首个自主运输的海外海工项目到港，一站式交付提升服务附加值根据公司披露，子公司蓬莱大金在2023 年5 月与RWE 签订了丹麦Thor 海上风电场项目供货合同，在36 根无过渡段单桩的基础上，公司还要负责将全部单桩产品运输至客户指定地点。2024 年10 月，该项目首批8 根单桩已顺利抵达目的港，是公司首次自主负责运输的海外海工项目，为公司后续使用自建特种运输船执行远洋运输业务积累了有效经验。Single Q3 was phased by revenue spans. Overseas and domestic offshore industries released the 2024 three-quarter report to Haodaikin Heavy Industries. The company achieved operating income of 2.306 billion yuan, yoy -30.8%, and realized net profit to mother of 0.282 billion yuan and yoy -30.9% in the first three quarters of 2024, achieving net profit of 0.258 billion yuan without mother deduction, yoy -31.7%. Among them, 2024Q3 achieved operating income of 0.95 billion yuan, yoy -25.3%, QOQ +6.4%, net profit due to mother 0.108 billion yuan, yoy -20.1%, QOQ -10.6%, net profit without return to mother 0.097 billion yuan, yoy -23.9%, and QOQ -16.3%, mainly due to the optimization of the delivery model for individual overseas offshore projects from FOB to the DAP model in 2024Q3, and revenue was confirmed across quarters. Considering the stable profitability of overseas offshore industries, the domestic offshore business will repair the profit level as delivery volume increases. We maintain the company's profit forecast for 2024-2026. The company's net profit for 2024-2026 is estimated to be 0.496/0.742/0.912 billion yuan, corresponding to the current stock price PE of 29.8, 19.9, and 16.2 times, maintaining a “buy” rating.
Overseas offshore workers have received new orders, and the first-mover advantage in going overseas is obvious
In September 2024, the company announced that it signed a “Single Pile Foundation Manufacturing and Supply Contract” with a European offshore company to provide 10 oversized single piles for an offshore wind power project in the Baltic Sea region. The contract amount is 46 million euros, and delivery is expected to be completed in 2025. Since 2024, the company has completed the delivery of a number of overseas offshore projects, such as the MorayWest offshore wind farm sea tower in Scotland and the Noy-lles D'Yeu et Noirmoutier offshore wind farm single pile in France. The company has received certain project performance and customer recognition in the field of overseas offshore engineering, laying a good foundation for future new orders.
The first autonomous overseas offshore project arrived in Hong Kong. According to the company's disclosure, the subsidiary Penglai Daikin signed a supply contract with RWE for the Thor offshore wind farm project in Denmark. On the basis of 36 single piles without transition sections, the company is also responsible for transporting all single pile products to the customer's designated location. In October 2024, the first batch of 8 single piles of the project successfully arrived at the port of destination. This is the first overseas offshore project where the company is independently responsible for transportation. It has accumulated effective experience for the company to subsequently use self-built special carriers to carry out ocean transportation business.
Risk warning: Overseas policy changes, offshore wind power project construction falls short of expectations, raw material prices fluctuate, industry competition heightens the risk, the company's overseas bid falls short of expectations, and the company's production capacity release falls short of expectations.
