HGTECH(000988) 高盛·2025-01-10 07:07Investment Rating - The investment rating for the company is "Buy" with a 12-month price target of RMB 56, indicating an upside potential of 37.4% from the current price of RMB 40.76 [11][13]. Core Insights - The company is expected to experience strong revenue growth across all three business segments: optical modules, laser equipment, and new energy vehicle sensors, driven by domestic demand and international expansion [2][6][7]. - The management maintains confidence in the profit growth outlook for 2025, with key drivers including the increasing demand for optical modules and the expansion of laser equipment and sensor businesses [2][4][6]. Summary by Relevant Sections Optical Modules - The company is a major supplier in the domestic market and is expanding its presence with U.S. clients. The demand for optical modules in China is projected to exceed 10 million units in 2025, up from 6-7 million in 2024. The main products will be 400G optical modules, with an increasing share of 800G modules [2][3]. - The gross margin for optical modules is expected to reach 15%-20%, driven by product structure upgrades and increased sales of high-margin products [2][3]. Laser Equipment - The management expects sales growth of over 20% for the laser equipment segment, supported by strong demand from the shipbuilding industry and new orders from smartphone manufacturers anticipated in the second half of 2025 [4][6]. New Energy Vehicle Sensors - This segment is projected to have the highest net profit margin, with growth driven by expansion into overseas automotive clients and the introduction of new sensor products. Despite pricing pressures, the company aims to maintain stable profit margins through product improvements and cost control [7][8]. Financial Projections - Revenue is forecasted to grow from RMB 10.2 billion in 2024 to RMB 18.3 billion in 2025, with net income expected to increase from RMB 1.0 billion to RMB 2.1 billion during the same period [9][11].