hlgf(SZ:002498) EBSCN·2024-04-28 02:32Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding 15% over the next 6-12 months [20]. Core Viewpoints - The company has achieved a revenue of 9.658 billion yuan in 2023, a decrease of 1.87% year-on-year, with a net profit of 760 million yuan, down 3.26% year-on-year. However, in Q1 2024, the company reported a revenue of 1.786 billion yuan, a year-on-year increase of 13.07%, and a net profit of 201 million yuan, up 14.79% year-on-year [1][11]. - The company is actively expanding its international market presence, particularly in countries along the "Belt and Road" initiative, while also focusing on technological innovation in high-voltage cable products [2]. - The company has fully launched its second phase of submarine cable production, significantly enhancing its capacity in this sector, with current orders amounting to approximately 200 million yuan [10]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 9.658 billion yuan and a net profit of 760 million yuan, with a projected revenue growth of 10.29% in 2024 [12]. - The earnings per share (EPS) for 2024 is estimated at 0.25 yuan, with a price-to-earnings (P/E) ratio of 15 times [11][12]. Business Development - The company has established a comprehensive industrial layout with multiple subsidiaries, ensuring low transportation costs and effective operational efficiency [2]. - The company is focusing on the development of its submarine cable business, which is expected to drive future growth [10][11]. Market Position - The company is recognized as a leading enterprise in the wire and cable industry in China, benefiting from increasing demand in downstream sectors such as power grid investment and renewable energy [11].