电力设备/风电设备 大金重工（002487.SZ） 全球海工装备龙头，转型海风一站式系统服务商 2026 年 03 月 10 日 投资评级：买入（维持） | 日期 | 2026/3/9 | | --- | --- | | 当前股价(元) | 65.33 | | 一年最高最低(元) | 72.99/20.55 | | 总市值(亿元) | 416.64 | | 流通市值(亿元) | 412.18 | | 总股本(亿股) | 6.38 | | 流通股本(亿股) | 6.31 | | 近 3 个月换手率(%) | 139.48 | 股价走势图 数据来源：聚源 -60% 0% 60% 120% 180% 240% 300% 2025-03 2025-07 2025-11 大金重工 沪深300 相关研究报告 《欧洲海风基础装备龙头，接连突破 海外船舶订单—公司信息更新报告》 -2025.11.2 《全球海风装备龙头，业绩进入高速 增长期 — 公 司 信 息 更 新 报 告 》 -2025.8.30 《一季报净利润创下公司上市以来最 高水平 — 公 司 信 息 更 新 报 告 》 -2025.4.23 殷晟路（分析师） 陈 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company, 大金重工, is a global leader in offshore engineering equipment and is transitioning into a one-stop system service provider for offshore wind power [1][5] - In 2025, the company achieved a revenue of 6.174 billion yuan, representing a year-over-year increase of 63.3%, and a net profit attributable to the parent company of 1.103 billion yuan, up 132.8% year-over-year [4][6] - The company has a robust order backlog, with overseas offshore orders exceeding 10 billion yuan, primarily scheduled for delivery over the next two years [4][5] - The company is strategically positioned in the European offshore wind infrastructure market, with significant partnerships with leading offshore wind developers [5] Financial Summary - Revenue projections for 2026 and 2027 are estimated at 8.251 billion yuan and 9.451 billion yuan, respectively, with corresponding net profits of 1.602 billion yuan and 2.045 billion yuan [6][8] - The company's gross margin is expected to improve from 31.2% in 2025 to 32.4% in 2026, while the net margin is projected to rise from 17.9% to 19.4% in the same period [6][9] - The price-to-earnings (P/E) ratio is forecasted to decrease from 37.8 in 2025 to 26.0 in 2026, indicating a more attractive valuation as earnings grow [6][9]

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 [5]. Core Insights - In 2025, the company achieved a revenue of 6.17 billion RMB, a year-on-year increase of 63.3%, and a net profit attributable to shareholders of 1.10 billion RMB, up 132.8% [2]. - The revenue structure has been optimized, with overseas revenue reaching 4.60 billion RMB, a significant increase of 165.3%, and export business accounting for 74.5% of total revenue, up 28.6 percentage points [3]. - The company is transitioning from a "product supplier" to a "system service provider," with significant breakthroughs in various business areas, including shipping and storage services in Europe [4]. Financial Performance - The company’s gross margin improved to 31.2% in 2025, an increase of 1.4 percentage points year-on-year [3]. - Forecasted net profits for 2026-2028 are 1.66 billion RMB, 2.76 billion RMB, and 4.18 billion RMB, respectively, with corresponding P/E ratios of 27, 16, and 11 times [5]. - The company’s revenue is projected to grow to 17.17 billion RMB by 2028, with a compound annual growth rate of 39.38% from 2025 [9].

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 [5]. Core Insights - In 2025, the company achieved a revenue of 6.17 billion RMB, a year-on-year increase of 63.3%, and a net profit attributable to shareholders of 1.10 billion RMB, up 132.8% [2]. - The revenue structure has improved significantly, with overseas revenue reaching 4.60 billion RMB, a 165.3% increase, and export business accounting for 74.5% of total revenue, up 28.6 percentage points [3]. - The company is transitioning from a "product supplier" to a "system service provider," with significant breakthroughs in shipping, terminal storage, and floating foundations [4]. Revenue and Profit Forecast - The forecast for net profit attributable to shareholders for 2026-2028 is 1.66 billion RMB, 2.76 billion RMB, and 4.18 billion RMB, respectively, with corresponding P/E ratios of 27, 16, and 11 times [5]. - The company is expected to maintain a high growth trajectory, with projected revenue growth rates of 34.61%, 48.21%, and 39.38% for the years 2026, 2027, and 2028, respectively [9]. Operational Performance - The gross profit margin for 2025 was 31.2%, an increase of 1.4 percentage points year-on-year, reflecting enhanced profitability [3]. - The company has over 10 billion RMB in overseas orders, primarily for offshore wind projects in Europe, indicating strong future demand [3]. Strategic Development - The company has made significant progress in expanding its business lines, including the launch of its first self-developed high-end deck transport vessel and establishing local assembly and service capabilities in key European regions [4]. - The successful production phase of the Caofeidian base is expected to enhance the company's capacity for large-scale fixed and floating foundation structures [4].