20250827-国金证券-大金重工-002487.SZ-海外海工交付加速_船舶业务构筑新增长曲线_4页_1mb

Analysis Summary
In the first half of 2025, the company reported substantial financial performance, with revenue reaching 2.84 billion yuan, a 109.5% YoY growth, and a net profit attributable to shareholders of 547 million yuan, a 214% YoY increase. The second quarter saw sustained growth with revenue up 90.4% YoY and net profit up 161% YoY.

The company's export revenue surged 196% YoY, primarily due to faster delivery of marine orders to Europe, contributing to the raised gross profit margin to 30.7%, an improvement of 3.1 percentage points. The company anticipates higher export earnings in the second half as its projects progress.

The company holds over 10 billion yuan in overseas marine engineering orders, covering the next two years. Its focus on offshore wind projects in Europe, including approximately 7.8 GW of projects, is expected to drive further growth.

Additionally, the firm secured its first commercial shipbuilding contract in collaboration with a South Korean shipping company. The order, worth about 300 million yuan, represents a strategic expansion beyond its traditional engineering scope. This move is expected to r...</br>

业绩简评:
2025年上半年，公司收入28.4亿元，同比增长109.5%，归母净利润5.47亿元，同比增长214%。其中Q2收入增长90.4%（YoY），环比增长49.1%，归母净利润增长161.0% YoY，环比增长36.6%。

公司海外海工订单交付加速，出口收入同比增长196%，毛利率提升3.1个百分点至30.7%，这主要得益于高盈利海工产品占比提高。预计下半年随着在手项目推进，出口收入和盈利能力将持续改善。

截至上半年，公司海外海工订单累计总金额超过100亿元，覆盖今明年交付出货。欧洲海风项目逐步推进，新增订单有望超预期。子公司盘锦大金与韩国航运公司签订23000DWT船舶建造合同，金额约3亿元，计划于2027年交付，标志着业务多元化布局迈出新步伐。

2025-2027年，公司净利润预计为10.7亿、14.5亿、19.9亿元，对应PE分别为20、15、11倍，维持“买入”评级。分析师关注欧洲海风市场发展及潜在风险，如项目进度延误和汇率波动。