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Investment Rating - The report initiates coverage on Zhongtian Technology (600522 SH) with a "Buy" rating [2][5] Core Views - The company is a leader in the submarine cable and optical communication sectors, with strong growth potential driven by accelerating offshore wind construction and the development of the optical communication industry [4][5] - Offshore wind power construction is accelerating both domestically and internationally, with China's offshore wind turbine bidding volume reaching 7 6 million kW in the first three quarters of 2024, a year-on-year increase of 24 59% [4] - The company's submarine cable business is expected to benefit from the trend of higher voltage levels and longer distances, with the mainstream voltage levels for array cables and export cables increasing to 66kV and 330kV/500kV respectively [4] - The optical communication sector remains robust, with the company leading in market share and securing significant orders in centralized procurement bids [20][27] Financial Performance and Forecast - The company's revenue is expected to grow from 50 11 billion yuan in 2024 to 62 4 billion yuan in 2026, with net profit attributable to shareholders increasing from 3 34 billion yuan to 4 79 billion yuan over the same period [5] - The company's PE ratio is lower than the industry average, with a 2024 PE of 15 4x compared to the industry average of 24 1x [5] - Historical financial performance shows steady growth, with revenue increasing from 38 7 billion yuan in 2019 to 45 1 billion yuan in 2023, and net profit attributable to shareholders growing from 1 97 billion yuan to 3 12 billion yuan over the same period [59] Industry Trends - Offshore wind power is entering a high-growth phase, with Europe aiming for at least 60GW of offshore wind capacity by 2030, and China's offshore wind market also showing strong growth potential [67][92] - The submarine cable market is characterized by high barriers to entry, including technical, certification, and capital requirements, leading to a concentrated competitive landscape dominated by a few key players [117] - The optical communication industry is benefiting from the acceleration of 5G and gigabit optical network construction, with China's 5G base stations reaching 3 377 million by the end of 2023 [135][137] Company Strengths - Zhongtian Technology has a leading position in the submarine cable market, with advanced technology and a strong track record of securing major projects both domestically and internationally [4][114] - The company has a diversified product portfolio in the optical communication sector, with a strong presence in fiber optic cables, ODN, and other related products [146] - The company has a global presence, with overseas factories in India, Indonesia, Brazil, Turkey, and Morocco, and products exported to over 160 countries and regions [172] Risks and Challenges - The company faces risks related to fluctuations in raw material prices and potential challenges in overseas expansion due to geopolitical factors [155]

司总 评 | --- | --- | |--------------------------------------|-------| | | | | ＃分e析m师 ail：Author ＃ | | | 章林 | | | zhanglin20@xyzq.com.cn | | | S0190520070002 | | | 代小笛 | | | daixiaodi@xyzq.com.cn S0190521090001 | | 研究助理： 王灵境 wanglingjing@xyzq.com.cn 证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 通信 ＃investSuggestion＃ | --- | --- | |--------------------|--------------------------------| | | | | 日期 | 2024/11/18 | | 收盘价（元） | 16.21 | | 总股本（百万股） | 3412.95 | | 流通股本（百万股） | 3412.95 | | 净资产（百万元） | 34861.09 | | 总资产（百万元） | 57809.72 | | ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨中天科技（600522.SH） [Table_Title] Q3 单季盈利能力增长，政策催化海风改善在即 | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|-------|-------| | | | | | | 报告要点 | | | | | [Table_Summary] 24Q3 公司盈利能力同比环比均实现改善，在手订单保持充裕，股份回购顺利进行。多条利好 政策发布，强调海风建设重要性，未来海风景气度有望持续改善，公司有望从中持续受益，进 而驱动业务长期持续向好。 | | | | | | | | | 分析师及联系人 [T ...

中天科技（600522.SH） 通信设备 证券研究报告/公司点评报告 2024 年 11 月 10 日 24Q3 单季业绩恢复，能源网络在手订单充足 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

[Table_MainInfo] 公司研究/信息设备/通信设备 证券研究报告 中天科技（600522）公司季报点评 2024 年 11 月 08 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------------|-------------| | 股票数据 | | | 11 [ Table_StockInfo 月 08 日收盘价（元） ] | 17.30 | | 52 周股价波动（元） | 10.42-17.24 | | 总股本 / 流通 A 股（百万股） | 3413/3413 | | 总市值 / 流通市值（百万元） | 59044/59044 | | 相关研究 | | | [Table_ReportInfo] 《合同负债高增，长期经营趋势向好》 | | | 2024.09.05 | | | 《营收稳健增长，在手订单充足》 | 2024.05.10 | | | | 市场表现 [Table_QuoteInfo] -28.11% -18.11% -8.11% 1.89 ...

公司报告 | 季报点评 | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------|--------------------------------------------------------------------------------------------| | 中天科技（ 600522 ） | | 证券研究报告 2 ...

上 市 公 司 证 券 研 究 报 告 公 司 研 究/ 公 司 点 评 | --- | --- | --- | |-------|------------------------------------|-------------------------------| | | 市场数据： | 2024 年 11 月 01 日 | | | 收盘价（元） | 15.66 | | | 一年内最高/最低（元） | 17.24/10.42 | | | 市净率 | 1.5 | | | 息率（分红/股价） | 1.40 | | 流通 | A 股市值（百万元） | 53,447 | | | 上证指数 / 深证成指 | 3,272.01/10,455.50 | | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 10.21 | | 资产负债率 % | 38. ...

证券研究报告 非金融公司|公司点评|中天科技（600522） 2024Q3 利润同比提升，海洋板块回暖 可期 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月03日 证券研究报告 |报告要点 近日，公司发布 2024 年三季报，2024 年前三季度公司实现营业收入 343.16 亿元，同比增长 4.78%；实现归母净利润 23.11 亿元，同比下降 13.12%，实现扣非归母净利润 21.30 亿元，同 比下降 3.21%。 |分析师及联系人 贺朝晖 陈子锐 SAC：S0590521100002 SAC：S0590524080006 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年11月03日 中天科技(600522) 2024Q3 利润同比提升，海洋板块回暖可期 | --- | --- | |----------------------------|---------------| | | | | 行 业： | 通信/通信设备 | | 投资评级： | 买入（维持） | | 当前价格： | 15.81 元 | | 基本数据 | | ...

中天科技（600522.SH）2024 年三季报点评 24Q3 归母利润同比环比均增长，Q4 海风项目开工公司将迎业绩上行期 2024 年 11 月 01 日 [盈利预测与财务指标 Table_Forcast] ➢ 事件。近期公司发布 2024 年三季报，前三季度公司实现营业收入 343.16 亿元，同比+4.78%；实现归母净利润 23.11 亿元，同比-13.12%；实现扣非净 利润 21.30 亿元，同比-3.21%。24Q3 公司实现营业收入 129.00 亿元，同比 +2.32%；实现归母净利润 8.51 亿元，同比+20.67%；实现扣非净利润 8.02 亿 元，同比+8.95%。 ➢ 24Q3 公司归母净利环比同比正增长，费用管控与现金流回流改善：24Q3 公司归母净利润同比+20.67%，环比+3.3%，主要系三季度海洋项目改善，电力 电缆业务增速加快。24Q3 毛利率 14.43%，环比减少 1.41pct，同比减少 2.43pct， 主要系电缆产品整体业务占比提升影响，预计随着海缆出货提升，毛利率将回升。 同期期间费率为 7.2%，环比减少 1.3pct，同比减少 1.5pct，公司费用管 ...