Group 1 - The communication index has shown a strong increase of 1.23%, with notable stocks such as Qiyu Technology reaching the daily limit increase and Cambridge Technology rising by 7.18% [1] - The communication ETF has seen a weekly increase of 5.11%, ranking first among comparable funds [1] - The trading volume of the communication ETF was 4.34%, with a transaction value of 4.74 million yuan [3] Group 2 - The communication ETF has experienced a significant growth in scale, increasing by 2.26 million yuan over the past two weeks, leading among comparable funds [3] - The ETF's share count has grown by 22 million shares in the last three months, also ranking first among comparable funds [3] - Zhongji Xuchuang, a leading company in optical communication, reported a revenue of 23.862 billion yuan for 2024, a year-on-year increase of 122.64%, and a net profit of 5.171 billion yuan, up 137.93% [3] Group 3 - The first quarter of 2025 saw Zhongji Xuchuang achieve a revenue of 6.674 billion yuan, a year-on-year increase of 37.82%, and a net profit of 1.583 billion yuan, up 56.83% [3] - Predictions indicate that global AI spending will reach 500 billion dollars in 2025, suggesting sustained high growth in revenue and profit for related companies [3] - Companies in the server and connector sectors are expected to perform well due to increased AI demand and capital expenditure growth from domestic and international internet firms [3] Group 4 - The top ten weighted stocks in the communication index account for 58.92% of the total, including major players like China Telecom, ZTE, and China Mobile [4] - Investors can access optical communication investment opportunities through the communication ETF linked fund [4]

| 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：陈宁玉 | | 营业收入（百万元） | | 45,065 | 48,055 | 55,767 | 62,979 | 70,353 | | | | 增长率 yoy% | | 12% | 7% | 16% | 13% | 12% | | 执业证书编号：S0740517020004 | | 归母净利润（百万元） | | 3,117 | 2,838 | 3,563 | 4,602 | 5,487 | | Email：chenny@zts.com.cn | | 增长率 yoy% | | -3% | -9% | 26% | 29% | 19% | | | | 每股收益（元） | | 0.91 | 0.83 | 1.04 | 1.35 | 1.61 | | 分析师：杨雷 | | 每股现金流量 | | 1.33 | 1 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 ●网址：https://roadshow.sseinfo.com/） ●会议召开方式：上证路演中心视频和网络互动 ●投资者可于2025年05月12日（星期一）至05月16日（星期五）16:00前登录上证路演中心网站首页点 击"提问预征集"栏目或通过公司邮箱zttirm@ztt.cn进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 江苏中天科技股份有限公司（以下简称"公司"）已于2025年4月25日披露了《江苏中天科技股份有限公 司关于召开2024年度暨2025年第一季度业绩说明会的公告》（公告编号：临2025-029）。现根据实际工 作安排，公司2024年度暨2025年第一季度业绩说明会的召开方式由"上证路演中心网络互动"调整为"上 证路演中心视频和网络互动"，会议召开时间由"2025年5月19日（星期一）15:00-16:00"调整为"2025年5 月19日（星期一）15:00-16:30"。 公告其他内容不变，调整后的内容如下： 一、 说明会类型 本次投资者说明会以视频结合网络互动召开，公司将针对2024年度及2025年第一季度的经营成果及财务 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - In 2025, the domestic offshore wind market is expected to see a significant recovery, and the company is accelerating its expansion into overseas offshore wind markets, which is likely to benefit from the overseas offshore wind installation boom and achieve substantial cable delivery, thereby releasing performance growth potential [5][11] - The company reported a revenue of 48.06 billion yuan in 2024, a year-on-year increase of 6.6%, while the net profit attributable to shareholders was 2.84 billion yuan, a year-on-year decrease of 8.9% [5][11] - The company has a robust order backlog, with approximately 31.2 billion yuan in hand orders as of April 23, 2025, including 13.4 billion yuan in marine projects and 14 billion yuan in grid construction [11] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 48.06 billion yuan, with a year-on-year growth of 6.6%. The net profit attributable to shareholders was 2.84 billion yuan, down 8.9% year-on-year. In Q1 2025, the company reported a revenue of 9.76 billion yuan, up 18.4% year-on-year, and a net profit of 630 million yuan, down 1.3% year-on-year but up 19.2% quarter-on-quarter [5][11] - The company's gross margin for 2024 was 14.4%, a decrease of 1.8 percentage points year-on-year, while the net margin was 5.9%, down 1.0 percentage point year-on-year. In Q1 2025, the gross margin was 14.6%, down 3.4% year-on-year but up 3.8% quarter-on-quarter [11] Business Segments - The revenue from the submarine cable segment in 2024 was 3.644 billion yuan, down 2.6% year-on-year, while the power transmission segment achieved a revenue of 19.785 billion yuan, up 18.2% year-on-year. The optical communication and network segment reported a revenue of 8.094 billion yuan, down 11.2% year-on-year [11] - The company has been actively participating in international market competition, with marine international market revenue growing for three consecutive years. In 2024, it won several significant projects, including high-voltage submarine cable projects in Brazil and the Middle East [11] Future Outlook - The company is expected to benefit from the recovery of the domestic offshore wind market and the acceleration of overseas offshore wind development, which will enhance cable delivery and performance growth. The forecasted net profit attributable to shareholders for 2025-2027 is 3.409 billion yuan, 3.871 billion yuan, and 4.326 billion yuan, corresponding to year-on-year growth rates of 20%, 14%, and 12% respectively [11]

证券代码：600522 证券简称：中天科技 公告编号：临 2025-031 江苏中天科技股份有限公司关于召开 2024 年度暨 2025 第一季度业绩说明会的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频和网络互动 投资者可于 2025 年 05 月 12 日（星期一）至 05 月 16 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 zttirm@ztt.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 江苏中天科技股份有限公司（以下简称"公司"）已于 2025 年 4 月 25 日披 露了《江苏中天科技股份有限公司关于召开 2024 年度暨 2025 年第一季度业绩说 明会的公告》（公告编号：临 2025-029）。现根据实际工作安排，公司 2024 年 度暨 2025 年第一季度业绩说明会的召开方式由"上证路演中心网络互动"调整 为"上证路 ...

内容概要：南通滨江临海、紧邻上海，是长三角中心区城市，是在江苏"1＋3"重点功能区中唯一肩负扬 子江城市群和沿海经济带建设双重任务的城市。作为江苏沿海经济带的关键增长极，南通紧扣长三角一 体化发展脉搏，以"616"现代化产业体系为战略支点——六大千亿级产业集群擎起发展脊梁，十六条优 势产业链织密产业网络，构建起船舶海工、高端纺织、新一代信息技术等战略领域协同发展的立体格 局。 上市企业：通富微电（002156.SZ）、林洋能源（601222.SH）、中国天楹（000035.SZ）、海力风电 （301155.SZ）、中天科技（600522.SH）、润邦股份（002483.SZ）、力星股份（300421.SZ）、如通股 份（603036.SH）、金通灵（300091.SZ）、通富微电（002156.SZ）、综艺股份（600770.SH）、神马电 力（603530.SH）、江海股份（002484.SZ）、捷捷微电（300623.SZ）、美年健康（002044.SZ）、爱朋 医疗（300753.SZ） 相关企业：招商局重工（江苏）有限公司、南通中远海运川崎船舶工程有限公司、神州龙芯智能科技有 限公司、南通联亚药业股份 ...

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].