HTGD(600487) 天风证券·2024-04-08 16:00Investment Rating - The report maintains a "Buy" rating for the company with a target price of 12.35 CNY [5] Core Views - The company has been recognized as a "Lighthouse Factory" by the World Economic Forum, making it the first in its industry to achieve this honor [1] - The company's marine business is expected to grow rapidly due to continuous order wins, with recent contracts totaling 1.186 billion CNY [1] - The company has a strong order backlog of approximately 17 billion CNY in the marine energy sector, including submarine cables and offshore engineering [2] - The company has a significant international presence, with operations in over 150 countries and regions, and has successfully completed projects in multiple countries [2] - The offshore wind industry is showing signs of recovery, with several projects in Guangdong and Jiangsu provinces expected to drive growth [3] - The company is investing in a new-generation deep-sea wind turbine installation vessel to meet the demand for large-capacity and deep-sea wind power projects [3] - The company's "5G+Industrial Internet" technology has led to significant improvements in energy efficiency, quality, and logistics, with a 20% increase in logistics turnover efficiency [4] - The company has made breakthroughs in key communication technologies, reducing costs and improving efficiency, while accelerating the process of domestic substitution [4] Financial Performance and Projections - The company's revenue is projected to grow from 49.849 billion CNY in 2023E to 62.699 billion CNY in 2025E, with a CAGR of 12.15% [8] - Net profit attributable to the parent company is expected to increase from 2.217 billion CNY in 2023E to 3.500 billion CNY in 2025E, with a CAGR of 24.25% [8] - The company's EPS is forecasted to grow from 0.90 CNY in 2023E to 1.42 CNY in 2025E [8] - The company's P/E ratio is expected to decrease from 13.74x in 2023E to 8.70x in 2025E, indicating potential undervaluation [8] Industry Outlook - The offshore wind industry is expected to see a recovery, with several projects in Guangdong and Jiangsu provinces driving growth [3] - The company is well-positioned to benefit from the industry's recovery, particularly in the Jiangsu region, where it is a local player [3] - The company's investment in deep-sea wind turbine installation capabilities aligns with the industry's trend towards larger and more complex offshore wind projects [3]