Yuanta Securities: Daikin Heavy Industries' performance exceeds expectations, recommend "buy"

Yuanta Securities research report pointed out that Da Jin Heavy Industries is expected to achieve a year-on-year increase in net profit of 193%-228% in the first half of the year, exceeding expectations, and recommends a "buy" rating. In 2025, several European countries including the UK and Germany will release measures to support offshore wind construction, accelerating the auction of wind farms. The construction of offshore wind in Europe is speeding up, and the company's overseas new orders are expected to grow. This year, the company's overseas delivery volume is expected to exceed 200,000 tons, supporting steady growth in company performance. In the medium term, the current overseas offshore wind supply chain capacity is in short supply, the company holds customer resources, has sufficient production capacity, and transportation capacity is gradually increasing, with the potential to expand market share overseas. In addition, the export of pile foundation products has fully switched to the company's responsibility for offshore transportation, which will enhance the company's profitability. Two self-built ships of the company will be delivered one after another this year, further enhancing the company's delivery capacity and controlling costs. Currently, the local supply chain capacity in Europe is in short supply, and the company is gradually expanding its market share in Europe. The company has delivered single piles and offshore tower products to various offshore wind projects in the UK, France, Denmark, Germany, and other countries.