%% %% 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] 海风招投标及建设提速，电网高景气持续 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------|-------|-------| | | | | | 报告要点 | | | | [Table_Summary] 24 年上半年海洋和新能源业务景气度逐渐回暖，海洋业务订单逐渐兑现相应业务增速明显，光 | | | | 通信业务稳步发展。公司海洋在手订单丰富，上半年在执行订单达到历史峰值，未来海外海洋 业务收入增长确定性高。 | | | | | | | 分析师及联系人 [Table_Author] 于海宁 黄天佑 SAC：S0490517110002 SAC：S0490522050005 SFC：BUX641 请阅读最后评级说明和重要声明 中天科技（600522.SH） cjzqdt11111 相关研究 2023- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a year-on-year revenue increase of 6.32% to 21.416 billion yuan in H1 2024, but the net profit attributable to shareholders decreased by 25.31% to 1.460 billion yuan [6][8] - The second quarter of 2024 saw a quarter-on-quarter revenue increase of 11.00% to 13.174 billion yuan, with a net profit of 824 million yuan, reflecting a 30.57% year-on-year decline but a 29.50% quarter-on-quarter increase [7] - The company is expected to benefit from a recovery in the offshore wind sector, with a backlog of orders in the energy network field amounting to approximately 28.2 billion yuan, including 12.3 billion yuan from marine series projects [7][8] Financial Performance Summary - For H1 2024, the company achieved operating revenue of 21.416 billion yuan, a year-on-year increase of 6.32%, and a net profit of 1.460 billion yuan, a decrease of 25.31% [6] - The company’s Q2 2024 performance showed a revenue of 13.174 billion yuan, a year-on-year increase of 11.00%, and a net profit of 824 million yuan, which is a 30.57% decline year-on-year but a 29.50% increase quarter-on-quarter [7] - The company’s revenue projections for 2024-2026 are 50.882 billion yuan, 58.383 billion yuan, and 64.532 billion yuan, with growth rates of 12.91%, 14.74%, and 10.53% respectively [8] Earnings Forecast and Investment Recommendations - The forecast for net profit attributable to shareholders for 2024-2026 is 3.535 billion yuan, 4.618 billion yuan, and 5.333 billion yuan, with growth rates of 13.44%, 30.62%, and 15.50% respectively [8] - The earnings per share (EPS) are projected to be 1.04 yuan, 1.35 yuan, and 1.56 yuan for 2024-2026, with corresponding price-to-earnings (P/E) ratios of 13, 10, and 8 times [8]

公司持有该股票比例 相关报告 中天科技（600522.SH）/通信 证券研究报告/公司点评 2024 年 9 月 2 日 24Q2 业绩环比改善，能源网络在手订单充足 | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------|--------|-----------------------------------------------|------------------------|----------------------|------------------|---------------------------|----------------| | [Table_Title] 评级：买入（维持） [Table_Industry] \n市场价格： 12.49 | | [Table_Finance 公司盈利预测及估值 1] \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026 ...

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The report indicates that the company's performance is stable, with a positive outlook for the offshore wind sector over the next two years. The company has adjusted its profit forecasts for 2024-2026, maintaining a target price of 16.08 CNY and a "Buy" rating [4][3]. Summary by Sections Financial Performance - The company reported a revenue of 21.415 billion CNY for H1 2024, representing a year-on-year growth of 6.32%. However, the net profit attributable to shareholders decreased by 25.31% to 1.460 billion CNY, while the non-recurring net profit fell by 9.33% to 1.327 billion CNY, aligning with market expectations [4]. - The revenue growth was driven by steady increases in ultra-high voltage construction and marine business, which offset declines in the solar and energy storage sectors due to industry competition, as well as a decrease in optical fiber and cable revenues [4]. - The overall gross margin improved by 0.44 percentage points compared to the full year of 2023, despite some business segments facing profitability challenges [4]. Industry Outlook - The report highlights that there are numerous projects awaiting commencement in the offshore wind sector, suggesting a positive outlook for the industry over the next two years. Currently, there are 10 GW of offshore wind projects underway and 19 GW approved but not yet started. The report anticipates that as key projects in Jiangsu and Guangdong progress, more projects will begin construction and grid connection, leading to a favorable industry cycle starting in 2025-2026 [4]. Financial Forecasts - The adjusted net profit forecasts for the company are 3.271 billion CNY for 2024, 3.966 billion CNY for 2025, and 4.706 billion CNY for 2026, with corresponding EPS of 0.96, 1.16, and 1.38 CNY respectively [4][12]. - The company maintains a target price of 16.08 CNY based on a 14x valuation for 2025, reflecting a stable outlook despite the adjustments in profit forecasts [4].

Investment Rating - The investment rating for the company is "Buy" with a target price maintained at 12.96 CNY [1] Core Views - The company reported a significant increase in contract liabilities, which doubled year-on-year, indicating strong future revenue potential and a robust order backlog [3][5] - Despite a decline in net profit, the company is expected to return to a growth trajectory due to one-time factors affecting profitability [4][6] - The company is well-positioned to benefit from the growing demand in offshore wind projects and has a strong order pipeline in the energy network sector [5][6] Financial Performance Summary - For the first half of 2024, the company achieved revenue of 21.416 billion CNY, a year-on-year increase of 6.32%, while net profit attributable to shareholders was 1.460 billion CNY, down 25.31% [2] - In Q2 2024, revenue reached 13.174 billion CNY, reflecting an 11.00% year-on-year growth and a 59.83% quarter-on-quarter increase [3] - The company's contract liabilities increased from approximately 0.921 billion CNY in the same period last year to about 2.227 billion CNY this year, indicating strong future revenue growth potential [3] Business Outlook - The company has a strong order backlog of approximately 28.2 billion CNY in the energy network sector, with significant contributions from offshore wind projects [5] - The offshore wind power segment is expected to see accelerated revenue growth due to favorable market conditions and ongoing projects in Guangdong and Jiangsu provinces [6] - The company's renewable energy business is anticipated to benefit from declining raw material prices and the ongoing dual carbon strategy, positioning it for high growth [6] Financial Projections - The company adjusted its net profit forecasts for 2024-2026 to 3.6 billion CNY, 5.0 billion CNY, and 6.3 billion CNY respectively, maintaining a "Buy" rating based on a valuation of 12x, 9x, and 7x earnings [6][9]

Investment Rating - The report maintains a "Recommend" rating for the company, with expected PE ratios of 11x, 9x, and 8x for 2024, 2025, and 2026 respectively [3][4] Core Views - The company achieved record-high order execution in submarine cables, with total orders in the energy network sector reaching approximately 28.2 billion yuan, including 12.3 billion yuan in marine series and 13.1 billion yuan in power grid construction [2] - Overseas demand for submarine cables and power grid interconnections is expected to continue growing, driven by projects such as Singapore's 4GW new energy power import plan [3] - The company has made significant progress in international market expansion, winning contracts in the Middle East and Europe, and establishing local companies in Germany and Vietnam [3] Financial Performance - In H1 2024, the company reported revenue of 21.416 billion yuan, a 6.32% YoY increase, but net profit attributable to shareholders decreased by 25.31% to 1.460 billion yuan [2] - Q2 2024 saw revenue growth of 11.00% YoY to 13.174 billion yuan, while net profit attributable to shareholders decreased by 30.57% to 824 million yuan [2] - The company's gross margin in Q2 2024 was 15.84%, a slight decrease of 0.58 percentage points YoY [2] Business Development - The company is benefiting from domestic deep-sea projects, with recent approvals in Shanghai, Guangxi, and Hebei expanding the scope of national deep-sea construction [3] - In the fiber optic sector, demand for G.654.E and multimode fibers is expected to increase significantly due to AI, data centers, and 400/800G long-haul trunk line construction [3] - The company has implemented a global strategy with 14 overseas marketing centers, 44 overseas offices, and products exported to over 160 countries and regions [3] Financial Projections - Revenue is expected to grow from 45.065 billion yuan in 2023 to 64.111 billion yuan in 2026, with a CAGR of approximately 12.5% [7] - Net profit attributable to shareholders is projected to increase from 3.117 billion yuan in 2023 to 5.469 billion yuan in 2026 [7] - The company's ROE is forecasted to improve from 9.40% in 2023 to 11.94% in 2026 [8] Operational Metrics - The company's gross margin is expected to improve from 16.22% in 2023 to 17.83% in 2026 [8] - Asset turnover ratio is projected to increase from 0.87 in 2023 to 1.60 in 2026 [8] - EPS is forecasted to grow from 0.91 yuan in 2023 to 1.60 yuan in 2026 [8]

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥21.42 billion, an increase of 6.32% compared to ¥20.14 billion in the same period last year[18]. - Net profit attributable to shareholders decreased by 25.31% to ¥1.46 billion from ¥1.95 billion year-on-year[18]. - The net cash flow from operating activities was negative at -¥1.56 billion, compared to -¥921.97 million in the previous year[18]. - Basic earnings per share decreased by 24.96% to ¥0.43 from ¥0.57 in the same period last year[20]. - The weighted average return on net assets fell by 1.99 percentage points to 4.30% from 6.29% year-on-year[20]. - The company reported a decrease of 9.33% in net profit after deducting non-recurring gains and losses, amounting to ¥1.33 billion compared to ¥1.46 billion last year[18]. Assets and Investments - The total assets of the company increased by 2.73% to ¥56.23 billion from ¥54.73 billion at the end of the previous year[19]. - The net assets attributable to shareholders rose by 2.14% to ¥33.87 billion from ¥33.16 billion at the end of the previous year[19]. - The company reported a significant increase of 289.20% in other payables, totaling CNY 1.28 billion, primarily due to increased dividend payables and employee stock ownership plans[141]. - The company has reduced its investment in financial assets, with a 47.01% decrease in investments in securities, totaling CNY 731.21 million[141]. Market and Business Strategy - The company has not disclosed any new product developments or market expansion strategies in this report[1]. - The company aims to transition from a "product supplier" to a "system integration service provider" in the energy network sector[23]. - The company is committed to continuous innovation in energy and communication networks to enhance its competitive edge[23]. - The company has established a global marketing network with 14 overseas marketing centers and 44 offices, exporting to over 160 countries[26]. - The company is focusing on optimizing its product structure and enhancing profitability in the energy and communication sectors[153]. Research and Development - The company's research and development expenses increased by 23.82% to CNY 974.90 million, up from CNY 787.36 million in the same period last year[138]. - The company submitted 196 patent applications and received 149 invention patent authorizations in the first half of 2024[64]. - The company has applied for 70 communication-related patents and received 116 patents, showcasing its commitment to technological innovation in the telecommunications sector[114]. Environmental and Sustainability Initiatives - The company has implemented a green low-carbon manufacturing action plan (2021-2030) to enhance its ESG management system and plans to release its second ESG report in April 2024[132]. - The company has achieved a 100% compliance rate for the discharge of wastewater, waste gas, and noise during the reporting period, with zero environmental incidents reported[175]. - The company is committed to reducing environmental impact throughout the product lifecycle and has achieved ISO 14001 environmental management system certification for all product companies[174]. - The company has initiated a green supply chain initiative, focusing on the green low-carbon capabilities of upstream and downstream participants, and has updated its green procurement guidelines and supplier evaluation standards[175]. International Expansion and Market Dynamics - The company has expanded its international business, achieving breakthroughs in overseas markets such as Germany, Nepal, and Guyana, and has established a large-scale energy storage project in Mongolia[71]. - The company has maintained a leading market share in key power products, successfully winning multiple ultra-high voltage projects, including Hami-Chongqing and Shaanxi-Anhui[88]. - The company is focusing on internationalization and local team building to strengthen its project bidding and management capabilities, while also enhancing supply chain cooperation globally[87]. Legal and Compliance Issues - The company is involved in a lawsuit regarding a contract dispute, with the plaintiff claiming a total refund of approximately RMB 500 million[183]. - The subsidiary, Zhongtian Technology Group Ocean Engineering Co., Ltd., has filed a lawsuit to recover RMB 46.4 million in advance payments and additional claims totaling RMB 6.72 million in double deposit return[184]. - The court has taken measures to freeze or seize equivalent assets of the defendants, including restrictions on changes to corporate registration[185]. Risk Management - The company faces potential risks including policy risk, market risk, overseas risk, exchange rate risk, and raw material risk, which could impact its operations and profitability[153][154][156][158]. - The company plans to enhance its risk management capabilities and improve its ability to predict market trends in response to potential risks[153]. - The company has implemented a foreign exchange hedging policy to mitigate the impact of exchange rate fluctuations on its financial performance[157].

证券代码：600522 证券简称：中天科技 公告编号：临 2024-043 江苏中天科技股份有限公司 第八届监事会第二十一次会议决议公告 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。 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"或"公司"）于 2024 年 8 月 17 日以电子邮件等方式发出了关于召开第八届监事会第二十一次会议的 通知。本次会议于 2024 年 8 月 28 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。 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 年半年度报告及摘要》。 详见 2024 年 8 月 30 日公司刊登在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 2024 年半年度报告》和《江苏中 ...

证券代码：600522 证券简称：中天科技 公告编号：临2024-044 江苏中天科技股份有限公司 关于募集资金存放与使用情况的专项报告 （2024年1-6月） 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。 根据中国证券监督管理委员会（"中国证监会"）《上市公司监管指引第2 号——上市公司募集资金管理和使用的监管要求》《上海证券交易所上市公司自 律监管指引第1号——规范运作》等规定，现将江苏中天科技股份有限公司（"中 天科技股份"或"公司"）2019年公开发行可转换公司债券募集资金（"2019年 期募集资金"）在2024年1-6月的存放与使用情况分别进行说明。 一、募集资金基本情况 经中国证券监督管理委员会证监许可[2018]1626号文《关于核准江苏中天科 技股份有限公司公开发行可转换公司债券的批复》核准，公司向社会公开发行面 值总额3,965,120,000.00元可转换公司债券，期限6年，发行价格为100元/张， 共计39,651,200张，募集资金总额为人民币3,965,120,000.00元，扣除承销及保 荐费用人 ...

证券代码：600522 证券简称：中天科技 公告编号：临 2024-045 江苏中天科技股份有限公司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）本次担保基本情况 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4月24日召开第八届董事会第二十三次会议，审议通过了公司《关于为控 股子公司2024年银行综合授信提供担保的议案》，决议2024年为控股子公司银行 综合授信提供担保的总金额为人民币3,973,211万元，该担保事项经公司2024年6 月6日召开的2023年度股东大会审议通过。 根据部分控股子公司银行综合授信变动的实际情况，以及业务发展补充流动 资金的实际需要，在原定担保金额基础上，公司拟对部分控股子公司2024年银行 综合授信担保金额(包括贷款、银行承兑汇票、外汇衍生品交易、信用证、保函 以及日常经营发生的履约类担保等）进行调整，担保方式为连带责任担保。 重要内容提示： 被担保人名称：江苏中天科技股份有限公司下属控 ...