HTGD(600487) 民生证券·2024-09-29 13:41Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company plans to acquire an additional 4.25 million shares of its subsidiary Huahai Technology, increasing its ownership from 64.26% to 72.09% [2][3]. - A new stock incentive plan for 2024 aims to reward key market and R&D personnel, with performance targets set for revenue growth of 20% in 2024 and 30% in 2025 based on 2023 figures [2]. - The company expects stable performance improvements in H1 2024, driven by increased investments in power grids and offshore wind projects, projecting net profits of 2.87 billion, 3.73 billion, and 4.34 billion yuan for 2024, 2025, and 2026 respectively [2][3]. Financial Forecasts - Revenue is projected to grow from 47.62 billion yuan in 2023 to 75.95 billion yuan in 2026, with growth rates of 2.5%, 19.1%, 18.6%, and 12.9% for the respective years [3][6]. - Net profit attributable to shareholders is expected to increase from 2.15 billion yuan in 2023 to 4.34 billion yuan in 2026, with growth rates of 35.8%, 33.3%, 29.9%, and 16.5% [3][6]. - Earnings per share are forecasted to rise from 0.87 yuan in 2023 to 1.76 yuan in 2026, with corresponding PE ratios decreasing from 18 to 9 [3][6].