Core Viewpoint - Zhongtian Technology (600522) has announced multiple successful bids and pre-bids for marine projects, indicating strong performance in the marine energy and deep-sea technology sectors, with a total project value of approximately 1.788 billion yuan [1] Group 1: Marine Energy Projects - Zhongtian Technology's subsidiary, Zhongtian Technology Submarine Cable Co., Ltd., has won the bid for the ±500kV DC submarine cable project for a wind farm in Zhejiang [1] - The company has also received a pre-bid notice for the 500kV submarine cable supply and laying project for the Yangjiang Sanshan Island offshore wind farm [1] - Additionally, Zhongtian Technology secured a bid for the Bohai Zhong 26-6 oilfield development (Phase II) project [1] Group 2: Deep-Sea Technology Projects - The company has won the bid for the deep-sea drilling rig research equipment project at Hunan University of Science and Technology [1]

Group 1 - Company Zhongtian Technology (SH 600522) announced on October 16 that its subsidiaries received multiple project awards in the marine series, with a total value of approximately 1.788 billion yuan [1] - The projects include a ±500kV DC submarine cable project for Zhejiang Haifeng, a 500kV submarine cable supply and laying project for Yangjiang Sanshan Island offshore wind farm, and a 35kV submarine cable project for Bohai Zhong 26-6 oilfield development [1] - In the deep-sea technology sector, the company secured contracts for electric-driven marine winches and associated cables for Hunan University and for extended submarine cables and deep-sea injection molded connectors for a South China Sea project [1] Group 2 - As of the report, Zhongtian Technology has a market capitalization of 60.8 billion yuan [2] - The company's revenue composition for 2024 is projected to be 98.39% from manufacturing, 1.0% from other businesses, and 0.62% from photovoltaic power generation [1]

Core Viewpoint - Zhongtian Technology (600522.SH) has announced that its subsidiaries have received multiple project awards in the marine series, with a total value of approximately 1.788 billion yuan [1] Group 1: Project Awards - Zhongtian Technology's subsidiaries, Zhongtian Technology Submarine Cable Co., Ltd. and Zhongtian Ocean System Co., Ltd., have confirmed multiple project awards in the marine sector [1] - The total amount for the awarded and pre-awarded marine series projects is approximately 1.788 billion yuan [1] Group 2: Marine Energy Projects - In the marine energy sector, the company has won the bid for the ±500kV DC submarine cable project for Zhejiang Haifeng, which includes design, supply, testing, commissioning, and on-site technical services [1] - The company is also pre-awarded the 500kV submarine cable supply and laying project for the Yangjiang Sanshan Island offshore wind farm [1] - Additionally, the company has secured the bid for the 35kV submarine cable and associated accessories for the Bohai Zhong 26-6 oilfield development (Phase II) project [1] Group 3: Deep Sea Technology Projects - In the deep-sea technology sector, the company has won the bid for the electric-driven marine winch and its tether cable for the Hunan University deep-sea drilling rig research equipment project [1] - The company has also secured a project in the South China Sea for the expansion of submarine cables and deep-sea injection molded joint devices [1]

Core Viewpoint - Zhongtian Technology (600522) announced multiple successful bids and pre-bids for marine series projects, indicating strong performance in the marine energy and deep-sea technology sectors, with a total project value of approximately 1.788 billion yuan [1] Marine Energy Sector - The company secured the ±500kV DC submarine and land cable project for Zhejiang Haifeng, which includes design, supply, testing, commissioning, and on-site technical services [1] - The company is also pre-bid for the 500kV submarine cable supply and laying project for the Yangjiang Sanshan Island offshore wind farm [1] - Additionally, the company won the bid for the 35kV submarine cable and associated accessories for the Bohai Zhong 26-6 oilfield development (Phase II) project [1] Deep-Sea Technology Sector - The company won the bid for the electric-driven marine winch and its tether cable for the Hunan University deep-sea drilling equipment project [1] - For the South China Sea project, the company secured the bid for extended submarine cables and deep-sea injection molding joint devices [1]

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。 近日，江苏中天科技股份有限公司（以下简称"公司"）下属子公司中天科 技海缆股份有限公司和中天海洋系统有限公司陆续收到项目中标通知书或预中 标公示，确认中标/预中标多个海洋系列项目，现将具体情况公告如下： 一、中标项目概况 证券代码：600522 证券简称：中天科技 公告编号：临 2025-065 江苏中天科技股份有限公司 关于中标海洋系列项目的公告 今年以来，公司已连续中标阳江三山岛±500kV 直流海缆、阳江帆石二 500kV 交流海缆等多个重大项目，持续积累在复杂海洋环境下的系统性工程经验。此次 在广东、浙江再次中标超高压交直流海缆项目，充分彰显了公司在该领域的技术 领先优势与行业引领地位。公司自主研发的±500kV 直流海缆将服务于浙江省首 个柔性直流海上风电项目，将在区域内树立超高压柔直海缆应用的标杆，有力推 1 动海上风电向大规模、远距离输送方向发展。 在深海科技领域，公司提供的深海绞车系统及其脐带海缆支持 4500 米级水 深的重载海底钻机收放作业，实现深海资源勘探关 ...

Core Viewpoint - Zhongtian Technology (600522.SH) has announced multiple successful bids and pre-bids for marine series projects, confirming a total project value of approximately 1.788 billion yuan [1] Group 1: Marine Energy Projects - The company won the bid for the ±500kV DC submarine and land cable project (Section 1) for a certain project in Zhejiang Haifeng, which includes design, supply, testing, commissioning, and on-site technical services [1] - The company is pre-bid for the 500kV submarine cable supply and laying project (Section II) for the Yangjiang Sanshan Island offshore wind farm [1] - The company secured the bid for the 35kV submarine cable and associated accessories for the Bohai Zhong 26-6 oilfield development (Phase II) project [1] Group 2: Deep Sea Technology Projects - The company won the bid for the electric-driven marine winch and its tether cable for the Hunan University deep-sea drilling rig research equipment project [1] - The company secured the bid for the expansion submarine cable and deep-sea injection molded joint devices for the South China Sea project [1]

Core Viewpoint - The company has announced that its subsidiaries, Zhongtian Technology Submarine Cable and Zhongtian Ocean Systems, have received project bidding notifications or pre-bidding announcements, confirming multiple wins in marine series projects totaling approximately 1.788 billion RMB, which accounts for 3.72% of the company's audited revenue for 2024 [1] Summary by Category - **Project Wins** - The company confirmed multiple wins in marine series projects, including the Zhejiang Offshore Wind Project, Yangjiang Sanshan Island Offshore Wind Farm Project, Bohai Zhong 26-6 Oilfield Development Project, Hunan University of Science and Technology Deep Sea Drilling Rig Research Equipment Project, and South China Sea Project [1] - **Financial Impact** - The total amount of the won/pre-won marine series projects is approximately 1.788 billion RMB, representing 3.72% of the company's audited revenue for the year 2024 [1]

Investment Rating - The report maintains a positive outlook on the communication industry, emphasizing three main lines of investment: AI computing network differentiation, strengthening of the satellite industry, and optimization of the economic cycle [5][6]. Core Insights - The AI industry is evolving towards inference-driven models, with a diversified computing power solution landscape. The domestic supply chain for chips and modules is beginning to integrate, and the data center supply-demand inflection point has emerged [5][6]. - The satellite communication sector is experiencing significant catalysts, with a complete industry chain forming. Direct satellite connections are expected to drive growth in antennas, RF chips, and inter-satellite communication [5][6]. - The report identifies several high-quality cyclical stocks with confirmed growth and low valuations, particularly in sectors like Beidou navigation and controllers, suggesting a potential return of the investment "pendulum" [5][6]. Summary by Sections AI Computing Network - The AI computing network is highlighted as a key investment line, with operators actively building computing power and expected stable growth. High dividend yields continue to attract investors [5][6]. - The network equipment sector benefits from AI demand, with capital expenditures from operators and CSPs providing structural boosts [5][6]. - The optical device and chip industry is seeing continuous performance releases, driven by both domestic and international demand [5][6]. Satellite Communication - The satellite internet industry is undergoing intense catalysis, with multiple segments expected to maintain high value and high barrier attributes. The focus is on regular launch progress and commercialization [5][6]. Economic Cycle Optimization - The report emphasizes the recovery of demand in various sectors, including high-precision positioning and connectors, with significant growth expected in industrial automation and IoT driven by AI and robotics [5][6]. - The IDC sector is experiencing a structural supply-demand reversal, with core demand remaining in short supply, indicating a sustained high economic cycle [5][6]. Company Performance Predictions - The report forecasts significant profit growth for key companies in the communication sector for Q3 2025, with expected net profit growth rates exceeding 50% for several firms, including NewEase (220%), and 5.5G Canqin Technology (120%) [5][6]. - Companies like China Mobile and China Telecom are expected to maintain stable capital expenditures and improve return on equity through optimized revenue-cost dynamics [7][8]. Key Companies and Their Prospects - **China Mobile**: Focused on AI computing networks, with stable capital expenditure and improved ROE [7]. - **Zhongji Xuchuang**: Leading in optical modules, benefiting from AI computing demand [7]. - **NewEase**: Strong brand presence in optical communication, expected to benefit from AI computing network demand [7]. - **Tianfu Communication**: Anticipated to maintain high growth due to increasing demand for optical devices [7]. - **Zhongxing Communication**: Positioned well for growth through digital transformation and internal profit margin improvements [8]. This comprehensive analysis highlights the positive outlook for the communication industry, driven by advancements in AI, satellite technology, and cyclical recovery across various sectors.

Investment Rating - The report maintains a positive outlook on the communication industry, indicating an "Overweight" rating for the sector [2][22]. Core Insights - The report emphasizes three main lines for the communication industry in 2025: differentiation in computing networks, strengthening of the satellite industry, and optimization of the economic cycle [4][5]. - The AI industry is evolving towards inference-driven models, with a diversified approach to computing solutions. The supply-demand turning point for data centers has been observed, and technologies like liquid cooling are accelerating penetration [4][5]. - The satellite communication sector is experiencing intensive industry catalysis, forming a closed loop across the entire industry chain, with direct satellite connections expected to drive growth in antennas, RF chips, and inter-satellite communication [4][5]. - The report identifies several high-quality cyclical stocks with confirmed growth and low valuations, particularly in sectors like Beidou navigation and controllers, suggesting a return of the investment "pendulum" [4][5]. Summary by Sections Computing Network - The AI industry trend is shifting towards inference dominance, with the upstream supply chain for domestic chips and modules beginning to integrate [4]. - Data center supply-demand dynamics are changing, with liquid cooling technologies gaining traction [4][5]. Satellite Communication - The second half of 2024 marks a significant catalyst for the satellite communication industry, with a complete industry chain now established [4][5]. Economic Cycle Optimization - The report highlights the importance of downstream economic conditions, particularly in sectors like Beidou navigation and controllers, indicating a strong potential for cyclical stocks [4][5]. Performance Forecast for Key Companies - The report forecasts significant profit growth for key companies in the communication sector for Q3 2025, with expected net profit growth rates exceeding 50% for several firms, including NewEase (220%), and 5.5G Canqin Technology (120%) [4][14]. - Companies like China Mobile and China Telecom are expected to maintain stable capital expenditures, with a focus on AI computing networks [6][14]. Related Companies - Key companies identified include Zhongji Xuchuang, NewEase, and Huagong Technology in the AI computing network segment, and operators like China Mobile and China Telecom [4][6][14].

Investment Rating - The industry is rated as "Outperforming the Market," indicating an expected increase in the industry index relative to the broader market by over 10% in the next six months [49]. Core Insights - In the first half of 2025, the wind power industry chain experienced a recovery in performance, with total revenue reaching 179.40 billion yuan, a year-on-year increase of 29.35%, and net profit attributable to shareholders of 9.82 billion yuan, up 16.19% year-on-year [1][12]. - The second quarter of 2025 saw continued recovery in performance, with total revenue of approximately 108.97 billion yuan, a year-on-year increase of 32.66% and a quarter-on-quarter increase of 54.73% [1][12]. - The overall industry maintained high installation levels, with accelerated offshore project deliveries significantly improving the performance of the industry chain [1][12]. Summary by Sections Overall Industry Performance - The wind power industry chain's revenue for H1 2025 was 1794.02 billion yuan, with a year-on-year growth of 29.35%, and net profit of 98.24 billion yuan, up 16.19% [1][12]. - Q2 2025 revenue was approximately 1089.73 billion yuan, showing a year-on-year increase of 32.66% and a quarter-on-quarter increase of 54.73% [1][12]. Turbine Segment - The turbine segment saw revenue of 678.32 billion yuan in H1 2025, a year-on-year increase of 43.94%, while net profit was 21.72 billion yuan, a slight decrease of 3.10% year-on-year [2][20]. - In Q2 2025, revenue reached 436.88 billion yuan, with a year-on-year growth of 50.02% and a quarter-on-quarter growth of 80.95% [2][20]. Tower Segment - The tower segment's revenue for H1 2025 was 108.17 billion yuan, up 59.13% year-on-year, with net profit of 9.94 billion yuan, an increase of 43.60% [3][27]. - Q2 2025 revenue was 69.54 billion yuan, reflecting a year-on-year increase of 74.76% and a quarter-on-quarter increase of 80.03% [3][27]. Submarine Cable Segment - The submarine cable segment reported revenue of 646.70 billion yuan in H1 2025, a year-on-year increase of 14.60%, but net profit decreased by 3.74% to 39.42 billion yuan [4][34]. - In Q2 2025, revenue was 376.68 billion yuan, with a year-on-year growth of 13.09% and a quarter-on-quarter increase of 39.50% [4][34]. Other Segments - The bearing segment's revenue in H1 2025 was 40.44 billion yuan, up 34.15%, with net profit soaring by 1729.27% to 4.15 billion yuan [9][39]. - The forging segment achieved revenue of 70.43 billion yuan, a year-on-year increase of 60.72%, with net profit of 6.56 billion yuan, up 21.89% [40][40]. - The blade segment's revenue in Q2 2025 was 132.55 billion yuan, a year-on-year increase of 22.76%, with net profit of 8.58 billion yuan, up 131.33% [45][45].