ZTT(600522) 民生证券·2025-04-28 07:33Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Views - The company's performance in 2024 met expectations, with a revenue of 48.055 billion yuan, a year-on-year increase of 6.6%, and a net profit attributable to shareholders of 2.838 billion yuan, a year-on-year decrease of 8.9% [1]. - The company has a solid order backlog, with approximately 31.2 billion yuan in the energy network sector as of April 23, 2025, including 14 billion yuan in marine series, 14 billion yuan in grid construction, and 3.8 billion yuan in new energy [3]. - The offshore wind energy sector is expected to recover, with the company poised to benefit from this trend, having secured significant contracts in recent months [4]. Financial Performance Summary - In 2024, the company's revenue from various segments was as follows: - Optical communication and networks: 8.094 billion yuan, down 11.2% year-on-year - Grid construction: 19.785 billion yuan, up 18.2% year-on-year - Marine series: 3.644 billion yuan, down 2.6% year-on-year - New energy: 7.003 billion yuan, down 2.9% year-on-year - Copper products: 8.380 billion yuan, up 19.4% year-on-year [2]. - The company forecasts net profits for 2025, 2026, and 2027 to be 3.975 billion yuan, 4.900 billion yuan, and 5.522 billion yuan, respectively, with corresponding PE multiples of 12x, 10x, and 9x [5][6].