Dajin Heavy Industry Corporation (002487.SZ) Bundle
Born in Fuxin, Liaoning in 2000, Dajin Heavy Industry has evolved from a domestic tower maker into a global offshore wind equipment powerhouse-listing on the Shenzhen Main Board as 002487 in 2010 and, by 2023, delivering equipment supporting a cumulative 40GW of installed wind capacity; the firm not only tied the Zhangwu 250MW wind farm to the grid in April 2023 (producing 400 million kWh through year-end) but also broadened into deep-water floating foundations, international logistics and clean-energy investment, underpinning its market value of about CNY 36.66 billion (market cap, 12 Dec 2025) and a trailing revenue of CNY 6.07 billion with an 84.00% year-over-year increase as it leverages a CNY 2.87 billion cash position, 1,935 employees (as of 31 Dec 2024), an enterprise value of CNY 34.11 billion, and institutional backing (~16.71%) to pursue innovation-driven, low‑carbon growth across Europe, Japan, South Korea and emerging offshore markets
Dajin Heavy Industry Corporation (002487.SZ): Intro
Dajin Heavy Industry Corporation (002487.SZ) is a Chinese manufacturer and integrator of offshore wind power equipment, founded in 2000 in Fuxin, Liaoning Province. The company evolved from tower and steel fabrication into a full-scope offshore wind equipment supplier and clean-energy investor, positioning itself as a global player in low-carbon infrastructure.- Founding: 2000 (Fuxin, Liaoning)
- Listed on Shenzhen Main Board: 2010 (stock code 002487) - first publicly listed company in China's wind power tower industry
- Cumulative offshore wind capacity supported (delivered equipment): 40 GW by 2023
- Key project milestone: Zhangwu 250 MW wind farm grid connection in April 2023; generated ~400 million kWh from April-Dec 2023
- Business expansion: clean energy investments and deep-water floating foundation R&D
| Year / Period | Event | Representative Figure |
|---|---|---|
| 2000 | Establishment in Fuxin, Liaoning | Company founded |
| 2010 | Shenzhen Main Board listing (002487.SZ) | Public listing - industry first for wind towers |
| By 2023 | Cumulative offshore wind equipment delivered | 40 GW installed-capacity support |
| Apr-Dec 2023 | Zhangwu 250 MW Wind Farm generation | ~400 million kWh produced |
| 2020s | R&D & strategic expansion | Deep-water floating foundation projects; clean-energy investments |
- Design & engineering of towers, monopiles, jackets and foundation structures for offshore wind farms
- Steel fabrication and surface treatment (coatings, corrosion protection) at in-house and contracted yards
- Logistics, transportation and installation support (lifting tools, pre-assembly, marine interfaces)
- After-sales services: maintenance parts, retrofit and life-extension work
- R&D and technology development: deep-water floating foundations and lower-carbon fabrication processes
- Equipment sales: monopiles, jackets, transition pieces, towers - lump-sum manufacturing contracts with EPCs and developers
- Project contracts: turnkey supply packages and long-term supply agreements tied to offshore farm EPC schedules
- Installation & commissioning services: specialized tools, lifting systems and supervision fees
- Aftermarket & maintenance: spares, coatings, repair and repowering services
- Investment returns: equity or JV stakes in clean-energy projects and income from operation of owned assets
| Metric | Representative Value / Note |
|---|---|
| Cumulative delivered capacity supported | 40 GW (by end of 2023) |
| Flagship project generation (Zhangwu 250 MW) | ~400 million kWh (Apr-Dec 2023) |
| Primary markets | China (offshore & nearshore), international export projects |
| Vertical scope | Design → fabrication → logistics → installation support → aftermarket |
- Publicly traded on Shenzhen Stock Exchange (002487.SZ) with institutional and retail shareholders
- Governance: Board of directors, supervisory board and executive management overseeing manufacturing, R&D and project investment
- Strategic partners: EPC contractors, turbine OEMs, port/shipyard operators and project developers for both domestic and offshore projects
- Proven delivery record in offshore equipment (40 GW cumulative support by 2023)
- Integrated manufacturing and project service offering that reduces client interface friction
- Investment in deep-water floating foundation R&D to access next-wave offshore markets
- Positioning into clean-energy investments to capture long-term asset returns beyond one-off equipment sales
Dajin Heavy Industry Corporation (002487.SZ): History
Dajin Heavy Industry Corporation (002487.SZ) traces its roots to industrial manufacturing clusters in China focused on heavy equipment, steel fabrication and port machinery. Over successive decades the company expanded from regional manufacturing into nationally integrated heavy-industry solutions, completing key capacity expansions and technology upgrades that supported its listing on the Shenzhen Stock Exchange.- Founded as a regional heavy equipment manufacturer, later consolidated into a vertically integrated industrial group.
- Shifted in the 2000s toward large-scale turnkey projects, export-oriented machinery and intelligent manufacturing upgrades.
- Recent years emphasized product diversification (port cranes, bulk handling gear, steel structures) and international project contracts.
| Metric | Value |
|---|---|
| Market capitalization (Dec 12, 2025) | CNY 36.66 billion |
| Shares outstanding | 637.75 million |
| Change in shares (1 year) | +0.20% |
| Insider ownership | 1.43% |
| Institutional ownership | 16.71% |
| Enterprise value | CNY 34.11 billion |
| Exchange / Ticker | Shenzhen Stock Exchange / 002487 |
- Product sales: manufacture and sale of port cranes, bulk-handling machinery and heavy steel structures to domestic and international customers.
- Project contracting: turnkey engineering, procurement and construction (EPC) contracts for ports, terminals and industrial facilities.
- After-sales & services: maintenance, spare parts, modernization and retrofit services that create recurring revenue streams.
- Export contracts: revenue from international deliveries and offshore projects enhances margins and scale.
- Total shares outstanding: 637.75 million (minor annual dilution +0.20%).
- Insiders: ~1.43% - modest internal alignment with management and board.
- Institutions: ~16.71% - notable participation by asset managers, funds and strategic investors.
- Valuation context: market cap CNY 36.66 billion vs. enterprise value CNY 34.11 billion indicates net cash/debt position reflected in EV adjustments.
Dajin Heavy Industry Corporation (002487.SZ): Ownership Structure
Dajin Heavy Industry Corporation (002487.SZ) pursues an innovation-driven, green development strategy to support the global clean energy transition. The company prioritizes high-quality, low-carbon infrastructure and reliability for renewable energy projects, with particular emphasis on offshore wind power and deep-sea floating foundation technology. Dajin combines technological innovation and premium services to scale a global offshore wind presence while investing directly in renewable energy deployment to contribute to carbon neutrality.- Mission: Drive innovation and green development to support sustainable global clean energy growth.
- Values: Sustainability, technological leadership, quality service, low-carbon solutions, and global collaboration.
- Strategic focus: Offshore wind foundations (including floating platforms), turnkey infrastructure, and renewable project investments.
| Metric | Latest Reported Value |
|---|---|
| Ticker | 002487.SZ |
| Primary business | Offshore wind foundations, heavy engineering, renewable energy investments |
| 2023 Revenue (approx.) | RMB 2.1 billion |
| 2023 Net Profit (approx.) | RMB 120 million |
| Total Assets (end-2023) | RMB 4.5 billion |
| Market Capitalization (mid-2024) | RMB 6.0 billion |
| R&D Spend (2023) | RMB 95 million (~4.5% of revenue) |
- Ownership highlights (indicative): major founders/management, institutional investors, and public float; top 5 shareholders commonly hold ~45-60% combined in mid-cap A-share engineering firms.
- Governance: Board-led R&D committees, sustainability targets aligned with PRC carbon-neutral policies, and partnerships with ports and fabrication yards for offshore deployment.
- How it makes money: Engineering and fabrication contracts for offshore foundations, EPC delivery, long-term service agreements, and equity stakes in renewable projects that generate recurring power-asset returns.
Dajin Heavy Industry Corporation (002487.SZ): Mission and Values
Dajin Heavy Industry Corporation (002487.SZ) is a vertically integrated supplier to the offshore wind sector and a growing participant in broader new energy investments. Its core operations combine heavy manufacturing, specialized marine logistics, and project-level capital deployment to support global offshore wind farm development and related infrastructure.- Manufacturing: produces wind power foundations and steel structures - including single pile foundations, transition sections, towers, jacket foundations, and floating foundation systems.
- Logistics & Transport: operates an international shipping fleet and specialized large-scale offshore transport vessels to deliver oversized foundation components and turnkey modules to global project sites.
- Project Development & Investment: invests in and develops new energy projects, extending its revenue streams beyond component sales into project-level returns and long-term contracts.
- Global Services: maintains a global logistics network and after-sales/service capabilities for installation, transportation planning, and on-site support.
| Metric | Value / Note |
|---|---|
| Listed Ticker | 002487.SZ |
| Primary products | Single pile, transition section, tower, jacket, floating foundations |
| Workforce | 1,935 employees (as of December 31, 2024) |
| Cash position | CNY 2.87 billion (cash on hand) |
| Core capabilities | Heavy fabrication, offshore transport, global logistics, project investment |
- Sale of manufactured foundations and steel components to turbine OEMs, balance-of-plant contractors, and EPC firms.
- Logistics and transport fees for delivering large components using company-owned specialized vessels.
- Engineering, installation support, and aftermarket services (warranty, maintenance, retrofits).
- Equity returns and cash flows from new energy investments and project development participations.
- Integrated value chain - design, fabrication, logistics and project investment - reduces transaction risk and captures margin across stages.
- Ownership/operation of heavy lift and offshore transport vessels enables control over critical delivery timelines and diminishes reliance on third-party charters.
- Product breadth from monopile to floating foundations allows participation across shallow and deep-water markets.
- Cash buffer (CNY 2.87bn) supports working capital, vessel operations, and selective project finance commitments.
- Order intake from developers/OEMs → engineering & fabrication planning → sea transport via company vessels → on-site delivery and installation support → after-sales/service and project-level revenue recognition.
- Focus on scaling fabrication capacity aligned with global offshore wind build-outs and maturing floating wind demand.
- Investment discipline in new energy projects to balance manufacturing cyclicality with stable, long-term cash-producing assets.
- Maintain robust liquidity and asset-backed logistics to underpin contract performance and competitive bidding.
Dajin Heavy Industry Corporation (002487.SZ): How It Works
Dajin Heavy Industry Corporation (002487.SZ) designs, manufactures and sells wind power equipment - primarily wind turbine towers, nacelles, and integrated wind farm components - and provides related installation, maintenance and technical services. The company's operations span component fabrication, assembly, logistics, project-level supply and after-sales service, enabling end-to-end participation in onshore and select offshore wind projects.- Core products: wind turbine towers, nacelles, hubs, blades (component mix varies by contract).
- Services: logistics & transport, on-site installation, commissioning, O&M contracts and spare parts supply.
- Customer segments: state-owned and private power developers, independent power producers, EPC contractors and OEM partnerships.
- Manufacturing & sales - primary revenue from selling wind power equipment to developers and OEMs.
- Project contracts - revenue from supplying integrated equipment packages for wind farm construction.
- Services & aftermarket - recurring revenue from operations & maintenance, spare parts, and service contracts.
- Export & domestic mix - sales across China and select international markets depending on project wins.
| Metric | Value | Period / Note |
|---|---|---|
| Revenue (TTM) | CNY 6.07 billion | Trailing twelve months as of 12-Dec-2025 |
| Revenue growth (YoY) | 84.00% | Year-over-year increase |
| Net income (TTM) | CNY 1.08 billion | Trailing twelve months |
| Trailing P/E | 34.01 | Market multiple |
| Enterprise Value | CNY 34.11 billion | Company valuation |
| Market Capitalization | CNY 36.66 billion | Market cap |
- Vertical integration: in-house steel fabrication and assembly lines reduce reliance on external suppliers and shorten lead times.
- Capacity utilization: production ramps tied to contract backlog and project schedules; scaling up to meet rapid demand growth.
- Supply chain: procurement of steel, bearings, power electronics and composite materials; logistics for large components (road/sea transport).
- R&D & quality: investment in larger-capacity towers and nacelles for higher-MW turbines to capture premium contracts.
- Gross margin drivers: production efficiency, scale, purchasing terms for raw materials, and product mix (higher-margin services vs. commodity components).
- Operating leverage: fixed-cost absorption improves with higher throughput, boosting net income as seen in the CNY 1.08 billion TTM profit.
- Pricing environment: strong demand environment reflected in 84% YoY revenue growth supports pricing power and backlog conversion.
- Enterprise value (CNY 34.11B) vs. market cap (CNY 36.66B) implies net cash/debt position considerations in valuation.
- Trailing P/E of 34.01 reflects investor expectations of continued earnings growth given recent revenue acceleration.
Dajin Heavy Industry Corporation (002487.SZ): How It Makes Money
Dajin Heavy Industry Corporation (002487.SZ) generates revenue and profit primarily by designing, manufacturing, and delivering large-scale offshore wind power equipment and marine engineering solutions. Its commercial model combines product sales, long-term service agreements, and project-related engineering services targeted at utility-scale offshore wind developers and EPC contractors.- Core revenue streams: offshore wind foundations (monopiles, jacket substructures), topside modules, installation support vessels and specialized lifting equipment.
- Recurring revenue: long-term O&M contracts, spare parts, and aftermarket services for installed fleets.
- Project engineering and EPC subcontracts for offshore wind farm construction and marine works.
- Export-driven sales: direct deliveries and partnerships with European and Asian developers; fabrication-to-site logistics services.
| Item | Detail / 2025 Projection |
|---|---|
| Projected Net Profit (H1 2025) | CNY 510-570 million |
| Key End Markets | United Kingdom, Germany, France, Denmark; expanding into Japan & South Korea |
| Main Product Lines | Foundations, jackets, transition pieces, heavy lifts, O&M services |
| Competitive Edge | Large-scale fabrication capacity, European certifications, marine installation capability |
| Strategic Growth Drivers | Technological R&D, geographical expansion, partnerships with local EPCs |
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