Dajin Heavy Industry (002487) Q3 2026 earnings summary

Executive summary

• 9M revenue was CNY 4,363,259,360.06, down 5.05% YoY; attributable net income was CNY 710,115,290.27, down 19.97%. Excluding FX effects, net income was ~CNY 860m, up ~6% YoY.

• 9M gross margin rose to 35.6% from 31.1%; operating cash flow increased 35.39% YoY to CNY 2,043,083,024.04.

Financial highlights

• Q3 revenue was CNY 1,110,744,168.47, down 36.68% YoY; attributable net income was CNY 109,548,288.35, down 67.85%.

• Q3 adjusted net income was CNY 102,595,499.74, down 69.19% YoY; 9M adjusted net income was CNY 691,137,219.38, down 22.85%.

• 9M net income fell mainly due to a temporary decline in quarterly deliveries and differences in order mix; FX fluctuations also weighed on reported profit.

• 9M total comprehensive income was CNY 688,589,140.47, versus CNY 886,845,128.67 a year earlier; reported net income was CNY 710,115,290.27.

Outlook and guidance

• Strategic shift toward integrated offshore wind foundation delivery spanning manufacturing, transport, mother-port operations and installation; installation vessel development is intended to complete the delivery chain.

• ULSTEIN HX122 with U-STERN® design targets 15–30MW offshore turbines; planned vessel specifications include an 8,000-tonne main crane and installation of monopiles up to 4,600 tonnes.