HTGD(SH:600487) Tianfeng Securities·2025-11-06 03:16Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7]. Core Insights - The company reported a revenue of 49.621 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 17.03%, and a net profit attributable to shareholders of 2.376 billion yuan, up 2.64% year-on-year [1]. - The gross margin remains under pressure, with a gross margin of 13.35% for the first three quarters, down 1.8 percentage points year-on-year, and a gross margin of 12.92% for Q3, which is relatively stable year-on-year but down 0.64 percentage points quarter-on-quarter [2]. - The company has successfully won several marine project bids, with a total order amount of approximately 20 billion yuan in hand, which is expected to support rapid growth in the future [2]. - A significant breakthrough was achieved with the successful bid for the ±500kV DC submarine cable project, showcasing the company's strong technical capabilities in the marine energy sector [3]. - The company has demonstrated its ability to industrialize various new types of optical fibers, including hollow-core fibers, which have passed quality inspections and achieved advanced performance levels [4]. - The company is actively expanding its production capacity to meet future demand, with a new project aimed at producing special optical fibers set to be completed by February 2026 [5]. - In the AI sector, the company is collaborating with industry partners to develop advanced cooling solutions and a full range of optical module products to support domestic supercomputing center construction [6]. Financial Summary - The company adjusted its net profit forecasts for 2025-2027 to 3 billion, 3.7 billion, and 4.6 billion yuan, respectively, with corresponding PE ratios of 18, 14, and 12 times [7]. - The total share capital is approximately 2,466.73 million shares, with a total market capitalization of about 53.48 billion yuan [8]. - The company’s earnings per share (EPS) are projected to be 0.87 yuan in 2023, increasing to 1.87 yuan by 2027 [12].