HTGD(SH:600487) Tianfeng Securities·2025-09-17 15:16Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7]. Core Views - The company achieved a revenue of 32.05 billion yuan in the first half of 2025, representing a year-on-year growth of 20.42%. The net profit attributable to shareholders was 1.613 billion yuan, with a slight increase of 0.24% [1]. - In Q2 2025, the company reported a revenue of 18.781 billion yuan, a year-on-year increase of 26.64%, while the net profit attributable to shareholders was 1.056 billion yuan, showing a decrease of 3.63% compared to the previous year [2]. - The company has secured multiple marine project contracts, with an order backlog of approximately 20 billion yuan in the energy interconnection sector, which is expected to support future growth [3]. - The company has demonstrated the capability for industrialization of various new types of optical fibers, including hollow-core fibers, which have achieved international advanced performance levels [4]. - The company is actively expanding production to meet future demand, with a new advanced optical fiber materials R&D and manufacturing center set to be completed by February 2026 [5]. - The company is strategically positioning itself in the AI sector, launching new cooling solutions and a full range of optical module products to support domestic supercomputing centers [6]. Financial Summary - The company’s gross margin for H1 2025 was 13.59%, with a net profit margin of 5.4%. In Q2, the gross margin was 13.56%, and the net profit margin improved to 6.05% [2]. - The forecast for net profit attributable to shareholders for 2025-2027 is adjusted to 3.3 billion, 4.1 billion, and 5 billion yuan respectively, with corresponding PE ratios of 15, 12, and 10 times [7]. - The company’s total assets are projected to grow from 62.49 billion yuan in 2023 to 85.54 billion yuan by 2027, indicating a strong growth trajectory [13].