冲破技术垄断，700亿海缆巨头，再签大单！

Core Insights - Zhongtian Technology has successfully won a major contract for a 100,000 kW floating offshore wind power pilot project, indicating its strong position in the offshore wind infrastructure sector [1][22] - The company has secured a total of 318 billion yuan in orders in the energy network sector, with 131 billion yuan related to marine projects, showcasing its robust order backlog [23] Industry Overview - The global submarine cable market is experiencing significant growth, projected to reach 141.5 billion yuan by 2025, an elevenfold increase compared to 2020 [2][24] - In China, the offshore wind power sector is revitalizing, with multiple provinces releasing new plans and resuming previously paused projects [3][25] - Europe is entering a peak period for offshore wind power construction, with a forecasted demand for over 20,000 kilometers of submarine cables by 2030, highlighting a substantial supply gap [4][27] Competitive Landscape - The domestic submarine cable market is primarily dominated by five major companies, with Zhongtian Technology, along with Dongfang Cable and Hengtong Optic-Electric, leading in high-end cable projects [9][30] - High-end submarine cable projects can yield a gross profit of 450 million yuan per 1 GW, significantly higher than standard cable projects [9][30] Financial Performance - Zhongtian Technology's gross margin in the marine business reached 24.45% in 2024, reflecting a steady increase from 21.3% in 2022, indicating ongoing product and technological improvements [10][12][31] - The company has invested 8.475 billion yuan in R&D from 2021 to the third quarter of 2025, with an average R&D expense ratio exceeding 4.5%, outpacing its main competitors [14][35] Technological Advancements - The company has developed a comprehensive product matrix for submarine cables, covering a wide range of voltage levels and applications, including the first 66 kV dynamic submarine cable in China [16][37] - The successful signing of the Waning project marks a significant milestone in the industry, demonstrating Zhongtian Technology's capability to push technological boundaries [17][38] Future Outlook - As offshore wind power continues to advance towards deeper and more complex projects, Zhongtian Technology's commitment to R&D positions it favorably for sustained growth and market leadership [19][40] - The ongoing cycle of investment in technology and product development is expected to reinforce the company's competitive edge in the high-end manufacturing sector [20][40]