20230703-财信证券-大金重工-002487.SZ-国内静待交付旺季_海外市场不断突破_3页_845kb

报告摘要

Summary of Dashujicom (002487SZ) Securities Research Report

Key Highlights

Performance Overview: The report analyzes Dashujicom, a leading company in wind power and tower equipment. For the first half of 2023 (2023H1), the company's forecasted net profit attributable to shareholders ranges from 255 to 281 billion yuan, representing a growth of 45% to 60% year-over-year. This is driven by factors such as bulk delivery of export marine products and the commissioning of in-house wind farms. The second quarter alone shows significant growth, with net profit预计at 193 billion yuan, up 70% year-over-year and 158% quarter-over-quarter.
Market Position: Dashujicom excels in both domestic and international markets. Domestically, domestic offshore wind projects are awaiting a demand release due to regulatory and policy factors, but the company's established capacity (e.g., 100万吨海塔产能 in蓬莱 and阳江) positions it for growth. Overseas, it holds a competitive edge, being the only supplier in the Asia Pacific region capable of providing ultra-large piles, and has secured major contracts worth billions of euros. The company's "双海" strategy focuses on global expansion, with plans to increase capacity to over 300万吨 annually.
Financial Forecasts: Projections for the years 2023-2025 indicate strong performance. Revenue is expected to grow from 106 billion yuan in 2023E to 169 billion yuan in 2025E, with net profit rising from 948 billion yuan to 1,896 billion yuan. Key metrics include PE ratios decreasing from 643 in 2023E to 1,037 in 2025E, reflecting potential value appreciation.
Risk Factors: Potential risks include delayed renewable energy installations, fluctuations in raw material prices, and uncertainties in capacity expansion timelines.
Analyst Recommendation: The report maintains an "买入" (Buy) rating for Dashujicom, emphasizing its strengths in high-margined export and marine business, which could drive sustained performance as the industry recovers.