Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The report highlights an improvement in the gross margin of the optical communication business, while the marine business is under pressure. There is optimism regarding the recovery of the marine business and opportunities in international markets [6][8]. - The company has a solid order backlog in the energy network sector, with approximately 26 billion yuan in hand orders, including 11.5 billion yuan in the marine segment [7][8]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 45.07 billion yuan, a year-on-year increase of 11.9%. However, the net profit attributable to shareholders decreased by 3% to 3.12 billion yuan, and the net profit excluding non-recurring items fell by 15.2% to 2.67 billion yuan. For Q1 2024, revenue was 8.24 billion yuan, showing a slight year-on-year decline, while net profit was 640 million yuan, down 17% year-on-year but up 39% quarter-on-quarter [6][8]. Business Segments - The revenue breakdown for 2023 shows that the optical communication and network segment generated 9.11 billion yuan, down 0.3% year-on-year, with a gross margin of 27.1%, up 3 percentage points. The power grid construction segment saw a revenue increase of 36.4% to 16.74 billion yuan, maintaining a gross margin of 15%. The marine segment's revenue dropped by 48.9% to 3.74 billion yuan, with a gross margin of 26.7%, down 7.12 percentage points. The renewable energy segment grew by 119% to 7.21 billion yuan, with a gross margin of 11.4%, up 0.38 percentage points [7][8]. Future Outlook - The company is expected to see a recovery in profitability as product mix improves. The gross margin for 2023 was 16.2%, down 2.1 percentage points, while the net margin was 7.2%, down 1.3 percentage points. For Q1 2024, the gross margin was 18%, down 0.3 percentage points year-on-year but up 4.1 percentage points quarter-on-quarter [7][8]. - The company has announced a second employee stock ownership plan, which is expected to boost confidence among management and key personnel [7][8]. Profit Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 3.649 billion yuan, 4.182 billion yuan, and 4.685 billion yuan, respectively, with corresponding year-on-year growth rates of 17%, 15%, and 12%. The price-to-earnings ratios are projected to be 14x, 12x, and 11x [8].

（一）股东大会类型和届次 2023 年年度股东大会 （二）股东大会召集人：董事会 （三）投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相 结合的方式 证券代码：600522 证券简称：中天科技 公告编号：2024-032 江苏中天科技股份有限公司 关于召开 2023 年年度股东大会的通知 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。 重要内容提示： 一、召开会议的基本情况 （四）现场会议召开的日期、时间和地点 召开的日期时间：2024 年 6 月 6 日 14 点 30 分 召开地点：江苏省南通经济技术开发区中天路三号中天黄海宾馆会议室 （五）网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 6 月 6 日 至 2024 年 6 月 6 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东 ...

[Table_MainInfo] 公司研究/信息设备/通信设备 证券研究报告 中天科技（600522）公司年报点评 2024年05月10日 [Table_InvestInfo] 投资评级 优于大市 维持 营收稳健增长，在手订单充足 股票数据 [Table_Summary] 0[5Ta月b0le9_日S收to盘ck价（In元fo）] 14.18 投资要点： 52周股价波动（元） 10.42-16.71 总股本/流通A股（百万股） 3413/3413 总市值/流通市值（百万元） 48396/48396  事件：中天科技发布 2023 年年报及 2024 年一季报：23 年公司实现营收 相关研究 450.65亿元（同比+11.91%），归母净利润31.17亿元（同比-3.03%），扣非 [《Ta二b季le度_R业e绩p高or增tI，nf能o]源 网络在手订单充足》 归母净利润 26.73 亿元（同比-15.18%），毛利率 16.22%（同比-2.06pct）， 净利率6.92%（同比-1.06pct）；24Q1公司实现营收82.42亿元（同比-0.40%）， 2023.09.10 《新能源、通信业务向好，海外业 ...

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 通信 ＃investSuggestion＃ ＃ ＃d中yCo天mpa科ny＃技 （ 600522 ） investSug 增持 ( 维ges持tionC）h 000009 ＃title＃ 24Q1 业绩受公允价值变动损益影响，海洋业务在手订单充裕 ange＃ ＃createTime1＃ 2024 年05 月07 日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃ 事件：公司发布23年年报&24年一季报，23年全年度实现营收450.65亿元（同 日期 2024/05/06 比+11.91%），归母净利润31.17亿元（同比-3.03%）；24Q1单季度实现营收82.42 收盘价（元） 13.91 亿元（同比-0.40%），归母净利润6.36亿元（同比-17.20%）。 总股本（百万股） 3412.95 点评：23年海洋业务承压，新能源和电力业务高速增长。23年海洋业务承压，主 流通股本（百万股） 3412.95 因国内海上风电项目交付节奏影响；公司23年海洋业务收入37.40亿元，同比下 净资产（百万元） 33781.92 滑48. ...

证券代码：600522 证券简称：中天科技 公告编号：临 2024-030 江苏中天科技股份有限公司 关于召开 2023 年度暨 2024 年第一季度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2024 年 05 月 14 日(星期二) 下午 13:00-14:30 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 投资者可于 2024 年 05 月 07 日(星期二)至 05 月 13 日(星期一)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 zttirm@chinaztt.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 江苏中天科技股份有限公司（以下简称"公司"）已于 2024 年 4 月 26 日发 布公司 2023 年度报告和 2024 年第一季度报告。为便于广大投资者更全面深入地 了解公司 2023 年度及 2 ...

关于股份回购进展公告 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。 重要内容提示： | 回购方案首次披露日 | 2023/12/14 | | | --- | --- | --- | | 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 | 10,000 万元 | 万元-20,000 | | 回购用途 | √用于员工持股计划或股权激励 | □减少注册资本 | | | | □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 | 926.89 | 万股 | | 累计已回购股数占总股本比例 | 0.27% | | | 累计已回购金额 | 11,308.66 | 万元 | | 实际回购价格区间 | 11.34 元/股 | 元/股-13.85 | 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 ...

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [1] Core Views - The company experienced profit pressure in Q1 2024 due to fair value changes, but has a strong order backlog that is expected to drive rapid growth in the future [1][2] - The company reported a revenue of 45.065 billion yuan in 2023, a year-on-year increase of 11.91%, while the net profit attributable to the parent company was 3.117 billion yuan, a decrease of 3.03% [2] - In Q1 2024, the company achieved a revenue of 8.242 billion yuan, a slight decline of 0.4% year-on-year, and a net profit of 636 million yuan, down 17.20% year-on-year [2] Business Performance Summary - The marine business faced significant pressure in 2023, with revenue declining by 48.92%, primarily due to weak offshore wind installations in the first half of the year [3] - The power business saw a revenue increase of 36.37% year-on-year, benefiting from accelerated grid investments and ultra-high voltage construction [3] - The renewable energy sector experienced over 100% year-on-year revenue growth, indicating strong demand [3] - As of March 31, 2024, the company had a backlog of orders worth approximately 26 billion yuan in the energy network sector, with marine orders around 11.5 billion yuan, grid construction orders about 12.5 billion yuan, and renewable energy orders approximately 2 billion yuan [3] Future Outlook - The offshore wind industry is expected to recover in 2024, with several catalysts in the first half of the year, particularly in Guangdong and Jiangsu provinces [4] - The company is well-positioned to benefit from this recovery as a local player in Jiangsu [4] - The company has a robust order pipeline across various business segments, including offshore wind, renewable energy, and optical communication, which are expected to drive significant growth [5] - The company plans to increase its dividend payout, with a proposed mid-year dividend not exceeding 40% of the net profit attributable to shareholders [6] Financial Projections - The company's net profit for 2024 and 2025 has been adjusted to 3.8 billion yuan and 5 billion yuan, respectively, with a projected net profit of 6.1 billion yuan for 2026 [6] - The corresponding P/E ratios for 2024-2026 are projected to be 12, 9, and 8 times, respectively [6]

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。 ...