Core Viewpoint - Dalian Heavy Industry has shown a significant increase in stock price and trading activity, indicating positive market sentiment and potential growth opportunities for investors [1][2]. Company Overview - Dalian Heavy Industry, established on February 18, 1993, and listed on January 16, 2008, specializes in the development, research, and sales of large complete sets of equipment and core components in various sectors, including material handling, metallurgy, new energy, and marine equipment [2]. - The company's revenue composition includes: Material Handling Equipment (31.15%), Metallurgy Equipment (26.13%), New Energy Equipment (23.26%), Core Components (13.61%), Engineering General Contracting Projects (3.96%), and Others (1.89%) [2]. - Dalian Heavy Industry operates within the specialized equipment sector, focusing on energy and heavy equipment, and is associated with concepts such as Northeast Revitalization, Solar Energy, and Nuclear Power [2]. Financial Performance - For the period from January to September 2025, Dalian Heavy Industry reported a revenue of 10.979 billion yuan, reflecting a year-on-year growth of 8.11%, and a net profit attributable to shareholders of 490 million yuan, marking a 23.97% increase [2]. - The company has distributed a total of 812 million yuan in dividends since its A-share listing, with 221 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Dalian Heavy Industry was 75,100, a decrease of 2.67% from the previous period, with an average of 25,730 circulating shares per shareholder, an increase of 2.74% [2][3]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 48.54 million shares, a decrease of 12.48 million shares from the previous period [3].

证券代码：002204 证券简称：大连重工 公告编号：2025-083 大连华锐重工集团股份有限公司 关于变更项目合伙人及签字注册会计师的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 大连华锐重工集团股份有限公司（以下简称"公司"）分别于 2025 年 10 月 21 日、2025 年 11 月 6 日召开第六届董事会第二十五 次会议和 2025 年第三次临时股东会，审议通过了《关于续聘 2025 年度审计机构的议案》，同意公司续聘中审众环会计师事务所(特 殊普通合伙)(以下简称"中审众环")为公司 2025 年度财务报表和 内部控制审计机构。具体内容详见公司于 2025 年 10 月 22 日披露的 《关于续聘 2025 年度审计机构的公告》(公告编号:2025-080)。 1.基本情况 燕楠，2011 年成为中国注册会计师，2010 年开始从事上市公 司审计工作，2019 年 10 月开始在中审众环执业，近三年签署及复 核过 2 家上市公司审计报告，具备相应专业胜任能力。 第 1 页 共 2 页 2.诚信和独立情况 燕楠不存在违反《中国注册会计师执 ...

Group 1 - The core viewpoint of the article highlights a significant decline in China's metal smelting equipment production, with a reported drop of 27.3% year-on-year in September 2025 and a cumulative decrease of 15.8% for the first nine months of 2025 [1][1][1] Group 2 - The article cites specific companies involved in the industry, including China Steel International (000928), CITIC Heavy Industries (601608), Dalian Heavy Industry (002204), Taiyuan Heavy Industry (600169), China First Heavy Industries (601106), Shanghai Electric (601727), and Dongfang Electric (600875) [1][1][1] - According to the National Bureau of Statistics, the production of metal smelting equipment in China reached 55,000 tons in September 2025, indicating a significant downturn in the sector [1][1][1] - The cumulative production of metal smelting equipment from January to September 2025 was reported at 508,000 tons, reflecting a concerning trend in the industry [1][1][1]

Core Viewpoint - Dalian Heavy Industry (002204) is a major state-owned enterprise in the heavy machinery sector, focusing on the development, research, and sales of large complete equipment and core components across various industries [1] Group 1: Company Overview - The company primarily engages in material handling equipment, metallurgical equipment, new energy equipment, transmission and control systems, and marine equipment, particularly large marine crankshafts [1] - Dalian Heavy Industry provides large high-end equipment and full lifecycle intelligent service solutions for foundational industries in the national economy, including metallurgy, ports, energy, mining, engineering, transportation, shipbuilding, and environmental protection [1]

Group 1: Business Performance Overview - The company achieved an overall order performance of approximately 15.9 billion yuan in the first three quarters of 2025, a year-on-year increase of about 4% [2] - New orders in the export sector reached approximately 600 million USD, reflecting a year-on-year growth of about 40% due to sustained demand in overseas markets such as mining and ports [2] - As of the end of Q3 2025, the company had an order backlog of approximately 36.1 billion yuan, with various segments contributing different proportions [3] Group 2: Revenue and Profitability - The company reported a sales revenue of 10.979 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 8.11% [4] - The total profit amounted to 571 million yuan, with a year-on-year growth of 26.11%, and net profit attributable to shareholders was 490 million yuan, up by 23.97% [4] - Revenue breakdown by segment includes: - Material handling equipment: 3.020 billion yuan (27.51% of total revenue, gross margin 22.70%) - New energy equipment: 3.076 billion yuan (28.01%, gross margin 7.03%) - Metallurgical equipment: 2.379 billion yuan (21.66%, gross margin 17.27%) - Core components: 1.464 billion yuan (13.34%, gross margin 27.87%) - Engineering projects: 628 million yuan (5.72%, gross margin 29.19%) - Other products: 412 million yuan (3.76%, gross margin 42.83%) [4][5] Group 3: Market Outlook and Competitive Position - The wind power sector is expected to see new installations exceeding 110 GW in 2025, with potential annual growth of 100 GW, indicating a large market space [3] - The material handling equipment segment is positioned at the industry forefront, benefiting from high demand in global shipping, shipbuilding, and logistics [3] - The metallurgical equipment segment maintains a strong market share despite challenges in the steel industry, with stable future market expectations [3] Group 4: Strategic Goals and Initiatives - The company aims to achieve high-quality development through a five-year plan focusing on "intelligent, green, high-end, international, and service-oriented" strategies [5] - Key drivers for performance growth include management reforms to enhance operational efficiency and strategic initiatives aligned with national policies like "Made in China 2025" [6] - The company plans to maintain overseas business at over 20% of total revenue, focusing on international markets in sectors like bulk material handling and metallurgy [8] Group 5: Future Investments and Capacity Expansion - Recent investments in wind power components and marine crankshafts are expected to enhance production capacity and market position [10] - Specific projects include: - Large-scale wind turbine gearbox production, with an expected output of 1,570 units in 2025 [10] - Expansion of marine crankshaft production capacity, projected to generate an additional 30 million yuan in annual sales upon completion [10] Group 6: Financial Management and Risk Control - The company anticipates a stable gross margin of 15%-20% in the future, supported by ongoing cost reduction and efficiency improvement initiatives [11] - Non-recurring gains primarily stem from the reversal of impairment provisions for receivables, with a focus on risk management and recovery strategies [12]

证券日报网讯大连重工（002204）11月21日在互动平台回答投资者提问时表示，截至2025年11月20日收 市后，公司合并普通账户和融资融券信用账户的持有人数为77119户。 ...

Core Insights - Dalian Heavy Industry aims to become a world-class heavy machinery enterprise by enhancing scale, efficiency, and core competitiveness during the 14th Five-Year Plan period [1][2] Financial Performance - Revenue is projected to increase from 9.1 billion to 14.28 billion yuan from 2021 to 2024, with a compound annual growth rate (CAGR) of 16% [1] - Net profit attributable to shareholders is expected to rise from 115 million to 498 million yuan, achieving a CAGR of 63% [1] Strategic Focus - The company is concentrating on the wind power sector and large-scale trends, investing over 3 billion yuan in three intelligent manufacturing projects [1] - Dalian Heavy Industry is restructuring its strategic management system to promote a digital transformation across all processes [1] International and Intelligent Orders - International orders are projected to reach 680 million USD in 2024, a year-on-year increase of 35% [1] - Intelligent orders are expected to reach 1.21 billion yuan, reflecting a year-on-year growth of 33.8% [1] - Orders in green technology, high-end products, and services are projected to achieve double-digit growth, with respective values of 7.65 billion, 3.01 billion, and 6.09 billion yuan [1] Recognition and Future Goals - Dalian Heavy Industry has been recognized as a leading enterprise by the State-owned Assets Supervision and Administration Commission and has received multiple awards for quality and investor returns [2] - The company aims to continue focusing on its core responsibilities and achieve world-class standards in ten key areas, including high-end intelligence and green technology during the 15th Five-Year Plan [2]

Core Insights - During the "14th Five-Year Plan" period, Dalian Heavy Industry focused on the wind power sector and large-scale trends, investing over 3 billion yuan to develop three intelligent manufacturing projects, enhancing its core component production capacity and high-end supply capabilities, achieving a leap from "manufacturing" to "intelligent manufacturing" [1] - The company restructured its strategic management system, coupling value creation with a "five modernization strategy" to promote a comprehensive digital transformation [1] - In 2024, international orders reached 680 million USD, a year-on-year increase of 35%; intelligent orders amounted to 1.21 billion yuan, up 33.8%; green, high-end, and service-oriented orders were 7.65 billion yuan, 3.01 billion yuan, and 6.09 billion yuan respectively, all achieving double-digit growth [1] - Dalian Heavy Industry has been recognized as a "world-class leading demonstration enterprise" by the State-owned Assets Supervision and Administration Commission and has received multiple awards for quality and investor returns [1] - Looking ahead to the "15th Five-Year Plan," the company aims to focus on its core responsibilities, targeting the creation of a globally leading heavy industry group with a commitment to high-quality development [1] Financial Performance - Dalian Heavy Industry, as a key enterprise in heavy machinery and new energy equipment manufacturing, has set a vision to create an internationally leading heavy industry group, achieving significant improvements in scale, efficiency, and core competitiveness [2] - From 2021 to 2024, the company's operating revenue increased from 9.1 billion yuan to 14.28 billion yuan, while net profit attributable to shareholders rose from 115 million yuan to 498 million yuan, with compound annual growth rates of 16% and 63% respectively, significantly outperforming the industry average [2]

Core Insights - The report from Zhongyou Securities indicates that Dalian Heavy Industry achieved a net profit attributable to shareholders of 490 million yuan in the first three quarters of 2025, representing a year-on-year increase of 23.97% [1] - In the third quarter alone, the net profit attributable to shareholders reached 178 million yuan, showing a year-on-year growth of 46.83% and a quarter-on-quarter increase of 33.78% [1] - The company places significant emphasis on institutional development and governance optimization, resulting in notable cost reduction and expense control achievements [1] Business Development - Dalian Heavy Industry continues to innovate in the international market for total contracting and after-sales services, with products and services exported to a cumulative total of 96 countries and regions by the end of 2024 [1] - The company has been actively expanding its total contracting business, signing contracts for various projects including the MRL company dock equipment in Australia, mining equipment, and several other significant projects in Kazakhstan and other countries [1] - There is a trend of bulk orders, with over 30 units of unloading machines and shore bridges signed with major clients in India, Indonesia, and Vietnam [1] Future Outlook - The company's future goal is to maintain the overseas business proportion at over 20% [1] - The report maintains a "Buy" rating for the company's stock [1]

Investment Rating - The investment rating for the company is "Accumulate" [5][10]. Core Insights - The company reported better-than-expected performance in its Q3 2025 results, with revenue of 10.979 billion yuan, a year-on-year increase of 8.11%, and a net profit attributable to shareholders of 490 million yuan, up 23.97% year-on-year [3][4]. - The company has successfully implemented cost reduction and efficiency improvement measures, resulting in a gross margin of 18.95% and a net margin of 4.46% for the first three quarters of 2025 [4]. - The company is expanding its international presence, with products and services sold to 96 countries and regions, aiming to maintain overseas business accounting for over 20% of total revenue [4]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 10.979 billion yuan, with a net profit of 490 million yuan, and a non-recurring net profit of 375 million yuan, reflecting significant growth rates of 23.97% and 33.37% respectively [3][4]. - The company forecasts revenue growth from 15.181 billion yuan in 2025 to 18.513 billion yuan in 2027, with corresponding net profits expected to rise from 728 million yuan to 1.196 billion yuan during the same period [5][8]. - The projected PE ratios for 2025, 2026, and 2027 are 17.68, 13.62, and 10.76 respectively, indicating a favorable valuation trend [5][8]. Cost Management and Efficiency - The company has focused on cost control, with a decrease in sales, management, and R&D expense ratios, contributing to an overall improvement in operational efficiency [4]. - The company’s financial metrics show a slight improvement in net profit margin by 0.57 percentage points year-on-year, reflecting effective cost management strategies [4]. International Expansion - The company has signed multiple contracts for international projects, including significant contracts in Australia and India, indicating a robust growth trajectory in overseas markets [4]. - The company aims to enhance its global market share through innovative export strategies and comprehensive service offerings [4].