DHI(SZ:002487)2026-02-28 02:35Company and Industry Summary Company: 大金重工 (Dajin Heavy Industry) Key Points 1. Valuation Perspective: Despite a recent increase in stock price, the valuation of 大金重工 remains comparable to domestic competitors like 海力风电 (Haili Wind Power) and 东方电缆 (Oriental Cable), which is deemed unreasonable as they are valued at 25-30X [1][1][1] 2. High Barrier Business Model: 大金重工 operates a unique business model that extends beyond manufacturing to include services such as shipping logistics and system services. This "京东模式" (JD model) in offshore wind represents a manufacturing upgrade that adds significant value and enhances global competitiveness [1][1][1] 3. Market Pricing Challenges: The absence of comparable global benchmarks may lead to difficulties in accurately pricing 大金重工's unique business model in the market. Future financial performance is expected to improve market expectations [1][1][1] 4. Shipping Logistics System: The establishment of a proprietary ocean shipping logistics system is a high-barrier asset that is anticipated to significantly enhance the company's global competitiveness. This system is expected to contribute positively to financial statements beyond current expectations [2][2][2] 5. Customer Willingness to Pay: Insights from clients indicate that the proprietary transportation model offers significant convenience, leading customers to be willing to pay a premium. This competitive advantage is expected to become more pronounced as no other companies currently offer a similar model [2][2][2] 6. Expansion into Port Services: In addition to logistics, 大金重工 is also expanding into port services, which will further bolster its global competitiveness [1][1][1] 7. Floating Wind Projects: The company is focusing on securing orders for floating wind projects in 2026. Concerns about the commercialization of floating wind technology have led to a lack of market pricing for this segment [2][2][2] 8. Economic Viability of Floating Projects: Although floating wind projects have not yet achieved economic viability based on market electricity prices, countries like the UK have independent pricing mechanisms that make these projects economically feasible. Successful auctions for floating projects in the UK (AR6, AR7) support this [2][2][2] 9. GreenVolt Project Participation: 大金重工 is actively participating in the GreenVolt floating wind project in the UK, with an estimated order size of 70,000 tons, which could yield approximately 600 million in profit based on a net profit of 8,000 yuan per ton [2][2][2] 10. Future Growth Potential: The performance and order fulfillment of the shipping and floating wind business are expected to gradually materialize by 2026, presenting a significant upside potential for the company, with projections suggesting a market value growth of nearly 200% [3][3][3]