亨通光电：业绩持续增长，在手订单充沛

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its stock performance [2][4]. Core Views - The company has shown continuous revenue growth, with a reported revenue of 26.6 billion yuan for the first half of 2024, representing a year-on-year increase of 15%. The net profit attributable to shareholders reached 1.6 billion yuan, up 29% year-on-year [1]. - The company has a robust order backlog, with approximately 21 billion yuan in orders related to underwater cables, marine engineering, and land cable products in the energy interconnection sector [1]. - The company is actively expanding its presence in both domestic and international markets, particularly in the fields of smart grids and optical communication [1][2]. Financial Performance - The company achieved a gross margin of 16.5% in the first half of 2024, a slight decrease of 0.3 percentage points year-on-year, while the net profit margin improved to 6.5%, an increase of 1.1 percentage points year-on-year [2]. - The company’s revenue projections for 2024 to 2026 are estimated at 54.1 billion yuan, 60.9 billion yuan, and 65.8 billion yuan, respectively, with net profits expected to be 2.8 billion yuan, 3.4 billion yuan, and 4.0 billion yuan [3][10]. Business Segments - The company continues to win new projects in the marine energy sector, including significant contracts in China and abroad, which contribute to its strong order book [1]. - The smart grid business is expanding both domestically and internationally, with a focus on high-voltage power transmission and establishing a leading position in various global markets [1]. - The marine communication business is also growing, with a backlog of orders amounting to approximately 5.5 billion yuan, indicating a strong pipeline for future revenue [1]. Cost Management - The company has improved its cost control measures, leading to enhanced profitability in the optical communication segment, with significant applications of its 400G optical modules in both domestic and international markets [1][2].