Yin He Zheng Quan·2025-03-19 15:08Investment Rating - The report maintains a "Recommended" investment rating for the communication industry [1]. Core Viewpoints - The report highlights the acceleration of the marine economy, driven by government initiatives and strategic partnerships with major tech companies like Huawei and Tencent [1]. - The introduction of AI technology is expected to enhance the efficiency and cost-effectiveness of offshore wind power projects, with AI systems improving fault prediction accuracy to approximately 99.7% and reducing operational costs by about 18% annually [1]. - The report emphasizes the scarcity and anti-deflation characteristics of submarine cable companies, suggesting that low-valuation stocks are more favored during the current earnings disclosure period [1]. - Investment recommendations focus on leading submarine cable companies such as Zhongtian Technology and Hengtong Optic-Electric, which have strong order backlogs and clear long-term growth paths [1]. Summary by Sections Industry Overview - The marine economy is set to accelerate, with the domestic marine production value expected to exceed 10 trillion yuan in 2024, and offshore wind power being a significant component [1]. - The report notes that the newly introduced "Single 30" policy aims to facilitate the development of offshore wind projects in deeper waters, indicating a clear trend towards deep-sea development [1]. Technological Advancements - AI is positioned to play a crucial role in the planning, operation, and maintenance of offshore wind farms, optimizing resource utilization and enhancing operational efficiency [1]. Market Dynamics - The report discusses the increasing value of submarine cables due to their critical role in offshore wind power projects, highlighting the technical challenges and the rising demand for advanced solutions [1]. - The current earnings disclosure period is seen as favorable for low-valuation stocks, with a projected PE ratio of around 13x for leading submarine cable companies [1].