HTGD(SH:600487) Tianfeng Securities·2025-04-29 02:43Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company has shown continuous rapid growth in performance, with a strong order backlog expected to benefit from advancements in deep-sea technology [1][4]. - In 2024, the company achieved a revenue of 60 billion yuan, a year-on-year increase of 25.96%, and a net profit attributable to shareholders of 2.77 billion yuan, up 28.57% year-on-year [1]. - For Q1 2025, the company reported a revenue of 13.3 billion yuan, a year-on-year growth of 12.58%, and a net profit of 557 million yuan, reflecting an 8.52% increase year-on-year [1]. Financial Performance - The company maintained a quarterly net profit growth rate of around 30% throughout 2024, demonstrating strong performance consistency [1]. - In Q4 2024, the company achieved a revenue of 17.59 billion yuan, a year-on-year increase of 40.45%, with a net profit of 454 million yuan, up 29.82% year-on-year [1]. - The gross margin for 2024 was 13.21%, a decrease of 2.1 percentage points, primarily due to pressure in the optical communication segment [3]. Business Segments - The optical communication segment generated revenue of 6.56 billion yuan, down 10.95% year-on-year, while the smart grid segment saw revenue of 22.18 billion yuan, up 14.68% year-on-year [2]. - The marine energy and communication segment experienced significant growth, achieving revenue of 5.74 billion yuan, a year-on-year increase of 69.6% [2]. - The industrial and new energy smart segment reported revenue of 6.77 billion yuan, reflecting an 18.11% year-on-year growth [2]. Order Backlog and Market Position - As of Q1 2025, the company had an order backlog of approximately 18 billion yuan in the energy interconnection sector, indicating strong future revenue potential [4]. - The company is a leading player in the marine wind sector in China, with successful bids in various regions and ongoing projects in Europe and Southeast Asia [4]. - The marine communication segment, through its subsidiary, holds a leading market position globally, with an order backlog of about 8 billion yuan [4]. International Expansion - The company has established a comprehensive overseas presence, expanding its business footprint through acquisitions and project successes across over 150 countries [5]. - It has set up 12 overseas industrial bases in countries such as Spain, Portugal, and Germany, enhancing its international operational capabilities [5]. Profit Forecast - The company is projected to achieve a net profit of 3.5 billion yuan in 2025, 4.3 billion yuan in 2026, and 5.15 billion yuan in 2027, with corresponding P/E ratios of 11, 9, and 7 times [6].