持续优化战略布局，业绩大幅提升。2024 年，公司积极把握特高压建设、电网数字化智能化升级、新能源基础建设和海洋能源通信产业发展机遇，市场综合竞争力进一步提升。2024 年，光通信/智能电网/海洋能源与通信/工业与新能源智能/铜导体营业收入分别为65.62/221.84/57.38/67.66/150.07 亿元，同比去年-10.95%/14.68%/69.60%/18.11%/50.94%。此外，公司进一步加强通信能源领域核心产品研发和成本管控，优化运营效率所致，盈利能力持续提升。Incident: The company released the “2024 Annual Report” and “2025 First Quarter Report” on April 24.
In 2024, the company achieved operating income of 59.984 billion yuan, up 25.96% year on year; net profit to mother was 2.769 billion yuan, up 28.57% year on year; net profit after deducting non-return to mother was 2.576 billion yuan, up 26.74% year on year.
With 2025Q1, the company achieved operating income of 13.268 billion yuan, up 12.58% year on year; net profit to mother was 0.557 billion yuan, up 8.52% year on year; net profit after deducting non-return to mother was 0.546 billion yuan, up 32.67% year on year.
Continuously optimize the strategic layout, and the performance has been greatly improved. In 2024, the company actively grasped the development opportunities of UHV construction, digital and intelligent upgrading of power grids, new energy infrastructure and marine energy communication industries, and the overall competitiveness of the market was further enhanced. In 2024, the revenue of optical communications/smart grids/marine energy and communications/industrial and new energy intelligence/copper conductors was 65.62/221.84/5.738/6.766/15.007 billion yuan, respectively, compared with -10.95%/14.68%/69.60%/18.11%/50.94% last year. In addition, the company has further strengthened core product development and cost control in the field of communication energy, and continued to improve profitability due to optimized operational efficiency.
Ocean Energy Communications led the growth, with plenty of on-hand orders. The company has grasped new opportunities for submarine optical cable construction and the upgrading of the “deep-sea technology” industrial application strategy, and the marine energy and communications sector has made significant progress. In 2024, the company accelerated the production capacity increase of the first phase of the Jiangsu Sheyang submarine cable production base; the second phase of the Sheyang base was put into operation within the year. As of 2025Q1, the company has placed orders of about 18 billion yuan in energy interconnection fields such as submarine cables, marine engineering and land cable products, and recently won 1.133 billion yuan in domestic and foreign marine energy projects. The marine communication business has an on-hand order of about 8 billion yuan, and the PEACE trans-ocean cable communication system was extended to Singapore, and the on-hand order exceeded 0.3 billion US dollars, injecting new impetus into the development of the deep-sea business.
The global layout has achieved remarkable results, and emphasis is placed on shareholder returns. The company continues to promote the global industrial operation layout. In 2024, overseas revenue reached 11.321 billion yuan, an increase of 36.75% over the previous year. The company actively promoted the production capacity increase of overseas optical communication industry bases such as Egypt, Indonesia, and India. The Mexican optical communication industry base was officially put into use, acquired Voksel, Indonesia's largest cable provider, and overseas customers and influence continued to increase. The company formulated an action plan to “improve quality, increase efficiency, and focus on return”. In April 2025, the controlling shareholder Hengtong Group announced plans to increase its shareholding, demonstrating confidence in the company's future development.
Investment advice: The company has always focused on creating value for customers in the two major fields of communication and energy, providing industry-leading products and solutions such as optical communication, marine communication and energy, and smart grids. At the same time, the company adheres to a global strategy and is expected to continue to benefit from the development of the global communications and energy industry. It is estimated that in 2025-2027, the company's net profit to mother will be 3.33/3.706/4.079 billion yuan, respectively, with corresponding growth rates of 20%/11%/10%, and corresponding PE of 11.3X/10.2X/9.2X, respectively, maintaining the “Highly Recommended” rating.
Risk warning: Optical fiber cable tenders fall short of expectations, increased competition in marine business, and increased costs and expenses.
