ZTT(600522) 国盛证券·2025-01-26 10:00Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Viewpoints - The company is well-positioned to leverage opportunities in the energy network sector, with a substantial order backlog of approximately 28.2 billion yuan as of August 27, 2024, including 12.3 billion yuan from marine series, 13.1 billion yuan from grid construction, and 2.8 billion yuan from new energy [1]. - The company is increasing investments in intelligent computing, with significant capital expenditures planned by major telecom operators, indicating a growing demand for optical communication products [1]. - The global offshore wind power market is expected to grow at a compound annual growth rate of 20% over the next decade, which will enhance the demand for submarine cables, where the company holds a leading position [2]. - The rapid development of AI is driving increased electricity demand, leading to a projected total investment in grid construction exceeding 500 billion yuan in 2024 [2]. Summary by Sections Financial Performance - The company's revenue is projected to grow from 45.065 billion yuan in 2023 to 55.393 billion yuan in 2026, with a year-on-year growth rate of 8.5% [5]. - The net profit attributable to the parent company is expected to increase from 3.117 billion yuan in 2023 to 4.742 billion yuan in 2026, reflecting a growth rate of 13.7% [5]. - The earnings per share (EPS) is forecasted to rise from 0.91 yuan in 2023 to 1.39 yuan in 2026 [5]. Market Outlook - The company is expected to benefit from the increasing demand in energy infrastructure, optical modules, and optical cables driven by AI and new energy transition needs [3]. - The company has a strong competitive edge in the submarine cable market, with a historical high in the project pool and successful international market expansion [2].