Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a total operating revenue of 8.242 billion yuan for Q1 2024, a year-on-year decrease of 0.40%, and a net profit attributable to shareholders of 636 million yuan, down 17.20% year-on-year [2] - The gross profit margin was 18.03%, a decrease of 0.3 percentage points year-on-year, while the net profit margin was 7.67%, down 1.93 percentage points year-on-year [2] - The company has a substantial order backlog in its marine projects, with approximately 11.5 billion yuan in hand as of March 31, 2024, driven by high domestic and international demand [2] - The company is focusing on core technology innovation in its communication segment, developing high-density optical fibers for data centers and other specialized products [2] - The company is expanding its new energy layout, ranking sixth globally in the shipment of energy storage systems in 2023, and has established a portfolio of photovoltaic power stations with a total capacity of 390.26 MW [2] Financial Summary - The company is expected to achieve operating revenues of 51.14 billion yuan, 55.53 billion yuan, and 59.97 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 3.944 billion yuan, 4.631 billion yuan, and 5.161 billion yuan for the same years [2][5] - The projected PE ratios for 2024, 2025, and 2026 are 10.87, 9.26, and 8.31 respectively [2][5] - The company’s return on equity (ROE) is expected to be 10.77%, 11.32%, and 11.29% for 2024, 2025, and 2026 respectively [5]

中天科技(600522) /通信设备 /公司点评 /2024.05.03 业绩短期波动，订单持续扩容 证券研究报告 投资评级:增持(维持) 核心观点 ❖ 事件:公司发布2023年报，实现营业总收入450.65亿元，同比+11.91%；实现 基本数据 2024-04-30 归母净利润 31.17 亿元，同比-3.03%；毛利率 16.22%，同比-2.06pct；实现销 收盘价(元) 13.57 流通股本(亿股) 34.13 售净利率7.19%，同比-1.29pct；每股收益为0.91元。2023年Q4实现营业总 每股净资产(元) 9.90 收入123.14亿元，同比+11.19%；实现归母净利润4.57亿元，同比-38.58%； 总股本(亿股) 34.13 实现销售毛利率13.91%，同比-2.8pct；实现销售净利率3.91%，同比-4.03pct。 最近12月市场表现 ❖ 各行业在手订单持续扩容：截至 2024 年 3 月 31 日，公司能源网络领域在手 订单约260亿元，其中海洋系列约115亿元，电网建设约125亿元，新能源约 中天科技 沪深300 上证指数 20亿元。2023年，海洋系列实现营业收入3 ...

股 票 研 究 [Table_industryInfo] 电信运营/信息技术 [ Table_Main[中ITnaf 天bol]e 科_Ti技tle]( 600522) [评Tab级le_：Inv est] 增持 上次评级： 增持 在手订单充足，关注海风景气提升 目标价格： 16.32 上次预测： 20.00 公 ——2023年报和2024 年一季报点评 当前价格： 12.56 司 王彦龙(分析师) 黎明聪(分析师) 2024.04.29 更 010-83939775 0755-23976500 [交Ta易bl数e_M据a rket] 新 wangyanlong@gtjas.com limingcong@gtjas.com 证书编号 S0880519100003 S0880523080008 52周内股价区间（元） 10.69-16.57 报 总市值（百万元） 42,867 告 本报告导读： 总股本/流通A股（百万股） 3,413/3,413 下调盈利预测，下调目标价，维持增持评级；业绩略低预期，非经常损益波动所致； 流通 B股/H股（百万股） 0/0 流通股比例 100% 在手订单充足，关注海风景气提升。 ...

用 使 习 准 学 成 为 人 生 频 个 中天科技 20240425_智能速览 I 音 供 A 2024年04月26日 22:00 由 名 仅 要 同 ， 关键词 纪 以 传 本 容 外 海洋业务 收入 毛利率 海缆 海工 订单 产能 毛利 特高压 新能源 欧洲 土耳其 利润率 产能利用率 员工持 内 勿 股计划 请 用 使 全文摘要 用 习 讨论集中于公司未来的业务发展方向和预期成果，使 主要包括以下几个要点： 1. 公司已设定提高产品毛利 准 学 率至30%以上的目标，并计划通过青州项目的推习 进来实现这一目标，显示出对盈利改善的关注和努力。 成 为 人 2. 对于国外市场，公司提出显著增加准 海外订学 单的目标，并计划在国内和国际市场上同步发力，显示出公 生 频 个 司对于扩大市场份额和提成升生产为能力的人坚定信心。 3. 海工部门预计贡献约30亿出头的订单规模，表明 I 音 供 A 公司将在这一领域投入生 更多的频 资源和个 努力。 4. 讨论还涉及了不同业务板块（如电力、通信、新能源）的 由 名 仅 一季度收入情况，I以及未音确认收供入项目的潜在原因及其对公司未来业绩的影响，说明公司正在全面审视 ...

证券研究报告 公 2024年04月28日 司 报 告 中天科技(600522) │ 行 业： 通信/通信设备 公 投资评级： 买入（维持） 司 当前价格： 12.56元 业绩短期承压，有望受益海风景气度回暖 年 目标价格： 17.75元 报 点 事件： 评 基本数据 4 月 26 日，中天科技发布 2023 年年度报告与 2024 年一季度报告，2023 总股本/流通股本(百万股) 3,412.95/3,412.95 年，公司实现营业收入 450.65 亿元，同比提升 11.91%，实现归母净利润 31.17亿元，同比下降3.03%，实现扣非归母净利润26.73亿元，同比下降 流通A股市值(百万元) 42,866.65 15.18%。24年一季度，公司实现营业收入82.42亿元，同比下降0.4%，实 每股净资产(元) 9.90 现归母净利润6.36亿元，同比下降17.20%。 资产负债率(%) 35.87  盈利能力承压，电力与新能源业务高增 一年内最高/最低(元) 16.71/10.42 2023 年，公司毛利率达 16.22%，同比-2.06pct，净利率 7.19%，同比- 1.29pct，我们认为主 ...

Investment Rating - The investment rating for Zhongtian Technology (600522.SH) is "Buy" [5][3]. Core Views - The company's net profit faced pressure in Q1 2024, declining by 17% year-on-year, primarily due to delays in offshore wind project deliveries and the impact of fair value changes from holding shares in Guangxun Technology in the same period last year [1][3]. - The company reported a revenue of 450.7 billion yuan in 2023, an increase of 11.9% year-on-year, while the net profit attributable to shareholders was 31.2 billion yuan, down 3.0% year-on-year [1]. - The energy network segment has a robust order backlog of approximately 26 billion yuan as of March 31, 2024, with significant contributions from offshore wind and grid construction projects [1][3]. - The second phase of the employee stock ownership plan reflects the company's confidence in growth, with a target revenue growth rate of no less than 10%/20%/30% for 2024-2026 [1][3]. - The company plans to increase its dividend payout ratio, proposing a mid-year dividend not exceeding 40% of the current net profit [1]. Summary by Relevant Sections Financial Performance - In Q1 2024, Zhongtian Technology achieved a revenue of 82.4 billion yuan, a slight decrease of 0.4% year-on-year, and a net profit of 6.4 billion yuan, down 17.2% year-on-year [1]. - For 2024-2026, the projected net profits are 40 billion yuan, 47 billion yuan, and 53 billion yuan, respectively, with corresponding PE ratios of 11, 9, and 8 times [3][4]. Business Segments - The marine business saw a significant revenue decline of 48.9% in 2023 due to domestic installation delays, while the grid construction business benefited from domestic ultra-high voltage projects, growing by 15.0% [1]. - The renewable energy segment experienced a remarkable growth of 119% year-on-year in 2023, indicating strong demand in this area [1]. Order Backlog and Market Opportunities - As of March 31, 2024, the company has an order backlog of approximately 26 billion yuan, with 11.5 billion yuan from the marine segment, 12.5 billion yuan from grid construction, and 2 billion yuan from renewable energy [1]. - Recent project developments in domestic offshore wind and successful bids for European projects signal potential growth opportunities for the company [1].

证券代码：600522 证券简称：中天科技 公告编号：临 2024-028 江苏中天科技股份有限公司 关于提请股东大会授权董事会决定 2024 年度中期分红方案 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。 二、风险提示 关于授权董事会进行中期利润分配事项尚需提交公司 2023 年年度股东大会 审议，经股东大会审议通过后方可实施，敬请广大投资者注意投资风险。 特此公告。 2024 年 4 月 24 日，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"）召开第八届董事会第二十三次会议，审议通过了《关于提请股东大 会授权董事会决定 2024 年度中期分红方案的议案》，申请股东大会授权董事会根 据股东大会决议在符合利润分配的前提条件下制定 2024 年中期利润分配方案。 江苏中天科技股份有限公司董事会 2024 年 4 月 24 日 一、 授权内容 1 1、中期分红的考虑因素：（1）截至 2023 年末经审计的未分配利润；（2）2024 年度中期盈利情况预测；（3）与资本开支、经营性资金需求的匹配关系。 2、 ...

Financial Performance - The company's operating revenue for 2023 reached ¥45.07 billion, an increase of 11.91% compared to ¥40.27 billion in 2022[20] - The net profit attributable to shareholders of the listed company was ¥3.12 billion, a decrease of 3.03% from ¥3.21 billion in the previous year[20] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥2.67 billion, down 15.18% from ¥3.15 billion in 2022[20] - The net cash flow from operating activities was ¥4.54 billion, a slight decrease of 0.53% compared to ¥4.56 billion in 2022[20] - The basic earnings per share for 2023 was 0.913 RMB, a decrease of 3.08% from 0.942 RMB in 2022[22] - The weighted average return on equity was 9.84%, down 1.32 percentage points from 11.16% in 2022[22] - The company reported a net cash flow from operating activities of 5.505 billion RMB in the fourth quarter of 2023[24] - The company achieved a revenue of CNY 45.07 billion, representing an increase of 11.91% compared to the previous year[117] - The net profit attributable to shareholders reached CNY 3.12 billion, with a cash flow from operating activities of CNY 4.54 billion[117] Assets and Liabilities - The total assets of the company increased by 12.45% to ¥54.73 billion from ¥48.67 billion in the previous year[21] - The net assets attributable to shareholders of the listed company rose by 10.54% to ¥33.16 billion, compared to ¥30.00 billion at the end of 2022[21] - Accounts receivable decreased by 63.59% to ¥447,088,095.82, primarily due to a reduction in commercial acceptance bills received[133] - Long-term borrowings increased by 924.2% to ¥1,369,923,415.28, attributed to loans for the purchase of marine construction vessels[134] - Contract liabilities rose by 49.8% to ¥2,066,034,278.74, mainly due to an increase in advance payments received[134] - The proportion of overseas assets is 5.33%, amounting to ¥291,612.13 million[135] Dividends and Shareholder Returns - The company plans to distribute a cash dividend of ¥2.20 per 10 shares to all shareholders, with no stock distribution or capital reserve transfer[5] Research and Development - The company applied for a total of 125 patents related to high-voltage insulated cables, overhead conductors, and online monitoring, with 36 invention patents granted during the reporting period[46] - The company submitted 523 patent applications in China and 22 PCT patent applications, receiving 232 invention patents granted in 2023[107] - The R&D expenses increased by 15.73% to CNY 1.90 billion, reflecting the company's commitment to innovation[119] - The company employed 2,715 R&D personnel, representing 18.22% of the total workforce[130] - The company has established several research and development platforms and aims to develop specialized marine cables and high-voltage dynamic cables to meet market demands[173] Market Position and Strategy - The company maintained the number one market share in ordinary conductors, special conductors, OPGW, and ADSS in the domestic market[46] - The company has expanded its international marketing service system to enhance global competitive advantages[30] - The company achieved a historic high in international market orders, with significant projects including 275kV high-voltage AC output submarine cables and 220kV submarine cable packages[40] - The company is actively expanding its presence in the hydrogen energy sector, focusing on hydrogen production and refueling equipment, in line with national carbon neutrality policies[52] - The company is focusing on customized and differentiated products to address customer pain points and create value through high-quality products and services[65] Product Development and Innovation - The company developed a ±400kV cross-linked polyethylene insulated fiber composite DC submarine power cable, recognized as a leading product in flexible DC submarine cable transmission applications[31] - The company successfully developed a 66kV cross-linked polyethylene insulated dynamic submarine cable, achieving international leading technical performance[34] - The company launched a high-energy density liquid-cooled energy storage system and a 200Ah power cell, enhancing its product offerings in the energy storage sector[50] - The company developed a new type of environmentally friendly gas-insulated switchgear and prefabricated connectors, expanding its product line in the special power demand sector[43] - The company’s 400G optical module products achieved key performance indicators that exceed international advanced levels, indicating strong innovation capabilities[60] Environmental and Social Responsibility - The company has actively engaged in ecological civilization construction, aligning with national carbon peak and carbon neutrality strategies[191] - The company has developed a carbon footprint quantification standard and a dual-carbon information platform, recognized as leading in the industry by Jiangsu Province[191] - The company has completed a full series of carbon footprint investigations and certifications for its main products, enhancing its carbon competitiveness[191] Corporate Governance - The company has established a scientific corporate governance structure and continuously improves its systems, ensuring compliance with relevant laws and regulations[188] - The board of directors has implemented a cumulative voting system for the election of directors and supervisors, effectively protecting the rights of minority shareholders[188] - The company has strengthened investor relations management, ensuring effective communication with investors through various channels[192] Future Outlook - The management has indicated that future performance may differ significantly from current expectations due to various uncertainties[6] - The company provided a future outlook with a revenue guidance of 6 billion RMB for 2024, representing a 15% growth target[199] - The company plans to implement a new marketing strategy focusing on digital channels, aiming for a 40% increase in online sales[199] - The company is actively pursuing international business expansion, particularly in offshore wind power projects in Europe and oil and gas markets in the Middle East[172]

第二条 公司聘任会计师事务所对财务会计报告发表审计意见、出具审计 报告的行为，应当遵照本制度履行选聘程序。聘任会计师事务所从事除财务会 计报告审计之外的其他法定审计业务，视重要性程度可比照本制度执行。 江苏中天科技股份有限公司会计师事务所选聘制度 第一章 总则 第一条 为了规范江苏中天科技股份有限公司（以下简称"公司"）选聘 （含续聘、改聘）会计师事务所相关行为，保证财务信息的真实性和连续性， 根据《中华人民共和国公司法》《国有企业、上市公司选聘会计师事务所管理 办法》《公司章程》等有关规定，结合公司实际情况，制定本制度。 审计项目合伙人、签字注册会计师由于工作变动，在不同会计师事务所为 公司提供审计服务的期限应当合并计算。 (一) 具有独立的法人资格，具备国家行业主管部门和中国证券监督管理委 员会（以下简称"中国证监会"）规定的开展证券期货相关业务所需的条件； (二) 具有固定的工作场所、健全的组织机构和完善的内部管理及控制制度； 第五条 公司选聘的会计师事务所应当具备以下资格： (三) 熟悉国家有关财务会计方面的法律、法规、规章和政策； 第三条 公司选聘会计师事务所应当经董事会审计委员会（以下简称" 审 ...

目录 | 关于报告 | 01 | | --- | --- | | 董事长致辞 | 03 | | 03 | 共享绿色未来 | | | --- | --- | --- | | | 环境保护 | 19 | | | 应对气候变化 | 21 | | | 能源管理 | 27 | | 01 | ESG 概览 | | | --- | --- | --- | | | 2023 年经营数据 | 05 | | | 2023 年荣誉与奖项 | 07 | | 04 | 支持关爱员工 | | | --- | --- | --- | | | 员工权益保障 | 33 | | | 人力资本发展 | 35 | | | 绩效与薪酬管理 | 37 | | | 职业健康与安全 | 39 | | ESG 管理 02 | | | --- | --- | | 关于中天科技 | 11 | | ESG 管理体系 | 13 | | 利益相关方参与 | 14 | | 05 | 践行商业向善 | | --- | --- | | | 科技创新 | | 科技创新 | 43 | | --- | --- | | 产品质量及客户关系管理 | 45 | | 可持续供应链 | 4 ...