HHI(601226) 广发证券·2025-01-01 23:31Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected performance that will exceed the market by more than 10% over the next 12 months [7][10]. Core Views - The company is expected to benefit from the acceleration of offshore wind power approvals and the introduction of construction plans for offshore photovoltaic projects, which will enhance its marine engineering revenue [7][8]. - The recent name change to "Hua Dian Ke Gong" is anticipated to foster deeper business collaboration with its controlling shareholder, potentially leading to positive changes in management structure and operational synergies [7][8]. - The company has secured significant contracts in both offshore wind and photovoltaic sectors, indicating strong growth potential in these areas [7][8]. Financial Summary - Revenue is projected to decline by 20.6% in 2022, followed by a further decline of 12.6% in 2023, before rebounding with growth rates of 18.3% in 2024 and 26.8% in 2025 [3][8]. - The net profit attributable to the parent company is expected to drop by 68.5% in 2023, but is forecasted to recover significantly with growth rates of 136.6% in 2024 and 47.5% in 2025 [3][8]. - The company's earnings per share (EPS) is projected to be 0.08 yuan in 2023, increasing to 0.20 yuan in 2024 and 0.29 yuan in 2025 [3][8]. Valuation Metrics - The report estimates a reasonable value of 7.17 yuan per share based on a projected price-to-earnings (P/E) ratio of 25 for 2025 [7][8]. - The company's current P/E ratio is noted at 78.72 for 2023, which is expected to decrease to 35.05 in 2024 and further to 23.76 in 2025 [3][8]. - The EV/EBITDA ratio is projected to decline from 16.67 in 2023 to 10.28 in 2024, and further to 6.70 in 2025, indicating improving valuation as earnings recover [3][8].