亨通光电 20250826 摘要 亨通光电 2025 年上半年整体收入增长约 20%，海洋能源与通信、智能 电网业务稳步增长，工业与新能源智能业务大幅增长，市场综合竞争能 力提升，并积极进行产品结构优化。 海洋业务板块订单量充足，预计 2025 年第二季度行业进入拐点，渗透 率将加速发展，为公司带来更大的市场空间和增长潜力，目前在手订单 规模稳定，约为 75 亿元。 智能电网板块保持稳步发展，在手订单保有量维持高水平，并积极推动 铝及铝合金新能源项目扩产，以满足国内新能源产品需求，占比超过 50%，其中智能电网占 40%左右。 工业与新能源智能板块实现大幅增长，一期项目已满产，二期扩产正在 进行中，同时打造全球服务新能源产品智能制造基地，面向出口市场， 扩大市场份额。 海洋能源板块受益于各省份项目进展加速，已核准和启动项目体量约为 30GW，与十四五期间 60GW 的缺口相符，漂浮式产品研发取得突破， 动态缆技术应用前景广阔。 Q&A 亨通光电在 AI 驱动的科技牛市中有哪些具体发展方向和优势？ 亨通光电在 AI 驱动的科技牛市中，特别是在数据中心和光纤领域具有显著优势。 公司未来将重点发展多模光纤、空心光纤 ...

Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, with significant growth in revenue and net profit, indicating robust business development across various sectors [1][2]. Financial Performance - In 2024, the company achieved a revenue of 59.984 billion yuan, a year-on-year increase of 26.0%, and a net profit attributable to shareholders of 2.769 billion yuan, up 28.6% [1]. - For Q1 2025, the company reported a revenue of 13.268 billion yuan, a year-on-year increase of 12.6%, but a quarter-on-quarter decline of 24.5%. The net profit attributable to shareholders was 557 million yuan, up 8.5% year-on-year and 22.6% quarter-on-quarter [1]. Business Segment Performance - The company's business segments showed varied performance in 2024: - Optical Communication: Revenue of 6.562 billion yuan, down 11.0%, with a gross margin of 25.59%, down 3.77 percentage points [2]. - Smart Grid: Revenue of 22.184 billion yuan, up 14.7%, with a gross margin of 12.58%, down 0.99 percentage points [2]. - Marine Energy and Communication: Revenue of 5.738 billion yuan, up 69.6%, with a gross margin of 33.53%, up 1.91 percentage points [2]. - Industrial and New Energy Intelligence: Revenue of 6.766 billion yuan, up 18.1%, with a gross margin of 13.27%, down 1.86 percentage points [2]. - Copper Conductor: Revenue of 15.007 billion yuan, up 50.9%, with a gross margin of 1.15%, down 1.16 percentage points [2]. - In Q1 2025, the company maintained steady growth in its ultra-high voltage, smart grid, industrial and new energy intelligence, and marine energy and communication sectors, contributing to a significant increase in net profit [2]. Order Backlog and Market Outlook - As of the end of Q1 2025, the company had a substantial order backlog, including approximately 18 billion yuan in orders for subsea cables, marine engineering, and land cable products, and around 8 billion yuan for marine communication projects [3]. - The offshore wind sector is expected to see a recovery in demand, with several projects ready to commence construction in 2025, which may lead to further growth for the company [3]. - The company has recently won multiple contracts in the offshore wind and marine oil and gas sectors, totaling 1.133 billion yuan [3]. Investment Outlook - The company is expected to benefit from the recovery in the offshore wind sector and the steady development of its various business lines. Projected net profits for 2025-2027 are 3.467 billion yuan, 4.246 billion yuan, and 4.772 billion yuan, respectively, with corresponding PE multiples of 11x, 9x, and 8x [4].