ZTT(600522) 天风证券·2025-04-29 02:44Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company reported a revenue of 48.1 billion yuan for 2024, a year-on-year increase of 6.63%, but the net profit attributable to shareholders decreased by 8.94% to 2.838 billion yuan [2]. - In Q1 2025, the company achieved a revenue of 9.756 billion yuan, representing an 18.37% year-on-year growth, while the net profit attributable to shareholders was 628 million yuan, a slight decline of 1.33% [1][3]. - The company has a strong order backlog of approximately 31.2 billion yuan in the energy network sector, indicating robust growth momentum [4]. Summary by Sections Financial Performance - The company's gross profit margin for 2024 was 14.39%, down 1.83 percentage points year-on-year, primarily due to a decline in revenue from the optical communication and network business, which fell by 11.19% to 8.1 billion yuan [2]. - The company’s Q1 2025 results showed a significant growth in operating revenue and non-net profit, with a 20.45% increase in non-net profit to 597 million yuan [3]. Order Backlog and Growth Potential - As of April 23, 2025, the company has a substantial order backlog, including 13.4 billion yuan in marine series, 14 billion yuan in grid construction, and 3.8 billion yuan in new energy projects [4]. - The company is actively expanding its presence in offshore wind power and has secured significant projects, including the first 330kV offshore wind power project in China [5]. Future Outlook - The company is expected to benefit from strong growth in its offshore wind power, power grid, and new energy sectors, with a forecasted net profit of 3.989 billion yuan for 2025, reflecting a 37.28% increase [5][11]. - The company’s competitive position in the optical communication market remains strong, with ongoing development in advanced optical modules [6].