1.43 billion yuan, and 1.84 billion yuan for 2025 to 2027 [4] - The estimated earnings per share (EPS) for the same period are projected to be 1.5 yuan, 2.3 yuan, and 2.9 yuan, with corresponding price-to-earnings (PE) ratios of 31, 21, and 16 times [4]

Core Viewpoint - The offshore wind power sector is experiencing significant growth, with companies like Daikin Heavy Industries achieving remarkable stock performance and expanding their market presence in Europe, despite facing geopolitical and trade uncertainties. Group 1: Company Performance - Daikin Heavy Industries has seen its stock price increase by nearly 130% this year, leading the A-share wind power sector [2] - The company reported a dramatic revenue increase from 7.58 billion RMB to 22.43 billion RMB in the first half of 2025, resulting in overall revenue surpassing 28.41 billion RMB, more than doubling year-on-year [6] - The net profit for the same period grew over twofold to 5.47 billion RMB [6] Group 2: Market Position - Daikin Heavy Industries is the leading supplier of offshore wind power foundation equipment in Europe, with a market share increasing from 18.5% in 2024 to 29.1% in the first half of 2025 [5] - The company has successfully passed supplier qualification reviews for major offshore wind developers in Europe since entering the market in 2019, establishing itself as a key player [5] - The European offshore wind market is projected to contribute significantly to global capacity, with 23.2 GW expected from Europe in 2024 [8] Group 3: Strategic Developments - Daikin Heavy Industries is pursuing a dual listing in Hong Kong and aims to enhance its local service capabilities in Europe by establishing an overseas production base and multiple wind power service ports [12] - The company currently holds over 10 billion RMB in offshore orders, primarily focused on projects in the North Sea and the Baltic Sea [11] - The firm is adapting to potential geopolitical risks by localizing its operations in Europe to mitigate trade friction impacts [12]

Core Viewpoint - The company, Dajin Heavy Industry, is set to become the first listed company in the wind power tower sector in Hong Kong, despite facing revenue declines in recent years. The company has achieved significant profit growth through expansion into overseas markets, particularly in Europe, which now accounts for nearly 79% of its revenue [1][7][9]. Group 1: Company Performance - Dajin Heavy Industry has experienced a continuous decline in revenue over the past three years, attributed to the customized and high-value nature of its products, which leads to fluctuations in income and gross margins [4]. - In the first half of 2025, the company reported a revenue of 2.841 billion yuan, a year-on-year increase of 109%, and a net profit of 547 million yuan, representing a growth of over 200% [5]. - The company's inventory reached a record high of 2.373 billion yuan by mid-2023, while its borrowings increased significantly to over 1.3 billion yuan [6]. Group 2: Market Strategy - Dajin Heavy Industry has adopted a "two seas" strategy, focusing on offshore wind power and overseas market expansion, with a strategic emphasis on high-margin offshore wind orders [7]. - The company's revenue from overseas markets surged from 838 million yuan in 2022 to 2.243 billion yuan in the first half of 2025, with the overseas revenue share rising from 16.4% to 79% [7][9]. - The European offshore wind market is characterized by high barriers and added value, with Dajin Heavy Industry becoming the leading supplier in this market, increasing its market share from 18.5% in 2024 to 29.1% in the first half of 2025 [9]. Group 3: Future Outlook - The offshore wind sector is expected to experience explosive growth, with projections indicating that its share of global wind power installations will rise to 18.6% by 2030, with a compound annual growth rate of 28.9% [9]. - Dajin Heavy Industry plans to invest a significant portion of its IPO proceeds into the construction of an overseas assembly base and the development of advanced deep-sea products to enhance its local supply capabilities in Europe [10].

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of DAJIN HEAVY INDUSTRY CO., LTD. 大金重工股份有限公司 (the "Company") (A joint stock company incorporated in the People's Repub ...

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