HGTECH(000988) 东方证券·2025-04-05 15:05Investment Rating - The report maintains a "Buy" rating for the company [4][10][7] Core Views - The company is expected to see earnings per share of 1.20, 1.76, and 2.21 yuan for 2024-2026, with a target price of 47.52 yuan based on a 27x PE ratio for comparable companies in 2025 [4][10] - The report highlights the company's ongoing expansion in the optical connection business, with significant growth in product offerings and international capacity [9][10] - The manufacturing business is accelerating its high-end transformation, focusing on sectors like new energy vehicles and semiconductor industries [9] Financial Forecasts - Revenue is projected to grow from 10,208 million yuan in 2023 to 19,516 million yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 20.8% [6] - Operating profit is expected to increase from 1,108 million yuan in 2023 to 2,486 million yuan in 2026, with a CAGR of 26.1% [6] - Net profit attributable to the parent company is forecasted to rise from 1,007 million yuan in 2023 to 2,227 million yuan in 2026, indicating a CAGR of 26.2% [6] Business Developments - The company showcased its latest products at the OFC exhibition, including advancements in optical modules and high-speed solutions [9] - The optical connection business is integrating various products and achieving significant testing milestones with major clients [9] - The manufacturing sector is enhancing its capabilities in response to the growing demand in the AI and semiconductor markets [9]