HTGD(SH:600487) EBSCN·2024-11-02 12:43Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Insights - The company has a strong order backlog, with approximately 20 billion yuan in hand orders for submarine cables, marine engineering, and land cable products, and over 3 billion USD for the PEACE transoceanic cable communication system [1][2]. - The company is focusing on high-quality development in the marine energy sector and has successfully introduced strategic investors, raising a total of 2.59 billion yuan for its marine energy segment [1]. - The company has shown robust financial performance, with a revenue of 42.399 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 20.79%, and a net profit of 2.315 billion yuan, up 28.32% year-on-year [3]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 15.785 billion yuan, a year-on-year increase of 32.38%, and a net profit of 705 million yuan, up 27.25% year-on-year [3]. - The company has adjusted its net profit forecasts for 2024-2025 to 2.854 billion yuan and 3.406 billion yuan, reflecting increases of 5.39% and 4.96% respectively, with a new forecast for 2026 at 3.939 billion yuan [2]. Business Segments - The company operates in two core sectors: communication networks and energy interconnection, maintaining a leading position in both industries [2]. - In the communication sector, the company is enhancing its competitive edge through technological advancements and strategic acquisitions, including the construction of the PEACE transoceanic cable communication system [2]. - In the energy interconnection sector, the company is leveraging opportunities in offshore wind energy, expanding its service capabilities globally [2]. Valuation Metrics - The current stock price corresponds to a price-to-earnings (P/E) ratio of 15x for 2024, 13x for 2025, and 11x for 2026, indicating a favorable valuation relative to expected earnings growth [2].