ZTT(600522) 开源证券·2024-10-21 08:10Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company is a global leader in communication and energy solutions, focusing on dual business areas of "communication + energy," which enhances its profitability. The company is expected to benefit from the long-term growth of the offshore wind power industry and the recovery of the optical communication sector driven by AI advancements. The projected net profits for 2024-2026 are estimated at 36.20 billion, 43.02 billion, and 49.66 billion yuan respectively, with corresponding PE ratios of 14.2x, 12.0x, and 10.4x [4][5] Summary by Sections 1. Business Overview - The company has a diversified industrial structure, including optical communication, smart grids, renewable energy, marine equipment, and new materials, positioning itself as a leading service provider in communication and energy solutions [4][16] 2. Financial Performance - From 2019 to 2023, the company's revenue grew from 387.32 billion yuan to 450.65 billion yuan, with a compound annual growth rate (CAGR) of 3.86%. The net profit attributable to shareholders increased from 19.69 billion yuan to 31.17 billion yuan, with a CAGR of 12.17%. In 2023, revenue grew by 11.91%, while net profit decreased by 3.03% [18][20] 3. Revenue Breakdown - In 2023, the revenue from the grid construction segment was 167.41 billion yuan (up 36.37% YoY), renewable energy segment revenue was 72.09 billion yuan (up 118.99% YoY), and copper products segment revenue was 70.20 billion yuan (up 39.77% YoY). The optical communication segment saw a slight decline in revenue [19][20] 4. Market Outlook - The offshore wind power market is expected to grow significantly, with the global offshore wind capacity projected to exceed 380GW by 2032. The company is well-positioned to capitalize on this growth, particularly in the development of high-voltage direct current (HVDC) submarine cables [26][27] 5. R&D and Innovation - The company has increased its R&D investment from 11.01 billion yuan in 2019 to 18.98 billion yuan in 2023, with a CAGR of 14.51%. This focus on innovation is expected to drive future growth and enhance competitive advantages [24]