HTGD(SH:600487) Xin Lang Cai Jing·2025-09-08 04:28Core Viewpoint - The company maintains its profit forecast, raises the target price, and retains a buy rating, indicating a positive outlook for future performance [1][2]. Financial Performance - The company reported a revenue of 32.049 billion yuan for the first half of 2025, representing a year-on-year increase of 20.42%. The net profit attributable to shareholders was 1.613 billion yuan, showing a slight increase of 0.24% year-on-year, attributed to a high base from the previous year [2]. - The company maintains a gross margin of 13.56%, which is relatively stable compared to previous periods. However, there is a noted decline in gross margin compared to the same period last year, primarily due to the rapid growth of smart grid, industrial intelligence, and copper conductor businesses, which have increased their share [2]. Order Backlog and Strategic Initiatives - The company currently has a backlog of orders in marine power, marine engineering, and land cable sectors amounting to approximately 20 billion yuan, with marine communication-related orders totaling 7.5 billion yuan, indicating a robust order book [3]. - The company has acquired j-fiber in Germany, which has nearly 40 years of experience in the production of specialty optical fibers. Additionally, the company is expanding its AI advanced optical fiber materials R&D and manufacturing center, with plans for completion by February 2026, aimed at enhancing production capabilities for multimode, multi-core, and hollow-core specialty fibers [3][4].