Summary of Zhongtian Technology Conference Call Industry and Company Overview - The conference call pertains to Zhongtian Technology, a company involved in the manufacturing of submarine cables and communication networks, focusing on the energy interconnection and offshore wind power sectors. Key Points and Arguments 1. **Order Acquisition and Revenue Expectations** Zhongtian Technology has secured approximately 2 billion yuan in 500 kV submarine cable orders in the first half of the year, benefiting from demand in Shantou and Wenzhou. The proportion of 500 kV orders is expected to increase from 20% to 30%-50% [2][5] 2. **International Market Participation** The company is actively participating in energy interconnection projects in Europe and Southeast Asia, with expectations for breakthroughs in international high-voltage projects within the next one to two years [2][5] 3. **Domestic Market Performance** In Jiangsu, the scale of submarine cable orders is about 2 billion yuan, with revenue recognition expected mainly in Q2 and Q3. The company anticipates three new project tenders in the second half of the year, exceeding previous expectations [2][8] 4. **Profit Margins** The gross margin for 500 kV products is higher than that of 220 kV and 66 kV products. The overall gross margin is expected to remain stable this year, with improvements due to an increased proportion of high-margin products [2][6] 5. **Focus on Overseas Markets** Key overseas markets include Europe, Southeast Asia, and the Middle East, with significant potential in offshore wind power and oil and gas projects. The company expects a notable increase in overseas orders in the coming periods [2][7] 6. **Communication Network Sector** Zhongtian Technology won the top share in the China Mobile 25~206 month plan. Although there has not been a clear turning point in demand, the long-term growth trend for data transmission remains solid due to increasing internet applications and data centers [2][9] 7. **Impact of Internet Companies on Data Centers** Some internet companies are building their own data centers, affecting operators' capital expenditures. However, long-term demand for data transmission is expected to recover as application needs increase [2][10] 8. **International Strategy and Revenue Goals** Since 2017, Zhongtian Technology has aimed for 35%-40% of its revenue to come from international markets, with 25% of its communication segment revenue currently derived from overseas [2][11] 9. **Manufacturing Industry Measures** The company benefits from measures in the manufacturing sector aimed at maintaining reasonable profit margins and quality, which supports sustainable market development [2][12] 10. **Corporate Governance Changes** The company has undergone a board restructuring, with a new chairman focusing on product development and market expansion, while maintaining direct management of various segments [2][13] 11. **Investment Income Outlook** Last year's impairments were mainly in the new energy materials sector, but this year's investment income is not expected to significantly impact financial performance [2][14] 12. **Order Backlog and Future Projections** As of April 2025, Zhongtian Technology has an order backlog of approximately 13 billion yuan in the marine sector, with a production capacity target of 9-10 billion yuan for submarine cables [2][14] 13. **Domestic and International Market Trends** By 2025, the domestic offshore wind industry is expected to reach a grid-connected capacity of 60 GW, with significant project approvals anticipated in various provinces [2][15] 14. **Fiber Optic Demand** Demand for multimode fibers has increased since 2024, with the company adjusting its production capacity accordingly. Collaborations on hollow fiber technology are ongoing, focusing on industrial scale and stability [2][16]

Investment Rating - Industry rating: Recommended [6] Core Insights - The GB300 is expected to start volume production in the second half of the year, with significant advancements in AI performance and capabilities [1][8] - The central government emphasizes high-quality development of the marine economy, with wind power generation rapidly increasing, accounting for over 12% of total power generation [2][10] - There is a strong growth in overseas AI demand, particularly from new enterprises, driving high capital expenditure in AI [3][14] Summary by Sections GB300 Launch - CoreWeave announced the first market delivery of the NVIDIA GB300 NVL72, featuring advanced AI performance with over exaflop capabilities and significant improvements in user response speed and throughput [1][8] Marine Economy Development - The central government is focusing on enhancing the marine economy through policy support and encouraging social capital participation, with wind power generation capacity rapidly increasing [2][10] Investment Recommendations - The report recommends focusing on the AI capital expenditure and related sectors, highlighting the growth potential in the optical module industry and PCB supply chain [3][14] - Specific beneficiary stocks include NewEase, Zhongji Xuchuang, and Tianfu Communication in the optical module sector, and China Telecom, China Mobile, and China Unicom in the telecommunications sector [3][16][17] - The marine economy sector is also highlighted, with companies like Zhongtian Technology and Hengtong Optic-Electric being potential beneficiaries [4][15]

证券代码：600522 证券简称：中天科技 公告编号：临 2025-045 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。 | 回购方案首次披露日 | 2024/11/6，由董事会提议 | | --- | --- | | 回购方案实施期限 | 2024 年 11 月 6 日-2025 年 11 月 5 日 | | 预计回购金额 | 20,000万元-40,000万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 1,879.08万股 | | 累计已回购股数占总股本比例 | 0.5506% | | 累计已回购金额 | 25,229.12万元 | | 实际回购价格区间 | 12.60元/股-14.80元/股 | 重要内容提示： 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 ...

Group 1 - The company, Jiangsu Zhongtian Technology Co., Ltd., has announced that its wholly-owned subsidiary, Zhongtian Technology Submarine Cable Co., Ltd., has won multiple domestic and international marine energy project bids, with a total project value of approximately 1.722 billion RMB [1][2] - The projects include the supply and installation of 500kV submarine cables for the Sheneng Shanwei Honghai Bay offshore wind power project and the procurement of 220kV and 35kV fiber composite submarine cables for the Ningde Xiapu offshore wind farm [1][2] - The company has established itself as a leader in the ultra-high voltage submarine cable sector, having successfully bid for several significant projects, which enhances its market competitiveness and brand value in the global marine energy sector [2] Group 2 - The total project value of approximately 1.722 billion RMB represents about 3.58% of the company's audited revenue for the fiscal year 2024, indicating a positive impact on future operating performance [2] - The company plans to increase its R&D investment and focus on high-end, intelligent products to support the global energy transition, while also enhancing project delivery quality and operational service systems [2]

证券代码：600522 证券简称：中天科技 公告编号：临 2025-044 江苏中天科技股份有限公司 二、本次中标对公司的影响 中天科技海缆作为工信部认定的"制造业单项冠军示范企业"，深耕海底光 电缆技术二十余年，承制了我国数十个交流、直流海底电缆标志性示范工程，持 续突破超高压海缆尖端技术，服务于国家深海科技战略和全球能源转型升级。 深能汕尾红海湾六海上风电项目 500kV 海底电缆供货及敷设采购项目是粤 东红海湾系列项目的首次招标。公司已连续中标多个超高压海缆项目（中广核阳 江帆石二 500kV 交流海缆和南网阳江三山岛海上风电±500kV 直流海缆），不仅 标志着公司在超高压海缆领域的技术实力和市场竞争力，也为粤东地区后续超高 压海缆项目的跟进奠定了坚实基础。项目的实施将进一步提升公司在全球海洋能 源领域的品牌价值，为巩固国内外超高压海缆市场具有显著的推动作用。 本次中标/预中标的项目金额合计约 17.22 亿元人民币，占公司 2024 年度经 审计营业收入的 3.58%，对公司后续年度经营业绩将有积极影响。未来，公司将 持续加大研发投入，深耕海洋能源赛道，以高端化、智能化产品服务全球能源结 1 关于全 ...

Core Viewpoint - Zhongtian Technology (600522.SH) announced that its wholly-owned subsidiary, Zhongtian Technology Submarine Cable Co., Ltd., has won multiple bids for marine energy projects, totaling approximately 1.722 billion yuan [1] Group 1: Project Details - The company received bid notifications for several marine energy projects, including the 500kV submarine cable supply and installation for the Shenergy Shantou Honghaiwan offshore wind power project and the submarine cable procurement for the Ningde Xiapu offshore wind farm B area project [1] - Internationally, the company secured contracts for oil and gas projects in Saudi Arabia, Qatar, and the UAE, as well as a high-voltage power interconnection project in Brazil and an offshore wind project in Vietnam [1] Group 2: Financial Impact - The total value of the awarded projects is approximately 1.722 billion yuan, which is expected to enhance the company's brand value in the global marine energy sector and positively impact its operating performance in subsequent years [1]

Core Insights - Zhongtian Technology (600522) announced that its wholly-owned subsidiary, Zhongtian Technology Submarine Cable Co., Ltd., has received multiple bid notifications or pre-bid announcements for various marine energy projects, both domestically and internationally [1] Project Details - The company won the bid for the supply and laying of 500kV submarine cables for the Sheneng Shantou Honghaiwan No. 6 offshore wind power project [1] - The company also secured the bid for 220kV and 35kV fiber composite submarine cables and accessories, as well as power cables and accessories for the Ningde Xiapu offshore wind farm B zone project [1] - In the international market, Zhongtian Technology Submarine Cable has continuously won bids for oil and gas projects in Saudi Arabia, Qatar, and the UAE, as well as high-voltage power interconnection projects in Brazil and offshore wind power projects in Vietnam [1] Financial Impact - The total value of these projects amounts to approximately 1.722 billion yuan, which accounts for 3.58% of the company's audited operating income for the fiscal year 2024 [1]

Group 1 - The ocean economy is a significant driver of GDP growth, with the national marine production value expected to exceed 10 trillion yuan in 2024, accounting for 7.8% of the GDP, and contributing 11.5% to economic growth [1][8] - The government has highlighted "deep-sea technology" in its reports, indicating its importance alongside commercial aerospace and low-altitude economy, suggesting a rapid development potential in deep-sea equipment and exploration [1][8] - The deep-sea technology sector is identified as a key pillar for building a maritime power, encompassing three main areas: deep-sea materials, deep-sea equipment manufacturing, and deep-sea digital applications [3][17] Group 2 - Various provinces and cities are accelerating the development of marine economy, with policies focusing on high-end, intelligent, and green development, and establishing multi-level industrial systems [2][13] - Shanghai's marine industry development plan (2025-2035) proposes a "3+5+X" industrial system, while Guangdong's regulations emphasize support for eight emerging marine industry clusters [2][14] - The deep-sea materials sector is crucial for deep-sea technology, involving structural and buoyancy materials necessary for the development of marine resources, with a focus on high-performance steel, alloy materials, and composite materials [3][21] Group 3 - The deep-sea equipment sector is essential for supporting deep-sea development, facing challenges from complex underwater environments, with significant growth in China's shipbuilding industry, which saw a 13.8% increase in completed shipbuilding volume in 2024 [4][26] - The deep-sea digitalization and intelligence sector is a vital direction for deep-sea technology development, aiming to create a "digital ocean" that enhances marine decision-making and governance through advanced information technologies [5][17] - The report suggests focusing on marine engineering equipment manufacturing, marine equipment components, and marine observation instruments as key areas for investment [4][26]

Group 1 - Jiangsu Zhongtian Technology Co., Ltd. and Shanghai Zhongtian Aluminum Wire Co., Ltd. have obtained a patent for a "straightening device" in the field of metal processing technology [1] - The patent includes a support component, a moving component, and a straightening mechanism, designed to improve the efficiency of straightening metal plates [1] - The straightening device utilizes multiple components to clamp and straighten different areas of the metal plate simultaneously, enhancing the straightening efficiency during annealing treatment [1] Group 2 - Jiangsu Zhongtian Technology Co., Ltd. was established in 1996, located in Nantong City, with a registered capital of approximately 3.41 billion RMB [2] - The company has invested in 57 enterprises, participated in 5000 bidding projects, and holds 1812 patents along with 70 trademark registrations [2] - Shanghai Zhongtian Aluminum Wire Co., Ltd. was founded in 2004, located in Shanghai, with a registered capital of 1 billion RMB [2] - The company has invested in 1 enterprise, participated in 991 bidding projects, and holds 104 patents along with 5 trademark registrations [2]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights a strategic partnership between Guoxuan High-Tech and EHang Intelligent to develop power battery systems for EH216 series aircraft, indicating a growing focus on eVTOL applications [5] - The report notes a decline in silicon material prices due to weak downstream demand, with n-type recycled material averaging 34,400 RMB/ton, down 6.27% week-on-week, and n-type granular silicon at 33,500 RMB/ton, down 2.90% [15] - The report emphasizes the importance of monitoring production control in the third quarter and identifies two key areas of focus: supply-side rigidity in silicon materials and glass, and long-term growth opportunities from new technologies [15] Summary by Sections 1. New Energy Generation - **Photovoltaics**: Weak demand has led to a decline in silicon material prices, with an expected production increase of about 8% month-on-month in June [15] - **Wind Power & Grid**: Zhongtian Technology is expected to win a bid for the 500kV submarine cable supply for the Honghaiwan VI offshore wind project, with a bid amount of 896 million RMB [16] - **Hydrogen & Energy Storage**: A tender for a 20,000-ton off-grid green hydrogen project in Gansu has been announced, with 56 electrolysis units planned [18] 2. Energy Storage - The average bidding price for W1 energy storage systems in June is reported to be between 0.6 RMB/Wh and 3.369 RMB/Wh, indicating a competitive market [24][22] - The report suggests focusing on domestic and international large-scale energy storage opportunities, highlighting companies like Sungrow Power, Haibo Technology, and others [24] 3. New Energy Vehicles - Guoxuan High-Tech's collaboration with EHang Intelligent aims to enhance the EH216 series aircraft's performance with high-density battery solutions, indicating a shift towards advanced eVTOL technologies [25] - The report notes that several lithium battery companies are entering the low-altitude market, with solid-state batteries expected to gain traction in this sector [26] 4. Industry Price Dynamics - The report provides insights into the price fluctuations within the photovoltaic industry, with specific price points for various silicon products and components [31] 5. Weekly News Highlights - The report summarizes significant industry news, including partnerships and project announcements in the new energy sector, emphasizing ongoing developments in energy storage and renewable energy projects [32][34]