HTGD(600487) 民生证券·2024-04-17 23:30Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 13.14 CNY per share [2]. Core Insights - The company is a leading player in optical communication, with strong growth potential in its subsea cable and smart grid businesses. The expansion into new business areas through mergers and acquisitions has created new revenue growth points [1][5]. - The optical fiber and cable industry is expected to remain stable, with strong growth in subsea cables and ultra-high voltage grid construction. The demand for optical fiber and cable is projected to remain steady in 2024, with a 10% increase in investment in the national grid [1][29]. - The company is expected to achieve significant profit growth, with projected net profits of 2.15 billion CNY, 2.63 billion CNY, and 3.10 billion CNY for 2023, 2024, and 2025, respectively, representing year-on-year growth rates of 35.7%, 22.2%, and 18.2% [1][2]. Summary by Sections Business Expansion - The company has diversified its operations into several business segments, including optical communication, smart grid, marine energy, and marine communication, through strategic acquisitions and partnerships [1][7]. - The company has maintained its leading position in the optical fiber and cable market while actively expanding its overseas production capacity [1][18]. Industry Outlook - The demand for optical fiber and cable is expected to improve in 2024, driven by the construction of data centers and the need for high-performance products [18][21]. - The smart grid sector is anticipated to see steady investment growth, with leading companies expected to increase their market share [28][29]. - The subsea cable market is projected to experience rapid growth due to the increasing demand for offshore wind projects and the release of previously delayed projects [1][29]. Financial Projections - The company is expected to achieve revenue of 50.67 billion CNY in 2023, with a growth rate of 9.1%, and reach 58.81 billion CNY in 2024, representing a growth rate of 16.1% [2][14]. - The earnings per share (EPS) are projected to be 0.87 CNY, 1.06 CNY, and 1.26 CNY for 2023, 2024, and 2025, respectively, with corresponding price-to-earnings (PE) ratios of 15, 12, and 10 [2][14].