HTGD(SH:600487) Tianfeng Securities·2024-01-31 16:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [6]. Core Views - The company is expected to achieve a net profit attributable to shareholders of between 2.059 billion to 2.375 billion yuan for 2023, representing a year-on-year growth of 30% to 50% [1]. - The company is benefiting from the dual carbon policy, with steady growth in high-voltage power transmission and smart grid sectors, as well as in the renewable energy infrastructure [2]. - The offshore wind power industry is showing positive trends, providing long-term growth momentum for the company [3]. - The company is expanding its international presence, particularly in submarine cable projects, which is expected to enhance its market opportunities [4]. - The financial outlook is strong, with projected net profits of 2.216 billion, 2.817 billion, and 3.500 billion yuan for 2023, 2024, and 2025 respectively, indicating a robust growth trajectory [5]. Summary by Sections Financial Performance - The company forecasts a net profit of 2.21669 billion yuan for 2023, with a growth rate of approximately 39.98% compared to 2022 [9]. - Revenue is projected to grow from 49.849 billion yuan in 2023 to 62.699 billion yuan by 2025, reflecting a compound annual growth rate of around 12.15% [10]. Market Position and Strategy - The company is actively collaborating with major energy firms to strengthen its market share in the power transmission and distribution sector [2]. - It is also expanding its product offerings in the electric vehicle sector, having secured partnerships with leading automotive manufacturers [2]. Industry Outlook - The offshore wind power sector is expected to see significant developments, particularly in Guangdong and Jiangsu provinces, which will likely catalyze industry growth [3]. - The global demand for submarine cables is anticipated to rise, providing further opportunities for the company as it gains recognition in international markets [4].