ZTT(SH:600522) Chang Jiang Shang Bao·2025-08-13 08:27Core Viewpoint - Zhongtian Technology is accelerating its global layout by establishing a wholly-owned subsidiary in Saudi Arabia to enhance its marine and power business localization, aligning with Saudi Arabia's Vision 2030 strategy [2] Group 1: Investment and Expansion - The company plans to invest a total of $80 million (approximately 574 million RMB) to set up ECO MARINER COMPANY in Dammam, Saudi Arabia, which will focus on the production and sales of submarine cables, OPGW, land cables, and cable operation and maintenance services [2] - This investment aims to meet the energy infrastructure needs under Saudi Arabia's Vision 2030, enhancing local market competitiveness in marine and land cable sectors [2] Group 2: Financial Performance - In 2024, Zhongtian Technology achieved a revenue of 48.05 billion RMB, a year-on-year increase of 6.63%, while net profit was 2.838 billion RMB, a decline of 8.94% [3] - In the first quarter of 2025, the company reported a revenue of 9.756 billion RMB, an 18.37% year-on-year growth, with a slight net profit decrease of 1.33% [3] Group 3: Global Operations - The company has established 13 overseas marketing centers and 40 overseas offices, operating five factories in India, Brazil, Indonesia, Morocco, and Turkey, with products exported to over 160 countries and regions [3] - As of April 23, 2025, Zhongtian Technology has an order backlog of approximately 31.2 billion RMB in the energy network sector, including about 13.4 billion RMB in marine series, 14 billion RMB in grid construction, and 3.8 billion RMB in new energy [3] Group 4: Research and Development - Zhongtian Technology has consistently prioritized R&D investment, with expenditures from 2020 to 2024 totaling 8.167 billion RMB, ranking among the industry leaders [3] - In 2024, the company submitted over 500 domestic and PCT patent applications, received more than 230 invention patent authorizations, and contributed to the establishment of 140 external standards [3][4] - The company continues to focus on R&D in new power systems, future energy, future materials, and marine energy, introducing over 160 new products [4]