证券代码：600522 证券简称：中天科技 公告编号：2024-055 重要内容提示： 江苏中天科技股份有限公司 一、召开会议的基本情况 关于召开 2024 年第二次临时股东大会的通知 （一）股东大会类型和届次 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。 2024 年第二次临时股东大会 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 （六）融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 （二）股东大会召集人：董事会 （三）投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相 结合的方式 （四）现场会议召开的日期、时间和地点 召开的日期时间：2024 年 11 月 6 日 14 点 30 分 召开地点：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 （五）网络投票的系统、起止日期和投票时间。 网络投票系统：上 ...

证券代码：600522 证券简称：中天科技 公告编号：临 2024-051 江苏中天科技股份有限公司 关于变更部分募集资金投资项目的公告 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个别及连带责任。 重要内容提示： ●原项目名称：分布式储能电站项目 ●新项目名称：新型电力系统环保电缆项目投资总金额为 38,000 万元；特 高压复合绝缘子及避雷器研发生产一期项目投资总金额为 30,000 万元（其中募 集资金投入 28,240.91 万元，自有资金 1,759.09 万元）；工商业储能电站项目 投资总金额为 40,000 万元。 ●变更募集资金投向的金额：106,240.91 万元。 ●新项目预计正常投产并产生收益的时间：新型电力系统环保电缆项目整体 建设周期为 3 年，预计达产时间为 2027 年 9 月；特高压复合绝缘子及避雷器研 发生产一期项目整体建设周期为 3 年，预计达产时间为 2027 年 9 月；工商业储 能电站项目整体建设周期为 3 年，预计达产时间为 2027 年 9 月。 ●主要风险提示：公司对新项目进行了充分的可 ...

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： 1、审议通过了《关于变更部分募集资金投资项目的议案》。 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 12 日以电子邮件等方式发出了关于召开第八届董事会第二十五次会议的通 知。本次会议于 2024 年 10 月 16 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。 江苏中天科技股份有限公司 第八届董事会第二十五次会议决议公告 证券代码：600522 证券简称：中天科技 公告编号：临 2024-049 本议案需提交股东大会审议。 3、审议通过了《关于修订多元化员工持股计划方案的议案》。 详见 2024 年 10 月 17 日公司刊登在《中国证券报》《上海证券报》《证券时报》 ...

证券代码：600522 证券简称：中天科技 公告编号：临 2024-052 江苏中天科技股份有限公司 被担保人名称：中天科技海缆股份有限公司，本次担保不构成关联担保 本次担保金额：公司拟为下属子公司中天科技海缆股份有限公司提供总 金额不超过 42 亿元的履约担保，担保种类为连带责任保证。 一、本次担保情况概述 （一）本次担保基本情况 根据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"） 之全资子公司中天科技海缆股份有限公司（以下简称"中天科技海缆"）业务开 展需要，在确保规范运作和风险可控的前提下，公司预计2024年为中天科技海缆 与客户签署的海外业务提供总金额不超过42亿元的履约担保（其中若涉及外币则 以业务当天折算为人民币的额度计算）。在上述担保额度内，具体担保金额以担 保协议为准。担保具体额度使用将视公司的实际需求来合理确定，期限为自公司 股东大会审议通过之日起至2024年年度股东大会召开之日止，期限内该额度可循 环使用。 （二）内部决策程序 公司于2024年10月16日召开董事会审计委员会2024年第五次会议，审议通过 了《关于2024年度为控股子公司提供履约担保的议案》，同意提交董事会 ...

证券代码：600522 证券简称：中天科技 公告编号：临 2024-054 江苏中天科技股份有限公司 关于修订多元化员工持股计划方案的公告 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。 2024 年 10 月 16 日，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"）召开第八届董事会第二十五次会议审议通过了《关于修订多元 化员工持股计划方案的议案》，具体情况如下： | 子公司股权的方式须符合相关法律法 | 子公司股权的方式须符合相关法律法 | | --- | --- | | 规的规定，包括但不限于受让相关下 | 规的规定，包括但不限于受让相关下 | | 属子公司股权、认购下属子公司新增 | 属子公司股权、认购下属子公司新增 | | 注册资本，具体方式届时由公司董事 | 注册资本，具体实施方案届时由公司 | | 会审议确定。 | 总经理办公会审议确定。若具体实施 | | | 情形达到《上海证券交易所股票上市 | | | 规则》等法律法规所规定的董事会或 | | | 股东大会决策标准，将履行相应的决 | | | ...

证券代码：600522 证券简称：中天科技 公告编号：临 2024-050 江苏中天科技股份有限公司 第八届监事会第二十二次会议决议公告 表决结果：同意 3 票，反对 0 票，弃权 0 票。 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《关于变更部分募集资金投资项目的议案》。 详见 2024 年 10 月 17 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公司关 于变更部分募集资金投资项目的公告》（公告编号：临 2024-051）。 本议案需提交股东大会审议。 2、审议通过了《关于 2024 年度为子公司提供履约担保的议案》。 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。 详见 2024 年 10 月 17 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公司关 于 2024 年度为子公司提供履约担保的公告》 ...

Investment Rating - The report gives a "Recommended" rating for the company with a target price of 17.3 CNY, compared to the current price of 14.72 CNY [1]. Core Insights - The company focuses on communication and energy sectors, with offshore wind power expected to drive performance growth. It has established four major business segments: optical communication, marine, power grid, and new energy, with leading positions in optical communication and submarine cable industries [1][6]. - The domestic offshore wind power market is projected to remain highly prosperous, with expected installations of 8 GW in 2024 and 15 GW in 2025, representing year-on-year growth of 17.1% and 87.5% respectively [1][23]. - The company has a strong technological edge in submarine cables, having secured significant contracts both domestically and internationally, including high-voltage projects in Poland and Germany [1][36]. - The optical communication segment is benefiting from increased demand driven by the construction of a "dual-gigabit" network, with the company maintaining a leading position in order acquisition [1][38]. - The new energy and power grid segments are expected to see sustained growth, supported by global energy structure transformation and increased investment in power grids [1][44]. Summary by Sections 1. Company Overview - The company has over 30 years of experience in the communication and energy sectors, evolving into a leading player in optical communication and submarine cables, ranking sixth globally in optical fiber and cable market share [1][13]. 2. Offshore Wind Power - The domestic offshore wind power market is projected to exceed 20 billion CNY by 2025, with a compound annual growth rate (CAGR) of 59.9% from 2022 to 2025 [1][25]. - The overseas offshore wind market is also expected to grow significantly, with new installations projected to increase from 4.9 GW in 2024 to 31.8 GW by 2030, representing a CAGR of 36.7% [1][26]. 3. Optical Communication - The company is positioned to benefit from the ongoing construction of the "dual-gigabit" network, with a significant increase in demand for optical modules driven by telecom operators' investments in computing power [1][41]. 4. Power Grid and New Energy - The global investment in power grids is expected to average 500 billion USD annually from 2023 to 2030, a significant increase from the previous average of 320 billion USD [1][44]. - The company has seen its power grid revenue grow from 9.45 billion CNY in 2019 to 16.74 billion CNY in 2023, with a CAGR of 15.4% [1][49]. 5. Financial Projections - The company is expected to achieve revenues of 51.43 billion CNY in 2024, 61.07 billion CNY in 2025, and 67.23 billion CNY in 2026, with corresponding net profits of 3.25 billion CNY, 3.94 billion CNY, and 4.50 billion CNY respectively [2][50].

证券代码：600522 证券简称：中天科技 公告编号：临 2024-048 江苏中天科技股份有限公司 因公司实施 2023 年度利润分配，自 2024 年 7 月 15 日起，回购股份价格上限 由不超过人民币 20.68 元/股（含）调整为不超过人民币 20.46 元/股（含），预计 可回购股份数量相应调整为 488.76 万股至 977.52 万股。具体内容详见公司在上 海证券交易所网站（www.sse.com.cn）上披露的《江苏中天科技股份有限公司关 于 2023 年度权益分派实施后调整回购价格上限的公告》（公告编号：临 2024-040）。 一、回购股份的基本情况 2023 年 12 月 13 日，江苏中天科技股份有限公司（以下简称"公司"）第八届 董事会第十八次会议审议通过了《关于第四期以集中竞价交易方式回购公司股份 方案的议案》，拟回购公司股份的资金总额不低于人民币 5,000 万元（含），不超 过人民币 10,000 万元（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 2024 年 12 月 12 日止。具体内容详见 2023 年 12 月 14 日披露的 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company maintains a leading position in the communication power grid sector, aligning with the development requirements of AI computing and communication. Its broadband products rank first in several procurement projects for major clients like China Mobile and China Tower [1][4] - The company has a robust order backlog of approximately 28.2 billion yuan, with significant contributions from various business lines, including marine, power grid construction, and renewable energy [2][4] - The company has achieved a notable increase in revenue and net profit in Q2 2024 compared to Q1 2024, indicating improved profitability despite a slight increase in expense ratios [1][4] Summary by Sections Financial Performance - For H1 2024, the company reported revenue of 21.416 billion yuan, a year-on-year increase of 6.32%, and a net profit attributable to shareholders of 1.460 billion yuan, a decrease of 25.31% [1] - In Q2 2024, the company achieved revenue of 13.174 billion yuan, a year-on-year increase of 11.00% and a quarter-on-quarter increase of 59.83%, with a net profit of 0.824 billion yuan, a quarter-on-quarter increase of 29.50% [1] Order Backlog and Business Development - As of August 27, 2024, the company has an order backlog of approximately 28.2 billion yuan, with marine projects accounting for about 12.3 billion yuan, power grid construction for about 13.1 billion yuan, and renewable energy for about 2.8 billion yuan [2][4] - The company has successfully delivered significant projects, including the first 330kV submarine cable project in China, and has made progress in international markets [4] Profitability and Expense Management - The company reported a gross profit margin of 16.68% and a net profit margin of 6.81% for H1 2024, with slight decreases compared to H1 2023 [1] - The expense ratio for H1 2024 was 9.09%, showing a manageable increase from the end of 2023, with specific expense ratios for sales, management, R&D, and financial expenses [1]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The report highlights that the company achieved a revenue of 21.416 billion yuan in the first half of 2024, representing a year-on-year increase of 6.32%. However, the net profit attributable to shareholders decreased by 25.31% to 1.460 billion yuan [4] - The company has a strong order backlog in the energy network sector, with contracts amounting to approximately 28.2 billion yuan as of August 27, 2024, indicating a positive long-term operational trend [4] - The report notes that the marine engineering subsidiary incurred losses, which negatively impacted the overall performance for the period [4] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 21.416 billion yuan, with a net profit of 1.460 billion yuan, and a gross margin of 16.68% [4] - For Q2 2024, revenue reached 13.174 billion yuan, marking an 11.00% year-on-year increase and a 59.83% quarter-on-quarter increase [4] - The company’s contract liabilities increased significantly to 2.227 billion yuan by the end of H1 2024, up from 1.740 billion yuan in Q1 2024 [4] Revenue Forecast - The company is projected to achieve revenues of 51.649 billion yuan, 56.832 billion yuan, and 61.459 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 3.595 billion yuan, 4.324 billion yuan, and 4.999 billion yuan [5][6] Business Segments - The revenue forecast for different business segments includes: - Optical communication and network: 9.114 billion yuan in 2023, expected to remain stable [7] - Power grid construction: 16.741 billion yuan in 2023, with a projected growth of 15% in 2024 [7] - Marine series: 3.740 billion yuan in 2023, expected to grow significantly by 60% in 2024 [7] - New energy: 7.209 billion yuan in 2023, with a projected growth of nearly 20% in 2024 [7] Valuation - The report assigns a dynamic PE range of 18-20X for 2024, leading to a reasonable value range of 18.96 to 21.07 yuan per share [5]