Daikin Heavy Industries in the wind power industry recently announced that its German order amount has been raised. This adjustment is expected to further enhance the company's performance.
First, let's look at the specifics of the order. The original amount of the winning project has been increased from 54.7 billion euros to 6.7 billion euros2.6 billion euros. According to the current exchange rate (EUR to RMB 7.).75) calculates that the total amount of orders after the increase is about 484.8 billion yuan. The scale of this project is quite large, divided into two phases A and B, with a capacity of about 16GW, 15MW wind turbine will be applied. The company plans to start construction and delivery of these monopiles in 2024.
The terms of the project will come into effect immediately after they are signed by both parties. The subsequent settlement will be carried out in the order of advance payment, progress payment and final payment. This process ensures the smooth running of the project and the return of funds to the company.
It is worth mentioning that the amount of a single pipe pile in this project is about 46.17 million yuan (including freight). Compared with the previous monopile ** contract signed by the company in May, the weight and unit price of the single pile have increased. This may be due to the improvement of project specifications, and the requirements for monopile products have also increased accordingly. Since 2022, the company has successively won a number of overseas orders for pipe piles, and has completed the delivery of all 6 monopile products of Moray West. The increase in the amount of this project is expected to further increase the company's performance.
Looking ahead, the company's operations are expected to grow further as the company completes the shipment of all 6 vessels and the growth of the domestic sea breeze market in Q4. It is estimated that the net profit attributable to the parent company in 2023 and 2024 will be about 600 million yuan and 900 million yuan respectively. According to the current market valuation, the corresponding PE is 25 times and 17 times, respectively. Therefore, we continue to recommend that you focus on the long-term investment opportunities of Daikin Heavy Industries.
In addition, we think this news is positive for Daikin Heavy Industries' share price. With the continuous expansion of the company's business and the continuous growth of its performance, investors' confidence in the company will be further enhanced. This will help drive the share price's **. Therefore, we recommend investors to pay close attention to the dynamics of Daikin Heavy Industries and grasp the investment opportunities.
Note: The data and opinions in this article are provided by the new team of Yangtze Power and are for reference only.
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