DHI(002487)2024-04-28 13:30Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its performance and market position [7]. Core Insights - The company reported a revenue of 4.325 billion in 2023, a year-on-year decrease of 15.30%, with a net profit attributable to shareholders of 425 million, down 5.58% year-on-year. However, the operating cash flow showed a significant increase of 620.76% to 809 million [1]. - The company's overseas marine engineering business has seen a substantial increase, with export revenue rising by 104.63% to 1.715 billion, now accounting for 40% of total revenue. The gross margin for this segment improved by 18.25 percentage points to 27.20% [1]. - The development of power stations is emerging as a new growth driver, with revenue from power generation reaching 132 million, benefiting from the commissioning of a 250MW project [1]. - The gross margin for Q1 2024 significantly improved to 31.60%, up 12.60 percentage points year-on-year, indicating effective cost management and operational efficiency [1]. - The company holds a strong order backlog in overseas markets, with a 50% increase in total overseas orders in 2023, positioning it favorably for future revenue growth [1]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 4.325 billion, with a net profit of 425 million and an EPS of 0.67. The operating cash flow was notably strong at 809 million [1]. - The gross margin for 2023 was reported at 23.44%, an increase of 6.72 percentage points year-on-year, while the net margin improved to 9.83% [1]. Business Segments - Domestic revenue fell by 38.84% to 2.610 billion, while the gross margin improved to 20.97%. The decline was attributed to slow domestic offshore wind development and risk management strategies [1]. - The export business, primarily in marine engineering, saw a significant increase in revenue and volume, with a total shipment exceeding 60,000 tons [1]. Growth Drivers - The company is expanding its power generation business, with new projects expected to contribute significantly to future revenues. The gross margin for this segment is exceptionally high at 89.65% [1]. - The ongoing development of offshore wind projects in Europe presents a substantial growth opportunity, with the company being a key supplier in this market [1]. Future Outlook - Revenue projections for 2024 and 2025 are estimated at 5.724 billion and 8.047 billion, respectively, with net profits expected to reach 616 million and 848 million [1]. - The company is well-positioned to benefit from the increasing demand for offshore wind energy, supported by its strategic initiatives and strong order backlog [1].