HTGD(SH:600487) Tianfeng Securities·2025-04-29 03:23Investment Rating - The report maintains a "Buy" rating for the company, 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 net profit growth rate of around 30% throughout 2024, with Q4 2024 showing a revenue of 17.59 billion yuan, a 40.45% increase year-on-year, and 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]. - The gross margin improved to 13.62% in Q1 2025, indicating a quarterly recovery [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, with revenue reaching 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, with strong positions in domestic and international markets [4]. - The company is a leading player in the marine wind sector in China and has successfully secured orders in various regions, including Hainan, Shandong, and Guangdong, as well as international 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]. Profitability 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 PE ratios of 11, 9, and 7 times [6].