HTGD(SH:600487) Minsheng Securities·2024-04-27 08:00Investment Rating - The report maintains a "Recommended" rating for the company [2][3] Core Views - The company achieved a revenue of 47.622 billion yuan in 2023, a year-on-year increase of 2.49%, and a net profit attributable to shareholders of 2.154 billion yuan, up 35.77% year-on-year [2] - The fourth quarter of 2023 saw revenues of 12.52 billion yuan, a 6.0% increase year-on-year, with a net profit of 349 million yuan, reflecting a significant growth of 109.85% year-on-year [2] - The optical communication segment's revenue was 7.369 billion yuan, down 2.52% year-on-year, but the gross margin improved by 9.3 percentage points to 29.36% [2] - The smart grid segment reported a revenue of 19.344 billion yuan, a 10% increase year-on-year, with a gross margin of 13.57% [2] - The company is focusing on enhancing its technological barriers in the optical communication field and expanding its marine energy and communication business internationally [2] Financial Forecasts - The company is projected to achieve revenues of 56.983 billion yuan, 67.032 billion yuan, and 78.909 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 3.029 billion yuan, 4.031 billion yuan, and 5.199 billion yuan [3][7] - The expected growth rates for revenue are 19.7% in 2024, 17.6% in 2025, and 17.7% in 2026 [3] - The price-to-earnings (PE) ratios are forecasted to be 11, 8, and 7 for the years 2024, 2025, and 2026 respectively [3][7]