证券代码：600522 证券简称：中天科技 公告编号：临 2025-004 江苏中天科技股份有限公司 第八届监事会第二十四次会议决议公告 本公司监事会及全体监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。 详见 2025 年 1 月 16 日公司刊登在《中国证券报》《上海证券报》《证券时报》 及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关于使 用募集资金临时补充流动资金的公告》（公告编号：临 2025-005）。 一、监事会会议召开情况 江苏中天科技股份有限公司监事会 2025 年 1 月 15 日 1 监事会意见：本次使用部分闲置募集资金临时补充公司流动资金的有关事项 及相关审议程序符合《上市公司监管指引第 2 号——上市公司募集资金管理和使 用的监管要求》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 等相关规定。本次使用部分闲置募集资金临时补充公司流动资金，仅限于与主营 业务相关的生产经营使用，不会影响募投项目的正常进行，不存在变相改变募集 资金投向的情形。同意公司使用部分闲置募集资金 12 ...

Core Viewpoint - The company has increased its registered capital from 100 million to 150 million, representing a 50% increase, indicating growth and potential expansion in its operations [1]. Company Overview - The company was established in February 2017 and is represented legally by Xue Ji [1]. - It is a subsidiary of a larger technology group, which suggests a strategic alignment with technological advancements and research [1].

证券代码：600522 证券简称：中天科技 公告编号：临 2024-069 江苏中天科技股份有限公司 关于签订募集资金专户存储之监管协议的公告 本次募集资金已经中兴华会计师事务所（特殊普通合伙）审验，并出具中兴 华验字（2019）第 020009 号《验资报告》。公司对募集资金采取了专户存储制度。 上述募集资金存放及实际使用情况具体详见公司于 2024 年 8 月 30 日在上海 证券交易所（www.sse.com.cn）披露的《江苏中天科技股份有限公司关于募集资 金存放与使用情况的专项报告（2024 年 1-6 月）》（公告编号：临 2024-044）。 二、《募集资金专户存储之监管协议》的签订情况和募集资金专户的开立情 况 公司于 2024 年 10 月 16 日召开第八届董事会第二十五次会议，审议通过了 《关于变更部分募集资金投资项目的议案》，同意公司将"分布式储能电站项目" 进行变更，其中 38,000 万元变更转投用于"新型电力系统环保电缆项目"； 28,240.91 万元变更转投用于"特高压复合绝缘子及避雷器研发生产一期项目"； 40,000 万元变更转投用于"工商业储能电站项目"。本事项详见公司 ...

证券代码：600522 证券简称：中天科技 公告编号：临 2024-068 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首次回购公司股份的公告 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。 | 回购方案首次披露日 | 2024/11/6 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 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 | 4.90 万股 | | 累计已回购股数占总股本比例 | 0.0014% | | 累计已回购金额 | 72.34 万元 | | 实际回购价格区间 | 14.66 元/股-14.80 元/股 | 重要内容提示： 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号—回购股份》等相关规定，现将公司首次回购股份情 ...

Investment Rating - The report initiates coverage on Zhongtian Technology (600522 SH) with a "Buy" rating [2][5] Core Views - The company is a leader in the submarine cable and optical communication sectors, with strong growth potential driven by accelerating offshore wind construction and the development of the optical communication industry [4][5] - Offshore wind power construction is accelerating both domestically and internationally, with China's offshore wind turbine bidding volume reaching 7 6 million kW in the first three quarters of 2024, a year-on-year increase of 24 59% [4] - The company's submarine cable business is expected to benefit from the trend of higher voltage levels and longer distances, with the mainstream voltage levels for array cables and export cables increasing to 66kV and 330kV/500kV respectively [4] - The optical communication sector remains robust, with the company leading in market share and securing significant orders in centralized procurement bids [20][27] Financial Performance and Forecast - The company's revenue is expected to grow from 50 11 billion yuan in 2024 to 62 4 billion yuan in 2026, with net profit attributable to shareholders increasing from 3 34 billion yuan to 4 79 billion yuan over the same period [5] - The company's PE ratio is lower than the industry average, with a 2024 PE of 15 4x compared to the industry average of 24 1x [5] - Historical financial performance shows steady growth, with revenue increasing from 38 7 billion yuan in 2019 to 45 1 billion yuan in 2023, and net profit attributable to shareholders growing from 1 97 billion yuan to 3 12 billion yuan over the same period [59] Industry Trends - Offshore wind power is entering a high-growth phase, with Europe aiming for at least 60GW of offshore wind capacity by 2030, and China's offshore wind market also showing strong growth potential [67][92] - The submarine cable market is characterized by high barriers to entry, including technical, certification, and capital requirements, leading to a concentrated competitive landscape dominated by a few key players [117] - The optical communication industry is benefiting from the acceleration of 5G and gigabit optical network construction, with China's 5G base stations reaching 3 377 million by the end of 2023 [135][137] Company Strengths - Zhongtian Technology has a leading position in the submarine cable market, with advanced technology and a strong track record of securing major projects both domestically and internationally [4][114] - The company has a diversified product portfolio in the optical communication sector, with a strong presence in fiber optic cables, ODN, and other related products [146] - The company has a global presence, with overseas factories in India, Indonesia, Brazil, Turkey, and Morocco, and products exported to over 160 countries and regions [172] Risks and Challenges - The company faces risks related to fluctuations in raw material prices and potential challenges in overseas expansion due to geopolitical factors [155]

证券代码：600522 证券简称：中天科技 公告编号：临 2024-067 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 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 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 | 0 万股 | | 累计已回购股数占总股本比例 | 0% | | 累计已回购金额 | 0 万元 | 重要内容提示： 一、回购股份的基本情况 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 2024 年 11 月 5 日，江苏中天科技股份有限公司（以下简称"公司"）召开第 八届董事会第二十七次会议，审议通过了《关于第五期以集中竞价交易方式回购 公司股份方案的议案》，同意公司使用自有资金和自筹资金，以集中竞 ...

证券代码：600522 证券简称：中天科技 公告编号：临 2024-066 江苏中天科技股份有限公司 关于签订募集资金专户存储之监管协议的公告 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。 一、募集资金基本情况 经中国证券监督管理委员会证监许可[2018]1626 号文《关于核准江苏中天 科技股份有限公司公开发行可转换公司债券的批复》核准，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"）向社会公开发行面值总额 3,965,120,000.00 元可转换公司债券，期限 6 年，发行价格为 100 元/张，共计 39,651,200 张，募集资金总额为人民币 3,965,120,000.00 元，扣除承销及保荐 费用人民币 42,396,560.00 元，公司实际收到主承销商高盛（中国）证券有限责 任公司（以下简称"高盛中国"）汇入的募集资金为人民币 3,922,723,440.00 元。 本次募集资金已经中兴华会计师事务所（特殊普通合伙）审验，并出具中兴 华验字（2019）第 020009 号《验资报告》。公司 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the expected earnings growth and market conditions [8]. Core Insights - The company reported a revenue of 34.316 billion yuan for the first three quarters of 2024, reflecting a year-on-year increase of 4.78%. However, the net profit attributable to shareholders decreased by 13.12% to 2.311 billion yuan [3][4]. - In Q3 2024, the company achieved a revenue of 12.9 billion yuan, which is a 2.32% increase year-on-year but a 2.08% decrease quarter-on-quarter. The net profit for Q3 was 851 million yuan, showing a significant year-on-year growth of 20.67% and a quarter-on-quarter increase of 3.33% [3][4]. Summary by Sections Financial Performance - For 2024, the company is projected to achieve revenues of 50.146 billion yuan, with a year-on-year growth of 11.3%. The net profit is expected to be 3.299 billion yuan, reflecting a growth of 5.8% [7]. - The gross margin is forecasted to improve from 16.2% in 2023 to 17.6% in 2024, indicating better cost management and pricing strategies [7]. Business Outlook - The company has a robust order backlog in the marine and renewable energy sectors, with total orders amounting to approximately 28.2 billion yuan as of August 27, 2024. This includes 12.3 billion yuan from marine projects and 13.1 billion yuan from grid construction [4]. - The domestic offshore wind projects are gaining momentum, with significant progress in regions like Guangdong and Jiangsu. The European offshore wind market is also expanding rapidly, with a projected 32% year-on-year increase in new installations in 2024 [5]. Earnings Forecast - The earnings forecast for 2024-2026 anticipates net profits of 3.299 billion yuan, 4.138 billion yuan, and 4.767 billion yuan, respectively, with corresponding price-to-earnings ratios of approximately 16.8, 13.4, and 11.6 times [6][7].

证券代码：600522 证券简称：中天科技 公告编号：临 2024-065 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回购报告书 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、准确性和完整性依法承担法律责任。 重要内容提示： ● 回购股份金额：不低于人民币 20,000 万元（含），不超过人民币 40,000 万元（含）； ● 回购股份资金来源：公司自有资金和自筹资金； ● 回购股份用途：用于实施员工持股计划； ● 回购股份价格：不超过人民币 22.00 元/股（含），该价格不高于公司董事 会通过回购决议前 30 个交易日公司股票交易均价的 150%； ● 回购股份方式：集中竞价交易方式； ● 回购股份期限：待董事会审议通过后 12 个月; ● 相关股东是否存在减持计划：截至董事会通过本次回购方案决议之日，经 询问公司控股股东、实际控制人、公司董事、监事及高级管理人员、持股 5%以上 的股东在未来 3 个月、未来 6 个月暂无减持计划。如上述主体未来拟实施股份减 持计划，公司将按照法律法规及规范性文件要求及时履行信息披露义务； ● ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Insights - The company has shown a recovery in performance in Q3 2024, with sufficient orders in the energy network sector. The revenue for Q3 2024 reached 12.90 billion, a year-on-year increase of 2.32% [1] - The company is focusing on increasing innovation and technology investments, establishing a complete value chain system in the energy network industry. Although short-term performance is under pressure, the long-term development trend remains unchanged [1] - The company has a strong market position in the domestic optical submarine cable sector, with expectations of recovery in demand for submarine cables and ultra-high voltage cables [2] Summary by Relevant Sections Financial Performance - For 2023A, the company reported revenue of 45.065 billion, with a year-on-year growth rate of 12%. The projected revenue for 2024E is 50.214 billion, with an expected growth rate of 11% [1][3] - The net profit attributable to the parent company for 2023A is 3.117 billion, with a slight decrease of 3% year-on-year. The forecast for 2024E is 3.331 billion, indicating a growth of 7% [1][3] - Earnings per share (EPS) for 2023A is 0.91, with projections of 0.98 for 2024E and 1.24 for 2025E [1][3] Market Position and Strategy - The company is actively expanding its presence in high-end markets overseas, achieving significant contracts in Spain, Australia, Brazil, and Mexico [1] - The company is deeply involved in the renewable energy sector, successfully implementing multiple "new energy+" projects, including solar power initiatives [1] - The company has a robust order backlog in the energy network sector, with ongoing projects in offshore wind and submarine cable construction expected to drive future growth [1] Valuation Metrics - The price-to-earnings (P/E) ratio for 2023A is 18.9, with a projected decrease to 17.7 for 2024E and further to 13.9 for 2025E [1][3] - The price-to-book (P/B) ratio is 1.8 for 2023A, expected to decline to 1.7 in 2024E [1][3]