公司通信网络和能源互联两大核心主业处于行业领先地位。公司坚持专注于通信网络与能源互联两大核心主业。在通信网络领域，公司通过光棒技术的研发升级、全面整合海洋通信板块、建设PEACE 跨洋海缆通信系统运营项目和新加坡延伸段、收购全球领先的特种光纤生产商等，进一步强化了在通信行业的产业布局和竞争力。在能源互联领域，公司通过持续的技术积累、整合与创新，构建以高端核心产品和装备为龙头，系统成套解决方案和工程总包为两翼的全价值链体系；同时，紧抓全球海上风电清洁能源的发展机遇，深度拓展海上风电产业链，具备全球海上风电工程服务能力。Incident: The company released its three-quarter report. 2024Q1-Q3 achieved revenue of 42.399 billion yuan, +20.79% year over year; realized net profit to mother of 2.315 billion yuan, +28.32% year over year; realized deducted non-net profit of 2.208 billion yuan, +30.02% year over year. In 3Q24, the company achieved revenue of 15.785 billion yuan, +32.38% year on year; realized net profit of 0.705 billion yuan, +27.25% year on year; deducted non-net profit of 0.693 billion yuan, +40.94% year over year. The performance was in line with expectations and continued to grow rapidly.
There are plenty of orders on hand, providing a strong impetus for the company's growth. As of September 30, 2024, the company has an on-hand order amount of about 20 billion yuan in the energy interconnection field such as submarine cables, marine engineering and land cable products; an on-hand order amount of about 6 billion yuan for the PEACE trans-ocean cable communication system operation project.
Promote the high-quality development of the marine energy industry and complete the introduction of strategic investors. In order to better and faster promote the global industrial layout of the marine energy sector, the company introduced strategic investors through its subsidiary Jiangsu Hengtong High Voltage Submarine Cable Co., Ltd. In December 2023, the strategic investor Guokai Manufacturing Transformation and Upgrading Fund increased its capital to Hengtong High Pressure by 1 billion yuan according to Hengtong High Pressure's pre-investment valuation of 17.5 billion yuan. In 2024, the company continued to introduce nine strategic investors in March and June, respectively. As of July 22, 2024, the current round of financing has been settled; the company has introduced ten strategic investors, and the total amount of financing for the marine energy sector has reached 2.59 billion yuan. The company continues to be the controlling shareholder of Hengtong High Pressure and still has actual control over Hengtong High Pressure.
The company's two core businesses, communication networks and energy connectivity, are in a leading position in the industry. The company insists on focusing on the two core businesses of communication networks and energy interconnection. In the field of communication networks, the company has further strengthened its industrial layout and competitiveness in the communications industry through R&D and upgrading of optical rod technology, the full integration of the marine communication sector, the construction of the PEACE trans-ocean cable communication system operation project and Singapore extension, and the acquisition of the world's leading specialty optical fiber manufacturers. In the field of energy interconnection, through continuous technology accumulation, integration and innovation, the company has built a full value chain system with high-end core products and equipment as the lead, complete system solutions and engineering turnkey. At the same time, it has grasped the global offshore wind power clean energy development opportunities, further expanded the offshore wind power industry chain, and has global offshore wind power engineering service capabilities.
Profit forecasting, valuation and rating: The company is an innovative enterprise in the fields of optical fiber optic networks, smart grids, big data and the Internet of Things in China, making continuous breakthroughs in the fields of optical fiber communication, ultra-high voltage submarine cables, silicon photonics and new energy materials.
Considering the recovery of Haifeng Construction boom and the accelerated expansion of overseas orders, we raised our 2024-2025 net profit forecast to 2.854/3.406 billion yuan (up 5.39% and 4.96%), and added the 2026 net profit forecast to be 3.939 billion yuan. The current stock price corresponds to the 24-26 PE of 15x, 13x, and 11x respectively, maintaining the “increase in holdings” rating.
Risk warning: The fiber-optic price boom cycle has declined, gross margin has declined, and the submarine cable boom has declined.
