HTGD(SH:600487) Changjiang Securities·2025-03-28 10:14Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company has won multiple marine cable projects across various domestic and international regions, reflecting its strong competitive bidding capabilities. The total amount of the projects won is 1.133 billion yuan [3][7]. - As the end of the 14th Five-Year Plan approaches, the construction of offshore wind projects is expected to see a rebound in activity. The government has recently included "deep-sea technology" as a key area in its emerging industries, indicating a favorable policy environment for the deep-sea economy [3][7]. - The demand for submarine cables is anticipated to increase significantly due to the need for upgrades and replacements, with the company positioned as a leader in the industry [7]. Summary by Sections Project Wins - The company has secured marine energy projects with a total value of 1.133 billion yuan, including significant contracts in the Middle East and various domestic projects [3][7]. Market Outlook - The offshore wind power sector is expected to experience high growth as key projects are set to commence, with the industry entering a peak season starting in April 2025. The company is also likely to benefit from international offshore wind orders in the coming years [7]. Industry Position - The company ranks among the top four marine cable integrators globally and has a comprehensive coverage of the marine communication industry chain following its acquisition of Huawei Marine in 2020. It has a significant market share in both domestic and international markets [7]. Financial Projections - The company forecasts net profits attributable to shareholders of 2.75 billion yuan, 3.39 billion yuan, and 4.05 billion yuan for the years 2024 to 2026, representing year-on-year growth rates of 28%, 23%, and 19% respectively. The corresponding price-to-earnings ratios are projected to be 15x, 13x, and 10x [7].