20241103-天风证券-亨通光电-600487.SH-Q3扣非归母净利润同比41_增长_订单充沛期待海缆行业持续景气向上_4页_767kb

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Company Report | Quarterly Commentary

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Hengtong Optoelectronics (600487)
Securities Research Report
Date: November 3, 2024
Investment Rating: Buy (Maintained Rating)
Current Price: 17.03 Yuan
Target Price: N/A

Sector: Communication / Telecom Equipment
6-Month Rating: Buy

Q3 Revenue: CAGR of 3,238% YoY, driven by submarine cable, grid modernization, and renewable energy sectors.
Q3 Non-GAAP Net Profit: CAGR of 302% YoY, with strong cash flow generation.
Contract Liability Increase: Grew by 35% YoY to 484.9 billion Yuan as of Q3-end, indicating robust future revenue visibility.

Q3 Performance:

In Q3 2024, Hengtong delivered stellar results with revenue and profits growing at triple-digit rates.
Non-GAAP net profit growth of 302% YoY underscores improving operational efficiency.
Tight cost management contributed to higher profit margins despite a slight decline in gross margins.

Underwriting and Profitability:

Revenue reached 423.99 billion Yuan in the first nine months, with profitability supported by reduced costs and strategic orders.
Expansion into submarine cable projects is expected to drive sustained profit growth.

Market Expansion and Capabilities:

Secured contracts worth approximately 20 billion Yuan in energy connectivity, signaling strong market penetration.
International expansion accelerated through investments and acquisitions in key regions.
Presence in over 150 countries highlights growth potential both domestically and overseas.

Investment Outlook:

Forward-looking estimates project revenue and net profit growth at 140% CAGR over the next three years.
Maintained Buy recommendation with a target PE of 15x for 2024.