HTGD(SH:600487) Great Wall Securities·2025-08-29 11:53Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][17]. Core Viewpoints - The company is accelerating the expansion of hollow-core fiber production, driven by dual engines of energy and communication, which supports its long-term development [1]. - The company has a robust order backlog, particularly in the fields of 5G, IoT, and large models, with significant growth in marine energy and communication projects [3]. - The financial outlook is positive, with projected revenue growth and increasing net profit over the next few years, supported by ongoing investments in AI and new infrastructure [8]. Financial Summary - Revenue is projected to grow from 47,622 million yuan in 2023 to 81,827 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 9.1% [1]. - Net profit attributable to shareholders is expected to rise from 2,154 million yuan in 2023 to 4,283 million yuan in 2027, reflecting a CAGR of about 12.7% [1]. - The company's return on equity (ROE) is forecasted to improve from 7.9% in 2023 to 10.8% in 2027 [1]. Operational Highlights - The company has successfully established a complete optical communication industry chain, enhancing its competitive position in the market [2]. - Significant investments are being made in high-voltage transmission equipment and offshore wind power technologies, which are expected to drive future growth [2]. - The company has initiated the construction of a 200-acre AI advanced fiber material R&D and manufacturing center, set to be completed by February 2026, which will enhance its delivery capabilities [3].