DHI(002487) 平安证券·2024-09-01 12:01Investment Rating - The report maintains a "Recommendation" rating for the company [1][4]. Core Insights - The company's revenue for the first half of 2024 was 1.356 billion yuan, a decrease of 34.2% year-on-year, with a net profit of 174 million yuan, down 36.23% year-on-year [2][3]. - The decline in domestic tower business significantly impacted overall performance, while export business remained profitable with a gross margin of 27.59% [3][4]. - The company is transitioning from a FOB (Free on Board) model to a DAP (Delivered at Place) model, enhancing competitiveness in securing overseas offshore wind pile orders [4]. Financial Performance Summary - Revenue for Q2 2024 was 893 million yuan, a decrease of 25.96% year-on-year, with a net profit of 121 million yuan, down 38.92% year-on-year [2]. - The company’s export revenue was 758 million yuan, accounting for approximately 56% of total revenue, despite a year-on-year decrease of 16.72% [3]. - The company’s net profit forecast for 2024-2026 is adjusted to 485 million, 655 million, and 900 million yuan respectively, with corresponding dynamic P/E ratios of 26.8, 19.8, and 14.4 [4][7]. Business Outlook - The company has secured significant overseas projects, including the French NOY project and the Danish Thor project, which are expected to contribute to future revenue [3][4]. - The domestic wind power demand is currently weak, affecting the performance of other manufacturing bases outside of the main production site [3]. - The company is actively pursuing new energy development projects in Hebei province, indicating potential growth in the renewable energy sector [4].