HTGD(SH:600487) Xin Lang Cai Jing·2025-05-02 06:31Core Viewpoint - The company achieved a revenue of 59.984 billion yuan in 2024, representing a year-on-year increase of 25.96%, and a net profit attributable to shareholders of 2.769 billion yuan, up 28.57% year-on-year, aligning with previous expectations [1] Revenue and Profit Analysis - In 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, although lower than previous expectations due to a decrease in non-recurring gains [1] - The company's overseas business revenue exceeded 10 billion yuan for the first time in 2024, with a year-on-year growth of 38.86% [1][2] Business Segment Performance - The marine energy and communication business saw significant growth, while the smart grid and new energy sectors continued to expand. In 2024, smart grid revenue reached 22.184 billion yuan, up 14.68% year-on-year, and industrial and new energy smart revenue was 6.766 billion yuan, up 18.11% year-on-year [2] - The company supplied high-voltage cables to various electric vehicle manufacturers, including Chery, Xiaomi, and others [2] - Light communication revenue was 6.562 billion yuan, down 10.95% year-on-year, primarily due to lower-than-expected demand for ordinary optical cables from telecom operators [2] - The marine energy and communication revenue reached 5.738 billion yuan, a significant increase of 69.60% year-on-year, with a backlog of orders amounting to approximately 18 billion yuan for submarine cables and marine engineering products, and about 8 billion yuan for marine communication [2] Cost and Profitability Metrics - The company's overall gross margin for 2024 was 13.21%, a decrease of 2.01 percentage points year-on-year, mainly due to rising costs of copper and aluminum, as well as a decline in the gross margin of the light communication business [3] - The net profit margin attributable to shareholders was 4.62%, an increase of 0.09 percentage points year-on-year, benefiting from optimized expenses [3] - In Q1 2025, the overall gross margin was 13.62%, down 1.43 percentage points year-on-year, and the net profit margin was 4.20%, down 0.16 percentage points year-on-year [3] Profit Forecast and Valuation - Considering the decline in gross margin for the light communication business, the company is expected to achieve net profits attributable to shareholders of 3.350 billion yuan, 3.969 billion yuan, and 4.753 billion yuan for 2025-2027 [4] - The company is assigned a 15x PE valuation for 2025, leading to a target price of 20.37 yuan [4]