HTGD(SH:600487) Great Wall Securities·2024-11-05 11:36Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [12]. Core Views - The company has achieved steady revenue and profit growth in the first three quarters of 2024, with revenue reaching 42.399 billion yuan, a year-on-year increase of 20.79%, and net profit attributable to shareholders of 2.315 billion yuan, up 28.32% year-on-year [2][3]. - The company is actively seizing opportunities in the energy market, particularly in ultra-high voltage, smart grid, industrial and new energy intelligence, and marine energy and communication sectors, contributing to robust growth [2][3]. - The company has established a global presence with 12 overseas industrial bases and is expanding its submarine cable business in Southeast Asia, collaborating with major operators in the region [3]. Financial Summary - For 2024, the company forecasts revenue of 54.139 billion yuan, with a year-on-year growth rate of 13.7%, and net profit of 2.82 billion yuan, reflecting a growth rate of 31% [1][6]. - The company's sales expense ratio for the first three quarters of 2024 was 2.23%, and the management expense ratio was 2.50%, both showing a decrease compared to the previous year [2]. - The report projects that the company's net profit will reach 3.941 billion yuan by 2026, with a corresponding P/E ratio of 8.1 [1][6].