HTGD(SH:600487) Xin Lang Cai Jing·2025-04-29 02:35Core 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].