HTGD(600487) 国泰君安·2024-11-15 02:31Investment Rating - Maintains an "Overweight" rating with an upward revision of the target price to 23.06 RMB (previously 19.50 RMB) [2][3][5] Core Views - The company's Q3 2024 performance aligns with market expectations, driven by growth in the power grid and marine sectors [3] - Revenue for the first three quarters of 2024 reached 42.399 billion RMB, a year-on-year increase of 20.79%, with net profit attributable to shareholders growing by 28.32% to 2.314 billion RMB [3] - Marine business is expected to contribute significantly, with a year-on-year growth exceeding 40%, while the power grid business is projected to maintain steady growth of 15%-20% [3] - The company has a robust order backlog, including approximately 20 billion RMB in energy interconnection projects and 6 billion RMB in marine communication orders [3] Financial Summary - Revenue for 2024E is forecasted at 50.663 billion RMB, with a year-on-year growth of 6.4% [4] - Net profit attributable to shareholders for 2024E is projected at 2.738 billion RMB, with an EPS of 1.11 RMB [4] - ROE is expected to improve from 6.7% in 2022A to 10.6% in 2026E [4] Business Performance - Q3 2024 revenue reached 15.8 billion RMB, a year-on-year increase of 32.38%, with net profit attributable to shareholders growing by 27.25% to 705 million RMB [3] - The marine communication sector has seen significant revenue recognition in 2024, contributing to the strong performance [3] Order Backlog - The company holds orders worth approximately 20 billion RMB in energy interconnection projects, including submarine cables and marine engineering [3] - Marine communication orders stand at around 6 billion RMB, with additional orders exceeding 300 million USD for the PEACE transoceanic cable system [3] Valuation and Market Data - The company's current market capitalization is 43.76 billion RMB, with a total of 2.467 billion shares outstanding [6] - The stock's 52-week price range is between 10.64 RMB and 19.17 RMB [6] Industry Comparison - The company's 2024E PE ratio is 17.03x, lower than the industry average of 24.43x [10] - Compared to peers like Oriental Cable and Zhongtian Technology, the company shows competitive valuation metrics [10]