HTGD(SH:600487) CMS·2025-08-08 01:38Investment Rating - The report maintains a "Strong Buy" rating for the company [3]. Core Views - The company has initiated the construction of an AI advanced optical fiber material R&D and manufacturing center, expected to be completed by February 2026, to meet the growing market demand for special optical fibers in AI, cloud computing, and 5G-A communication industries [1]. - The company is focused on creating value in the communication and energy sectors, providing industry-leading products and solutions, and is expected to benefit from global trends in these industries [6]. Financial Data and Valuation - Total revenue is projected to grow from 47.622 billion CNY in 2023 to 80.827 billion CNY in 2027, with a CAGR of approximately 10% [2][16]. - Operating profit is expected to increase from 2.311 billion CNY in 2023 to 4.755 billion CNY in 2027, reflecting a growth rate of 10% [2][16]. - Net profit attributable to shareholders is forecasted to rise from 2.154 billion CNY in 2023 to 4.079 billion CNY in 2027, with a growth rate of 10% [2][16]. - The company’s PE ratio is projected to decrease from 18.4 in 2023 to 9.7 in 2027, indicating improving valuation metrics [2][17]. Performance Metrics - The company has achieved a return on equity (ROE) of 9.6% and a debt-to-asset ratio of 53.0% [3][17]. - The gross margin is expected to decline slightly from 15.3% in 2023 to 12.5% in 2027, while the net margin is projected to stabilize around 5% [17]. - The company has established a complete self-research capability for hollow-core fiber, enhancing its competitive edge in the market [6].