HTGD(SH:600487) KAIYUAN SECURITIES·2024-10-28 15:31Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has significantly increased its net profit attributable to the parent company, with a year-on-year growth of 28.32% [4] - The communication and new energy sectors have a rich order backlog, indicating strong future growth potential [4][5] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 42.399 billion, a year-on-year increase of 20.79%, and a net profit of 2.315 billion, a year-on-year increase of 28.32% [4] - In Q3 2024, the company reported revenue of 15.785 billion, a year-on-year increase of 32.38%, and a net profit of 705 million, a year-on-year increase of 27.25% [4] - The company expects net profits for 2024-2026 to be 2.846 billion, 3.331 billion, and 3.963 billion respectively, with corresponding PE ratios of 15.5, 13.2, and 11.1 [4] Order Backlog and Market Position - As of June 2024, the company has an order backlog of approximately 21 billion in the energy interconnection sector, indicating robust demand [5] - The company is actively expanding its communication network business and has an order backlog of about 5.5 billion in marine communication [6]