DHI(002487)2025-04-15 00:58Summary of Key Points from the Conference Call Company and Industry Overview - The conference call primarily discusses Dajin Heavy Industry and the European offshore wind tower market [1][2][3]. Core Insights and Arguments - Dajin Heavy Industry has shown outstanding performance in the offshore wind sector, particularly in offshore wind power, leading to a significant increase in the entire sector [2]. - The company's annual report indicates a performance scale of approximately 200 million yuan, exceeding market expectations [2]. - The net profit from Dajin's overseas tower manufacturing and marine engineering businesses has significantly increased, with the net profit per ton for European marine engineering exceeding 3,000 yuan in Q4 2025, a substantial rise from Q4 2024 [2][3]. - The growth in net profit is attributed to high-value order deliveries, adjustments in delivery models, and profit realization from freight [2][3]. - The European offshore wind tower market is experiencing a tight supply-demand situation, with a significant gap expected to emerge from 2027, expanding to over one million units by 2028, providing market opportunities for Dajin and other domestic companies [3][4]. - Domestic offshore wind tower manufacturing has lower profitability compared to Europe, where high demand and sufficient project reserves allow Dajin to achieve net profits exceeding 3,000 yuan per ton [3][5]. - The shift towards larger diameter SSPDL or three SL structures in Europe will create a demand that current capacities cannot meet, presenting opportunities for Dajin to enhance its valuation through new orders [3][6]. - Dajin's performance outlook for 2025 is positive, with a significant year-on-year increase in overseas marine engineering shipments expected to reach around 200,000 tons [3][8]. - The offshore wind sector is expected to have a high degree of growth certainty, with Dajin's valuation potentially dropping below 20 times and possibly reaching around 10 times by next year [3][10]. Additional Important Insights - The expansion cycle for offshore wind projects is lengthy, typically requiring 3 to 5 years from planning to capacity deployment, with current capacity gaps primarily filled by domestic companies [7]. - Dajin Heavy Industry's market share in Europe is close to one-third, indicating a relatively fast progress in the European market [7]. - Other companies worth monitoring include Haili Wind Power, which is expected to see significant growth in its operating scale over the next 1-2 years due to increased bidding activity [11]. - The market for offshore wind foundation projects is anticipated to continue expanding in 2026, with Dajin planning to establish customer relationships in Europe [12]. - Dajin's performance in Europe has exceeded expectations, with net profits projected to reach 30 million yuan, driven by tight supply-demand dynamics and limited expansion from foreign enterprises [13]. - The domestic recovery and overseas demand opportunities are expected to enhance the valuation and space for the deep-sea economy sector, with several core companies showing significant investment potential [14].