证券研究报告 | 公司点评报告 2025 年 08 月 26 日 中天科技（600522.SH） 业绩符合预期，新能源与海洋业务双轮驱动 TMT 及中小盘/通信 事件：公司 8 月 25 日晚发布《2025 年半年度报告》，公司实现营业收入 236.00 亿元，同比增长 10.19%；归属上市公司股东的净利润 15.68 亿元，同比增长 7.38%；归属上市公司股东的扣除非经常性损益的净利润 14.68 亿元，同比增长 10.58%。 ❑ 投资建议：公司是国内光纤通信和海缆领域龙头企业，在光通信、新能源、 电力、海缆等细分领域具有领先地位。在能源领域，公司实现从"产品供应商" 向"系统集成服务商"转型，成为全球领先的能源网络系统解决方案服务商，海 缆有望成为未来几年新增长驱动力。我们预计 2025-2027 年公司归母净利润 分别为 34.26 亿元/39.59 亿元/44.82 亿元，对应增速分别为 21%/16%/13%， 对应 PE 分别为 15.8X/13.7X/12.1X，维持"强烈推荐"投资评级。 ❑ 风险提示：光纤光缆招标不及预期、海洋业务竞争加剧、费用成本开支加大。 财务数据与估值 | 会计年 ...

Core Viewpoint - The company, Jiangsu Zhongtian Technology Co., Ltd., has released its 2025 semi-annual report, highlighting significant growth in revenue and net profit, alongside ongoing efforts in fundraising management and project implementation [1][4][30]. Group 1: Company Overview - Jiangsu Zhongtian Technology Co., Ltd. focuses on energy interconnection and information communication, aiming to create value for customers through digitalization and green manufacturing [31]. - The company achieved a revenue of 23.6 billion yuan, representing 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 [32]. Group 2: Fundraising and Financial Management - The company raised a total of 3.965 billion yuan through the issuance of convertible bonds, with the actual received amount being 3.923 billion yuan after deducting fees [14]. - As of June 30, 2025, the company had utilized 2.648 billion yuan of the raised funds, with a remaining balance of 342.98 million yuan in the dedicated account [20]. Group 3: Project Implementation and Adjustments - The company has made adjustments to its fundraising projects, including reallocating funds to new projects such as the "High-end Electronic Copper Foil R&D and Industrialization Expansion Project" and the "New Energy Eco-friendly Optical Cable Project" [24][26]. - The company reported that several projects have reached their intended operational status, contributing to its overall growth strategy [25]. Group 4: Governance and Investor Relations - The company emphasizes compliance and governance, having revised its internal regulations to align with the latest legal requirements [36]. - It has actively engaged with investors, conducting 36 Q&A sessions and planning a semi-annual performance briefing to enhance communication and transparency [42][44]. Group 5: Sustainability and Innovation - The company integrates green innovation into its development strategy, achieving a reduction in carbon emissions and energy consumption [37][39]. - It has established a green supply chain platform, collaborating with suppliers to reduce carbon footprints and enhance overall competitiveness [38]. Group 6: Shareholder Returns - The company has maintained a robust cash dividend policy, distributing a total of 2.018 billion yuan in cash dividends over the past three years, which is 66.77% of the average net profit during that period [40]. - The company has also executed share repurchase plans, totaling over 620 million yuan, to enhance shareholder value [41].

扣除非经常性损益后的加权平均净 增加0.19个 江苏中天科技股份有限公司2025 年半年度报告 公司代码：600522 公司简称：中天科技 江苏中天科技股份有限公司 江苏中天科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人薛驰、主管会计工作负责人高洪时及会计机构负责人（会计主管人员）徐继平 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本半年度报告包括前瞻性陈述。除历史事实陈述外，所有本公司预计或期待未来可能或即将 发生的业务活动、事件或发展动态的陈述（包括但不限于预测、目标、估计及经营计划）都属于 前瞻性陈述。受诸多可变因素的影响，未来的实际结果或发展趋势可能会与这些前瞻性陈述出现 重大差异。本半年度报告中的前瞻性陈述为本公司于2025年8月25日作出，本公 ...

| 江苏中天科技股份有限公司2025 | 年半年度报告摘要 | | | | --- | --- | --- | --- | | 公司代码：600522 | 公司简称：中天科技 | | | | 江苏中天科技股份有限公司 | | | | | 江苏中天科技股份有限公司2025 | 年半年度报告摘要 | | | | 第一节 | 重要提示 | | | | 展规划，投资者应当到 | www.sse.com.cn 网站仔细阅读半年度报告全文。 | | | | 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 | | | | | 无 | | | | | 第二节 | 公司基本情况 | | | | 公司股票简况 | | | | | 股票种类 股票上市交易所 | 股票简称 股票代码 | | 变更前股票简称 | | A股 上海证券交易所 | 中天科技 600522 | / | | | 联系人和联系方式 | 董事会秘书 | | | | 姓名 | 杨栋云 | | | | 电话 | 0513-83599505 | | | | 办公地址 | 江苏省南通市经济技术开发区齐心路88号 | | | | 电子信箱 | zttirm@z ...

证券代码：600522 证券简称：中天科技 公告编号：临 2025-058 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"公司"）于 2025 年 8 月 14 日以电子邮 件等方式发出了关于召开第九届董事会第五次会议的通知。本次会议于 2024 年 8 月 驰先生主持，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： 本议案已经董事会审计委员会审议通过。 江苏中天科技股份有限公司 第九届董事会第五次会议决议公告 详见 2025 年 8 月 26 日刊登在上海证券交易所网站 www.sse.com.cn 的《江苏中 天科技股份有限公司 2025 年半年度报告》和《江苏中天科技股份有限公司 2025 年 半年度报告摘要》。 估报告的议案》。 详见 2025 年 8 月 26 日刊登在《中国证券报》《上海证券报》《证券时报》及 ...

江苏中天科技股份有限公司 关于募集资金年度存放与使用情况的专项报告 证券代码：600522 证券简称：中天科技 公告编号：临2025-059 对于变更后的募集资金投资项目——"新能源用环保型光电缆项目"，公司、 中天科技海缆股份有限公司就变更投向后50,000.00万元募集资金的监管，与交通 银行股份有限公司南通分行及保荐机构（主承销商）高盛中国，于2023年6月27 日签订了《募集资金专户存储之监管协议》，协议内容与《募集资金专户存储三 方监管协议（范本）》不存在重大差异。 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。 根据中国证券监督管理委员会（"中国证监会"）《上市公司募集资金监管 规则》《上海证券交易所上市公司自律监管指引第1号——规范运作》等规定， 现将江苏中天科技股份有限公司（"中天科技股份"或"公司"）2019年公开发 行可转换公司债券募集资金（"2019年期募集资金"）在2025年1-6月的存放与 使用情况分别进行说明。 对于变更后的募集资金投资项目——"特高压复合绝缘子及避雷器研发生产 一期项目"，公司、江 ...

证券代码：600522 证券简称：中天科技 公告编号：临 2025-061 江苏中天科技股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： ? 会议召开时间：2025 年 09 月 11 日（星期四）15:00-16:30 ? 会议召开地点：上海证券交易所上证路演中心 （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 一、 说明会类型 本次投资者说明会以视频结合网络互动召开，公司将围绕 2025 年半年度的 经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许 的范围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 （一） 会议召开时间：2025 年 09 月 11 日（星期四）15:00-16:30 （二） 会议召开地点：上证路演中心 （三） 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 09 月 04 日（星期四）至 09 月 1 ...

Core Viewpoint - The company is actively implementing its "Quality Improvement and Efficiency Enhancement" action plan to drive high-quality development and enhance investment value, focusing on energy interconnection and information communication construction [1][2]. Group 1: Business Performance - The company achieved an operating income 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 [2]. - The company is committed to differentiated innovation, leveraging 30 years of technology and industry accumulation in the "light" and "electric" core technology fields to build a unique competitive advantage [2][3]. Group 2: Innovation and Development - The company established a Future Industry Research Institute to create an open collaborative innovation model, focusing on strategic emerging industries such as artificial intelligence, smart robotics, low-altitude economy, and health [2]. - The company is integrating resources in the marine and power sectors to provide comprehensive solutions, achieving international leading results in various technological innovations [3]. Group 3: Governance and Compliance - The company emphasizes the importance of governance and compliance, continuously improving its internal control system and enhancing the governance level to ensure sustainable and stable development [5][6]. - The company has revised 19 relevant company systems in accordance with the latest laws and regulations, including the cancellation of the supervisory board, to align with the new Company Law [5]. Group 4: Sustainability and Green Innovation - The company integrates green and low-carbon strategies into its development, achieving a reduction of 3,826 tons in comprehensive energy consumption and a decrease of 23,000 tons in carbon dioxide emissions [6][7]. - The company has launched 182 green low-carbon projects, resulting in significant carbon reduction and energy savings [6][7]. Group 5: Shareholder Returns - The company has implemented a cash dividend distribution policy, with a total cash dividend of 2.11 billion yuan over the past three years, accounting for 66.77% of the average net profit [9]. - The company has executed four share repurchase plans, with a total repurchase amount exceeding 620 million yuan, reflecting its commitment to enhancing shareholder value [10]. Group 6: Investor Communication - The company prioritizes investor relations management, ensuring compliance with legal and regulatory requirements while enhancing the quality of information disclosure [10][11]. - The company conducts regular communication with institutional investors through roadshows and performance briefings to address investor concerns and improve report readability [10].

Summary of Zhongtian Technology Conference Call Company Overview - **Company**: Zhongtian Technology - **Industry**: Telecommunications and Energy Key Financial Performance - **Revenue Growth**: In the first half of 2025, Zhongtian Technology achieved a revenue of 30.0236 billion yuan, a year-on-year increase of 10% [3] - **Net Profit**: The net profit attributable to shareholders was 1.568 billion yuan, up 7% year-on-year [3] - **Earnings Per Share**: Basic earnings per share increased by 7.44% to 0.462 yuan [3] Segment Performance - **Marine Segment**: Revenue reached nearly 3 billion yuan, growing 37% year-on-year, with submarine cable revenue around 2 billion yuan and marine engineering revenue about 900 million yuan [2][4] - **Power Grid Segment**: Revenue was close to 10 billion yuan, maintaining stable growth [2][4] - **New Energy Segment**: Revenue grew over 10%, benefiting from cost control and installation rush [2][4] - **Communication Segment**: Revenue was approximately 3.5-3.6 billion yuan, remaining stable [2][4] Order Backlog and Future Prospects - **Total Orders**: As of July 31, 2025, the total order backlog in the energy segment was 30.6 billion yuan, with marine orders at 13.3 billion yuan and power grid construction orders exceeding 15 billion yuan [6] - **New Orders**: New orders include 30 projects in Guangdong and the Sanshan Island project, totaling over 13 billion yuan [2][10] Technological Advancements - **AI Impact**: The development of AI technology has significantly boosted the demand for optical fibers and cables, with Zhongtian Technology positioned to benefit as an industry leader [7] - **Hollow Fiber Progress**: The company has made advancements in hollow fiber technology, achieving laboratory certification and mass supply capability [5][11] Profitability and Margin Improvements - **Marine Segment Margins**: The marine segment's gross margin improved significantly to 36%-37%, with marine engineering margins at 8%-9%, contributing about 40% to total profits [2][10] - **Power and Communication Segments**: The power segment contributed nearly 40% of profits, while the communication segment contributed about 20% [10] Market Opportunities - **Data Center Growth**: The demand for multi-mode and specialty fibers in the communication segment is expected to grow, currently accounting for about 10% of revenue [12] - **Future Market Trends**: The company anticipates significant growth in the data center and optical fiber sectors, driven by global demand and AI applications [28][29] Strategic Initiatives - **Project Execution**: The company is actively pursuing projects in Jiangsu and Guangdong, with a market share expectation of over 60% in key projects [19][30] - **Investment Recommendations**: Given its strong fundamentals and low valuation, Zhongtian Technology is recommended as a key investment opportunity [27][31] Conclusion - **Overall Outlook**: Zhongtian Technology is positioned for long-term growth, driven by advancements in technology and a robust order backlog, making it a compelling investment choice in the current market environment [31]

Investment Rating - The report maintains a "Recommended" investment rating for the renewable energy sector, indicating a positive outlook for the industry [7]. Core Insights - The report highlights significant improvements in the performance of the renewable energy sector, particularly in the photovoltaic (PV) and wind power segments, driven by national strategic initiatives aimed at reducing competition and enhancing industry stability [4][5]. - The photovoltaic industry is currently at the bottom of its cycle, with future policy measures expected to be critical in shaping the industry's trajectory towards high-quality development [4]. - The wind power sector is experiencing a favorable supply-demand structure, with increasing profitability among companies, particularly in offshore wind projects [4]. Weekly Market Review - From August 18 to August 22, 2025, the Shanghai Composite Index rose by 3.49%, while the Shenzhen Component Index and the ChiNext Index increased by 4.57% and 5.85%, respectively. The Shenwan Electric Power Equipment Index rose by 2.28%, underperforming the CSI 300 by 1.90 percentage points [2][13]. - Within sub-sectors, photovoltaic equipment saw a rise of 3.47%, while wind power equipment decreased by 0.90% [2][13]. Key Sector Tracking - Longi Green Energy reported a revenue of 32.8 billion yuan for the first half of 2025, a decline of 14.83% year-on-year, with a net loss of 2.569 billion yuan, significantly reduced from a loss of 5.23 billion yuan in the same period last year [3][34]. - The report emphasizes the importance of government subsidies and the impact of market pricing on operational losses within the photovoltaic sector [3][34]. Investment Recommendations - For the photovoltaic sector, the report suggests focusing on companies with clear alpha potential in the silicon material, glass, and battery segments, as well as new technologies and leading manufacturers [4]. - In the wind power sector, the report recommends attention to companies with strong performance in offshore wind projects and related supply chains, such as Goldwind Technology and Orient Cable [4]. Industry Performance Data - The report notes that the cumulative installed capacity of new energy storage in China reached 101.3 GW by mid-2025, marking a year-on-year growth of 110% [22]. - The average utilization hours of power generation equipment decreased by 188 hours compared to the previous year, indicating challenges in the overall energy market [26]. Company Announcements - EVE Energy reported a revenue increase of 30.06% year-on-year for the first half of 2025, driven by strong performance in both power and energy storage battery segments [24]. - JA Solar's net loss narrowed significantly, reflecting improved operational efficiency and market conditions [24]. Price Trends - The report provides insights into the price trends of key materials in the industry, including polysilicon and battery cells, indicating a general upward trend in prices due to supply constraints and increased demand [22][23].