Group 1 - The core point of the article is that Zhongtian Technology announced a share buyback plan, which is set to be implemented until August 31, 2025, through centralized bidding transactions [1] - As of the announcement date, the company has repurchased a total of 18.79 million shares, which represents 0.5506% of the total share capital [1] - The buyback price range is between 12.6 yuan per share and 14.8 yuan per share, with a total expenditure of 252 million yuan [1]

证券代码：600522 证券简称：中天科技 公告编号：临 2025-062 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 | 1 关于第五期以集中竞价交易方式回购股份的回购报告书》（公告编号：临 2024-065）。 因公司实施 2024 年度利润分配 ...

格隆汇9月1日丨中天科技(600522.SH)公布，截至2025年8月31日，公司实施第五期以集中竞价交易方式 回购公司股份方案，已累计回购股份1,879.08万股，占当前总股本的比例为0.5506%，回购成交的最高 价为14.80元/股、最低价为12.60元/股，已支付的总金额为25,229.12万元。（数据如有尾差，系四舍五 入所致） ...

Core Viewpoint - The company announced a share repurchase plan, indicating a commitment to returning value to shareholders and confidence in its financial health [1] Group 1: Share Repurchase Plan - The company will hold its 27th meeting of the 8th Board of Directors on November 5, 2024, to approve the share repurchase plan [1] - The total amount for the share repurchase will not be less than 200 million yuan and not exceed 400 million yuan [1] - The maximum repurchase price is set at 22 yuan per share, with the implementation period lasting 12 months from the board's approval [1] Group 2: Previous Repurchase Activity - As of August 31, 2025, the company has repurchased a total of 18.79 million shares, representing 0.5506% of the total share capital [1] - The repurchase price range for these shares was between 12.6 yuan and 14.8 yuan per share, with a total expenditure of 252 million yuan [1]

Core Viewpoint - Jiangdong Jinju Equipment Co., Ltd. and Jiangsu Zhongtian Technology Co., Ltd. have obtained a patent for a "Split Wire Spacer" with authorization announcement number CN 120414388 B, applied on July 2025 [1] Company Overview - Jiangdong Jinju Equipment Co., Ltd. was established in 1995 and is located in Nantong City, primarily engaged in the manufacturing of instruments and meters [1] - The company has a registered capital of 551.4091 million RMB [1] - Jiangdong Jinju Equipment Co., Ltd. has invested in 6 enterprises and participated in 4,331 bidding projects [1] - The company holds 13 trademark registrations and 261 patent information, along with 620 administrative licenses [1]

Investment Rating - The investment rating for Zhongtian Technology is "Buy" (maintained) [1] Core Views - The company's performance meets expectations, benefiting significantly from the development of the communication energy market. In H1 2025, the company achieved a revenue of 23.6 billion yuan, a year-on-year increase of 10.19%, and a net profit attributable to shareholders of 1.568 billion yuan, up 7.38% year-on-year. In Q2 2025, revenue reached 13.844 billion yuan, reflecting a year-on-year growth of 5.08% and a quarter-on-quarter increase of 41.90% [4][5] - The company has a robust order backlog in the energy network sector, amounting to approximately 30.6 billion yuan, with significant contributions from marine and grid construction projects. The marine segment alone generated 2.896 billion yuan in revenue in H1 2025, marking a 37.19% increase year-on-year [5] - The company emphasizes research and development, with R&D expenses reaching 0.965 billion yuan in H1 2025, representing a 4.09% R&D expense ratio. It is actively positioning itself in strategic areas such as computing networks and AI data centers [6] Financial Summary - For the fiscal years 2023A to 2027E, the projected revenue growth is as follows: 45.065 billion yuan in 2023, 48.055 billion yuan in 2024, 56.251 billion yuan in 2025, 65.418 billion yuan in 2026, and 75.671 billion yuan in 2027, with year-on-year growth rates of 11.9%, 6.6%, 17.1%, 16.3%, and 15.7% respectively [8][11] - The net profit attributable to shareholders is forecasted to be 3.117 billion yuan in 2023, 2.838 billion yuan in 2024, 3.345 billion yuan in 2025, 3.781 billion yuan in 2026, and 4.300 billion yuan in 2027, with year-on-year growth rates of -3.0%, -8.9%, 17.9%, 13.0%, and 13.7% respectively [8][11] - The company's projected P/E ratios for 2025, 2026, and 2027 are 16.6, 14.7, and 12.9 respectively, indicating a favorable valuation trend [8][11]

Core Insights - The National Federation of Industry and Commerce released the lists of the top 500 private enterprises in China for 2025, with Jiangsu province having 90, 82, and 15 companies in the respective categories of overall private enterprises, manufacturing private enterprises, and service private enterprises, showing increases from the previous year [1][2]. Group 1: Jiangsu's Economic Contribution - Jiangsu's private economy contributed a value-added of 7.98 trillion yuan in 2024, accounting for 58.2% of the province's GDP, highlighting its significant role in the economy [1]. - Jiangsu ranked second nationally in the number of companies included in the 2025 top 500 private enterprises list, with 71 from southern Jiangsu, 11 from central Jiangsu, and 8 from northern Jiangsu [1]. Group 2: Company Performance - Among the top 500 private enterprises, 11 companies in Jiangsu reported revenues exceeding 100 billion yuan, an increase of one from the previous year [1]. - The total R&D investment of the listed companies reached 75.17 billion yuan, with 83,000 R&D personnel and 24,000 effective domestic invention patents, representing increases of 7.5%, 5.1%, and 32.6% respectively compared to the previous year [1]. Group 3: Tax Contributions and Employment - The total tax contribution of the listed companies amounted to 135.36 billion yuan, with 28 companies paying over 1 billion yuan in taxes annually [1]. - The total employment generated by these companies reached 1.306 million [1].

Investment Rating - The report maintains a "Recommended" rating for the company [3][6]. Core Views - The company's performance in the first half of 2025 met expectations, with a revenue of 23.6 billion yuan, a year-on-year increase of 10.19%, and a net profit attributable to the parent company of 1.568 billion yuan, up 7.38% year-on-year [1]. - The offshore wind power business is recovering, contributing to a significant revenue increase in the marine segment, which reached 2.896 billion yuan, a year-on-year growth of 37.19% [1]. - The company has a solid order backlog in the energy network sector, with total orders amounting to approximately 30.6 billion yuan as of July 31, 2025 [1]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 23.6 billion yuan, with a net profit of 1.568 billion yuan [1]. - The revenue from the grid business was 9.975 billion yuan, reflecting a year-on-year increase of 11.97%, while the new energy business generated 2.630 billion yuan, up 13.69% [1]. Order Backlog - As of July 31, 2025, the company reported an order backlog of approximately 30.6 billion yuan in the energy network sector, with marine series orders around 13.3 billion yuan and grid construction orders about 15.5 billion yuan [1]. Future Projections - The company is projected to achieve net profits of 3.975 billion yuan, 4.899 billion yuan, and 5.521 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE multiples of 14x, 11x, and 10x [3][5].

Group 1 - The copper cable high-speed connection concept has seen a significant increase of 5.61%, making it the top-performing sector on the market, with 40 stocks rising, including notable gains from Yidong Electronics and Dingtong Technology, both reaching a 20% limit up [1] - Major inflows into the copper cable high-speed connection sector amounted to a net inflow of 1.837 billion yuan, with 26 stocks receiving net inflows, and 9 stocks exceeding 100 million yuan in net inflows, led by Tongyu Communication with a net inflow of 341 million yuan [1][2] - The top stocks by net inflow ratio include Changfei Fiber, Tongyu Communication, and Ruikeda, with net inflow ratios of 28.85%, 18.22%, and 12.41% respectively [2][3] Group 2 - The concept of copper cable high-speed connection has outperformed other sectors, with significant daily gains compared to sectors like genetically modified organisms and Alzheimer’s concepts, which saw declines of -1.81% and -1.07% respectively [1] - The trading volume and turnover rates for leading stocks in the copper cable high-speed connection sector indicate strong investor interest, with Tongyu Communication showing a turnover rate of 31.01% and a daily increase of 6.32% [2] - Other notable performers in the sector include Huafeng Technology and Shenglan Co., which recorded increases of 15.12% and 17.28% respectively, reflecting a robust market sentiment towards this sector [1][2]

Core Viewpoint - The company is focusing on the development and iteration of liquid cooling products, which have received certification from the Thiel Laboratory, demonstrating energy efficiency metrics significantly better than the industry average [1] Group 1: Product Development - The company is actively researching and developing liquid cooling products [1] - The core products have passed certification from the Thiel Laboratory, indicating superior energy efficiency compared to industry standards [1] Group 2: Technological Integration - The company is leveraging liquid cooling technology as a foundation to integrate AI and IoT technologies [1] - The focus is on developing an intelligent "predictive maintenance" system that combines liquid cooling systems with energy storage and photovoltaic clean energy solutions [1] Group 3: Environmental Goals - The company aims to construct "zero-carbon data centers" through the synergy of liquid cooling systems and clean energy technologies [1]