证券代码：600522 证券简称：中天科技 公告编号：临 2024-051 江苏中天科技股份有限公司 关于变更部分募集资金投资项目的公告 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个别及连带责任。 重要内容提示： ●原项目名称：分布式储能电站项目 ●新项目名称：新型电力系统环保电缆项目投资总金额为 38,000 万元；特 高压复合绝缘子及避雷器研发生产一期项目投资总金额为 30,000 万元（其中募 集资金投入 28,240.91 万元，自有资金 1,759.09 万元）；工商业储能电站项目 投资总金额为 40,000 万元。 ●变更募集资金投向的金额：106,240.91 万元。 ●新项目预计正常投产并产生收益的时间：新型电力系统环保电缆项目整体 建设周期为 3 年，预计达产时间为 2027 年 9 月；特高压复合绝缘子及避雷器研 发生产一期项目整体建设周期为 3 年，预计达产时间为 2027 年 9 月；工商业储 能电站项目整体建设周期为 3 年，预计达产时间为 2027 年 9 月。 ●主要风险提示：公司对新项目进行了充分的可 ...

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《关于变更部分募集资金投资项目的议案》。 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、董事会会议召开情况 江苏中天科技股份有限公司（以下简称"中天科技股份"或"公司"）于 2024 年 10 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二十五次会议的通 知。本次会议于 2024 年 10 月 16 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。 江苏中天科技股份有限公司 第八届董事会第二十五次会议决议公告 证券代码：600522 证券简称：中天科技 公告编号：临 2024-049 本议案需提交股东大会审议。 3、审议通过了《关于修订多元化员工持股计划方案的议案》。 详见 2024 年 10 月 17 日公司刊登在《中国证券报》《上海证券报》《证券时报》 ...

Investment Rating - The report gives a "Recommended" rating for the company with a target price of 17.3 CNY, compared to the current price of 14.72 CNY [1]. Core Insights - The company focuses on communication and energy sectors, with offshore wind power expected to drive performance growth. It has established four major business segments: optical communication, marine, power grid, and new energy, with leading positions in optical communication and submarine cable industries [1][6]. - The domestic offshore wind power market is projected to remain highly prosperous, with expected installations of 8 GW in 2024 and 15 GW in 2025, representing year-on-year growth of 17.1% and 87.5% respectively [1][23]. - The company has a strong technological edge in submarine cables, having secured significant contracts both domestically and internationally, including high-voltage projects in Poland and Germany [1][36]. - The optical communication segment is benefiting from increased demand driven by the construction of a "dual-gigabit" network, with the company maintaining a leading position in order acquisition [1][38]. - The new energy and power grid segments are expected to see sustained growth, supported by global energy structure transformation and increased investment in power grids [1][44]. Summary by Sections 1. Company Overview - The company has over 30 years of experience in the communication and energy sectors, evolving into a leading player in optical communication and submarine cables, ranking sixth globally in optical fiber and cable market share [1][13]. 2. Offshore Wind Power - The domestic offshore wind power market is projected to exceed 20 billion CNY by 2025, with a compound annual growth rate (CAGR) of 59.9% from 2022 to 2025 [1][25]. - The overseas offshore wind market is also expected to grow significantly, with new installations projected to increase from 4.9 GW in 2024 to 31.8 GW by 2030, representing a CAGR of 36.7% [1][26]. 3. Optical Communication - The company is positioned to benefit from the ongoing construction of the "dual-gigabit" network, with a significant increase in demand for optical modules driven by telecom operators' investments in computing power [1][41]. 4. Power Grid and New Energy - The global investment in power grids is expected to average 500 billion USD annually from 2023 to 2030, a significant increase from the previous average of 320 billion USD [1][44]. - The company has seen its power grid revenue grow from 9.45 billion CNY in 2019 to 16.74 billion CNY in 2023, with a CAGR of 15.4% [1][49]. 5. Financial Projections - The company is expected to achieve revenues of 51.43 billion CNY in 2024, 61.07 billion CNY in 2025, and 67.23 billion CNY in 2026, with corresponding net profits of 3.25 billion CNY, 3.94 billion CNY, and 4.50 billion CNY respectively [2][50].

证券代码：600522 证券简称：中天科技 公告编号：临 2024-048 江苏中天科技股份有限公司 因公司实施 2023 年度利润分配，自 2024 年 7 月 15 日起，回购股份价格上限 由不超过人民币 20.68 元/股（含）调整为不超过人民币 20.46 元/股（含），预计 可回购股份数量相应调整为 488.76 万股至 977.52 万股。具体内容详见公司在上 海证券交易所网站（www.sse.com.cn）上披露的《江苏中天科技股份有限公司关 于 2023 年度权益分派实施后调整回购价格上限的公告》（公告编号：临 2024-040）。 一、回购股份的基本情况 2023 年 12 月 13 日，江苏中天科技股份有限公司（以下简称"公司"）第八届 董事会第十八次会议审议通过了《关于第四期以集中竞价交易方式回购公司股份 方案的议案》，拟回购公司股份的资金总额不低于人民币 5,000 万元（含），不超 过人民币 10,000 万元（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 2024 年 12 月 12 日止。具体内容详见 2023 年 12 月 14 日披露的 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company maintains a leading position in the communication power grid sector, aligning with the development requirements of AI computing and communication. Its broadband products rank first in several procurement projects for major clients like China Mobile and China Tower [1][4] - The company has a robust order backlog of approximately 28.2 billion yuan, with significant contributions from various business lines, including marine, power grid construction, and renewable energy [2][4] - The company has achieved a notable increase in revenue and net profit in Q2 2024 compared to Q1 2024, indicating improved profitability despite a slight increase in expense ratios [1][4] Summary by Sections Financial Performance - For H1 2024, the company reported revenue of 21.416 billion yuan, a year-on-year increase of 6.32%, and a net profit attributable to shareholders of 1.460 billion yuan, a decrease of 25.31% [1] - In Q2 2024, the company achieved revenue of 13.174 billion yuan, a year-on-year increase of 11.00% and a quarter-on-quarter increase of 59.83%, with a net profit of 0.824 billion yuan, a quarter-on-quarter increase of 29.50% [1] Order Backlog and Business Development - As of August 27, 2024, the company has an order backlog of approximately 28.2 billion yuan, with marine projects accounting for about 12.3 billion yuan, power grid construction for about 13.1 billion yuan, and renewable energy for about 2.8 billion yuan [2][4] - The company has successfully delivered significant projects, including the first 330kV submarine cable project in China, and has made progress in international markets [4] Profitability and Expense Management - The company reported a gross profit margin of 16.68% and a net profit margin of 6.81% for H1 2024, with slight decreases compared to H1 2023 [1] - The expense ratio for H1 2024 was 9.09%, showing a manageable increase from the end of 2023, with specific expense ratios for sales, management, R&D, and financial expenses [1]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The report highlights that the company achieved a revenue of 21.416 billion yuan in the first half of 2024, representing a year-on-year increase of 6.32%. However, the net profit attributable to shareholders decreased by 25.31% to 1.460 billion yuan [4] - The company has a strong order backlog in the energy network sector, with contracts amounting to approximately 28.2 billion yuan as of August 27, 2024, indicating a positive long-term operational trend [4] - The report notes that the marine engineering subsidiary incurred losses, which negatively impacted the overall performance for the period [4] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 21.416 billion yuan, with a net profit of 1.460 billion yuan, and a gross margin of 16.68% [4] - For Q2 2024, revenue reached 13.174 billion yuan, marking an 11.00% year-on-year increase and a 59.83% quarter-on-quarter increase [4] - The company’s contract liabilities increased significantly to 2.227 billion yuan by the end of H1 2024, up from 1.740 billion yuan in Q1 2024 [4] Revenue Forecast - The company is projected to achieve revenues of 51.649 billion yuan, 56.832 billion yuan, and 61.459 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 3.595 billion yuan, 4.324 billion yuan, and 4.999 billion yuan [5][6] Business Segments - The revenue forecast for different business segments includes: - Optical communication and network: 9.114 billion yuan in 2023, expected to remain stable [7] - Power grid construction: 16.741 billion yuan in 2023, with a projected growth of 15% in 2024 [7] - Marine series: 3.740 billion yuan in 2023, expected to grow significantly by 60% in 2024 [7] - New energy: 7.209 billion yuan in 2023, with a projected growth of nearly 20% in 2024 [7] Valuation - The report assigns a dynamic PE range of 18-20X for 2024, leading to a reasonable value range of 18.96 to 21.07 yuan per share [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's revenue for the first half of 2024 reached 21.416 billion, a year-on-year increase of 6.32%, while the net profit attributable to shareholders was 1.460 billion, a decline of 25.31% [7]. - The marine and energy businesses are experiencing rapid growth, with significant order fulfillment contributing to revenue stability [7][8]. - The company has a robust order backlog in the energy network sector, amounting to approximately 28.2 billion, with marine series orders at about 12.3 billion [8]. Summary by Sections Revenue and Profitability - In Q2 2024, the company achieved revenue of 13.174 billion, a year-on-year increase of 11%, while the net profit attributable to shareholders was 0.824 billion, down 30.57% year-on-year but up 29.5% quarter-on-quarter [7]. - The decline in net profit is partly attributed to significant losses from fair value changes related to stock holdings in Guangxun Technology, impacting earnings by 0.195 billion [7]. Cost and Investment - The company increased its marketing and R&D expenditures, with sales expenses and R&D costs rising by 27.22% and 23.82% respectively, reflecting enhanced sales team development and product R&D in the communication sector [7]. - A second employee stock ownership plan was implemented, aimed at boosting employee morale and management governance [7]. Market Position and Future Outlook - The marine and renewable energy sectors are showing signs of recovery, with the company’s execution of orders reaching historical peaks, indicating high revenue certainty in the future [8]. - The company is well-positioned in the market with deep technical expertise in submarine cables and marine engineering, maintaining a leading market share and competitive advantage [8]. - Profit forecasts for 2024-2026 project net profits of 3.395 billion, 3.882 billion, and 4.521 billion respectively, with corresponding year-on-year growth rates of 9%, 14%, and 16% [8].

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].