HTGD(600487) 国泰君安·2024-04-29 03:32Investment Rating - The report maintains a "Buy" rating for the company with a target price of 19.68 CNY, up from the previous target of 17.20 CNY [1][2]. Core Insights - The company's performance exceeded expectations in the first quarter, with steady operational improvements. The report highlights an increase in profit forecasts and target prices due to strong order acquisition and expansion in offshore wind projects [1][2]. - The company secured over 1.5 billion CNY in orders, indicating robust demand in the offshore wind sector, particularly in Hainan [1][2]. Financial Summary - For 2023, the company achieved revenue of 47.622 billion CNY, a year-on-year increase of 2.49%, and a net profit attributable to shareholders of 2.154 billion CNY, up 35.77% [1][2]. - The earnings per share (EPS) for 2024 is projected at 1.06 CNY, with subsequent years showing growth to 1.23 CNY in 2025 and 1.37 CNY in 2026 [1][2]. - The report forecasts a net profit of 2.616 billion CNY for 2024, reflecting a growth rate of 21% compared to 2023 [1][2]. Order and Market Dynamics - The company has been awarded significant contracts, including a 1.186 billion CNY offshore wind project, which is expected to enhance its market position [1][2]. - The report notes that the offshore wind market is anticipated to expand rapidly, driven by increased project approvals in Hainan, with a total planned capacity of 24.9 GW [1][2]. Valuation Metrics - The company’s price-to-earnings (PE) ratio for 2024 is estimated at 12.77, which is competitive compared to industry averages [4]. - The report indicates a projected return on equity (ROE) of 9.3% for 2024, improving to 9.9% by 2026 [1][2].