ZTT(600522) 中泰证券·2024-11-11 01:07Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Insights - The company has shown a recovery in performance in Q3 2024, with sufficient orders in the energy network sector. The revenue for Q3 2024 reached 12.90 billion, a year-on-year increase of 2.32% [1] - The company is focusing on increasing innovation and technology investments, establishing a complete value chain system in the energy network industry. Although short-term performance is under pressure, the long-term development trend remains unchanged [1] - The company has a strong market position in the domestic optical submarine cable sector, with expectations of recovery in demand for submarine cables and ultra-high voltage cables [2] Summary by Relevant Sections Financial Performance - For 2023A, the company reported revenue of 45.065 billion, with a year-on-year growth rate of 12%. The projected revenue for 2024E is 50.214 billion, with an expected growth rate of 11% [1][3] - The net profit attributable to the parent company for 2023A is 3.117 billion, with a slight decrease of 3% year-on-year. The forecast for 2024E is 3.331 billion, indicating a growth of 7% [1][3] - Earnings per share (EPS) for 2023A is 0.91, with projections of 0.98 for 2024E and 1.24 for 2025E [1][3] Market Position and Strategy - The company is actively expanding its presence in high-end markets overseas, achieving significant contracts in Spain, Australia, Brazil, and Mexico [1] - The company is deeply involved in the renewable energy sector, successfully implementing multiple "new energy+" projects, including solar power initiatives [1] - The company has a robust order backlog in the energy network sector, with ongoing projects in offshore wind and submarine cable construction expected to drive future growth [1] Valuation Metrics - The price-to-earnings (P/E) ratio for 2023A is 18.9, with a projected decrease to 17.7 for 2024E and further to 13.9 for 2025E [1][3] - The price-to-book (P/B) ratio is 1.8 for 2023A, expected to decline to 1.7 in 2024E [1][3]