研报掘金丨中邮证券：首予中天科技“买入”评级，特高压业务有望充分受益

Core Viewpoint - The report highlights the rapid growth in demand for AI data centers and drones, leading to significant price increases in optical fibers and cables, which greatly contribute to profit elasticity [1] Industry Summary - The CRU China Optical Fiber and Cable Index (FOCI) has rebounded to 106.5, reflecting a 10.8% month-on-month increase, transitioning from contraction to expansion [1] - The price index has reached a three-year high, indicating strong market dynamics [1] Company Summary - Zhongtian Technology's high-density, large-core special optical cables are expected to benefit from the growing market share [1] - The company is focusing on developing anti-resonance hollow-core fibers and has made progress in overcoming key engineering challenges [1] - The marine business has a full order book, and the global expansion of submarine cable operations is underway [1] - With a 40% increase in capital expenditure from the State Grid, the company, as a core supplier, is poised to benefit significantly from ultra-high voltage projects [1] - Revenue projections for the company are 54.34 billion, 63.60 billion, and 72.86 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 3.35 billion, 4.36 billion, and 5.05 billion yuan [1]