证券代码：600522 证券简称：中天科技 公告编号：临 2025-030 一、回购股份的基本情况 2024 年 11 月 5 日，江苏中天科技股份有限公司（以下简称"公司"）召开第 八届董事会第二十七次会议，审议通过了《关于第五期以集中竞价交易方式回购 公司股份方案的议案》，同意公司使用自有资金和自筹资金，以集中竞价交易方式 回购公司股份，回购股份将全部用于实施员工持股计划。本次回购股份的资金总 额不低于人民币 20,000 万元（含），不超过人民币 40,000 万元（含），回购价格 不超过人民币 22.00 元/股（含），回购股份的实施期限自公司董事会审议通过回 购股份方案之日起 12 个月内，即至 2025 年 11 月 4 日止。具体内容详见于 2024 年 11 月 6 日及 2024 年 11 月 15 日披露的《江苏中天科技股份有限公司关于第五 期以集中竞价交易方式回购股份的预案》（公告编号：临 2024-061）、《江苏中天 科技股份有限公司关于第五期以集中竞价交易方式回购股份的回购报告书》（公告 1 编号：临 2024-065）。 二、回购股份的进展情况 根据《上海证券交易所上市公司自律监 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company reported a revenue of 48.1 billion yuan for 2024, a year-on-year increase of 6.63%, while the net profit attributable to shareholders was 2.838 billion yuan, down 8.94% year-on-year [1][2]. - In Q1 2025, the company achieved a revenue of 9.756 billion yuan, representing an 18.37% year-on-year growth, and a net profit of 628 million yuan, a slight decline of 1.33% year-on-year, but the non-net profit increased by 20.45% year-on-year [1][3]. Summary by Sections Financial Performance - The company's gross margin for 2024 was 14.39%, down 1.83 percentage points year-on-year, primarily due to a decline in revenue from the optical communication and network business, which saw an 11.19% decrease to 8.1 billion yuan [2]. - The company’s overall revenue and non-net profit grew by approximately 20% in Q1 2025, with the net profit remaining stable compared to the previous year due to the absence of non-operating income from the previous year [3]. Order Backlog and Growth Potential - As of April 23, 2025, the company had a robust order backlog of approximately 31.2 billion yuan in the energy network sector, including 13.4 billion yuan from marine series, 14 billion yuan from grid construction, and 3.8 billion yuan from new energy [4]. - The company has made significant strides in offshore wind power projects, including winning bids for major projects and successfully delivering China's first 330kV offshore wind power project [4][5]. Future Outlook - The company is expected to benefit from strong growth in its offshore wind power, power grid, and new energy sectors, with a solid order backlog and ongoing innovations in product offerings [5]. - The company anticipates a significant increase in its new energy business, driven by decreasing prices of upstream raw materials and the ongoing push for carbon neutrality [5]. - The optical communication segment is expected to maintain stability, with the company leading in market share and advancing in the development of new optical modules [6]. Financial Projections - The projected net profit for 2025 is 3.989 billion yuan, with expected growth rates of 37.28% in 2025, 24.60% in 2026, and 23.41% in 2027 [10]. - The company’s price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 12, 10, and 8 times, respectively [6].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company reported a revenue of 48.1 billion yuan for 2024, a year-on-year increase of 6.63%, but the net profit attributable to shareholders decreased by 8.94% to 2.838 billion yuan [2]. - In Q1 2025, the company achieved a revenue of 9.756 billion yuan, representing an 18.37% year-on-year growth, while the net profit attributable to shareholders was 628 million yuan, a slight decline of 1.33% [1][3]. - The company has a strong order backlog of approximately 31.2 billion yuan in the energy network sector, indicating robust growth momentum [4]. Summary by Sections Financial Performance - The company's gross profit margin for 2024 was 14.39%, down 1.83 percentage points year-on-year, primarily due to a decline in revenue from the optical communication and network business, which fell by 11.19% to 8.1 billion yuan [2]. - The company’s Q1 2025 results showed a significant growth in operating revenue and non-net profit, with a 20.45% increase in non-net profit to 597 million yuan [3]. Order Backlog and Growth Potential - As of April 23, 2025, the company has a substantial order backlog, including 13.4 billion yuan in marine series, 14 billion yuan in grid construction, and 3.8 billion yuan in new energy projects [4]. - The company is actively expanding its presence in offshore wind power and has secured significant projects, including the first 330kV offshore wind power project in China [5]. Future Outlook - The company is expected to benefit from strong growth in its offshore wind power, power grid, and new energy sectors, with a forecasted net profit of 3.989 billion yuan for 2025, reflecting a 37.28% increase [5][11]. - The company’s competitive position in the optical communication market remains strong, with ongoing development in advanced optical modules [6].

Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, showing a revenue increase but a decline in net profit for 2024, while Q1 2025 performance met expectations [1][2]. Financial Performance - In 2024, the company achieved a revenue of 48.055 billion yuan, a year-on-year increase of 6.63%, and a net profit attributable to shareholders of 2.838 billion yuan, a year-on-year decrease of 8.94% [1]. - For Q1 2025, the company reported a revenue of 9.756 billion yuan, a year-on-year increase of 18.37% but a quarter-on-quarter decrease of 28.99%. The net profit attributable to shareholders was 628 million yuan, a year-on-year decrease of 1.33% but a quarter-on-quarter increase of 19.06% [1]. Business Segment Performance - In 2024, the power transmission segment generated a revenue of 19.785 billion yuan, a year-on-year increase of 18.18%, with a gross margin of 15.15%, up 0.18 percentage points [1]. - The optical communication and network segment achieved a revenue of 8.094 billion yuan, a year-on-year increase of 11.19%, with a gross margin of 25.14%, down 1.98 percentage points [1]. - The new energy materials segment reported a revenue of 7.003 billion yuan, a year-on-year decrease of 2.85%, with a gross margin of 7.32%, down 4.02 percentage points [1]. - The marine series generated a revenue of 3.644 billion yuan, a year-on-year decrease of 2.59%, with a gross margin of 24.45%, down 2.21 percentage points [1]. Order Backlog and Growth - As of April 23, 2025, the company had a substantial order backlog of approximately 31.2 billion yuan in the energy network sector, including about 13.4 billion yuan in marine series, 14 billion yuan in grid construction, and 3.8 billion yuan in new energy [2]. - The marine international business has shown growth for three consecutive years, successfully delivering projects such as the European 66kV long-length submarine cable and signing contracts for long-length three-core submarine cables in Vietnam [2]. Research and Development - The company is actively pursuing new directions in the optical fiber communication field, including joint research on hollow-core fibers and the development of bend-insensitive four-core fibers for data centers [2]. - Innovations in the communication cable sector include the new "13/8" spread spectrum leakage cable, and the company has successfully achieved mass production of high-speed copper cables [2]. - In the computing infrastructure area, the company is conducting in-depth research on next-generation liquid cooling technology for data centers, resulting in a composite liquid cooling solution [2]. Investment Outlook - The company is expected to achieve net profits of 3.956 billion yuan, 4.641 billion yuan, and 5.029 billion yuan for the years 2025 to 2027, representing year-on-year growth rates of 39.4%, 17.3%, and 8.4% respectively. The expected EPS for these years is 1.16, 1.36, and 1.47 yuan [2].

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Views - The company's performance in 2024 met expectations, with a revenue of 48.055 billion yuan, a year-on-year increase of 6.6%, and a net profit attributable to shareholders of 2.838 billion yuan, a year-on-year decrease of 8.9% [1]. - The company has a solid order backlog, with approximately 31.2 billion yuan in the energy network sector as of April 23, 2025, including 14 billion yuan in marine series, 14 billion yuan in grid construction, and 3.8 billion yuan in new energy [3]. - The offshore wind energy sector is expected to recover, with the company poised to benefit from this trend, having secured significant contracts in recent months [4]. Financial Performance Summary - In 2024, the company's revenue from various segments was as follows: - Optical communication and networks: 8.094 billion yuan, down 11.2% year-on-year - Grid construction: 19.785 billion yuan, up 18.2% year-on-year - Marine series: 3.644 billion yuan, down 2.6% year-on-year - New energy: 7.003 billion yuan, down 2.9% year-on-year - Copper products: 8.380 billion yuan, up 19.4% year-on-year [2]. - The company forecasts net profits for 2025, 2026, and 2027 to be 3.975 billion yuan, 4.900 billion yuan, and 5.522 billion yuan, respectively, with corresponding PE multiples of 12x, 10x, and 9x [5][6].

Summary of Zhongtian Technology Conference Call Company Overview - Zhongtian Technology is involved in the marine cable and engineering sectors, with significant revenue contributions from both domestic and international markets. The company is focusing on expanding its overseas presence, particularly in Europe. Key Financial Highlights - Total revenue for 2024 is projected at approximately 8 billion yuan, with the marine segment contributing 3.6 billion yuan, marine cable business contributing 2.7-2.8 billion yuan, and marine engineering close to 900 million yuan [2][3] - In Q1 2025, revenue reached 9.755 billion yuan, representing an 18% year-over-year growth, with a net profit close to 600 million yuan, up 20% year-over-year [2][4] - The marine cable business maintains a gross margin of around 40%, while the marine engineering segment is expected to improve from a negative 8% margin in 2024 to 10%-15% in 2025 due to increased project activity [2][3][11] Revenue Breakdown - 80% of revenue is generated domestically, with the remaining 20% from international markets. The company aims to increase its overseas revenue share to 15%-20% [2][3][15][16] - In Q1 2025, the power segment accounted for 40% of profits, followed by the marine segment at 25% and communication at 20% [2][5] Order Backlog and Future Projections - The current order backlog totals 13 billion yuan, with marine engineering accounting for 3 billion yuan and marine cables for 10 billion yuan. The marine cable segment is expected to generate around 6 billion yuan in revenue in 2025 [2][7][8] - The company has set a target for new orders in 2025 to reach 4 billion yuan in the overseas market [9][16] Market Dynamics - The domestic offshore wind power grid connection is expected to reach 12GW in 2025, with potential growth to 12-15GW in the following year, significantly up from 4-5GW in the previous year [24] - The European offshore wind market is projected to grow, with an expected annual increase of 8-10GW starting in 2026, driving demand for marine cables [24] Product and Segment Insights - The company is expanding its product offerings in deep-sea technology, including subsea cables and composite cables, with a focus on observation and sensing systems [26] - In the renewable energy sector, the company reported revenues of approximately 3 billion yuan from self-owned photovoltaic power stations, 10 billion yuan from electronic copper foil, and 20 billion yuan from photovoltaic EPC in 2024 [27] Challenges and Strategic Focus - The marine engineering segment faced challenges due to low offshore wind project initiation rates, but is expected to recover as project activity increases [11][28] - The company is strategically reducing its scale in competitive areas like energy storage and photovoltaic materials while focusing on improving profitability [18][27] Conclusion - Zhongtian Technology is positioned for growth with a strong focus on expanding its international market presence, improving profitability across segments, and capitalizing on the increasing demand for marine cables and renewable energy solutions. The company aims for a 15% revenue growth and a 10% profit increase compared to 2022 levels [30][31]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 18.42 RMB per share [6][4]. Core Views - The company is expected to achieve steady growth in performance, driven by the recovery of the marine cable sector and ongoing advancements in the power and communication segments [1][2]. - The first quarter of 2025 showed a significant revenue recovery, with a year-on-year increase of 18.37%, although the net profit was slightly below expectations due to a decline in non-recurring gains [1][3]. Revenue and Profitability - For 2024, the company is projected to generate revenue of 48.055 billion RMB, reflecting a year-on-year growth of 6.63%, while the net profit is expected to be 2.838 billion RMB, down 8.94% year-on-year [1][10]. - The revenue breakdown by segment for 2024 is as follows: Power 19.785 billion RMB (up 18.18%), Optical Communication 8.094 billion RMB (down 11.19%), New Energy 7.003 billion RMB (down 2.85%), and Marine 3.644 billion RMB (down 2.59%) [2]. Orders and Projects - As of April 23, 2025, the company has a backlog of orders in the energy network sector amounting to approximately 31.2 billion RMB, with significant contributions from the marine segment (13.4 billion RMB) and grid construction (14 billion RMB) [2]. Profitability Metrics - The comprehensive gross margin for 2024 is projected to be 14.39%, a decrease of 1.83 percentage points year-on-year, while the net profit margin is expected to be 5.91%, down 1.01 percentage points [3]. - The first quarter of 2025 showed a gross margin of 14.60% and a net profit margin of 6.43%, indicating a decline compared to the previous year [3]. Earnings Forecast and Valuation - The forecasted net profits for 2025, 2026, and 2027 are 4.056 billion RMB, 4.884 billion RMB, and 5.750 billion RMB, respectively, with adjustments reflecting a slight decrease in expectations [4][10]. - The company is assigned a PE ratio of 15.5x for 2025, leading to a target price of 18.42 RMB per share [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 18.42 per share [7][4]. Core Views - The company is expected to achieve stable growth in performance, driven by the recovery of its marine cable segment and ongoing developments in its power and communication sectors [1][2]. - The first quarter of 2025 showed a significant revenue recovery, with a year-on-year increase of 18.37%, although net profit slightly declined by 1.33% due to a drop in non-recurring gains [1]. - The marine segment has a strong order backlog, with approximately RMB 312 billion in orders, including RMB 134 billion from marine projects [2]. Revenue and Profitability - For 2024, the company is projected to generate revenue of RMB 48.055 billion, a year-on-year increase of 6.63%, with a net profit of RMB 2.838 billion, reflecting a decline of 8.94% [6]. - The company's gross margin for 2024 is expected to be 14.39%, down 1.83 percentage points year-on-year, while the net profit margin is projected at 5.91%, down 1.01 percentage points [3]. Segment Performance - The revenue breakdown for 2024 shows the power segment achieving RMB 197.85 billion (up 18.18%), while the marine segment is expected to decline by 2.59% to RMB 36.44 billion [2]. - The company has secured significant contracts, including a major project for 500kV DC marine cables worth RMB 24.99 billion [2]. Financial Forecasts - The forecast for net profit from 2025 to 2027 is RMB 4.056 billion, RMB 4.884 billion, and RMB 5.750 billion, respectively, indicating a recovery in profitability [4][6]. - The estimated PE ratio for 2025 is set at 15.5x, reflecting an adjustment from previous estimates [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term performance pressure but is expected to benefit from long-term growth in the communication energy market [4] - In 2024, the company achieved a revenue of 48.055 billion yuan, a year-on-year increase of 6.63%, while the net profit attributable to shareholders decreased by 8.94% to 2.838 billion yuan [4] - For Q1 2025, the company reported a revenue of 9.756 billion yuan, a year-on-year growth of 18.37%, but a quarter-on-quarter decrease of 28.99% [4] - The company has a strong order backlog in the energy network sector, amounting to approximately 31.2 billion yuan as of April 23, 2025 [5] - The company is focusing on R&D, with R&D expenses reaching 1.944 billion yuan in 2024, representing a year-on-year increase of 2.42% [6] Financial Summary - In 2024, the company’s revenue is projected to be 48.055 billion yuan, with a year-on-year growth of 6.6% [8] - The net profit for 2025 is estimated at 3.102 billion yuan, reflecting a year-on-year increase of 9.3% [8] - The gross margin is expected to decline slightly from 14.4% in 2024 to 14.2% in 2025 [8] - The company’s P/E ratio is projected to be 15.3 for 2025, decreasing to 13.5 by 2027 [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term performance pressure but is expected to benefit from long-term growth in the communication energy market [4][5] - In 2024, the company achieved a revenue of 48.055 billion yuan, a year-on-year increase of 6.63%, while the net profit attributable to shareholders decreased by 8.94% to 2.838 billion yuan [4] - For Q1 2025, the company reported a revenue of 9.756 billion yuan, a year-on-year growth of 18.37%, but a quarter-on-quarter decrease of 28.99% [4] - The company has a strong order backlog in the energy network sector, amounting to approximately 31.2 billion yuan as of April 23, 2025 [5] Financial Summary - Revenue projections for 2025-2027 are 53.642 billion yuan, 59.508 billion yuan, and 66.036 billion yuan respectively, with year-on-year growth rates of 11.6%, 10.9%, and 11.0% [6][9] - The net profit attributable to shareholders is projected to be 3.102 billion yuan in 2025, 3.311 billion yuan in 2026, and 3.523 billion yuan in 2027, with respective growth rates of 9.3%, 6.7%, and 6.4% [6][9] - The company's gross margin is expected to decline slightly from 14.2% in 2025 to 13.9% in 2027 [6][9] - The price-to-earnings (P/E) ratio is projected to be 15.3, 14.3, and 13.5 for 2025, 2026, and 2027 respectively [6][9] Research and Development - The company invested 1.944 billion yuan in R&D in 2024, representing a year-on-year increase of 2.42%, with an R&D expense ratio of 4.04% [6] - In Q1 2025, R&D expenses reached 404 million yuan, with an R&D expense ratio of 4.14% [6]