ZTT(SH:600522)2024-08-29 01:13Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has secured substantial orders for submarine cables, particularly in offshore wind projects, indicating a strong market position and growth potential [5][6] - The offshore wind power sector is entering a construction acceleration phase, with significant improvements in project progress across various regions [5] - The company is expected to benefit significantly from the recovery in the offshore wind market, with a projected increase in revenue and profit contributions from its marine segment [6] Summary by Sections Market Data - Closing price as of August 27, 2024, is CNY 12.32 - The stock has a one-year high of CNY 16.20 and a low of CNY 10.42 - The company has a market capitalization of CNY 42,048 million and a price-to-book ratio of 1.2 [2] Financial Data - As of March 31, 2024, the company's net asset per share is CNY 9.90, with a debt-to-asset ratio of 35.87% [3] - The company reported total revenue of CNY 45,065 million for 2023, with a projected revenue of CNY 52,094 million for 2024, reflecting a year-on-year growth rate of 15.6% [7][9] Earnings Forecast - The forecasted net profit attributable to the parent company for 2024 is CNY 3,843 million, with expected growth rates of 23.3% in 2024, 11.3% in 2025, and 10.4% in 2026 [7][9] - The earnings per share are projected to increase from CNY 1.13 in 2024 to CNY 1.38 in 2026 [7][9]