事件：10 月 27 日晚，公司发布《2025 年第三季度报告》，实现营业收入 496.21 亿元，同比上升 17.03%；归属上市公司股东的净利润 23.76 亿元，同比上升 2.64%；归属上市公司股东的扣除非经常性损益的净利润 23.40 亿元，同比上升 5.97%。 证券研究报告 | 公司点评报告 2025 年 10 月 28 日 ❑ 风险提示：费用成本加大风险、业务拓展不利风险、市场竞争加剧风险。 | 财务数据与估值 | | --- | | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 47622 | 59984 | 67974 | 75974 | 84450 | | 同比增长 | 2% | 26% | 13% | 12% | 11% | | 营业利润(百万元) | 2311 | 3301 | 3624 | 4330 | 4906 | | 同比增长 | 38% | 43% | 10% | 19% | 13% | | 归母净利润(百万元) | 2154 ...

Core Viewpoint - Hengtong Optic-Electric's performance in the first half of the year shows a slight increase in net profit, with strong order backlog supporting future growth [1] Financial Performance - In the first half of the year, Hengtong Optic-Electric achieved a net profit attributable to shareholders of 1.613 billion yuan, representing a year-on-year increase of 0.24% [1] - In Q2, the net profit attributable to shareholders was 1.056 billion yuan, reflecting a year-on-year decrease of 3.63% [1] Order Backlog and Growth Potential - As of the first half of 2025, the company has an order backlog of approximately 20 billion yuan in the energy interconnection sector, including submarine cables, marine engineering, and land cable products, which is expected to support sustained rapid growth [1] Expansion Projects - Hengtong Optic-Electric has recently commenced the construction of an advanced optical fiber materials R&D and manufacturing center, which is scheduled for completion in February 2026 [1] - The expansion project aims to meet the growing market demand for multimode, multi-core, and hollow-core specialty optical fibers [1] Industry Collaboration - In 2025, Hengtong, in collaboration with industry partners, plans to launch a new generation of immersion liquid cooling solutions tailored for high-density computing scenarios, addressing future cooling needs for data centers [1] Investment Rating - The company maintains a "Buy" rating based on its performance and growth prospects [1]

Investment Rating - The report maintains a "Strong Buy" rating for the company [3]. Core Views - 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%. The net profit attributable to shareholders was 1.613 billion yuan, with a slight increase of 0.24% year-on-year [1]. - The company is focusing on expanding its capabilities in deep-sea wind power and enhancing its leadership position in marine energy interconnection. It is actively involved in new infrastructure projects under the national marine power strategy [7]. - The company is advancing its global operations strategy, with simultaneous developments in cross-ocean communication and energy interconnection. As of the report date, the company had 7.5 billion yuan in orders related to marine communication and approximately 20 billion yuan in energy interconnection projects [7]. Financial Data and Valuation - The company is projected to achieve total revenue of 66.808 billion yuan in 2025, with a year-on-year growth of 11%. The net profit attributable to shareholders is expected to reach 3.330 billion yuan, reflecting a growth of 20% [2][15]. - The earnings per share (EPS) is forecasted to be 1.35 yuan in 2025, with a price-to-earnings (PE) ratio of 15.0 [2][15]. - The company’s total assets are estimated to be 63.152 billion yuan in 2025, with a debt-to-asset ratio of 46.4% [13][15]. Performance Metrics - The company achieved a gross margin of 13.1% and a net margin of 5.0% in 2025 [15]. - The return on equity (ROE) is projected to be 11.1% in 2025, indicating a strong profitability outlook [15]. - The company has a total market capitalization of approximately 49.9 billion yuan, with a circulating market value of 49.4 billion yuan [3].