HTGD(SH:600487) CMS·2025-10-28 02:29Investment Rating - The report maintains a "Strong Buy" rating for Hengtong Optic-Electric [3] Core Views - The company achieved revenue growth of 17.03% year-on-year, reaching 49.621 billion yuan, and a net profit increase of 2.64% to 2.376 billion yuan in Q3 2025 [1][7] - Hengtong has made significant breakthroughs in the application of 500kV DC submarine cables, securing over 20 billion yuan in orders for energy interconnection projects and over 7 billion yuan for marine communication projects [7] - The company is expanding its marine energy layout, with confirmed bids for domestic and international marine energy projects exceeding 2.6 billion yuan [7] Financial Data and Valuation - Total revenue is projected to grow from 47.622 billion yuan in 2023 to 84.450 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 11% [2] - Net profit attributable to shareholders is expected to increase from 2.154 billion yuan in 2023 to 4.208 billion yuan in 2027, reflecting a CAGR of around 13% [2] - The company's PE ratio is forecasted to decrease from 25.1 in 2023 to 12.8 in 2027, indicating improving valuation metrics [2] Stock Performance - The stock has shown a 25% increase over the past 12 months, outperforming the benchmark index [5]