HTGD(SH:600487) Huaxin Securities·2024-02-01 16:00Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 2.059 to 2.375 billion yuan in 2023, representing a year-on-year growth of 30% to 50% [1]. - The company has a strong order backlog, particularly in offshore wind projects, with a total order amount of approximately 17 billion yuan in the energy interconnection sector as of June 2023 [2]. - The company maintains a high level of R&D investment, with 1.878 billion yuan spent in the first three quarters of 2023, reflecting an 18.06% year-on-year increase [2]. Summary by Sections Financial Performance - The company forecasts revenues of 51.012 billion yuan, 56.680 billion yuan, and 63.418 billion yuan for 2023, 2024, and 2025 respectively, with corresponding EPS of 0.87, 1.09, and 1.30 yuan [3]. - The projected net profit for 2023 is 2.152 billion yuan, showing a growth rate of 35.9% compared to the previous year [5]. Market Position and Strategy - The company is positioned as a leading domestic submarine cable manufacturer, benefiting from the global acceleration of offshore wind construction, with expectations of adding 260 GW of offshore wind capacity globally from 2020 to 2030 [2]. - The company has expanded its overseas market presence, with foreign revenue reaching 7.144 billion yuan in 2022, a year-on-year increase of 20.03%, accounting for 15.49% of total revenue [2]. Innovation and Technology - The company has developed advanced cable systems, including 500kV AC and ±535kV DC systems, and has successfully bid for multiple domestic and international offshore wind projects [2]. - As of June 2023, the company holds 1,133 authorized invention patents and 178 PCT international patents, indicating a strong commitment to innovation [2].