ZTT(SH:600522) Ge Long Hui A P P·2025-12-01 06:20Core Viewpoint - Zhongtian Technology achieved a net profit attributable to shareholders of 2.34 billion yuan in Q1-Q3 2025, representing a year-on-year increase of 1.2%, while Q3 net profit was 770 million yuan, down 9.4% year-on-year [1] Group 1: Financial Performance - The company reported a net profit of 2.34 billion yuan for Q1-Q3 2025, with a year-on-year growth of 1.2% [1] - In Q3 2025, the net profit was 770 million yuan, reflecting a decline of 9.4% compared to the same period last year [1] - The decline in Q3 performance was primarily attributed to changes in the fair value of held stocks [1] Group 2: Business Development - The company is actively expanding its hollow core fiber optic business, which is expected to benefit from the improvement in offshore wind energy market conditions [1] - Collaborations with major domestic communication equipment manufacturers have led to successful trials of hollow core fiber in data center internal connections, addressing the increasing demand for high-speed and stable transmission in AI data centers [1] - The successful application of "hollow core fiber technology" marks a significant transition from technology reserve to project implementation [1] Group 3: Future Outlook - The company has a sufficient order backlog and is expected to benefit from the improving conditions in the offshore wind energy sector [1] - Profit forecasts for 2025-2027 are set at 3.41 billion, 4.16 billion, and 4.96 billion yuan, with year-on-year growth rates of 20%, 22%, and 19% respectively [1] - The current stock price corresponds to price-to-earnings ratios of 16, 13, and 11 times for the years 2025, 2026, and 2027 [1] - The investment rating is maintained at "Buy" [1]