DHI(SZ:002487)2025-05-16 01:55Summary of Conference Call Records Industry Overview - Export Chain Recovery: The export chain is expected to recover, with strong demand driven by "grab export" and "transfer export" effects. Analysts are optimistic about companies directly benefiting from this trend [6][7]. - Light Industry Sector: Companies with significant exports to the U.S. previously faced declines due to U.S.-China trade tensions, but these pressures are easing, leading to potential valuation recovery [6]. Key Points on Companies - Dajin Heavy Industry: - Company Profile: Dajin Heavy Industry is a global leader in offshore wind and marine engineering, with a rapidly increasing overseas revenue share. The company has secured a contract worth approximately 1 billion RMB for a major offshore wind project in Europe, expected to start deliveries in 2027 [7]. - Growth Prospects: Analysts from Dongwu Securities are optimistic about the company's ability to fulfill overseas orders, supported by ongoing subsidy policies in key European markets such as the UK and Denmark [7]. - Subsidy Policies: The UK government has allocated over £544 million for the seventh round of contracts for difference, while Denmark plans to initiate offshore wind auctions with significant financial support [7]. - SBTi Certification: Dajin Heavy Industry has become the first marine engineering company to receive SBTi certification, which may enhance its competitive edge and market share as developers seek to use certified suppliers for additional incentives [7]. - Profit Forecast: The projected net profit for 2025-2027 is 930 million, 1.26 billion, and 1.64 billion RMB, representing growth rates of 96%, 35%, and 30% respectively. A target price of 39.5 RMB is set based on a 20x PE ratio for 2026 [7]. - Risks: Potential risks include increased competition, unfavorable policy changes, and lower-than-expected export order fulfillment [7]. Other Important Insights - Investment in Technology: The People's Bank of China and other departments are committed to supporting technological innovation through various funding strategies [2]. - Regulatory Developments: The China Securities Regulatory Commission is working on policies to enhance the long-term capital inflow into the market, particularly for the Sci-Tech Innovation Board and the Growth Enterprise Market [3]. - Infrastructure Development: The central government is focusing on strengthening urban infrastructure construction and promoting new types of urban infrastructure [4]. - Market Performance of Related Stocks: Notable stock performances include Dajin Heavy Industry (+0.53%), Gongchuang Turf (+2.51%), and Zhiou Technology (+4.64%), while Zhejiang Ziran saw a decline of -1.55% [8].