IPO Preview | Continuous shrinkage of revenue scale, overseas income proportion overtaking, Dajin Heavy Industry seeks new opportunities in Hong Kong.

Since the beginning of this year, the boom of "A+H" dual listing has continued to heat up. As of mid-October, 11 A-share companies have successfully achieved dual listing in both A and H markets, ranking third in the number of listings in the same period in history, only behind 15 in 2015 and 13 in 1997. It is worth noting that since October alone, four A-share companies, including Sany Heavy Industry, have successively undergone H-share listing hearings, and are about to become new members of the "A+H" camp. Recently, another A-share listed company disclosed its progress in the "A+H" listing. Recently, Dajin Heavy Industry Co., Ltd. (002487.SZ) submitted an IPO application to the HKEX main board, with Huatai International and CMSC International as its joint sponsors. As the first A-share listed company in the wind turbine tower industry, this move to the HKEX could make Dajin Heavy Industry the first stock in the HKEX "wind turbine tower" sector. So what is its investment value? Let's start by analyzing the company's fundamentals. Promising Industry Prospects Established in 2003, Dajin Heavy Industry went public on the Shenzhen Stock Exchange main board in 2010. It is a leading global supplier of core equipment for offshore wind power, with nearly twenty years of experience in the new energy industry, providing a one-stop solution for "construction + transportation + delivery" of wind power foundation equipment to global large-scale offshore wind power developers. To meet customers' one-stop and diversified needs, Dajin Heavy Industry's products and services have expanded from offshore wind power foundation equipment research and manufacturing to deep-sea specialized transportation, ship design and construction, wind power port operation, and actively developed new energy development and operation businesses, continuously promoting the strategic transformation from a product supplier to a system service provider. Dajin Heavy Industry's customers mainly include leading global offshore wind power developers and wind turbine manufacturers. In 2023, the company will upgrade its "Dual Oceans Strategy" to the "New Dual Oceans Strategy." According to Frost & Sullivan data, as of June 30, 2025, Dajin Heavy Industry was the only supplier in the Asia-Pacific region to deliver batch single piles to Europe. From 2022 to the first half of 2025, the company's overseas business made significant progress, with the proportion of overseas revenue in total revenue increasing significantly from 16.4% to 79.0%, representing the continuous implementation of the "New Dual Oceans Strategy" and high customer recognition. In fact, in recent years, driven by the global energy transition and carbon neutrality goals, wind power has become one of the most strategically important sectors in renewable energy development. With continuing support for energy policies, declining technology costs, and rapidly expanding green investment, the global wind power market has entered a new stage of accelerated development. In terms of newly installed capacity, global wind power has maintained steady growth over the past few years. The newly installed capacity increased from 95.3 GW in 2020 to 117.0 GW in 2024, with a compound annual growth rate of 5.3%. As the electricity demand structure is optimized, and large-scale projects are put into operation, it is expected that the newly installed capacity will further increase to 196.7 GW by 2030, with a compound annual growth rate of 9.0% from 2024 to 2030. Under the drive of technological breakthroughs and policies, offshore wind power is experiencing explosive growth and has become the core engine driving industry growth. Although the current market share of offshore wind power is relatively low, its future growth potential is significant. It is expected that by 2030, offshore wind power's share of global wind power's newly installed capacity will rise to 18.6%, with a sharp increase from 8.0 GW in 2024 to 36.7 GW in 2030, and a high compound annual growth rate of 28.9%. China and Europe have become core forces driving the global development of offshore wind power. By the end of 2024, China contributed about half of the cumulative installed capacity of global offshore wind power, and Europe, represented by the UK, Germany, the Netherlands, and Denmark, accounted for approximately 94.5% of the global installed capacity. As an important strategic focus of wind energy development in Europe, offshore wind power has become an integral part of this field. According to Wind Europe data, by the end of 2024, Europe's cumulative wind power installed capacity reached 285 GW, with onshore wind power accounting for 248 GW and offshore wind power 37 GW. By 2024, offshore wind power accounted for approximately 16.4% of the newly installed wind power capacity. It is expected that by 2030, offshore wind power will account for 30.7% of the newly installed wind power capacity in Europe. In terms of sales value, the European offshore wind power infrastructure market grew from RMB 81 billion in 2020 to RMB 96 billion in 2024, with a compound annual growth rate of 4.3% during this period. With the concentration of multiple large projects, the gradual progress of deep-sea offshore wind power, the acceleration of floating wind power commercialization, and the implementation of various national incentives, the market will enter a stage of explosive expansion. It is expected that by 2030, the European offshore wind power infrastructure market size will reach RMB 41.7 billion, and the compound annual growth rate from 2024 to 2030 is expected to reach 27.7%. Revenue Down, Profit Up The growth in sales in the European market is a key factor driving the improvement in Dajin Heavy Industry's profitabili