Investment Rating - The investment rating for the company is "Outperform the Market" [5][24]. Core Views - The company is expected to achieve a total operating revenue of 59.984 billion yuan in 2024, representing a year-on-year increase of 25.96%, with a net profit attributable to shareholders of 2.769 billion yuan, up 28.57% year-on-year [1][8]. - The company is focusing on communication networks and energy interconnection businesses, with significant growth in marine energy and communication, which are the main drivers of growth [1][13]. - The company has a strong order backlog, with 18 billion yuan in hand orders in the energy interconnection sector and approximately 8 billion yuan in marine communication [3]. Summary by Sections Financial Performance - In 2024, the company's total operating revenue is projected to be 59.984 billion yuan, with a net profit of 2.769 billion yuan and a non-recurring net profit of 2.576 billion yuan [1][4]. - For Q1 2025, the company reported a revenue of 13.268 billion yuan, a year-on-year increase of 12.58%, and a net profit of 557 million yuan, up 8.52% year-on-year [1][8]. - The company's gross margin for 2024 is 13.21%, a decrease of 2.1 percentage points year-on-year, but it improved to 13.62% in Q1 2025 [2][18]. Business Segments - The revenue from smart grid, marine energy and communication, and industrial and new energy segments for 2024 is expected to be 22.18 billion yuan, 5.73 billion yuan, and 6.77 billion yuan, respectively, with year-on-year growth rates of 14.7%, 69.5%, and 18.1% [1][13]. - The company is actively expanding its high-voltage cable business and special emerging cable applications, with both domestic and international operations showing good growth [1][13]. Market Position and Strategy - The company is the only domestic enterprise capable of delivering submarine cables over 10,000 kilometers and has established a leading position in the marine energy sector with its 500kV cross-linked polyethylene insulated submarine cables [3]. - The company has successfully delivered multiple marine communication projects and is enhancing its production capacity in Jiangsu and Jieyang [1][3]. Profit Forecast - The profit forecast for 2025-2027 is adjusted to 3.24 billion yuan, 3.83 billion yuan, and 4.46 billion yuan, respectively, with the current stock price corresponding to P/E ratios of 12, 10, and 9 times [3][24].

Summary of Hengtong Optic-Electric Conference Call Company Overview - Hengtong Optic-Electric reported a robust revenue growth in 2024, with a non-net profit increase of 26.74% year-on-year. The growth trend continued into Q1 2025, with a non-net profit increase exceeding 30% [2][3]. Key Business Segments - The company operates in multiple sectors: - Optical Communication (11% of revenue) - Smart Grid (approximately 40%) - Industrial and New Energy Intelligence (11%) - Marine Energy and Communication (increased to 10%) [2][6]. - The Marine Energy and Communication segment showed strong profitability with nearly 70% revenue growth [2]. Financial Performance - In 2024, Hengtong achieved nearly 60 billion RMB in revenue, a 25.96% increase year-on-year. The net profit attributable to shareholders reached 2.769 billion RMB, up 28.57% [3]. Strategic Developments - The company has been actively involved in the smart grid sector, collaborating with State Grid and other major players to expand its comprehensive energy business [2][8]. - In the new energy sector, Hengtong delivered the world's largest wind turbine diameter unit and provided solutions for wind power transmission [9]. Marine Communication Achievements - Hengtong has a comprehensive solution capability in marine communication, with over 106,000 kilometers of submarine cable delivered. The company is involved in significant international projects, including the PEACE submarine communication network [10][11]. Order Backlog and Future Projections - As of the end of the reporting period, the company had an order backlog of 5.5 billion RMB, which is expected to be gradually delivered in 2025 and 2026 [4][23]. - The marine communication segment's order backlog increased to 8 billion RMB by the end of Q1 2025, indicating a stable and robust outlook for future performance [26]. International Market Focus - Approximately half of the current orders in the marine energy segment are from international projects, with a focus on large projects in Western and Southern Europe [28]. Financing and Acquisitions - In 2024, Hengtong introduced 10 strategic investors, raising nearly 2.6 billion RMB. The company also completed the acquisition of an Indonesian listed company, increasing its stake to 84.86% [12]. ESG and Corporate Governance - Hengtong has implemented a stock repurchase plan and initiated a restricted stock incentive plan for key employees. The company is also enhancing its ESG initiatives by establishing green factories and supply chain management [13]. Growth Drivers - The growth in the marine communication sector is driven by the need to upgrade existing submarine cables and the increasing demand for cross-ocean communication systems due to advancements in artificial intelligence [20][21]. Conclusion - Hengtong Optic-Electric is positioned for continued growth across its various business segments, supported by strong order backlogs and strategic initiatives in both domestic and international markets. The company remains optimistic about its performance in 2025 and beyond [14][36].

证券代码：600487 证券简称：亨通光电 公告编号：2025-025 号 3、会议召开方式：网络文字互动形式。 江苏亨通光电股份有限公司 关于召开 2024 年度业绩及分红说明会的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 会议问题征集：投资者可于 2025 年 5 月 11 日下午 17:00 前访问网址 https://eseb.cn/1nRzS9EDz9u 或扫描下方小程序码进行会前提问，公司将在业绩 说明会上对投资者普遍关注的问题在上市公司信息披露规定允许的范围内进行 回答。 一、 说明会类型 江苏亨通光电股份有限公司（以下简称"公司"）已于 2025 年 4 月 25 日披 露了《公司 2024 年年度报告》及《公司 2024 年度利润分配方案公告》。根据《上 海证券交易所上市公司自律监管指引第 1 号——规范运作》的规定，为便于广大 投资者更加全面深入地了解公司 2024 年度经营成果、财务状况，公司将举行 2024 年度业绩及分红说明会，在上市公司信息披露规定允许的范围内就 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Views - The company has shown continuous rapid growth in performance, with a strong order backlog expected to benefit from advancements in deep-sea technology [1][4]. - In 2024, the company achieved a revenue of 60 billion yuan, a year-on-year increase of 25.96%, and a net profit attributable to shareholders of 2.77 billion yuan, up 28.57% year-on-year [1]. - For Q1 2025, the company reported a revenue of 13.3 billion yuan, a year-on-year growth of 12.58%, and a net profit of 557 million yuan, reflecting an 8.52% increase year-on-year [1]. Financial Performance - The company maintained a net profit growth rate of around 30% throughout 2024, with Q4 2024 showing a revenue of 17.59 billion yuan, a 40.45% increase year-on-year, and a net profit of 454 million yuan, up 29.82% year-on-year [1]. - The gross margin for 2024 was 13.21%, a decrease of 2.1 percentage points, primarily due to pressure in the optical communication segment [3]. - The gross margin improved to 13.62% in Q1 2025, indicating a quarterly recovery [3]. Business Segments - The optical communication segment generated revenue of 6.56 billion yuan, down 10.95% year-on-year, while the smart grid segment saw revenue of 22.18 billion yuan, up 14.68% year-on-year [2]. - The marine energy and communication segment experienced significant growth, with revenue reaching 5.74 billion yuan, a year-on-year increase of 69.6% [2]. - The industrial and new energy smart segment reported revenue of 6.77 billion yuan, reflecting an 18.11% year-on-year growth [2]. Order Backlog and Market Position - As of Q1 2025, the company had an order backlog of approximately 18 billion yuan in the energy interconnection sector, with strong positions in domestic and international markets [4]. - The company is a leading player in the marine wind sector in China and has successfully secured orders in various regions, including Hainan, Shandong, and Guangdong, as well as international projects in Europe and Southeast Asia [4]. - The marine communication segment, through its subsidiary, holds a leading market position globally, with an order backlog of about 8 billion yuan [4]. Profitability Forecast - The company is projected to achieve a net profit of 3.5 billion yuan in 2025, 4.3 billion yuan in 2026, and 5.15 billion yuan in 2027, with corresponding PE ratios of 11, 9, and 7 times [6].

公司报告 | 年报点评报告 亨通光电（600487） 证券研究报告 业绩持续快速增长，在手订单充沛有望受益深海科技推动 事件： 亨通光电发布 24 年报及 25 年一季报。24 年实现营业收入 600 亿元，同比 增长 25.96%；实现归母净利润 27.7 亿元，同比增长 28.57%。25Q1，公司 实现营业收入 133 亿元，同比增长 12.58%，实现归母净利润 5.57 亿元， 同比增长 8.52%，实现扣非净利润 5.46 亿元，同比增长 32.67% 24 年归母净利润逐季维持 30%左右增速： 公司 24 年 Q1-Q4 每个季度均实现归母利润接近 30%增长，业绩兑现强。 24Q4 来看，公司实现营业收入 175.9 亿元，同比增长 40.45%，实现归母净 利润 4.54 亿元，同比增长 29.82%。 分业务来看，光通信业务实现收入 65.6 亿元（YoY -10.95%），智能电网实 现 221.8 亿元（YoY +14.68%），海洋能源与通信实现收入 57.4 亿元（YoY +69.6%），工业与新能源智能实现收入 67.7 亿元（YoY +18.11%）。海洋能源 与通信业务高速 ...

Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, with significant growth in revenue and net profit, indicating robust business development across various sectors [1][2]. Financial Performance - In 2024, the company achieved a revenue of 59.984 billion yuan, a year-on-year increase of 26.0%, and a net profit attributable to shareholders of 2.769 billion yuan, up 28.6% [1]. - For Q1 2025, the company reported a revenue of 13.268 billion yuan, a year-on-year increase of 12.6%, but a quarter-on-quarter decline of 24.5%. The net profit attributable to shareholders was 557 million yuan, up 8.5% year-on-year and 22.6% quarter-on-quarter [1]. Business Segment Performance - The company's business segments showed varied performance in 2024: - Optical Communication: Revenue of 6.562 billion yuan, down 11.0%, with a gross margin of 25.59%, down 3.77 percentage points [2]. - Smart Grid: Revenue of 22.184 billion yuan, up 14.7%, with a gross margin of 12.58%, down 0.99 percentage points [2]. - Marine Energy and Communication: Revenue of 5.738 billion yuan, up 69.6%, with a gross margin of 33.53%, up 1.91 percentage points [2]. - Industrial and New Energy Intelligence: Revenue of 6.766 billion yuan, up 18.1%, with a gross margin of 13.27%, down 1.86 percentage points [2]. - Copper Conductor: Revenue of 15.007 billion yuan, up 50.9%, with a gross margin of 1.15%, down 1.16 percentage points [2]. - In Q1 2025, the company maintained steady growth in its ultra-high voltage, smart grid, industrial and new energy intelligence, and marine energy and communication sectors, contributing to a significant increase in net profit [2]. Order Backlog and Market Outlook - As of the end of Q1 2025, the company had a substantial order backlog, including approximately 18 billion yuan in orders for subsea cables, marine engineering, and land cable products, and around 8 billion yuan for marine communication projects [3]. - The offshore wind sector is expected to see a recovery in demand, with several projects ready to commence construction in 2025, which may lead to further growth for the company [3]. - The company has recently won multiple contracts in the offshore wind and marine oil and gas sectors, totaling 1.133 billion yuan [3]. Investment Outlook - The company is expected to benefit from the recovery in the offshore wind sector and the steady development of its various business lines. Projected net profits for 2025-2027 are 3.467 billion yuan, 4.246 billion yuan, and 4.772 billion yuan, respectively, with corresponding PE multiples of 11x, 9x, and 8x [4].

Group 1 - The F5G concept sector rose by 1.62%, ranking second among concept sectors, with 26 stocks increasing in value, including Shijia Photon, Taicheng Light, and Huamai Technology, which rose by 18.36%, 6.33%, and 6.08% respectively [1][2] - The sector saw a net inflow of 777 million yuan from main funds, with 19 stocks receiving net inflows, and 5 stocks attracting over 50 million yuan, led by Zhongji Xuchuang with a net inflow of 483 million yuan [2][3] - The top three stocks by net inflow ratio were Xingwang Ruijie, Huagong Technology, and Zhongji Xuchuang, with net inflow ratios of 12.40%, 9.77%, and 8.75% respectively [3] Group 2 - The stocks with the largest declines included Chuling Information, Jinxin Nuo, and Tiandi Technology, which fell by 1.63%, 1.60%, and 1.25% respectively [1][5] - The F5G concept sector's performance was contrasted with other sectors, such as biomass power generation, which rose by 1.92%, while the South Korea-China Free Trade Zone fell by 1.94% [2]

通信/通信设备 亨通光电（600487.SH） 业绩符合预期，充沛在手订单助力长期成长 2025 年 04 月 25 日 投资评级：买入（维持） | 日期 | 2025/4/24 | | --- | --- | | 当前股价(元) | 15.25 | | 一年最高最低(元) | 19.45/12.18 | | 总市值(亿元) | 376.18 | | 流通市值(亿元) | 372.89 | | 总股本(亿股) | 24.67 | | 流通股本(亿股) | 24.45 | | 近 3 个月换手率(%) | 156.73 | 股价走势图 数据来源：聚源 -16% 0% 16% 32% 48% 2024-04 2024-08 2024-12 亨通光电 沪深300 相关研究报告 《扣非归母净利润同比高增，通信新 能源在手订单丰富—公司信息更新报 告》-2024.10.28 《光通信领军企业，"通信+新能源" 驱动长期成长—公司首次覆盖报告》 -2024.10.24 蒋颖（分析师） jiangying@kysec.cn 证书编号：S0790523120003 扣非归母净利润同比增长，看好公司长期成长 2025 年 4 ...

通信/通信设备 亨通光电（600487.SH） 业绩符合预期，充沛在手订单助力长期成长 2025 年 04 月 25 日 投资评级：买入（维持） | 日期 | 2025/4/24 | | --- | --- | | 当前股价(元) | 15.25 | | 一年最高最低(元) | 19.45/12.18 | | 总市值(亿元) | 376.18 | | 流通市值(亿元) | 372.89 | | 总股本(亿股) | 24.67 | | 流通股本(亿股) | 24.45 | | 近 3 个月换手率(%) | 156.73 | 股价走势图 数据来源：聚源 -16% 0% 16% 32% 48% 2024-04 2024-08 2024-12 亨通光电 沪深300 相关研究报告 《扣非归母净利润同比高增，通信新 能源在手订单丰富—公司信息更新报 告》-2024.10.28 《光通信领军企业，"通信+新能源" 驱动长期成长—公司首次覆盖报告》 -2024.10.24 蒋颖（分析师） jiangying@kysec.cn 证书编号：S0790523120003 扣非归母净利润同比增长，看好公司长期成长 2025 年 4 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [3] Core Views - The company reported a significant increase in revenue and profit for 2024, with total revenue reaching 599.84 billion yuan, a year-on-year increase of 25.96%, and net profit attributable to shareholders of 27.69 billion yuan, up 28.57% [1][2] - The company is experiencing rapid growth in its marine segment, with substantial orders in hand, including approximately 180 billion yuan in energy interconnection projects and 80 billion yuan in marine communication business [6] - The company is focusing on global expansion, achieving 113.21 billion yuan in overseas revenue, a 36.75% increase year-on-year, and enhancing its production capacity in various international locations [6] Financial Data and Valuation - For 2024, the company expects total revenue of 66.81 billion yuan, with a year-on-year growth of 11%, and net profit of 33.30 billion yuan, reflecting a growth rate of 20% [2][6] - The company's earnings per share (EPS) is projected to increase from 1.12 yuan in 2024 to 1.35 yuan in 2025, with a corresponding price-to-earnings (PE) ratio decreasing from 13.6 to 11.3 [2][13] - The company maintains a healthy financial position with a debt-to-asset ratio of 53.0% and a return on equity (ROE) of 9.6% [3][13]