Investment Rating - The report maintains a "Buy" rating for Zhongtian Technology (600522.SH) with a target price of 15.81 CNY [5]. Core Views - The company reported a significant increase in net profit for Q3 2024, with a year-on-year growth of 20.67% [1]. - The company has a robust order backlog in the energy network sector, amounting to approximately 282 billion CNY, with substantial growth in offshore wind orders [1][2]. - The domestic offshore wind power sector is expected to enter a new construction peak in the next 5-10 years, supported by government policies and funding [2]. - The report projects a decrease in net profit forecasts for 2024-2025 due to lower installation volumes in offshore wind projects, with revised estimates of 33.17 billion CNY and 39.88 billion CNY respectively [3]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a revenue of 34.316 billion CNY, a year-on-year increase of 4.78%, while the net profit was 2.311 billion CNY, down 13.12% [1]. - In Q3 2024, revenue reached 12.9 billion CNY, up 2.32%, and net profit was 850 million CNY, reflecting a 20.67% increase [1]. Order Backlog and Market Opportunities - As of August 27, 2024, the company has an order backlog of approximately 282 billion CNY in the energy network sector, with significant contributions from offshore wind, grid construction, and new energy sectors [1]. - The report highlights the increasing demand for offshore wind projects, with a notable rise in overseas orders [1][2]. Industry Outlook - The domestic offshore wind power sector is entering a critical development phase, with policies from various provinces promoting deep-sea wind power projects [2]. - The report anticipates that by 2025, large-scale offshore wind projects will predominantly be located in deep waters, enhancing their economic viability [2]. Profit Forecast and Valuation - The report adjusts the net profit forecasts for 2024 and 2025 downwards due to anticipated delays in offshore wind project confirmations, with a new forecast for 2026 set at 44.98 billion CNY [3]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 16x for 2024, 14x for 2025, and 12x for 2026 [3].

Investment Rating - The report maintains a "Recommend" rating for Zhongtian Technology (600522) with a target price of 21.5 RMB [1][4] Core Views - The company's Q3 revenue and net profit showed year-on-year growth, with Q3 revenue reaching 12.9 billion RMB, up 2.3% YoY, and net profit reaching 850 million RMB, up 20.7% YoY [1] - The company secured multiple offshore wind power cable projects in Q3, with new orders exceeding 1 billion RMB, which are expected to support future earnings growth [2] - The report expects a concentrated delivery period for domestic offshore cables in 2025, with European orders secured in 2023 also expected to contribute to profit growth starting from 2025 [2] Financial Performance - For Q1-Q3 2024, the company achieved revenue of 34.32 billion RMB, up 4.8% YoY, and net profit of 2.31 billion RMB, down 13.1% YoY [1] - Q3 gross margin was 14.4%, down 2.4 percentage points YoY, while net margin improved to 6.6%, up 0.8 percentage points YoY [2] - The company's EPS is forecasted to be 1.0/1.2/1.4 RMB per share for 2024-2026, with corresponding P/E ratios of 16/13/12 times [2] Industry and Market Outlook - The company is a leader in the offshore cable industry, with significant growth potential driven by the acceleration of offshore wind power construction as the "14th Five-Year Plan" approaches its end [2] - The report highlights the company's strong position in the domestic market and its expanding presence in the European offshore wind power market [2] Financial Forecasts - Revenue is expected to grow to 51.43 billion RMB in 2024, 61.07 billion RMB in 2025, and 67.23 billion RMB in 2026, with YoY growth rates of 14.1%, 18.7%, and 10.1% respectively [3] - Net profit is projected to increase to 3.28 billion RMB in 2024, 4.07 billion RMB in 2025, and 4.62 billion RMB in 2026, with YoY growth rates of 5.1%, 24.2%, and 13.5% respectively [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][10]. Core Views - The company reported strong growth in Q3, benefiting from the long-term growth in the communication energy sector. It is recognized as a global leader in communication energy solutions, with a focus on the dual growth of "communication + energy" [3][4]. - For the first three quarters of 2024, the company achieved revenue of 34.316 billion yuan, a year-on-year increase of 4.78%, and a net profit attributable to shareholders of 2.311 billion yuan, a year-on-year decrease of 13.12%. In Q3 2024, revenue was 12.9 billion yuan, a year-on-year increase of 2.32%, and a net profit of 0.851 billion yuan, a year-on-year increase of 20.67% [3][4]. - The company has a robust order backlog in the energy network sector, with approximately 28.2 billion yuan in hand orders as of August 27, 2024, including 12.3 billion yuan for marine series projects and 13.1 billion yuan for grid construction [4]. Financial Performance Summary - Revenue (in million yuan) is projected to grow from 45,065 in 2023 to 64,775 in 2026, with a year-on-year growth rate of 12.9% in 2024 [6]. - Net profit (in million yuan) is expected to increase from 3,620 in 2024 to 4,966 in 2026, with a year-on-year growth rate of 16.2% in 2024 [6]. - The company's gross margin is projected to improve from 16.7% in 2024 to 17.4% in 2026, while the net margin is expected to rise from 7.1% to 7.7% over the same period [6]. - The current price-to-earnings (P/E) ratio is 14.6 for 2024, decreasing to 10.6 by 2026, indicating a favorable valuation trend [3][6].

二〇二四年十一月六日 江苏中天科技股份有限公司 2024 年第二次临时股东大会会议资料 江苏中天科技股份有限公司 2024 年第二次临时股东大会议程 时间：2024 年 11 月 6 日(星期三)下午 2:30 地点：江苏省南通经济技术开发区中天路三号中天黄海宾馆会议室 参会人员：江苏中天科技股份有限公司（以下简称"中天科技股份"或"公 司"）股东及股东代表、董事、监事、高级管理人员及公司聘请的见证律师 会议议程： 江苏中天科技股份有限公司 2024 年第二次临时股东大会资料 一、主持人宣布大会开始 二、介绍股东到会情况 三、介绍本次大会见证律师 四、推选监票人 五、宣读会议审议事项： 议案一：关于调整为部分控股子公司 2024 年银行综合授信提供担保额度的 议案 ............................................................... 3 议案二：关于变更部分募集资金投资项目的议案......................... 6 议案三：关于 2024 年度为子公司提供履约担保的议案................... 12 六、股东提问和咨询 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥12,899,932,798.36, representing a year-on-year increase of 2.32%[2] - Net profit attributable to shareholders was ¥851,065,702.67, showing a significant increase of 20.67% compared to the same period last year[2] - The net profit after deducting non-recurring gains and losses was ¥802,364,153.63, up by 8.95% year-on-year[2] - Basic earnings per share for the period was ¥0.250, an increase of 21.36% year-on-year[2] - Total operating revenue for the first three quarters of 2024 reached ¥34,315,631,031.31, an increase of 4.73% compared to ¥32,750,749,191.29 in the same period of 2023[15] - Net profit attributable to shareholders of the parent company for Q3 2024 was ¥2,310,776,480.77, a decrease of 13.09% from ¥2,659,786,200.72 in Q3 2023[16] - The total comprehensive income for Q3 2024 was ¥2,113,503,942.39, down from ¥3,170,488,046.09 in Q3 2023, reflecting a decline of 33.29%[18] - Basic earnings per share for Q3 2024 were ¥0.680, compared to ¥0.779 in Q3 2023, representing a decrease of 12.67%[18] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥57,809,720,752.37, reflecting a 5.63% increase from the end of the previous year[3] - The total number of ordinary shareholders at the end of the reporting period was 187,889[6] - As of September 30, 2024, the total assets of Jiangsu Zhongtian Technology Co., Ltd. amounted to RMB 57.81 billion, an increase from RMB 54.73 billion at the end of 2023, representing a growth of approximately 3.9%[12] - The company's current assets totaled RMB 40.85 billion, up from RMB 37.40 billion at the end of 2023, indicating an increase of about 6.6%[13] - The accounts receivable increased significantly to RMB 18.10 billion from RMB 13.55 billion, reflecting a growth of approximately 33.5%[12] - The total liabilities increased to RMB 40.84 billion, compared to RMB 37.40 billion at the end of 2023, representing an increase of about 9.8%[12] - The company's total liabilities increased to ¥22,151,131,912.65 in Q3 2024, compared to ¥20,104,001,126.61 in Q3 2023, marking an increase of 10.19%[14] Cash Flow - The net cash flow from operating activities was ¥1,140,385,359.79, with no applicable year-on-year comparison due to changes in cash receipts from sales[5] - In the first three quarters of 2024, the company generated cash inflows from operating activities totaling CNY 32.18 billion, an increase of 7.27% compared to CNY 29.07 billion in the same period of 2023[19] - The net cash flow from operating activities for the first three quarters of 2024 was -CNY 423.17 million, an improvement from -CNY 964.92 million in the same period of 2023[20] - Cash inflows from financing activities amounted to CNY 4.32 billion, while cash outflows totaled CNY 5.95 billion, leading to a net cash flow from financing activities of -CNY 1.63 billion[20] - The company's cash and cash equivalents at the end of Q3 2024 stood at CNY 11.80 billion, compared to CNY 10.09 billion at the end of Q3 2023, reflecting a year-on-year increase of 16.93%[20] Share Repurchase - The company has repurchased a total of 9.39 million shares, accounting for 0.2751% of the total share capital, with a total expenditure of RMB 114.71 million[11] - The maximum repurchase price was RMB 14.27 per share, while the minimum was RMB 11.34 per share[11] - The company adjusted its share repurchase plan, increasing the total repurchase amount from a range of RMB 50 million to 100 million to a new range of RMB 100 million to 200 million[10] Research and Development - Research and development expenses for the first three quarters of 2024 amounted to ¥1,445,772,220.87, up from ¥1,328,982,184.27 in the same period of 2023, indicating a growth of 8.80%[15] Other Financial Metrics - The weighted average return on net assets was 2.43%, an increase of 0.30 percentage points compared to the same period last year[2] - The total equity attributable to shareholders was ¥34,861,087,997.32, up by 5.13% from the previous year[3] - The company's total equity attributable to shareholders of the parent company increased to ¥34,861,087,997.32 in Q3 2024, compared to ¥33,159,071,877.13 in Q3 2023, an increase of 5.14%[14] - The financial expenses for the first three quarters of 2024 were ¥24,820,240.98, compared to a financial income of -¥17,139,252.40 in the same period of 2023[15] - The company reported a decrease in other comprehensive income after tax, amounting to -¥189,472,278.74 in Q3 2024, compared to ¥412,615,239.86 in Q3 2023[16] Inventory and Non-current Assets - The inventory level rose to RMB 6.12 billion, compared to RMB 5.11 billion at the end of 2023, marking an increase of around 19.7%[12] - Non-current assets totaled RMB 16.96 billion, a slight decrease from RMB 17.33 billion at the end of 2023, indicating a decline of about 2.1%[13] - The company's short-term borrowings decreased to RMB 3.05 billion from RMB 3.43 billion, reflecting a reduction of approximately 11.2%[13]

证券代码：600522 证券简称：中天科技 公告编号：临 2024-059 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：上证路演中心网络互动 投资者可于 2024 年 11 月 06 日(星期三)至 11 月 12 日(星期二)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"）于 2024 年 10 月 30 日发布 公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第 三季度经营成果、财务状况，公司计划于 2024 年 11 月 13 日下午 15:00-16:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年第三季度的经 营成果及财务 ...

一、监事会会议召开情况 江苏中天科技股份有限公司（以下简称"中天科技股份"或"公司"）于 2024 年10月25日以电子邮件等方式发出了关于召开第八届监事会第二十三次会议的 通知。本次会议于 2024 年 10 月 29 日以通讯方式召开，应参会监事 3 名，实际 参会监事 3 名。本次会议由监事会主席薛如根先生主持，会议的召集、召开符合 有关法律、行政法规、部门规章、规范性文件和《公司章程》的规定，表决形成 的决议合法、有效。 证券代码：600522 证券简称：中天科技 公告编号：临 2024-057 江苏中天科技股份有限公司 第八届监事会第二十三次会议决议公告 本公司监事会及全体监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。 二、监事会会议审议情况 经与会监事认真审阅，审议通过了以下议案，并形成决议如下： 1、审议通过了《江苏中天科技股份有限公司 2024 年第三季度报告》。 详见 2024 年 10 月 30 日公司刊登在《中国证券报》《上海证券报》《证券时 报》及上海证券交易所网站 www.sse.com.cn 的《江苏中天科技股份有限 ...

证券代码：600522 证券简称：中天科技 公告编号：临 2024-058 江苏中天科技股份有限公司 关于增加与部分关联方2024年日常经营性关联交易的公告 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： 独立董事专门会议认为：公司关联交易以市场价格为定价依据，遵循公开、公 平、公正的原则，不影响公司独立性，不存在损害公司及股东利益的情形。公司增 加与部分关联方2024年日常经营性关联交易是根据生产经营需要，预计金额以2024 年（1-9月）实际发生金额为基础，不存在违反关联交易相关规定的情形。同意将增 加与部分关联方2024年日常经营性关联交易金额的议案提交董事会审议，关联董事 需回避表决。 2、2024年10月29日，公司召开了董事会审计委员会2024年第六次会议，审议通 过了本次增加关联交易金额事项（3票同意，0票反对，0票弃权）。 3、2024年10月29日，公司召开第八届董事会第二十六次会议和第八届监事会第 二十三次会议，分别审议通过了《关于增加与部分关联方2024年日常经营性关联交 易的议案》，关联 ...

二、董事会会议审议情况 会议以记名投票的方式审议通过了以下议案，并形成了如下决议： 证券代码：600522 证券简称：中天科技 公告编号：临 2024-056 江苏中天科技股份有限公司 第八届董事会第二十六次会议决议公告 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。 一、董事会会议召开情况 江苏中天科技股份有限公司（以下简称"中天科技股份"或"公司"）于 2024 年 10 月 25 日以电子邮件等方式发出了关于召开第八届董事会第二十六次会议的通 知。本次会议于 2024 年 10 月 29 日以通讯方式召开，应参会董事 9 名，实际参会董 事 9 名。本次会议由董事长薛济萍先生主持，会议的召集、召开符合有关法律、行 政法规、部门规章、规范性文件和《公司章程》的规定，表决形成的决议合法、有 效。 1、审议通过了《江苏中天科技股份有限公司 2024 年第三季度报告》。 详见 2024 年 10 月 30 日公司刊登在《中国证券报》《上海证券报》《证券时报》 及上海证券交易所网站 www.sse.com.cn 的《江苏中天科技股 ...

第二条 董事会审计委员会是董事会按照股东大会决议设立的内设机构，主 要负责审核公司财务信息及其披露、监督及评估内外部审计工作和内部控制。 第二节 人员组成 江苏中天科技股份有限公司 董事会专门委员会议事规则 第一章 董事会审计委员会议事规则 第一节 总则 第一条 为强化董事会决策功能，确保董事会对管理层的有效监督，完善公 司治理结构，根据《公司法》《上市公司治理准则》《公司章程》及其它有关规定， 公司设立董事会审计委员会，并制定本议事规则。 第八条 审计委员会的主要职责： （一）监督及评估外部审计工作，提议聘请或更换外部审计机构。 第三条 审计委员会由三名董事组成，成员应当为不在上市公司担任高级管 理人员的董事，其中独立董事两名。 审计委员会成员应当勤勉尽责，切实有效地监督、评估公司内外部审计工作， 促进公司建立有效的内部控制并提供真实、准确、完整的财务报告。 审计委员会成员应当具备履行审计委员会工作职责的专业知识和经验。 第四条 审计委员会由董事长、副董事长及独立董事提名，并由董事会选举 产生。 第五条 审计委员会设主任委员一名，由会计专业的独立董事委员担任，负 责主持委员会工作。 第六条 审计委员会委员任 ...