This year, the trend of "A+H" dual listings has gained momentum. By mid-October, 11 A-share companies had successfully achieved dual listings, ranking third in historical terms, trailing only 2015 (15 listings) and 1997 (13 listings). Notably, in October alone, four A-share companies, including Sany Heavy Industry, passed their H-share listing hearings and are set to join the "A+H" club. Recently, another A-share company disclosed progress in its dual-listing plans.
Dajin Heavy Industry Co., Ltd. (002487.SZ), the first wind turbine tower manufacturer listed on the A-share market, has submitted an application for a main board listing on the Hong Kong Stock Exchange, with Huatai International and China Merchants Securities International as joint sponsors. If successful, Dajin Heavy Industry could become the first wind tower stock on the Hong Kong market. But what is its investment potential? Let’s analyze its fundamentals.
**Promising Industry Prospects** Founded in 2003 and listed on the Shenzhen Stock Exchange in 2010, Dajin Heavy Industry is a global leader in offshore wind power equipment, specializing in integrated solutions for large-scale offshore wind projects, including manufacturing, transportation, and installation. Over nearly two decades, the company has expanded from core equipment production to offshore transport, ship design, port operations, and even renewable energy development, transitioning from a supplier to a comprehensive service provider.
Dajin Heavy Industry serves top-tier offshore wind developers and turbine manufacturers. In 2023, it upgraded its "Two Seas Strategy" to the "New Two Seas Strategy." According to Frost & Sullivan, as of June 30, 2025, the company is the only Asia-Pacific supplier to have delivered monopiles in bulk to Europe. From 2022 to H1 2025, overseas revenue surged from 16.4% to 79.0% of total revenue, reflecting the success of its global expansion and client recognition.
Globally, wind power has become a strategic sector in the energy transition, driven by policy support, falling technology costs, and green investment growth. Global wind installations rose from 95.3 GW in 2020 to 117.0 GW in 2024 (CAGR: 5.3%), with projections of 196.7 GW by 2030 (CAGR: 9.0%). Offshore wind, in particular, is set for explosive growth—expected to reach 36.7 GW by 2030 (CAGR: 28.9%)—accounting for 18.6% of total installations.
China and Europe dominate offshore wind development, contributing ~94.5% of global capacity by 2024. Europe’s offshore wind market, led by the UK, Germany, the Netherlands, and Denmark, is projected to grow at a 27.7% CAGR through 2030, reaching RMB 41.7 billion in foundation structure sales.
**Revenue Decline but Profit Growth** Dajin Heavy Industry’s profitability has been buoyed by European sales, where it has built a strong brand and global marketing network. Overseas revenue climbed from RMB 838 million (16.4% of total) in 2022 to RMB 2.24 billion (79.0%) in H1 2025, while domestic sales stagnated. Despite shrinking total revenue (RMB 5.1 billion in 2022 to RMB 2.84 billion in H1 2025), higher-margin overseas business (30.7% vs. 18.7% domestically in H1 2025) lifted net profit to RMB 547 million in H1 2025, with net margins rising from 8.8% (2022) to 19.2%.
The company holds over RMB 10 billion in overseas orders, mostly for delivery in the next two years, and has locked in 400,000 tons of production capacity through 2030. It has established offices in Europe, Japan, and South Korea, with plans to expand into Australia and Southeast Asia.
**Risks Ahead** Growing reliance on overseas markets exposes Dajin Heavy Industry to geopolitical, regulatory, and currency risks. The company acknowledges challenges in sustaining international operations amid unpredictable legal and economic conditions.
In summary, Dajin Heavy Industry’s leadership in offshore wind and strategic global vision position it well for dual-listing benefits. However, navigating cross-border risks while maintaining growth will be critical to its long-term success.
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