ZTT(600522) 天风证券·2025-04-29 03:23Investment 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%, while the net profit attributable to shareholders was 2.838 billion yuan, down 8.94% year-on-year [1][2]. - In Q1 2025, the company achieved a revenue of 9.756 billion yuan, representing an 18.37% year-on-year growth, and a net profit of 628 million yuan, a slight decline of 1.33% year-on-year, but the non-net profit increased by 20.45% year-on-year [1][3]. Summary by Sections Financial Performance - The company's gross 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 saw an 11.19% decrease to 8.1 billion yuan [2]. - The company’s overall revenue and non-net profit grew by approximately 20% in Q1 2025, with the net profit remaining stable compared to the previous year due to the absence of non-operating income from the previous year [3]. Order Backlog and Growth Potential - As of April 23, 2025, the company had a robust order backlog of approximately 31.2 billion yuan in the energy network sector, including 13.4 billion yuan from marine series, 14 billion yuan from grid construction, and 3.8 billion yuan from new energy [4]. - The company has made significant strides in offshore wind power projects, including winning bids for major projects and successfully delivering China's first 330kV offshore wind power project [4][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 solid order backlog and ongoing innovations in product offerings [5]. - The company anticipates a significant increase in its new energy business, driven by decreasing prices of upstream raw materials and the ongoing push for carbon neutrality [5]. - The optical communication segment is expected to maintain stability, with the company leading in market share and advancing in the development of new optical modules [6]. Financial Projections - The projected net profit for 2025 is 3.989 billion yuan, with expected growth rates of 37.28% in 2025, 24.60% in 2026, and 23.41% in 2027 [10]. - The company’s price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 12, 10, and 8 times, respectively [6].