亨通光电：业绩稳健同增，在手订单充沛

Investment Rating - The report upgrades the investment rating of Hengtong Optic-Electric to "Buy" [1][5] Core Views - Hengtong Optic-Electric has shown steady revenue growth with a strong order backlog, indicating robust performance in the upcoming periods [2][3] - The company is well-positioned to benefit from the recovery in the offshore wind power sector and the high demand in the smart grid and optical communication industries [5] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 42.4 billion yuan, a year-on-year increase of 21%, with a gross margin of 15.1% [2] - The net profit attributable to the parent company for the same period was 2.31 billion yuan, up 28% year-on-year [2] - The revenue forecast for 2024 is set at 54.03 billion yuan, reflecting a growth rate of 13.46% [1][5] - The net profit forecast for 2024 is adjusted to 2.85 billion yuan, with a year-on-year growth of 32.15% [5] Order Backlog and Market Opportunities - The company has a substantial order backlog in the offshore wind power sector, amounting to approximately 20 billion yuan, which is expected to drive performance growth [3] - In the marine communication business, the order backlog is around 6 billion yuan, with significant projects like the PEACE transoceanic cable communication system [4] Earnings Forecast and Valuation - The expected net profits for 2024, 2025, and 2026 have been revised to 2.85 billion, 3.45 billion, and 3.95 billion yuan respectively [5] - The price-to-earnings (P/E) ratios based on the closing price on November 13, 2024, are projected to be 16.2, 13.3, and 11.7 for the years 2024, 2025, and 2026 [5]