证券代码：600522 证券简称：中天科技 公告编号：临 2025-031 江苏中天科技股份有限公司关于召开 2024 年度暨 2025 第一季度业绩说明会的进展公告 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。 重要内容提示： （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频和网络互动 投资者可于 2025 年 05 月 12 日（星期一）至 05 月 16 日（星期五）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"）已于 2025 年 4 月 25 日披 露了《江苏中天科技股份有限公司关于召开 2024 年度暨 2025 年第一季度业绩说 明会的公告》（公告编号：临 2025-029）。现根据实际工作安排，公司 2024 年 度暨 2025 年第一季度业绩说明会的召开方式由"上证路演中心网络互动"调整 为"上证路 ...

Core Viewpoint - Nantong, as a key growth pole in Jiangsu's coastal economic belt, is leveraging its strategic position in the Yangtze River Delta to develop a modern industrial system centered around the "616" framework, which includes six trillion-level industrial clusters and sixteen advantageous industrial chains [1][12]. Group 1: New Quality Productive Forces Overview - New Quality Productive Forces, introduced by President Xi Jinping, emphasize innovation as the main driver, moving away from traditional economic growth models, characterized by high-tech, high-efficiency, and high-quality features [2]. - This concept is crucial for promoting high-quality economic development and is a key support for building a modern industrial system [2]. Group 2: Economic Performance of Nantong - Nantong's GDP is projected to exceed 1.24 trillion yuan (approximately 1242.19 billion yuan) in 2024, with a year-on-year growth rate of 6.2%, leading the province [3]. - The three industries are showing collaborative growth: the primary industry added value is 53.21 billion yuan (2.7% growth), the secondary industry 590.68 billion yuan (6.9% growth), and the tertiary industry 598.30 billion yuan (5.7% growth) [3]. Group 3: Industrial Growth and Key Sectors - Nantong's industrial economy is experiencing robust growth, with an increase of 9.3% in industrial added value, ranking among the top in the province [5]. - Key sectors such as specialized equipment, chemical fibers, and electrical machinery have shown significant growth rates of 14.4%, 14.1%, and 11.7% respectively [5]. - The six trillion-level industrial clusters continue to expand, with an annual output growth of 8.5%, contributing 5.3 percentage points to the industrial growth [5]. Group 4: Policy Framework for New Quality Productive Forces - The central economic work conference in 2024 emphasized the importance of technological innovation in leading the development of new quality productive forces [10]. - Nantong has implemented a series of targeted policies to foster new quality productive forces, including action plans for low-altitude economy, artificial intelligence, and technology innovation parks [10][11]. Group 5: Modern Industrial System Development - Nantong is integrating new quality productive forces into the national strategic framework, focusing on six trillion-level industrial clusters and sixteen advantageous industrial chains [12][13]. - The city aims to build a modern industrial system with advanced manufacturing at its core, emphasizing industrial upgrades and the development of strategic emerging industries [15]. Group 6: Spatial Layout and Industrial Clusters - Nantong is constructing a new spatial layout characterized by "one main, one deputy, two belts, and four groups," enhancing its economic and innovation capabilities [17]. - The city has established six key industrial chains, including new energy, shipbuilding, high-end equipment, new materials, biomedicine, and new generation information technology, with leading companies like Tongfu Microelectronics and Lin Yang Energy [21][22]. Group 7: Future Development Trends - Nantong is focusing on forward-looking layouts for future industries, emphasizing low-altitude economy, deep-sea equipment, and new energy storage [25][26]. - The city aims to enhance green and intelligent transformation, targeting the establishment of over 100 provincial-level smart factories by 2027 [28]. - Nantong is deepening regional collaborative innovation, integrating into the Yangtze River Delta's development, and establishing a collaborative model for research and development [29].

证券代码：600522 证券简称：中天科技 公告编号：临 2025-030 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 八届董事会第二十七次会议，审议通过了《关于第五期以集中竞价交易方式回购 公司股份方案的议案》，同意公司使用自有资金和自筹资金，以集中竞价交易方式 回购公司股份，回购股份将全部用于实施员工持股计划。本次回购股份的资金总 额不低于人民币 20,000 万元（含），不超过人民币 40,000 万元（含），回购价格 不超过人民币 22.00 元/股（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 2025 年 11 月 4 日止。具体内容详见于 2024 年 11 月 6 日及 2024 年 11 月 15 日披露的《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预案》（公告编号：临 2024-061）、《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回购报告书》（公告 1 编号：临 2024-065）。 二、回购股份的进展情况 根据《上海证券交易所上市公司自律监 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company reported a revenue of 48.1 billion yuan for 2024, a year-on-year increase of 6.63%, while the net profit attributable to shareholders was 2.838 billion yuan, down 8.94% year-on-year [1][2]. - In Q1 2025, the company achieved a revenue of 9.756 billion yuan, representing an 18.37% year-on-year growth, and a net profit of 628 million yuan, a slight decline of 1.33% year-on-year, but the non-net profit increased by 20.45% year-on-year [1][3]. Summary by Sections Financial Performance - The company's gross margin for 2024 was 14.39%, down 1.83 percentage points year-on-year, primarily due to a decline in revenue from the optical communication and network business, which saw an 11.19% decrease to 8.1 billion yuan [2]. - The company’s overall revenue and non-net profit grew by approximately 20% in Q1 2025, with the net profit remaining stable compared to the previous year due to the absence of non-operating income from the previous year [3]. Order Backlog and Growth Potential - As of April 23, 2025, the company had a robust order backlog of approximately 31.2 billion yuan in the energy network sector, including 13.4 billion yuan from marine series, 14 billion yuan from grid construction, and 3.8 billion yuan from new energy [4]. - The company has made significant strides in offshore wind power projects, including winning bids for major projects and successfully delivering China's first 330kV offshore wind power project [4][5]. Future Outlook - The company is expected to benefit from strong growth in its offshore wind power, power grid, and new energy sectors, with a solid order backlog and ongoing innovations in product offerings [5]. - The company anticipates a significant increase in its new energy business, driven by decreasing prices of upstream raw materials and the ongoing push for carbon neutrality [5]. - The optical communication segment is expected to maintain stability, with the company leading in market share and advancing in the development of new optical modules [6]. Financial Projections - The projected net profit for 2025 is 3.989 billion yuan, with expected growth rates of 37.28% in 2025, 24.60% in 2026, and 23.41% in 2027 [10]. - The company’s price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 12, 10, and 8 times, respectively [6].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company reported a revenue of 48.1 billion yuan for 2024, a year-on-year increase of 6.63%, but the net profit attributable to shareholders decreased by 8.94% to 2.838 billion yuan [2]. - In Q1 2025, the company achieved a revenue of 9.756 billion yuan, representing an 18.37% year-on-year growth, while the net profit attributable to shareholders was 628 million yuan, a slight decline of 1.33% [1][3]. - The company has a strong order backlog of approximately 31.2 billion yuan in the energy network sector, indicating robust growth momentum [4]. Summary by Sections Financial Performance - The company's gross profit margin for 2024 was 14.39%, down 1.83 percentage points year-on-year, primarily due to a decline in revenue from the optical communication and network business, which fell by 11.19% to 8.1 billion yuan [2]. - The company’s Q1 2025 results showed a significant growth in operating revenue and non-net profit, with a 20.45% increase in non-net profit to 597 million yuan [3]. Order Backlog and Growth Potential - As of April 23, 2025, the company has a substantial order backlog, including 13.4 billion yuan in marine series, 14 billion yuan in grid construction, and 3.8 billion yuan in new energy projects [4]. - The company is actively expanding its presence in offshore wind power and has secured significant projects, including the first 330kV offshore wind power project in China [5]. Future Outlook - The company is expected to benefit from strong growth in its offshore wind power, power grid, and new energy sectors, with a forecasted net profit of 3.989 billion yuan for 2025, reflecting a 37.28% increase [5][11]. - The company’s competitive position in the optical communication market remains strong, with ongoing development in advanced optical modules [6].

Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, showing a revenue increase but a decline in net profit for 2024, while Q1 2025 performance met expectations [1][2]. Financial Performance - In 2024, the company achieved a revenue of 48.055 billion yuan, a year-on-year increase of 6.63%, and a net profit attributable to shareholders of 2.838 billion yuan, a year-on-year decrease of 8.94% [1]. - For Q1 2025, the company reported a revenue of 9.756 billion yuan, a year-on-year increase of 18.37% but a quarter-on-quarter decrease of 28.99%. The net profit attributable to shareholders was 628 million yuan, a year-on-year decrease of 1.33% but a quarter-on-quarter increase of 19.06% [1]. Business Segment Performance - In 2024, the power transmission segment generated a revenue of 19.785 billion yuan, a year-on-year increase of 18.18%, with a gross margin of 15.15%, up 0.18 percentage points [1]. - The optical communication and network segment achieved a revenue of 8.094 billion yuan, a year-on-year increase of 11.19%, with a gross margin of 25.14%, down 1.98 percentage points [1]. - The new energy materials segment reported a revenue of 7.003 billion yuan, a year-on-year decrease of 2.85%, with a gross margin of 7.32%, down 4.02 percentage points [1]. - The marine series generated a revenue of 3.644 billion yuan, a year-on-year decrease of 2.59%, with a gross margin of 24.45%, down 2.21 percentage points [1]. Order Backlog and Growth - As of April 23, 2025, the company had a substantial order backlog of approximately 31.2 billion yuan in the energy network sector, including about 13.4 billion yuan in marine series, 14 billion yuan in grid construction, and 3.8 billion yuan in new energy [2]. - The marine international business has shown growth for three consecutive years, successfully delivering projects such as the European 66kV long-length submarine cable and signing contracts for long-length three-core submarine cables in Vietnam [2]. Research and Development - The company is actively pursuing new directions in the optical fiber communication field, including joint research on hollow-core fibers and the development of bend-insensitive four-core fibers for data centers [2]. - Innovations in the communication cable sector include the new "13/8" spread spectrum leakage cable, and the company has successfully achieved mass production of high-speed copper cables [2]. - In the computing infrastructure area, the company is conducting in-depth research on next-generation liquid cooling technology for data centers, resulting in a composite liquid cooling solution [2]. Investment Outlook - The company is expected to achieve net profits of 3.956 billion yuan, 4.641 billion yuan, and 5.029 billion yuan for the years 2025 to 2027, representing year-on-year growth rates of 39.4%, 17.3%, and 8.4% respectively. The expected EPS for these years is 1.16, 1.36, and 1.47 yuan [2].

文 | 中关村储能产业技术联盟 " 1 36 号 文 " 引 发 行 业 转 折 ， 取 消 新 能 源 强 制 配 储 ， 储 能 需 求 从 " 政 策 驱 动 " 转 向 " 市 场 驱 动"，储能已经进入"价值博弈"周期。这将倒逼企业更加关注实际收益能力，企业的竞争 逻辑从"拼价格"转向"拼价值"。 在刚刚结束的第十三届储能国际峰会暨展览会（ESIE2 0 2 5）上，储能竞争已从"价格"转 向"价值"这一点已经成为所有参展企业的共识。 本 届 ESIE2025 共 有 近 800 家 参 展 商 ， 2 0 0 余 场 新 品 发 布 会 ， 展 示 的 储 能 新 品 超 过 5 0 0+种，上一期我们已经对储能电芯产品进行了分析盘点 ESIE 2025百余款储能电芯产 品亮相，解码三大核心趋势 ，本期主要对规模化应用的储能系统进行统计分析。 从企业新发布的 大储系统 来看，2025年储能系统或将围绕 "大容量、场景化、智能化" 展开角逐。 产品技术趋势：大容量、高密度与一体化设计成核心方向 储能系统容量升级： 2 0尺集装箱普遍实现6MWh+容量，部分企业推出搭载500Ah+电芯 的7~9MWh ...

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Views - The company's performance in 2024 met expectations, with a revenue of 48.055 billion yuan, a year-on-year increase of 6.6%, and a net profit attributable to shareholders of 2.838 billion yuan, a year-on-year decrease of 8.9% [1]. - The company has a solid order backlog, with approximately 31.2 billion yuan in the energy network sector as of April 23, 2025, including 14 billion yuan in marine series, 14 billion yuan in grid construction, and 3.8 billion yuan in new energy [3]. - The offshore wind energy sector is expected to recover, with the company poised to benefit from this trend, having secured significant contracts in recent months [4]. Financial Performance Summary - In 2024, the company's revenue from various segments was as follows: - Optical communication and networks: 8.094 billion yuan, down 11.2% year-on-year - Grid construction: 19.785 billion yuan, up 18.2% year-on-year - Marine series: 3.644 billion yuan, down 2.6% year-on-year - New energy: 7.003 billion yuan, down 2.9% year-on-year - Copper products: 8.380 billion yuan, up 19.4% year-on-year [2]. - The company forecasts net profits for 2025, 2026, and 2027 to be 3.975 billion yuan, 4.900 billion yuan, and 5.522 billion yuan, respectively, with corresponding PE multiples of 12x, 10x, and 9x [5][6].

Summary of Zhongtian Technology Conference Call Company Overview - Zhongtian Technology is involved in the marine cable and engineering sectors, with significant revenue contributions from both domestic and international markets. The company is focusing on expanding its overseas presence, particularly in Europe. Key Financial Highlights - Total revenue for 2024 is projected at approximately 8 billion yuan, with the marine segment contributing 3.6 billion yuan, marine cable business contributing 2.7-2.8 billion yuan, and marine engineering close to 900 million yuan [2][3] - In Q1 2025, revenue reached 9.755 billion yuan, representing an 18% year-over-year growth, with a net profit close to 600 million yuan, up 20% year-over-year [2][4] - The marine cable business maintains a gross margin of around 40%, while the marine engineering segment is expected to improve from a negative 8% margin in 2024 to 10%-15% in 2025 due to increased project activity [2][3][11] Revenue Breakdown - 80% of revenue is generated domestically, with the remaining 20% from international markets. The company aims to increase its overseas revenue share to 15%-20% [2][3][15][16] - In Q1 2025, the power segment accounted for 40% of profits, followed by the marine segment at 25% and communication at 20% [2][5] Order Backlog and Future Projections - The current order backlog totals 13 billion yuan, with marine engineering accounting for 3 billion yuan and marine cables for 10 billion yuan. The marine cable segment is expected to generate around 6 billion yuan in revenue in 2025 [2][7][8] - The company has set a target for new orders in 2025 to reach 4 billion yuan in the overseas market [9][16] Market Dynamics - The domestic offshore wind power grid connection is expected to reach 12GW in 2025, with potential growth to 12-15GW in the following year, significantly up from 4-5GW in the previous year [24] - The European offshore wind market is projected to grow, with an expected annual increase of 8-10GW starting in 2026, driving demand for marine cables [24] Product and Segment Insights - The company is expanding its product offerings in deep-sea technology, including subsea cables and composite cables, with a focus on observation and sensing systems [26] - In the renewable energy sector, the company reported revenues of approximately 3 billion yuan from self-owned photovoltaic power stations, 10 billion yuan from electronic copper foil, and 20 billion yuan from photovoltaic EPC in 2024 [27] Challenges and Strategic Focus - The marine engineering segment faced challenges due to low offshore wind project initiation rates, but is expected to recover as project activity increases [11][28] - The company is strategically reducing its scale in competitive areas like energy storage and photovoltaic materials while focusing on improving profitability [18][27] Conclusion - Zhongtian Technology is positioned for growth with a strong focus on expanding its international market presence, improving profitability across segments, and capitalizing on the increasing demand for marine cables and renewable energy solutions. The company aims for a 15% revenue growth and a 10% profit increase compared to 2022 levels [30][31]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 18.42 RMB per share [6][4]. Core Views - The company is expected to achieve steady growth in performance, driven by the recovery of the marine cable sector and ongoing advancements in the power and communication segments [1][2]. - The first quarter of 2025 showed a significant revenue recovery, with a year-on-year increase of 18.37%, although the net profit was slightly below expectations due to a decline in non-recurring gains [1][3]. Revenue and Profitability - For 2024, the company is projected to generate revenue of 48.055 billion RMB, reflecting a year-on-year growth of 6.63%, while the net profit is expected to be 2.838 billion RMB, down 8.94% year-on-year [1][10]. - The revenue breakdown by segment for 2024 is as follows: Power 19.785 billion RMB (up 18.18%), Optical Communication 8.094 billion RMB (down 11.19%), New Energy 7.003 billion RMB (down 2.85%), and Marine 3.644 billion RMB (down 2.59%) [2]. Orders and Projects - As of April 23, 2025, the company has a backlog of orders in the energy network sector amounting to approximately 31.2 billion RMB, with significant contributions from the marine segment (13.4 billion RMB) and grid construction (14 billion RMB) [2]. Profitability Metrics - The comprehensive gross margin for 2024 is projected to be 14.39%, a decrease of 1.83 percentage points year-on-year, while the net profit margin is expected to be 5.91%, down 1.01 percentage points [3]. - The first quarter of 2025 showed a gross margin of 14.60% and a net profit margin of 6.43%, indicating a decline compared to the previous year [3]. Earnings Forecast and Valuation - The forecasted net profits for 2025, 2026, and 2027 are 4.056 billion RMB, 4.884 billion RMB, and 5.750 billion RMB, respectively, with adjustments reflecting a slight decrease in expectations [4][10]. - The company is assigned a PE ratio of 15.5x for 2025, leading to a target price of 18.42 RMB per share [4].