ZTT(SH:600522) Minsheng Securities·2025-08-28 14:45Investment Rating - The report maintains a "Recommended" rating for the company [3][6]. Core Views - The company's performance in the first half of 2025 met expectations, with a revenue of 23.6 billion yuan, a year-on-year increase of 10.19%, and a net profit attributable to the parent company of 1.568 billion yuan, up 7.38% year-on-year [1]. - The offshore wind power business is recovering, contributing to a significant revenue increase in the marine segment, which reached 2.896 billion yuan, a year-on-year growth of 37.19% [1]. - The company has a solid order backlog in the energy network sector, with total orders amounting to approximately 30.6 billion yuan as of July 31, 2025 [1]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 23.6 billion yuan, with a net profit of 1.568 billion yuan [1]. - The revenue from the grid business was 9.975 billion yuan, reflecting a year-on-year increase of 11.97%, while the new energy business generated 2.630 billion yuan, up 13.69% [1]. Order Backlog - As of July 31, 2025, the company reported an order backlog of approximately 30.6 billion yuan in the energy network sector, with marine series orders around 13.3 billion yuan and grid construction orders about 15.5 billion yuan [1]. Future Projections - The company is projected to achieve net profits of 3.975 billion yuan, 4.899 billion yuan, and 5.521 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE multiples of 14x, 11x, and 10x [3][5].