Since the beginning of this year, the &#34;A+H&#34; listing boom has continued to heat up. As of mid-October, 11 A-share companies have successfully achieved &#34;A+H&#34; dual listings this year, ranking third in the number of listings during the same period in previous years, only behind 15 companies in 2015 and 13 companies in 1997. Notably, since October, four A-share companies, including Sany Heavy Industry, have successively passed the H-share listing hearing, soon to become new members of the &#34;A+H&#34; camp.
Recently, another A-share listed company disclosed its progress regarding &#34;A+H&#34; listings. According to Zhitong Finance APP, DHI Co., Ltd. (hereinafter referred to as &#34;DHI&#34;) (002487.SZ) has submitted a listing application to the Hong Kong Stock Exchange, with Huatai International and China Merchants Securities International as its joint sponsors.
As the first A-share listed company for wind power towers, DHI's attempt to list on the Hong Kong Stock Exchange also hopes to become the &#34;first stock for wind power towers&#34; in the Hong Kong market. So what is its investment value? Let's analyze it from the company's fundamentals.
<h2>Industry Development Prospects Are Promising</h2>
DHI was established in 2003 and listed on the Shenzhen Stock Exchange in 2010. It is a global leading supplier of core equipment for offshore wind power, deeply engaged in the new energy industry for nearly twenty years, providing one-stop solutions for &#34;construction + transportation + delivery&#34; of wind power basic equipment to global large offshore wind power developers.
To meet customers' one-stop and diversified needs, DHI's products and services have gradually extended from the research and manufacturing of offshore wind power basic equipment to areas such as ocean special transportation, ship design and construction, and wind power mother port operations, while actively laying out new energy development and operation businesses, continuously promoting the strategic transformation from product supplier to system service provider.
DHI's clients mainly include leading global offshore wind power developers and wind turbine manufacturers. In 2023, the company upgraded its &#34;Two Seas Strategy&#34; to the &#34;New Two Seas Strategy.&#34; According to Frost &amp; Sullivan data, as of June 30, 2025, DHI is the only supplier in the Asia-Pacific region that has achieved bulk delivery of single piles to Europe. From 2022 to the first half of 2025, the company's overseas business has made rapid progress, with the proportion of overseas revenue in total revenue significantly increasing from 16.4% to 79.0%, representing the continuous implementation of the &#34;New Two Seas Strategy&#34; and high recognition from clients.
In fact, in recent years, driven by global energy transition and carbon neutrality goals, wind power has become one of the most strategically significant sectors in renewable energy development. With continuous policy support, declining technology costs, and rapid expansion of 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 in recent 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%. With the optimization of electricity demand structure and the concentrated commissioning of large-scale projects, it is expected that by 2030, the newly installed capacity will further increase to 196.7 GW, and the compound annual growth rate from 2024 to 2030 will rise to 9.0%
Offshore wind power is experiencing explosive growth driven by technological breakthroughs and policy support, becoming the core engine for industry growth. Although the current market share of offshore wind power remains relatively low, its future growth potential is significant. It is expected that by 2030, the share of offshore wind power in the global new installed capacity of wind power will jump to 18.6%, with new installed capacity exploding from 8.0 GW in 2024 to 36.7 GW in 2030, achieving a compound annual growth rate of 28.9%.
China and Europe have become the core forces driving the development of global offshore wind power. By the end of 2024, China will contribute about half of the global offshore wind power installed capacity, while Europe, represented by the UK, Germany, the Netherlands, and Denmark, will account for approximately 94.5% of the global installed capacity combined with China.
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As an important strategic focus for wind energy development in Europe, offshore wind power has become a significant component of this field. According to Wind Europe data, by the end of 2024, the cumulative installed capacity of wind power in Europe will reach 285 GW, of which onshore wind accounts for 248 GW and offshore wind 37 GW. In 2024, offshore wind power will account for about 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 is expected to grow from 8.1 billion yuan (RMB, the same below) in 2020 to 9.6 billion yuan in 2024, with a compound annual growth rate of 4.3% during this period. With multiple large projects starting construction, deep-sea wind power gradually advancing, the commercialization of floating wind power accelerating, and the implementation of various national policy incentives, the market will enter a phase of explosive expansion. It is expected that by 2030, the scale of the European offshore wind power infrastructure market will reach 41.7 billion yuan, with a compound growth rate expected to reach 27.7% from 2024 to 2030.
<h2>Revenue Down, Profit Up</h2>
The growth in sales in the European market is the main factor driving DHI's profitability improvement. The company has gained a good international brand reputation in the European market and has built a global strategic marketing system based on the European market.
According to Zhito Finance APP, from 2022 to 2024, the company's overseas revenue was 838 million yuan, 1.715 billion yuan, and 1.733 billion yuan, accounting for 16.4%, 39.6%, and 45.9% of total revenue, respectively. In the first half of 2025, DHI's overseas business revenue further increased to 2.24 billion yuan, a year-on-year increase of 195.78%; in contrast, domestic revenue remained basically flat.
However, the growth in overseas revenue has not reversed the trend of declining revenue for DHI. In 2022, 2023, 2024, and the first half of 2025, the company achieved revenues of 5.106 billion yuan, 4.325 billion yuan, 3.780 billion yuan, and 2.841 billion yuan, respectively
However, it is worth mentioning that the gross profit margin of the company's overseas business is much higher than that of its domestic business. For example, in the first half of 2025, the gross profit margin for overseas business was 30.7%, while the gross profit margin for domestic business was only 18.7%.
The increase in the proportion of overseas revenue has also driven the overall profitability of the company. In 2022, 2023, 2024, and the first half of 2025, the company's net profits were 450 million yuan, 425 million yuan, 474 million yuan, and 547 million yuan, respectively, with net profit margins of 8.8%, 9.8%, 12.5%, and 19.2%. This indicates that the company's profitability continues to strengthen.
The company stated that its cumulative total amount of overseas offshore engineering orders exceeds 10 billion yuan, mainly concentrated in deliveries over the next two years, covering multiple offshore wind power project clusters in the North Sea and the Baltic Sea in Europe. At the same time, the company's long-term locked production agreements are planned until 2030, including a locked production plan of 400,000 tons. Currently, the company has established multiple permanent overseas offices in Europe, Japan, and South Korea, creating a marketing network that covers major global offshore wind development regions. In the future, it will use this as a foundation to continue expanding its offshore wind engineering business in emerging markets such as Australia and Southeast Asia.
As DHI becomes increasingly reliant on overseas markets, the potential risks faced by the company are gradually becoming apparent. As its dependence on overseas customers increases, it may pose challenges to the stability of the company's future business.
The company also pointed out in its risk factors that as part of its global business expansion, it has extended its operations to over 30 countries and regions. Although these measures enhance the company's operational adaptability and customer coverage, the sustainability of its international business may also be affected by various uncontrollable legal, regulatory, political, and economic risks, such as changes in laws and regulations, exchange rate fluctuations, and risks in overseas operational management.
Overall, DHI, with its leading position in the offshore wind power equipment sector and clear &#34;New Two Seas Strategy,&#34; demonstrates strong potential in &#34;A+H&#34; dual-platform financing and global layout. However, how to effectively respond to multiple risks such as geopolitical issues and exchange rate fluctuations while rapidly expanding into overseas markets to achieve high-quality and sustainable global development will remain a key challenge for the future

002487

DHI Co., Ltd. submitted a listing application to the Hong Kong Stock Exchange, becoming the first A-share wind power tower company to go public, and is expected to become the "first stock of wind power towers" in Hong Kong. This year, 11 A-share companies have successfully achieved "A+H" dual listings, and market enthusiasm continues to rise. DHI has been deeply engaged in the offshore wind power sector for nearly 20 years, with clients including leading global offshore wind power developers, and the proportion of overseas revenue is gradually increasing

New Stock Outlook | Revenue scale continues to shrink, overseas revenue proportion surpasses, DHI seeks new opportunities in Hong Kong