Dajin Heavy (1081.HK): Leading Export Oriented Wind Equipment Maker; Initiate at Buy

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Dajin Heavy (1081.HK): Leading Export Oriented Wind Equipment Maker; Initiate at Buy

Dajin Heavy (1081.HK)

14 July 2026 Citi Research

Self-operated Transportation

Dajin has switched to DAP sales model from FOB model for overseas sales since

2H24. Its average delivery lead time is often 3 to 4 months shorter than those of its

major competitors. Management estimates inhouse logistics can increase its unit

profit by Rmb500 per ton.

Self-managed Ports

Dajin has successively established port facilities in Denmark, Germany, and Spain

to serve the key offshore wind markets in Europe, including the Baltic Sea, North

Sea and Atlantic coast areas, to meet the delivery requirement of local projects.

This strategic initiative aims to enhance localized capabilities in final assembly,

warehousing, and service provision, thereby overcoming regulatory and logistical

barriers.

Moreover, Dajin plans to establish an offshore wind foundation manufacturing

base at the Port of Gijón in Asturias, Spain. The company has signed a

Memorandum of Understanding (MOU) with the Spanish industrial group Zima

Equity Investments, to jointly develop a manufacturing facility for offshore wind

foundation equipment, including floating foundations.

Installation Services

In April 2026, Dajin signed a “Memorandum of Strategic Cooperation on European

Offshore Wind Transport and Installation (T&I)” with Ramstad Energy AS, a

Norwegian offshore wind engineering and technical services provider. Both

companies plan to jointly develop specialized transport and installation vessels

and tooling equipment tailored to European waters, co-establish engineering and

HSE management systems that comply with applicable standards, integrate

respective strengths to build comprehensive EPC capabilities for offshore wind