HGTECH(000988) 中邮证券·2025-05-26 05:48Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company focuses on three core businesses: "Perception, Connection, and Intelligent Manufacturing," targeting the new energy vehicle and digital empowerment sectors. It aims to innovate continuously based on customer needs and integrate into national strategies and industry developments [4]. - For 2024, the company is projected to achieve revenue of 11.709 billion yuan, a year-on-year increase of 13.57%, and a net profit attributable to shareholders of 1.221 billion yuan, up 21.17% year-on-year. The growth is driven by the demand for intelligent manufacturing and connection services, particularly in the AIGC application field [4][5]. - The company maintains a global leadership position in thermal management for new energy vehicles and multifunctional sensor technology, with significant revenue contributions from its sensor business [4]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are 16.275 billion yuan, 20.012 billion yuan, and 23.577 billion yuan, respectively. Corresponding net profits are expected to be 1.701 billion yuan, 2.179 billion yuan, and 2.716 billion yuan [9][11]. - The current stock price corresponds to a price-to-earnings (P/E) ratio of 25 times for 2025, 19 times for 2026, and 16 times for 2027 [9]. Business Developments - The company plans to establish a joint venture with Lika Precision to enhance its capabilities in 3D printing, focusing on SLM manufacturing technology for various applications [6][8]. - The connection business is experiencing explosive growth, particularly in domestic and overseas markets, with significant demand for optical modules [5][6]. Market Performance - The company's stock has shown a positive trend, with a notable increase in performance over the past year, reflecting strong market confidence [7].