HGTECH(000988) 高盛·2025-05-26 05:36Investment Rating - The report assigns a "Buy" rating to HG Tech with a 12-month price target of Rmb53, indicating an upside potential of 26.6% from the current price of Rmb41.86 [16][18]. Core Insights - HG Tech is expected to benefit from multiple growth drivers, including AI infrastructure demand for optical transceivers, overseas expansion in the sensors segment, and new product introductions in laser tools [1]. - The company anticipates robust revenue and profit growth across all three business segments in 2025-26, addressing investor concerns regarding non-AI business growth [1]. Segment Summaries Sensors Segment - The sensors segment contributed over 60% of the company's net profit in 2024, with key growth drivers identified as overseas expansion and new sensor product development [2]. - HG Tech has secured a US$100 million order from a European luxury car maker, marking a significant milestone in its overseas business [2]. - A production plant in Thailand has been established with an annual capacity of 2 million units for PTC heaters, complementing the 9 million units capacity in mainland China [2]. Laser Tools Segment - The laser tools segment includes high-power tools for various industries such as automotive, metal processing, and shipbuilding [3]. - Orders from shipbuilding customers have more than quadrupled, with current orders standing at Rmb700 million, compared to Rmb3.5 billion in total revenue for the laser tool segment in 2024 [6]. Optical Transceivers Segment - HG Tech primarily supplies optical transceivers to Chinese cloud companies, benefiting from increased AI spending [8]. - The company plans to ramp up production capacity to 1 million units per month by the end of 2025, up from 500,000 units in early 2025 [8]. 3D Printing Segment - The company has initiated a joint venture in 3D printing, which is seen as a long-term growth driver across various sectors including consumer electronics and automotive [7]. - HG Tech currently offers six 3D printing products capable of producing parts ranging from 100mm to 400mm in size [7].