HTGD(SH:600487) Xin Lang Cai Jing·2025-09-08 04:28Group 1: Financial Performance - In H1 2025, the company achieved operating revenue of 32.049 billion yuan, a year-on-year increase of 20.42% [1] - The net profit attributable to shareholders was 1.613 billion yuan, a year-on-year increase of 0.24% [1] - The non-recurring net profit attributable to shareholders was 1.571 billion yuan, a year-on-year increase of 3.69% [1] - In Q2 2025, the company achieved operating revenue of 18.781 billion yuan, a year-on-year increase of 26.64% and a quarter-on-quarter increase of 41.55% [1] - The net profit attributable to shareholders in Q2 2025 was 1.056 billion yuan, a year-on-year decrease of 3.63% but a quarter-on-quarter increase of 89.74% [1] Group 2: Strategic Developments - The company is focusing on global wind energy resources and has secured a substantial order backlog in offshore wind projects [2] - As of June 2025, the company had approximately 20 billion yuan in orders related to underwater cables and marine engineering, and about 7.5 billion yuan in orders for marine communication business [2] - The company participated in significant offshore wind projects, including the first fully operational offshore wind project in Hainan Province [2] Group 3: Innovation and Market Trends - The demand for data centers driven by AI technology is experiencing explosive growth, with global capital expenditure on AI data centers significantly increasing [3] - The company has innovated in low-loss optical fiber and liquid cooling solutions, positioning itself to benefit from the growing data center market [3] - The company launched a new generation of ultra-low-loss optical fiber products and liquid cooling solutions to meet the needs of high-density computing environments [3] Group 4: Investment Outlook - The company is a leading provider of system solutions in the communication and energy sectors, with expected continued performance improvement [4] - Forecasted net profits for 2025-2027 are 3.382 billion, 3.933 billion, and 4.617 billion yuan, respectively, with corresponding EPS of 1.37, 1.59, and 1.87 yuan [4] - The company maintains a "buy" rating based on the anticipated growth in the optical communication and energy internet sectors [4]