Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report emphasizes the importance of developing deep-sea technology as a new engine for economic growth, with the deep-sea technology-related industries expected to exceed 3.25 trillion yuan by 2025, accounting for over 25% of the marine economy [5][14] - The report highlights the strategic shift of China from a "maritime power" to a "maritime strong power," with deep-sea technology becoming a key focus of national strategy [12][14] - The report identifies four major directions for deep-sea technology: marine resource development, marine technology, marine environmental protection, and marine rights protection [19][57] Summary by Sections What is Deep-Sea Technology? - Deep-sea technology refers to advanced technologies and related disciplines used for exploring, developing, and utilizing deep-sea resources and studying the deep-sea environment [4] Why Develop Deep-Sea Technology? - It is crucial for economic structural transformation and national security, with deep-sea technology expected to play a significant role in safeguarding national interests and resource rights [5] Directions of Deep-Sea Technology - Key areas include marine resource development (renewable energy, deep-sea mining, fisheries, oil and gas), marine technology (carriers, sensors, special materials), environmental protection (green ships, island engineering), and rights protection (polar engineering, integrated information networks) [6][19] Investment Recommendations - Focus on sectors with production material or new infrastructure attributes, specifically deep-sea equipment, deep-sea information technology, deep-sea exploration, and deep-sea special materials [7][59] - Recommended companies include: - Deep-sea equipment: Yaxing Anchor Chain, Zhenhua Heavy Industries, China Shipbuilding, China Power, China Shipbuilding Defense [7][59] - Deep-sea information technology: Zhongtian Technology, Oriental Cable [9][59] - Deep-sea exploration: China Marine Defense, Weiguang Co., Ltd. [9][59] - Deep-sea materials: BaoTi Co., Ltd., Western Materials, Western Superconducting [9][59]

Investment Rating - The report maintains a "Recommendation" rating for the power transmission and transformation equipment industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [28][29]. Core Insights - The total winning bid amount for the 2025 National Grid's 23rd batch procurement of power transmission and transformation equipment is 17.636 billion yuan, representing a year-on-year increase of 12.7% compared to the same batch in 2024 [5][6]. - Key equipment categories show varied performance: - Switchgear: 1.704 billion yuan, up 24.2% year-on-year - Power transformers: 4.129 billion yuan, down 2.19% year-on-year - Power cables: 1.647 billion yuan, up 2.26% year-on-year - Relay protection and substation computer monitoring systems: 1.520 billion yuan, up 45.97% year-on-year [6][7]. Summary by Category Winning Bid Overview - The total winning bid amount for the 2025 procurement is 17.636 billion yuan, with a breakdown as follows: - Combination electrical devices: 4.133 billion yuan, up 33.6% year-on-year - Transformers: 4.129 billion yuan, down 2.19% year-on-year - Switchgear: 1.704 billion yuan, up 24.2% year-on-year - Power cables: 1.647 billion yuan, up 2.26% year-on-year - Relay protection and monitoring systems: 1.520 billion yuan, up 45.97% year-on-year [6][7][8]. Key Equipment Winning Shares - Combination electrical devices: - Total winning amount: 4.133 billion yuan - Leading companies: Pinggao Electric (32.7%), Siyi Electric (18.6%), China West Electric (15.7%) [8][9]. - Transformers: - Total winning amount: 4.129 billion yuan - Leading companies: TBEA (23.8%), Shandong Electric (18.1%), Baobian Electric (9.8%) [8][9]. - Power cables: - Total winning amount: 1.647 billion yuan - Leading companies: Hengtong Optic-Electric (13.3%), TBEA (8.8%), Zhongtian Technology (7.6%) [9][10]. - Switchgear: - Total winning amount: 1.704 billion yuan - Leading companies: Pinggao Electric (8.8%), Shandong Taikai (7.9%), Teradyne (5.7%) [9][10]. - Relay protection and monitoring systems: - Total winning amount: 1.520 billion yuan - Leading companies: Guodian NARI (34.8%), Sifang Co. (15.4%), Changyuan Group (12.7%) [10][11].

Investment Rating - The industry rating is maintained as "Outperform the Market" [9] Core Insights - The communication equipment industry has shown a recovery in revenue growth, with Q4 2024 and Q1 2025 revenues increasing by 2.9% and 12.9% year-on-year, respectively, indicating a successful transition to new growth drivers, particularly AI computing power [2][3] - The net profit for the communication equipment sector saw a decline of 141% in Q4 2024, followed by a 24% increase in Q1 2025, reflecting a positive trend in profitability as the industry adapts to new growth dynamics [2][3] - Key segments such as optical devices and IoT are experiencing significant growth, with optical devices showing revenue growth of 52.6% and 67.5% in Q4 2024 and Q1 2025, respectively, driven by global AI demand [2][3][4] Financial Analysis Communication Equipment - The overall revenue for the communication equipment sector in Q4 2024 was 61.94 billion, with a year-on-year decline of 9.5%, while Q1 2025 saw a recovery with a 9.1% increase [41] - The net profit for the main equipment sector dropped by 66% in Q4 2024 but showed a smaller decline of 11.9% in Q1 2025, indicating ongoing challenges but potential for recovery [41][39] Optical Devices - The optical device segment has shown remarkable growth, with revenues increasing by 52.6% and 67.5% in Q4 2024 and Q1 2025, respectively, and net profits growing by 124.4% and 114.3% [2][3] IoT Sector - The IoT sector continues to validate its recovery, with good revenue and profit growth in Q1 2025, benefiting from the ongoing trend of interconnected devices [2][3] IDC & CDN - The traditional IDC sector faces challenges, but the AIDC market is expected to grow significantly due to the increasing demand for computing power driven by AI applications [3][4] Investment Recommendations - The report suggests focusing on "AI + Overseas Expansion + Satellite" as core investment opportunities, particularly in areas like optical modules, liquid cooling, and domestic computing power lines [5][6] - Specific stocks recommended include Zhongji Xuchuang, Tianfu Communication, and China Mobile, among others, with a focus on companies that are well-positioned to benefit from the AI and digital economy trends [6][13]

Investment Rating - The report maintains an "Overweight" rating for the communication industry and its sub-sectors, including communication operators [9]. Core Insights - China Mobile has initiated a centralized procurement project for ordinary optical cable products for 2025-2026, with a notable decrease in both procurement scale and price limits, indicating a downward trend in capital expenditure for traditional connections [2][3]. - The optical fiber and cable manufacturers are expected to seek new growth points in saturated markets, such as undersea cables and data center interconnect (DCI) [2][3]. - The report highlights the need to monitor the bidding progress of optical fiber and cable manufacturers and their breakthroughs in new directions [2][3]. Summary by Sections Market Overview - The communication index rose by 4.96% last week, outperforming the Shanghai Composite Index and Shenzhen Component Index, which increased by 1.92% and 2.29%, respectively [2][13]. - The procurement scale for China Mobile's current round is 0.99 billion core kilometers, down 30.98% from 2021 and 8.65% from 2023 [14]. Procurement Details - The maximum price limit for this round is set at 5.675 billion yuan, a decrease of 42.44% from 2021 and 25.57% from 2023 [14]. - The average procurement price is 57.42 yuan per core kilometer, down 16.6% from 2021 and 18.72% from 2023 [14]. Company Recommendations - The report recommends several companies for investment, including China Mobile, China Telecom, and China Unicom, with target prices and ratings indicating a bullish outlook [10]. - Specific companies highlighted for their potential include Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, all rated as "Buy" [10]. Industry Trends - The report notes a significant shift in focus towards AI computing chains and core asset value reassessment within the communication industry [4]. - The demand for optical cables in data centers is projected to account for approximately 5% of global demand by 2025, increasing to over 11% by 2030 [18]. Competitive Landscape - The competitive environment among optical cable manufacturers is expected to intensify due to the reduced procurement scale and price limits, with a maximum share of 19.36% for winning bidders [15][18]. - Major players are expanding into international undersea communication projects, with companies like Hengtong Optic-Electric actively participating in global markets [19].

Investment Rating - The report maintains a "Recommended" investment rating for the wind power industry, indicating an expectation of growth exceeding the benchmark index by more than 5% in the next 3-6 months [2][55]. Core Insights - The report highlights a significant increase in wind turbine bidding, with a total of 33.6 GW bid from January to April 2025, representing a year-on-year growth of 23.2% [11][20]. - The average bidding price for land-based wind power is 1554 RMB/kW, while for offshore wind power, it is 2589 RMB/kW, showing a month-on-month increase of 5.8% for land-based projects [36][40]. - The report identifies three main investment themes in the wind power sector: high domestic offshore wind project reserves, robust land-based wind bidding, and increasing overseas installation growth [40]. Summary by Sections Bidding Volume - From January to April 2025, wind turbine bidding reached 33.6 GW, with offshore and onshore projects accounting for 3.1 GW and 30.5 GW respectively, marking increases of 19.4% and 23.6% year-on-year [11][31]. - In April alone, 12.2 GW was bid, with offshore projects at 0.5 GW and onshore projects at 11.7 GW, reflecting a month-on-month increase of 60.3% for onshore projects [11][20]. Winning Volume - The total winning volume for wind power from January to April 2025 was 32.1 GW, a year-on-year increase of 46%, with offshore and onshore projects contributing 3.8 GW and 28.3 GW respectively [20][21]. - In April, the winning volume was 13.7 GW, with offshore projects at 3.1 GW, showing a significant month-on-month increase of 577.8% [20][21]. Average Winning Price - The average winning price for land-based wind power in April was 1554 RMB/kW, while for offshore wind power, it was 2589 RMB/kW, indicating a competitive pricing environment [36][40]. Investment Recommendations - The report suggests focusing on key companies such as Mingyang Smart Energy, Oriental Cable, and Zhongtian Technology, which are well-positioned to benefit from the anticipated growth in the wind power sector [40].

天眼查资料显示，江苏中天科技股份有限公司，成立于1996年，位于南通市，是一家以从事电气机械和 器材制造业为主的企业。企业注册资本341294.9652万人民币。通过天眼查大数据分析，江苏中天科技 股份有限公司共对外投资了56家企业，参与招投标项目5000次，财产线索方面有商标信息70条，专利信 息1832条，此外企业还拥有行政许可6881个。 专利摘要显示，一种气吹光缆及其生产工艺，包括有缆芯和包覆在所述缆芯外的外护套，所述缆芯包括 有若干光纤以及将若干所述光纤在轴向间断粘接的粘接部，在所述外护套成型后，再在所述外护套上设 置有凸出件，所述凸出件呈螺旋状环绕在所述外护套的外表面，所述凸出件沿气吹光缆的径向朝外侧延 伸且凸出于外护套。通过将凸出件与外护套分离成型，避免了一体挤塑时凸出件受热冷却不均而造成的 形变；同时，凸出件可根据不同施工环境灵活选材，有助于提升光缆在气吹施工中的减摩效果及耐磨性 能；根据不同施工环境，实现光缆凸出件的稳定性与材料的灵活选择，以有效降低冷却成型过程中凸出 件易变形的问题，并可根据需求选取不同材料以满足光缆的综合性能需求。 金融界2025年5月13日消息，国家知识产权局信息显示， ...

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]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8] Core Insights - The company has shown improvement in revenue and net profit in Q1, with a sufficient backlog of orders indicating an upward trend [1][5] - The company's revenue for 2024 is projected to be 48.06 billion yuan, with a year-on-year growth rate of 7% [2] - The net profit for 2024 is expected to be 2.84 billion yuan, reflecting a decrease of 9% year-on-year, but a significant recovery is anticipated in subsequent years [2][5] - The company is a leader in the optical and marine cable sectors, with a strong order book in the energy network segment, amounting to approximately 31.2 billion yuan [5] Financial Performance Summary - Revenue for 2023 was 45.07 billion yuan, with a year-on-year growth of 12% [2] - The projected revenue for 2025 is 55.77 billion yuan, with a growth rate of 16% [2] - The projected net profit for 2025 is 3.56 billion yuan, with a year-on-year growth of 26% [2] - The earnings per share (EPS) for 2025 is estimated at 1.04 yuan, increasing to 1.61 yuan by 2027 [2][5] Market Position and Outlook - The company has successfully signed multiple projects in Southeast Asia, enhancing its international presence [5] - The demand for optical fibers and cables is expected to grow rapidly in various global markets, driven by advancements in AI and data center infrastructure [5] - The company has initiated share buybacks, totaling 15.77 million shares, which represents 0.46% of the total share capital [5]

Core Viewpoint - The company, Jiangsu Zhongtian Technology Co., Ltd., is set to hold an investor briefing on May 19, 2025, to discuss its 2024 annual and 2025 Q1 performance, with adjustments made to the meeting format and duration [2][3][7]. Group 1: Meeting Details - The investor briefing will take place on May 19, 2025, from 15:00 to 16:30 [2][3]. - The meeting will be held at the Shanghai Stock Exchange Roadshow Center and will utilize both video and online interaction [2][3]. - Investors can participate online through the Shanghai Stock Exchange Roadshow Center website [4][6]. Group 2: Participation Information - Investors can submit questions from May 12 to May 16, 2025, via the Roadshow Center website or through the company's email [4][6]. - The company will address commonly asked questions during the briefing [2][4]. Group 3: Attendees - Key attendees will include the company's Chairman, independent directors, General Manager, CFO, and the Board Secretary [3].

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]