DHI(002487) 中国银河·2024-09-02 09:45Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company's overseas offshore engineering business drives profit growth, with significant improvement in cash flow [1]. - The company has optimized its product structure, focusing on high-margin offshore products, which has led to a substantial increase in profitability [1]. - The company is well-positioned to benefit from the growing European offshore wind market, with a strong execution of its "New Two Seas" strategy [1]. - The development of power stations is creating new growth momentum for the company [1]. Financial Performance Summary - In H1 2024, the company reported revenue of 1.356 billion, a year-on-year decrease of 34.20%, and a net profit of 174 million, down 36.23% [1]. - The company's Q2 2024 revenue was 893 million, a year-on-year decrease of 25.96%, but a quarter-on-quarter increase of 92.91% [1]. - The gross margin for H1 2024 was 28.57%, an increase of 4.61 percentage points year-on-year [2]. - The operating cash flow for H1 2024 was 247 million, an increase of 495 million compared to the same period last year, indicating improved profitability structure and collection quality [2]. Future Projections - The company is expected to achieve revenues of 5.724 billion and 8.047 billion in 2024 and 2025, respectively, with net profits of 616 million and 848 million [2]. - The earnings per share (EPS) is projected to be 0.97 yuan and 1.33 yuan for 2024 and 2025, respectively, corresponding to a price-to-earnings (PE) ratio of 21.10 times and 15.32 times [2].