HTGD(SH:600487) Haitong Securities·2024-05-10 06:32Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The report highlights that the company achieved a revenue of 47.622 billion yuan in 2023, representing a year-on-year increase of 2.49%. The net profit attributable to the parent company was 2.154 billion yuan, reflecting a significant year-on-year growth of 35.77% [7][8] - The report anticipates revenue growth for the company, projecting revenues of 51.752 billion yuan, 55.815 billion yuan, and 59.671 billion yuan for 2023, 2024, and 2025 respectively, with net profits expected to reach 2.686 billion yuan, 3.020 billion yuan, and 3.350 billion yuan in the same years [8][9] Summary by Sections Financial Performance - In 2023, the company reported a gross margin of 15.31%, an increase of 1.14 percentage points year-on-year, and a net margin of 4.52%, up by 1.11 percentage points [7] - The first quarter of 2024 saw a revenue of 11.785 billion yuan, a year-on-year increase of 8.45%, with a net profit of 513 million yuan, up 29.87% year-on-year [7] Product Segmentation - The company’s revenue from optical communication was 7.369 billion yuan in 2023, down 2.52% year-on-year, while the gross margin improved significantly to 29.36%, up 9.27 percentage points [7] - The smart grid segment generated 19.344 billion yuan in revenue, a 10% increase year-on-year, with a gross margin of 13.57% [7] - The industrial and new energy segment achieved a revenue of 5.728 billion yuan, reflecting a year-on-year growth of 14.41% [7] Order Backlog - As of the end of 2023, the company had a backlog of orders amounting to approximately 18.5 billion yuan in the energy interconnection sector and 5.5 billion yuan in marine communication projects [7] Earnings Forecast - The report forecasts earnings per share (EPS) of 1.09 yuan, 1.22 yuan, and 1.36 yuan for 2023, 2024, and 2025 respectively, with a dynamic price-to-earnings (PE) ratio range of 18-20 times for 2024 [8][9]