Dajin Heavy Industry (002487) Q4 2024 earnings summary

Executive summary

• Revenue for 2024 was ¥3.78 billion, down 12.61% year-over-year, while net profit attributable to shareholders rose 11.46% to ¥473.87 million.

• Gross margin improved to 29.83%, up 6.59 percentage points, and net margin reached 12.54%, up 2.71 points year-over-year.

• Overseas revenue accounted for nearly 50% of wind power equipment sales, driven by strong growth in high-value export marine engineering products.

• The company completed major deliveries to leading European offshore wind projects, expanding its international client base and project portfolio.

• Operating cash flow increased 33.97% to ¥1.08 billion, reflecting improved collection from overseas clients and tighter domestic controls.

Financial highlights

• 2024 revenue: ¥3,779,650,570.21 (-12.61% YoY); net profit: ¥473,874,867.06 (+11.46% YoY).

• Gross margin: 29.83% (+6.59 pts YoY); net margin: 12.54% (+2.71 pts YoY).

• Operating cash flow: ¥1,083,450,989.85 (+33.97% YoY).

• Total assets: ¥11,561,949,391.14 (+13.08% YoY); net assets: ¥7,272,009,260.74 (+5.18% YoY).

• Basic and diluted EPS: ¥0.74 (+10.45% YoY).

Outlook and guidance

• Strategic focus on high-tech, high-value offshore wind markets in developed economies, aiming for global market share leadership outside China within 3–5 years.

• Continued expansion of overseas marine engineering business, with further capacity ramp-up at key export bases and new floating wind initiatives.

• Ongoing investment in R&D and production upgrades to meet evolving international standards and support new product lines.