Dajin Heavy Industry (002487)

Individual Stock Analysis Report | Industry: Offshore Wind Power Equipment | Report Date: October 9, 2026 | Market Data as of 2026-10-08 Close

This report is automatically compiled and generated by AI based on public information, for reference only, and does not constitute investment advice.

Core Conclusion: Overseas high-margin equipment supports growth, but the Q2 pullback means high-growth expectations still need to be validated by deliveries

Market data as of: 2026-10-08 close

1. Key Investment Points

• Cumulative growth remains, but the single quarter weakened noticeably: In H1 2026, revenue was RMB 3.253 billion and net profit attributable to the parent was RMB 601 million, up 14.48% and 9.89% year-on-year respectively; in Q2, revenue and net profit attributable to the parent fell 20.87% and 47.42% year-on-year respectively.
• Fulfillment of overseas equipment orders determines growth elasticity: In 2025, wind power equipment revenue grew 67.08% year-on-year; export gross margin was 33.95%, higher than the domestic 23.13%. Institutions expect net profit attributable to the parent to grow 42.7%, 51.7%, and 38.5% in 2026–2028.
• Valuation is below its own median but the sales multiple is elevated: The October 8 close was RMB 48.61, with PE-TTM at 31.08x and PB at 2.49x, at the 34rd and 42nd percentiles of the past 5.2 years respectively; PS-TTM was 5.46x, at the 82nd percentile.

Market Expectations and Evidence

• What the market is pricing in: The institutional consensus expects net profit attributable to the parent to grow 42.66% in 2026; at the current price, under the given return and exit PE assumptions, the implied 10-year EPS CAGR is 16.2%, which differs from short-term net profit growth in horizon and metric and cannot be directly compared as high or low.
• What the evidence shows: H1 net profit attributable to the parent grew only 9.89%, and Q2 net profit attributable to the parent fell 47.42% year-on-year, so the full-year high-growth expectation still needs to be validated by H2 deliveries; operating cash flow covers profit by 2.55x, providing some quality support.

Evidence leans: insufficient evidence; confidence: low (some financial fields still lack official verification or disclosure dates, and some arguments have period or caliber conflicts, so related judgments have been withheld)

Some arguments are inconsistent in period or caliber, and the related comparisons have been withdrawn.

2. Business and Competitiveness

2.1 Business Structure

Sells monopiles, jackets, towers, and other equipment to wind power projects and supply chain customers, while expanding into transport and delivery and new energy power generation.

2.2 Competitive Advantages

Competitive advantage strength: Medium

• Ports and sites: The Penglai base covers approximately 570,000 square meters and has 2 berths of 100,000-ton class; supports the manufacturing and shipping of large equipment.
• Overseas delivery experience: Began expanding into the European market in 2019, accumulating experience in customer audits, process quality, and transport and delivery.
• Profitability: In 2025, export gross margin was 33.95%, higher than the domestic business at 23.13%; overall gross margin is higher than the listed comparable companies.

Main threats: High customer concentration, with overseas project delivery and collections having a large impact; steel prices, exchange rates, trade barriers, and the ramp-up of new capacity may also erode profits.

2.3 Position in the Industry Chain and Profit Trends

• Main purchases are steel plates, flanges, and internals; production is based on sales and procurement is based on production, with raw material prices anticipated at quotation and purchases made according to orders, while steel and other prices mainly fluctuate with the market.
• In 2025, the top five suppliers accounted for 41.63% of purchases, with the largest at 12.66%; suppliers are anonymous and the specific categories supplied are not disclosed, so steel supply concentration cannot be judged from this.
• Direct sales are the main model, with customers including large wind power project developers and project supply chain customers; competition is based on product specifications, manufacturing quality, delivery, and logistics services.
• The procurement pace of large project customers may affect scheduling and revenue; the company lacks directly quantifiable disclosure on its bargaining power with customers, so strong pricing power cannot be inferred solely from higher export gross margin.
• 2025 annual report: The top five customers accounted for 74.59% of sales, with the largest at 34.98%; customers are listed anonymously, and concentration and customer identities are limited to annual report disclosure.
• At the end of 2025, accounts receivable carrying value was RMB 1.057 billion, about 17.1% of revenue and 95.8% of net profit attributable to the parent; contract liabilities were RMB 1.609 billion, which can partially buffer production funding needs.

The company is in the midstream manufacturing of offshore wind power foundation equipment and is extending into transport and delivery services; profit improvement depends more on the share of high-value-added overseas projects, delivery efficiency, capacity utilization, and cost control, rather than steel pricing power. Trend data are on an annual basis for 2021–2025.

2.4 Industry and Peer Comparison

The key competition in large offshore wind power equipment manufacturing lies in manufacturing quality, delivery, and logistics capabilities; for Dajin Heavy Industry, overseas business growth and order fulfillment are important variables affecting operating performance.

In 2025, Dajin Heavy Industry's revenue scale and overall gross margin were both higher than the three listed comparable companies, mainly related to the share of exports and high-value-added offshore business that year; this does not mean it has a higher market share in all sub-markets. Peer PE ratios are taken from third-party pages on different dates, and the calibers are not fully consistent.

3. Financial Quality

3.1 Operating Performance

Operating revenue and net profit attributable to the parent are presented according to the official statements for the same period and in explicit currency; adjusted earnings and statutory profit are compared separately. In the table, there are 6 items in total for operating revenue and net profit attributable to the parent, and all 6 were checked item by item against the issuer's periodic report originals and are consistent. The YoY growth rates were derived from the current and prior period figures in the original text for 6 items, and all 6 are consistent with the table.

Cumulative H1 revenue and profit still grew, but in the corresponding single quarter, revenue and net profit attributable to the parent fell 20.87% and 47.42% year-on-year respectively, indicating volatility in delivery pace; non-GAAP growth was lower than attributable net profit.

3.2 Financial Health Check

4. Valuation and Market Expectations

4.1 Valuation Level

Valuation multiples are calculated by the program based on the 2026-10-08 close data (trailing twelve months basis); peer multiples are calculated on the same basis using the 2026-10-08 close data

Market-implied expectation: At the current 31.08x P/E, if an investor requires an annualized return of 8% and values the company at 15x P/E after 10 years, EPS needs to grow about 16.2% annually (excluding dividends, relatively conservative); the short-term institutional net profit forecast and this long-term EPS growth rate differ in horizon and caliber and cannot be directly compared as high or low.

At the current price, under the given return and exit PE assumptions, the implied 10-year EPS CAGR is 16.2%, which differs in horizon and metric from the institutional short-term net profit forecast and cannot be directly compared as high or low.

4.2 Consensus Expectations

Summary of East Money research reports over the past six months, as of 2026-10-09. Details of institutional research reports are visible; the number of rating analysts is counted separately: 2026E net profit 12, EPS 12; 2027E net profit 12, EPS 12; 2028E net profit 12, EPS 12

4.3 Institutional Views

4 institutions, average RMB 84, range RMB 47–100.99; the latest is Huatai Securities at RMB 47 on 2026-08-28.

5. Catalysts and Recent Events

5.1 Key Future Milestones

5.2 Recent Important Events

• 2026-08-22 Interim report shows Q2 under pressure (Neutral): The interim report shows that Q2 was dragged down by volatility in export monopile delivery pace and exchange losses; the company said in its earnings communication that net profit excluding exchange effects grew about 57% year-on-year, which is the company's communication basis.
• 2026-09-22 Signed offshore wind installation vessel design contract (Positive): Media reported that the company signed a design contract with Ulstein for a new-generation offshore foundation installation vessel, extending toward integration of "manufacturing, transport, home port, and installation"; still pending confirmation by company announcement.
• 2026-08-04 Signed approximately RMB 1 billion bulk carrier order (Positive): A subsidiary signed an approximately RMB 1 billion bulk carrier construction contract with a Norwegian shipowner, planned for phased delivery in 2029, adding backlog orders for the shipbuilding business.

6. Bull-Bear Divergence and Risks

6.1 Bull Case

• In 2025, wind power equipment revenue grew 67.08%, and export gross margin of 33.95% was higher than the domestic 23.13%, leaving profit elasticity in high-value-added overseas projects.
• In 2025, overall gross margin rose to 31.18%, higher than 29.83% in 2024; the rising share of export business is an important support for profit improvement.

6.2 Bear Case

• Q2 net profit attributable to the parent fell 47.42% year-on-year, and volatility in export monopile delivery has already manifested as unstable quarterly performance.
• The top five customers accounted for 74.59% of sales, with the largest at 34.98%, and changes in project procurement pace may significantly affect scheduling and revenue.
• PS-TTM is at the 82nd percentile of the past 5.2 years; if high-growth expectations are not realized, the elevated sales multiple will amplify valuation downside pressure.

6.3 Other Risks

• Rising steel prices or exchange rate fluctuations → Although production based on sales can reduce exposure, mismatches between quotation and procurement timing may still compress project gross margin.
• Overseas trade barriers or blocked project delivery → Delays in export order recognition and collections weaken the contribution of high-margin business to profit.
• Slower accounts receivable collection → At the end of 2025, the carrying value of accounts receivable was RMB 1.057 billion, which may increase working capital occupation and drag on cash flow.
• Expected unlock of H-share restricted shares on December 5 with scale not yet confirmed → If actual supply or reductions exceed expectations, valuation levels may be pressured.

7. Tracking Checklist

8. Share Price and Short-Term Outlook (Next Week, Scenario Projection, for Reference Only)

⚠️ The following is a subjective scenario projection based on current technical and capital flow conditions; the weights are not statistical probabilities and do not constitute investment advice.

8.1 Technical Overview

The share price has strengthened consecutively and is approaching the recent 20-day high of RMB 49.4, but the close is already above the Bollinger upper band and RSI is at a high level; main funds saw a net outflow of RMB 169 million that day, and short-term attention should be paid to high-level consolidation and pullback risk.

8.2 Key Price Levels

8.3 One-Week Range Estimated by Historical Volatility

Using the 2026-10-08 price of RMB 48.61 as the baseline, and using the return distribution of the past 300 trading days (scaled to the current index-weighted daily volatility of about 4.1%, while retaining this stock's own frequency of large gains and losses) to estimate the closing price range over the next 5 trading days:

This range only reflects this stock's recent volatility magnitude and does not include a directional judgment; in the event of major announcements or a sharp market decline, actual movements may still exceed the range.

8.4 Next-Week Scenarios (Subjective Weights, Not Statistical Probabilities)

• High-level consolidation (relatively high weight, about 50%): RMB 43.80–49.40; if MA5 is held and the recent 20-day high is not effectively broken, it may consolidate within the range. Based on historical volatility estimates, the probability of closing within this range one week later is about 35%.
• Weaker pullback (medium weight, about 30%): RMB 38.15–43.80; if MA5 is broken on volume and pressure persists, watch MA20 and MA60 support. Based on historical volatility estimates, the probability of closing within this range one week later is about 10%.
• Volume rebound and strengthening (relatively low weight, about 20%): RMB 49.40–52.00; if turnover exceeds the upper end of the recent range and RMB 49.40 is effectively broken, the trend may remain relatively strong. Based on historical volatility estimates, the probability of closing within this range one week later is about 20%.

The figures in parentheses are subjective weights; the probabilities at the end of the sentences are inferred from the volatility ranges above and only reflect volatility magnitude, without directional judgment.

8.5 Capital and Liquidity

Over the past 10 trading days, daily turnover was about RMB 2.189–5.056 billion and turnover rate was about 9.2%–20.08%; trading is active, but price volatility may increase when turnover is relatively high. As of 2026-06-30, the top ten tradable shareholders held a combined 56.48% of tradable shares, including insurance, funds, social security, and basic pension funds; this shareholder structure disclosure is lagged and may change afterward.

If single-day turnover exceeds the upper end of the past 10-day range of RMB 5.056 billion and the close stabilizes above RMB 49.4, it can be viewed as a confirmation signal of a volume breakout.

The above scenario projection is based on the 2026-10-08 close data and historical prices and technical indicators; short-term share prices will also be affected by multiple factors such as news flow, capital flows, and the broader market environment. Technical indicators themselves have lag and limitations, do not guarantee future actual movements, and do not constitute buy or sell advice. Please make independent judgments based on the latest market information and bear investment risks yourself.

Sources

• 大金重工(002487)_公司公告_大金重工：2025年年度报告新浪财经_新浪网
• 大金重工股份有限公司2025年半年度报告全文
• 大金重工(002487)公司年报点评：两海战略见效 盈利能力大幅提升_公司研究_新浪财经_新浪网
• 天顺风能（苏州）股份有限公司 2025 年年度报告全文
• 公司公告_海力风电：2025年年度报告新浪财经_新浪网
• 泰胜风能集团股份有限公司 2025 年年度报告全文
• 大金重工市盈率(P/E ratio)历史走势_历年数据对比 | 财报帮
• 大金重工(002487)的历史市盈率,历史市净率,历史股息率,新闻,财报,研报,数据 - 理财大视野
• 2026年半年度报告
• 2025年年度报告
• Dajin Heavy Industry Co., Ltd. Annual Report 2024(Summary)
• Dajin Heavy Industry Co., Ltd. Annual Report 2023(Summary)
• 腾讯财经行情（2026-10-09）
• 东方财富F10 合并资产负债表（2026中报）
• 东方财富 F10 盈利预测
• 大金重工:2026年半年度报告
• 中国股票调研活动表 - 大金重工股份有限公司 - 2026年8月21日 - 同花顺
• 大金重工：上半年净利润6.01亿元 同比增长9.89% - 经济新闻滚动 > 正文
• 大金重工：上半年净利润6.01亿元 同比增长9.89%
• 大金重工(002487)2026年半年报点评：海运节奏拖累Q2发货 出海单吨净利维持高位
• 大金重工(002487)2026年半年报点评：毛利率进一步提升 多业务协同发展
• 上半年业绩同比增长10%，海工一体化交付能力落地
• 002487 大金重工
• 大金重工(002487.SZ)：上半年归母净利润同比增加9.89%，拟每10股派0.88元 - 快速报价
• 东方财富 个股资金流向
• 东方财富 股东研究

This report was automatically retrieved, organized, and generated by AI based on public channel information, with information as of the 2026-10-08 close, and there may be timeliness differences; specific data should be subject to the company's official announcements and authoritative data terminals. This report is only for information organization and research reference, does not constitute any investment advice, and investors should make independent judgments and bear investment risks themselves.