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 (600487) reported a strong performance in its 2025 interim report, with total revenue reaching 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] Financial Performance - Total revenue for the second quarter was 18.781 billion yuan, reflecting a year-on-year growth of 26.64% [1] - Net profit for the second quarter was 1.056 billion yuan, showing a decline of 3.63% year-on-year [1] - The company's gross margin was 13.59%, down 17.88% year-on-year, while the net margin was 5.4%, a decrease of 17.05% year-on-year [1] - The total of selling, administrative, and financial expenses was 1.4886 billion yuan, accounting for 4.64% of revenue, down 18.52% year-on-year [1] Balance Sheet Highlights - Accounts receivable amounted to 18.332 billion yuan, a 5.02% increase year-on-year, with accounts receivable to net profit ratio at 662.07% [1][7] - Cash and cash equivalents increased by 30.87% to 112.764 billion yuan [1] - Interest-bearing liabilities rose by 3.32% to 16.439 billion yuan [1] Operational Insights - The company experienced a 20.42% increase in operating income due to strategic optimization and growth in marine energy, communication, and smart grid sectors [3] - Operating costs increased by 24.69%, driven by the rise in operating income [3] - Research and development expenses decreased by 9.68%, attributed to increased investment in product development [5] Cash Flow Analysis - Net cash flow from operating activities surged by 83.46%, indicating a significant increase in cash inflows from operations [5] - Cash flow from investing activities decreased by 48.55%, while cash flow from financing activities increased by 227.14% [6] Market Position and Future Outlook - The company is well-positioned in the context of "new infrastructure," "carbon peak and carbon neutrality," and "digital China," with a strong focus on high-voltage construction and digital upgrades in the power grid [10] - For 2024, the company expects to achieve a revenue of 59.984 billion yuan, a year-on-year increase of 25.96%, and a net profit of 2.769 billion yuan, up 28.57% [10] - As of March 2025, the company had substantial orders in hand, including approximately 18 billion yuan in energy interconnection projects and over 3 billion USD in the PEACE transoceanic cable communication system [10]

Core Viewpoint - Hengtong Optic-Electric has secured contracts for marine energy projects totaling 1.509 billion yuan, enhancing its position in the global marine energy sector [1][2]. Group 1: Project Details - The company has won domestic and international marine energy projects, including offshore wind and oil and gas projects, with a total contract value of 1.509 billion yuan [1]. - Domestic projects include locations such as Guangxi Qinzhou, Zhanjiang, and various offshore wind and oil gas projects, covering services like submarine optical-electrical composite cables and installation [1]. - International projects focus on marine oil and gas in the Middle East, specifically involving submarine composite cables [1]. Group 2: Financial Impact - The recent contracts represent approximately 2.52% of the company's audited revenue for 2024, indicating a positive impact on future operating performance [2]. - Hengtong Optic-Electric reported a revenue of 59.984 billion yuan for 2024, a year-on-year increase of 25.96%, and a net profit of 2.769 billion yuan, up 28.57% [2]. - As of the end of Q1 2025, the company achieved a revenue of 13.268 billion yuan, reflecting a 12.58% year-on-year growth [2]. Group 3: Order Backlog and Strategy - The company has a robust order backlog, with approximately 18 billion yuan in hand for energy interconnection products and 8 billion yuan for marine communication business [2]. - Hengtong Optic-Electric is committed to a global operational strategy, enhancing its marketing network and industry layout across five continents, with 12 overseas industrial bases established [3]. - Recent acquisitions include a leading special optical fiber manufacturer and a major cable solution provider in Indonesia, along with the establishment of a communication industry base in Mexico [3].

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].