Key takeaway: In 2025 September, we released DAJIN (002487.SZ) Deep Dive: Cornerstone of wind energy, world's DAJIN, proposing that the core expectation difference of the company lies in its innovative and unique business, and the lack of benchmark enterprises in the industry leads to market deviation in recognizing the company's value. Over the past half year, the company has developed rapidly, and the progress of system service business continues to exceed expectations. The next round of stock price drivers for DAJIN will come from the continuous realization of fundamentals such as offshore wind systemservice business ("manufacturing + transportation + homeport operation + installation") and a large number of orders for third-party shipbuilding business. The company will utilize the customer base accumulated in the European offshore wind market over the years to deeply integrate European offshore wind resources, build a brand-new ecosystem, and march towards a world-class offshore engineering leader. The growth space brought by incremental business to the company is more than 3 times that of the existing offshore engineering business. Superimposedonthe company's forward-lookingstrategic vision and execution ability to quickly enter newmarkets,we raise the company'smarket cap space around 2029 to RMB170bn.

In 2025 September, we released DAJIN (002487.SZ) Deep Dive: Cornerstone of wind energy, world's DAJIN, proposing that the core expectation difference of the company lies in: (1) The business is innovative and unique, and the lack of benchmark enterprises in the industry leads to market deviation in recognizing the company's value. (2) There is an expectation gap in the understanding of the value and profitability of floating solutions, global logistics system, and system service providers. (3) The company's performance and valuation have upward potential.

Over the past half year, the company has developed rapidly, and the progress of system service business continues to exceed expectations: (1) In 2025 November, it obtained the German Genneker offshore wind and offshore engineering order including port services, with the value doubled compared to single manufacturing and stronger profitability. (2) Cooperating with China Zhengli and Norway's Ramstad to quickly resolve equipment and qualification barriers, it is expected to see the performance of offshore wind installation business in 2027. (3) Obtainingmultiple external shipbuilding ordersdirectly boosts the performance in 2028 and beyond.

We believe the driving force behind the significant surge in the stock price of DAJIN in 2025 (up 150%) stems from: the rapid growth of European offshore wind power, the simultaneous increase in volume and price of the company's offshore engineering business, and continuous strong performance growth.Meanwhile, as the businessmodel built by the company has no comparable peersglobally, the market willgradually correct the perception gap over time.

The next round of stock price drivers for DAJIN will come from the continuous realization of fundamentals such as the offshore wind system service business ("manufacturing + transportation + home port operation + installation") and massive orders in the third-party shipbuilding business. The company will leverage the customer base accumulated in the European offshore wind market over the years to deeply integrate European offshore wind resources, build a brand-newecosystem, and advance towards becoming a world-class offshoreengineeringleader.

(1) Fast industry growth: Against the backdrop of global electricity shortages, the company’s offshore engineering business continues to scale, fueled by a 20% industry-wide CAGR in the European offshore wind sector.

(2) Large development space boosts valuation: The integration of the company’s offshore wind assets into the global offshore engineering supply chain has significantly raised its long-term growth ceiling. Consequently, we have revised our 2029market cap projection upward to RMB 170 billion (from RMB 120 billion), as this strategic integration serves as the primary catalyst for valuation expansion.

(3) Incremental third-party shipbuilding business: The company has planned dock resource quotas in advance and fully benefits from the spillover of shipbuilding cycle orders. Public information shows that the scale of signed orders plus potential orders for third-party commercial shipbuilding is nearly RMB10bn;

(4) Further enhanced performance visibility: The faster-than-expected entry into the offshore wind installation and shipbuilding business fields will bring significant performance upgrades in 2027-2028. The performance in 2027 and 2028 is upgraded to RMB2.73bn and RMB3.82bn respectively,with upgrade margins of 17% and 46% respectively. The market has not yet fully priced this in.

The growth space brought by the incremental business to the company ismore than 3 times that of the existing offshore engineering business. Bolstered by the company’s strategic foresight and its proven agility in penetrating new markets, we have revisedour 2029market cap projection upward to RMB170bn(previouslyRMB120bn).

Earnings forecast and valuation: We estimate the company's operating revenue in 2026, 2027, and 2028 to be RMB9.79bn, RMB13.52bn, and RMB20.38bn respectively, and the net profit attributable to shareholders of the parent company to be RMB1.79bn, RMB2.73bn, and RMB3.82bn respectively. The corresponding PE valuations are 30.4x, 20.0x, and 14.3x respectively.We maintain the "Buy" rating.

Risks

Overseas wind power planning and policy promotion fall short of expectations;

Overseas wind power project promotion falls short of expectations: The construction volume and progress of overseas wind power projects falling short of expectations will affect the large-scale development of the industry;

Intensified industry competition leads to impaired profitability of segments: If industry competition intensifies, fierce price wars will lead to impaired profitability of enterprises in the industry;

Industry cost reduction falls short of expectations: The large-scale development of wind power still relies on the cost reduction of upstream components, among which the large-scale development of floating offshore wind power relies heavily on industry cost reduction, and upstream cost reduction falling short of expectations will affect the large-scale promotion and development of the industry;

Risk of the company's business promotion progress falling short of expectations, and the company's capacity release falling short of expectations.