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亨通光电(600487):深海科技机遇凸显,AI高端光纤突破
Changjiang Securities· 2025-09-01 14:16
Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company achieved steady revenue growth in Q2 2025, with improvements in both year-on-year and quarter-on-quarter expenses. The deep-sea economic policy benefits are becoming evident, leading to a renewal of undersea cables, and the company has a substantial order backlog in its marine business. Breakthroughs have been made in high-end specialty optical fibers, including ultra-low loss, multi-mode, and hollow-core fibers. Continuous share buybacks and shareholder increases reflect long-term confidence [3][9][10]. Summary by Relevant Sections Financial Performance - In H1 2025, the company reported revenue of 32.05 billion yuan, a year-on-year increase of 20.4%. The net profit attributable to shareholders was 1.61 billion yuan, up 0.2% year-on-year. In Q1 2025, revenue reached 18.78 billion yuan, a year-on-year increase of 26.6% and a quarter-on-quarter increase of 41.5% [3][9]. Business Opportunities - The government has prioritized "deep-sea technology" in its future industry focus, benefiting the company as a key player. The company is one of the top four global providers of comprehensive solutions for transoceanic submarine cable systems, with over 108,000 kilometers of submarine cable delivered. In the marine energy sector, the company continues to win bids for offshore wind and oil and gas projects, with an order backlog of approximately 20 billion yuan in energy interconnection and about 7.5 billion yuan in marine communication [9][10]. Technological Advancements - The company is seizing opportunities in AI development, achieving key breakthroughs in high-end optical fiber products. The G.654.E fiber has industry-leading attenuation levels, and self-developed OM4/OM5 multi-mode fibers are widely used in medium and large data centers. The hollow-core anti-resonance fiber has achieved internationally advanced loss values (≤0.2 dB/km) and has mass delivery capabilities [9][10]. Shareholder Confidence - The company completed a new round of share buybacks in January 2025, repurchasing 14.17 million shares for 156 million yuan, which will be used for an employee stock ownership plan. Additionally, the controlling shareholder announced a plan to increase its stake in the company by no less than 150 million yuan and no more than 300 million yuan over the next 12 months, demonstrating long-term confidence in the company's development [9][10]. Profit Forecast and Investment Suggestion - The company is expected to maintain steady revenue growth, with net profits projected at 3.343 billion yuan, 3.824 billion yuan, and 4.266 billion yuan for 2025-2027, corresponding to year-on-year growth rates of 21%, 14%, and 12%. The corresponding price-to-earnings ratios are 15x, 13x, and 12x, respectively, with a strong recommendation to "Buy" [9][10].
亨通光电(600487):海洋业务订单充沛;AI推动光纤结构性升级
Xin Lang Cai Jing· 2025-08-31 12:31
Core Viewpoint - The company reported strong revenue growth in the first half of 2025, driven by its marine communication and energy sectors, while facing some challenges in net profit margins [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 32.049 billion yuan, a year-on-year increase of 20.42%, and a net profit attributable to shareholders of 1.613 billion yuan, up 0.24% year-on-year [1]. - For the second quarter of 2025, the company reported revenue of 18.781 billion yuan, a year-on-year increase of 26.64% and a quarter-on-quarter increase of 41.55% [1]. - The net profit for the second quarter was 1.056 billion yuan, showing a year-on-year decline of 3.63% but a significant quarter-on-quarter increase of 89.74% [1]. Group 2: Industry Trends - The marine communication and energy sectors are expected to benefit from the growing demand for submarine cable construction and deep-sea development [2]. - By the end of 2025, it is projected that over 600 submarine cables will be operational globally, with an expected new length of 1.6 million kilometers from 2026 to 2040 [2]. - The company has secured contracts for over 10,800 kilometers of submarine cables and has an order backlog of approximately 7.5 billion yuan in marine communication [2]. Group 3: Product Development - The company is optimizing its optical communication product structure, with an increased focus on high-end products such as ultra-low-loss fibers and hollow-core fibers [3]. - The export demand for optical fibers is strong, particularly in overseas markets, with export volumes for optical rods, cables, and fibers increasing by 64.2%, 1.9%, and 45.2% year-on-year, respectively [3]. - The company is expanding its production capacity for advanced optical fiber materials, which is expected to meet the growing demand driven by AI applications [3]. Group 4: Profit Forecast and Valuation - The company's profit forecast for 2025 has been revised down by 3% to 3.225 billion yuan, while the forecast for 2026 remains unchanged [4]. - The current stock price corresponds to a P/E ratio of 15.7 for 2025 and 12.8 for 2026, with a target price of 24.30 yuan, indicating a potential upside of 19% [4].
亨通光电(600487):业绩符合预期 跨洋通信与能源互联齐头并进
Xin Lang Cai Jing· 2025-08-26 06:24
Core Insights - The company reported a revenue of 32.049 billion yuan for the first half of 2025, representing a year-on-year growth of 20.42%, while the net profit attributable to shareholders was 1.613 billion yuan, up 0.24% [1] - In Q2 2025, the company achieved a revenue of 18.781 billion yuan, a year-on-year increase of approximately 26.64%, driven by steady growth in marine energy, communication, ultra-high voltage, and smart grid businesses [1] Group 1: Business Performance - The company's net profit for Q2 2025 was 1.056 billion yuan, a decrease of about 3.63% year-on-year, primarily due to enhanced operational efficiency and a reduction in R&D expense ratio [1] - The company is focusing on deep-sea wind power development and optimizing production capacity at its Jiangsu and Jieyang marine energy bases [2] Group 2: Global Strategy - The company is deepening its global operational strategy, advancing international business in both communication networks and energy interconnection [3] - As of the reporting period, the company had 7.5 billion yuan in orders related to marine communication, indicating a continuous improvement in cross-ocean communication system integration capabilities [3] Group 3: Investment Outlook - The company remains focused on creating value in the communication and energy sectors, providing industry-leading products and solutions [4] - Expected net profits for 2025-2027 are projected to be 3.330 billion, 3.706 billion, and 4.079 billion yuan, with corresponding growth rates of 20%, 11%, and 10% [4]