Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 18.42 per share [7][4]. Core Views - The company is expected to achieve stable growth in performance, driven by the recovery of its marine cable segment and ongoing developments in its power and communication sectors [1][2]. - The first quarter of 2025 showed a significant revenue recovery, with a year-on-year increase of 18.37%, although net profit slightly declined by 1.33% due to a drop in non-recurring gains [1]. - The marine segment has a strong order backlog, with approximately RMB 312 billion in orders, including RMB 134 billion from marine projects [2]. Revenue and Profitability - For 2024, the company is projected to generate revenue of RMB 48.055 billion, a year-on-year increase of 6.63%, with a net profit of RMB 2.838 billion, reflecting a decline of 8.94% [6]. - The company's gross margin for 2024 is expected to be 14.39%, down 1.83 percentage points year-on-year, while the net profit margin is projected at 5.91%, down 1.01 percentage points [3]. Segment Performance - The revenue breakdown for 2024 shows the power segment achieving RMB 197.85 billion (up 18.18%), while the marine segment is expected to decline by 2.59% to RMB 36.44 billion [2]. - The company has secured significant contracts, including a major project for 500kV DC marine cables worth RMB 24.99 billion [2]. Financial Forecasts - The forecast for net profit from 2025 to 2027 is RMB 4.056 billion, RMB 4.884 billion, and RMB 5.750 billion, respectively, indicating a recovery in profitability [4][6]. - The estimated PE ratio for 2025 is set at 15.5x, reflecting an adjustment from previous estimates [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term performance pressure but is expected to benefit from long-term growth in the communication energy market [4] - In 2024, the company achieved a revenue of 48.055 billion yuan, a year-on-year increase of 6.63%, while the net profit attributable to shareholders decreased by 8.94% to 2.838 billion yuan [4] - For Q1 2025, the company reported a revenue of 9.756 billion yuan, a year-on-year growth of 18.37%, but a quarter-on-quarter decrease of 28.99% [4] - The company has a strong order backlog in the energy network sector, amounting to approximately 31.2 billion yuan as of April 23, 2025 [5] - The company is focusing on R&D, with R&D expenses reaching 1.944 billion yuan in 2024, representing a year-on-year increase of 2.42% [6] Financial Summary - In 2024, the company’s revenue is projected to be 48.055 billion yuan, with a year-on-year growth of 6.6% [8] - The net profit for 2025 is estimated at 3.102 billion yuan, reflecting a year-on-year increase of 9.3% [8] - The gross margin is expected to decline slightly from 14.4% in 2024 to 14.2% in 2025 [8] - The company’s P/E ratio is projected to be 15.3 for 2025, decreasing to 13.5 by 2027 [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term performance pressure but is expected to benefit from long-term growth in the communication energy market [4][5] - In 2024, the company achieved a revenue of 48.055 billion yuan, a year-on-year increase of 6.63%, while the net profit attributable to shareholders decreased by 8.94% to 2.838 billion yuan [4] - For Q1 2025, the company reported a revenue of 9.756 billion yuan, a year-on-year growth of 18.37%, but a quarter-on-quarter decrease of 28.99% [4] - The company has a strong order backlog in the energy network sector, amounting to approximately 31.2 billion yuan as of April 23, 2025 [5] Financial Summary - Revenue projections for 2025-2027 are 53.642 billion yuan, 59.508 billion yuan, and 66.036 billion yuan respectively, with year-on-year growth rates of 11.6%, 10.9%, and 11.0% [6][9] - The net profit attributable to shareholders is projected to be 3.102 billion yuan in 2025, 3.311 billion yuan in 2026, and 3.523 billion yuan in 2027, with respective growth rates of 9.3%, 6.7%, and 6.4% [6][9] - The company's gross margin is expected to decline slightly from 14.2% in 2025 to 13.9% in 2027 [6][9] - The price-to-earnings (P/E) ratio is projected to be 15.3, 14.3, and 13.5 for 2025, 2026, and 2027 respectively [6][9] Research and Development - The company invested 1.944 billion yuan in R&D in 2024, representing a year-on-year increase of 2.42%, with an R&D expense ratio of 4.04% [6] - In Q1 2025, R&D expenses reached 404 million yuan, with an R&D expense ratio of 4.14% [6]

Investment Rating - The investment rating for the company is "Strongly Recommended" [3] Core Views - The company has secured multiple contracts for 500kV submarine cable projects, indicating strong market presence and order backlog supporting positive performance [6] - In 2024, the company reported a revenue of 48.055 billion yuan, a year-on-year increase of 6.63%, while the net profit attributable to shareholders was 2.838 billion yuan, a decrease of 8.94% [1][2] - The company is transitioning from a "product supplier" to a "system integration service provider" in the energy sector, aiming to become a global leader in energy network solutions [6] Financial Performance - For 2025 Q1, the company achieved a revenue of 9.756 billion yuan, a year-on-year increase of 18.37%, with a net profit of 628 million yuan, a decrease of 1.33% [1] - The projected revenues for 2025, 2026, and 2027 are 57.345 billion yuan, 64.749 billion yuan, and 72.170 billion yuan, respectively, with growth rates of 19%, 13%, and 11% [2][14] - The expected net profit for 2025 is 3.928 billion yuan, with a growth rate of 38% [6] Market Position and Strategy - The company is a leader in the domestic optical fiber communication and submarine cable sectors, with a strong focus on high-value products and global market expansion [6] - The company has a robust order backlog of approximately 31.2 billion yuan in the energy network sector, with significant contributions from marine series and grid construction [6] - The company has been actively participating in international market competitions, achieving continuous revenue growth in the marine international market [6]

Core Viewpoint - The company, Jiangsu Zhongtian Technology Co., Ltd., reported a revenue of 48.055 billion yuan for 2024, representing a year-on-year increase of 6.63%, while the net profit attributable to the parent company was 2.837 billion yuan, a decrease of 8.94% compared to the previous year [5][4]. Group 1: Company Overview - The company adheres to the operational principle of "solid foundation and innovative development," focusing on green energy and digital construction, and aims to become a global leader in energy network solutions [5][6]. - The company has a backlog of orders in the energy network sector amounting to approximately 31.2 billion yuan, with significant contributions from marine series, grid construction, and new energy projects [5]. Group 2: Business Performance - In the energy network segment, the company is actively involved in the green energy transition, emphasizing the development of high-tech, high-value products [5][6]. - The company has achieved several technological breakthroughs in the marine cable sector, contributing to the growth of the offshore wind power industry and enhancing its competitive edge [6][7]. Group 3: International Expansion - The company has seen continuous growth in its international marine business, with significant demand from offshore wind power and marine oil and gas sectors, particularly in Europe and the Asia-Pacific region [11][12]. - The company successfully delivered a 230kV submarine optical cable project in the Middle East and secured contracts for high-voltage projects, marking its position as a key supplier in the international oil and gas industry [11][12]. Group 4: Technological Innovation - The company is committed to technological innovation, with multiple products achieving international leading standards, particularly in high-performance cables and energy systems [12][13]. - The company has developed a range of new products that have passed evaluations by the China Electric Power Enterprise Federation, with five products reaching international leading levels [13][14]. Group 5: Green Energy Initiatives - The company is actively participating in the construction of new power systems and has made significant advancements in high-voltage cable technology, contributing to the global green energy transition [12][15]. - The company has established a comprehensive service capability in the photovoltaic sector, aiming to become a leading EPC service provider in the industry [16][17]. Group 6: Communication Network Development - The company is focusing on the deployment of 5G networks and the integration of AI technologies, driving innovation in the communication sector [22][23]. - The company has launched several new technologies in the optical communication field, enhancing its product offerings and market competitiveness [25][26].

证券代码：600522 证券简称：中天科技 公告编号：临 2025-018 江苏中天科技股份有限公司 第八届监事会第二十六次会议决议公告 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 2025 年 4 月 12 日以电子邮件等方式发出了关于召开第八届监事会第二十六次会议的 通知。本次会议于 2025 年 4 月 23 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 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《江苏中天科技股份有限公司 2024 年度监事会工作报告》。 根据国家有关法律法规，2024 年，公司监事会积极履行职责，对公司规范 运作、关联交易、担保事项、募集资金使用及董事会执行股东大会决议等事项进 行了监督，并对公司财务管理制度和财务状况进行了认真检查，认为： （1）报告期内，公司监事会能够依法规范运作，经营决策科学合理；公司 已建立了较完善的法人治理结构和内部控 ...

一、董事会会议召开情况 证券代码：600522 证券简称：中天科技 公告编号：临 2025-017 江苏中天科技股份有限公司 第八届董事会第三十二次会议决议公告 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。 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 2025 年 4 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三十二次会议的 通知。本次会议于 2025 年 4 月 23 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。 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《江苏中天科技股份有限公司 2024 年度董事会工作报告》。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 本议案尚需提交股东大会审议。 2、审议通过了《江苏中天科技股份有限公司 2024 年度总经理工作报告》。 ...

证券代码：600522 证券简称：中天科技 公告编号：临 2025-020 江苏中天科技股份有限公司 2024 年度利润分配方案的公告 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。 重要内容提示： ●每股分配比例：每 10 股派发现金股利 3.00 元（含税）,本次利润分配不送股、 不进行资本公积转增股本。 ●本次利润分配以实施权益分派股权登记日登记的总股本（扣除回购专用证券 账户中已回购股份数）为基数，具体日期将在权益分派实施公告中明确。 ●在实施权益分派的股权登记日前公司总股本发生变动的，拟维持每股分配比 例不变，相应调整分配总额，并将另行公告具体调整情况。 ●公司不存在触及《上海证券交易所股票上市规则（2024 年 4 月修订）》第 9.8.1 条第一款第（八）项规定的可能被实施其他风险警示的情形。 一、利润分配方案内容 （一）利润分配方案的具体内容 经中兴华会计师事务所（特殊普通合伙）审计，截至 2024 年 12 月 31 日，江苏 中天科技股份有限公司（以下简称"公司"）母公司报表中期末未分配利润为人民币 12, ...

关于江苏中天科技股份有限公司 2024 年度募集资金存放与使用情况的核查意见 根据《证券发行上市保荐业务管理办法》《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》《上海证券交易所股票上市规则》《上海证券交易所上 市公司自律监管指引第 11 号——持续督导》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等有关法律法规和规范性文件的要求，高盛（中国）证券有限责任 公司（以下简称"高盛中国"）作为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"）2019 年公开发行 A 股可转换公司债券（以下简称"2019 年公开发行 可转债"）的保荐机构，对公司 2024 年度募集资金的存放与使用情况进行了核查，具体 情况如下： 一、募集资金的存放、使用及专户余额情况 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》的核准，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 3,9 ...

中兴华会计师事务所(特殊普通合伙) ZHONGXINGHUA CERTIFIED PUBLIC ACCOUNTANTS LLP 地址：北京市丰台区丽泽路 20 号丽泽 SOHO Ｂ座 20 层 邮编：100073 电话：(010) 51423818 传真：(010) 51423816 目 录 江苏中天科技股份有限公司 内部控制审计报告 一、内部控制审计报告 二、审计报告附送 江苏中天科技股份有限公司2024年度内部控制评价报告 三、审计报告附件 1.中兴华会计师事务所（特殊普通合伙）企业法人营业执照（复印件） 2.中兴华会计师事务所（特殊普通合伙）执业资格证明(复印件) 3.注册会计师执业证书复印件 内部控制审计报告 中 兴 华 会 计 师 事 务 所 （ 特 殊 普 通 合 伙 ） Z H O N G X I N G H U A C E R T I F I E D P U B L I C A C C O U N T A N T S L L P 地 址 （ l o c a t i o n ）： 北 京 市 丰 台 区 丽 泽 路 2 0 号丽泽 S O H O B 座 2 0 层 20/F,Tower B,L ...