Dajin - H/A: Initiate at OW - Positioned for European foundation tightness and higher-value service expansion

We initiate coverage of leading global offshore wind foundation provider Dajin-H/A at OW with a Dec-27 PT of HK$43/Rmb47, implying 36%/18% upside. European offshore wind installations are projected to rise ~160% in 2026-30 vs. 2021-25, with the European wind foundation market expanding at a ~30% CAGR, lifting 2030 cumulative capacity to ~70GW (WindEurope). High entry barriers and limited near-term capacity additions should keep European supply tight through 2030, supporting further share gains for Dajin, whose European foundation market share rose to ~30% in 1H25 from ~20% in 2024;