HTGD(600487) 中国银河·2024-10-31 07:00Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook compared to the benchmark index [5]. Core Insights - The company reported a revenue of 42.399 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 20.79%. The net profit attributable to shareholders was 2.315 billion yuan, up 28.32%, and the net profit excluding non-recurring items was 2.208 billion yuan, reflecting a growth of 30.02% [2]. - In Q3 2024 alone, the company achieved a revenue of 15.785 billion yuan, marking a 32.38% increase, with a net profit of 705 million yuan, up 27.25%, and a net profit excluding non-recurring items of 693 million yuan, which is a 40.94% increase [2]. - The company is focused on the efficient development of the marine energy industry, with a clear strategic development plan. It specializes in two core areas: telecommunications networks and energy interconnection, leading the industry in products and solutions related to optical communication, marine communication, smart grids, and marine energy [2]. - As of Q3 2024, the company has approximately 20 billion yuan in hand orders in the energy interconnection sector, around 6 billion yuan in marine communication orders, and over 300 million USD in orders for the PEACE transoceanic cable communication system [2]. - The company has successfully introduced ten strategic investors through its subsidiary, Jiangsu Hengtong High Voltage Submarine Cable Co., Ltd., raising a total of 2.59 billion yuan for its marine energy segment, which supports sustainable development and aligns with its long-term strategic goals [2]. Financial Forecasts - The company is projected to achieve net profits of 2.831 billion yuan, 3.445 billion yuan, and 3.817 billion yuan for the years 2024, 2025, and 2026, respectively. The corresponding earnings per share (EPS) are expected to be 1.15 yuan, 1.40 yuan, and 1.55 yuan, with price-to-earnings (PE) ratios of 15.57, 12.79, and 11.55 [3][4]. - The revenue forecast for the company is 57.622 billion yuan in 2024, 63.788 billion yuan in 2025, and 69.210 billion yuan in 2026, with growth rates of 21.00%, 10.70%, and 8.50% respectively [4][12].