HTGD(SH:600487) Guoxin Securities·2025-04-30 07:43Investment Rating - The investment rating for the company is "Outperform the Market" [5][24]. Core Views - The company is expected to achieve a total operating revenue of 59.984 billion yuan in 2024, representing a year-on-year increase of 25.96%, with a net profit attributable to shareholders of 2.769 billion yuan, up 28.57% year-on-year [1][8]. - The company is focusing on communication networks and energy interconnection businesses, with significant growth in marine energy and communication, which are the main drivers of growth [1][13]. - The company has a strong order backlog, with 18 billion yuan in hand orders in the energy interconnection sector and approximately 8 billion yuan in marine communication [3]. Summary by Sections Financial Performance - In 2024, the company's total operating revenue is projected to be 59.984 billion yuan, with a net profit of 2.769 billion yuan and a non-recurring net profit of 2.576 billion yuan [1][4]. - For Q1 2025, the company reported a revenue of 13.268 billion yuan, a year-on-year increase of 12.58%, and a net profit of 557 million yuan, up 8.52% year-on-year [1][8]. - The company's gross margin for 2024 is 13.21%, a decrease of 2.1 percentage points year-on-year, but it improved to 13.62% in Q1 2025 [2][18]. Business Segments - The revenue from smart grid, marine energy and communication, and industrial and new energy segments for 2024 is expected to be 22.18 billion yuan, 5.73 billion yuan, and 6.77 billion yuan, respectively, with year-on-year growth rates of 14.7%, 69.5%, and 18.1% [1][13]. - The company is actively expanding its high-voltage cable business and special emerging cable applications, with both domestic and international operations showing good growth [1][13]. Market Position and Strategy - The company is the only domestic enterprise capable of delivering submarine cables over 10,000 kilometers and has established a leading position in the marine energy sector with its 500kV cross-linked polyethylene insulated submarine cables [3]. - The company has successfully delivered multiple marine communication projects and is enhancing its production capacity in Jiangsu and Jieyang [1][3]. Profit Forecast - The profit forecast for 2025-2027 is adjusted to 3.24 billion yuan, 3.83 billion yuan, and 4.46 billion yuan, respectively, with the current stock price corresponding to P/E ratios of 12, 10, and 9 times [3][24].