ZTT(SH:600522) KAIYUAN SECURITIES·2025-08-29 15:24Investment Rating - The investment rating for Zhongtian Technology is "Buy" (maintained) [1] Core Views - The company's performance meets expectations, benefiting significantly from the development of the communication energy market. In H1 2025, the company achieved a revenue of 23.6 billion yuan, a year-on-year increase of 10.19%, and a net profit attributable to shareholders of 1.568 billion yuan, up 7.38% year-on-year. In Q2 2025, revenue reached 13.844 billion yuan, reflecting a year-on-year growth of 5.08% and a quarter-on-quarter increase of 41.90% [4][5] - The company has a robust order backlog in the energy network sector, amounting to approximately 30.6 billion yuan, with significant contributions from marine and grid construction projects. The marine segment alone generated 2.896 billion yuan in revenue in H1 2025, marking a 37.19% increase year-on-year [5] - The company emphasizes research and development, with R&D expenses reaching 0.965 billion yuan in H1 2025, representing a 4.09% R&D expense ratio. It is actively positioning itself in strategic areas such as computing networks and AI data centers [6] Financial Summary - For the fiscal years 2023A to 2027E, the projected revenue growth is as follows: 45.065 billion yuan in 2023, 48.055 billion yuan in 2024, 56.251 billion yuan in 2025, 65.418 billion yuan in 2026, and 75.671 billion yuan in 2027, with year-on-year growth rates of 11.9%, 6.6%, 17.1%, 16.3%, and 15.7% respectively [8][11] - The net profit attributable to shareholders is forecasted to be 3.117 billion yuan in 2023, 2.838 billion yuan in 2024, 3.345 billion yuan in 2025, 3.781 billion yuan in 2026, and 4.300 billion yuan in 2027, with year-on-year growth rates of -3.0%, -8.9%, 17.9%, 13.0%, and 13.7% respectively [8][11] - The company's projected P/E ratios for 2025, 2026, and 2027 are 16.6, 14.7, and 12.9 respectively, indicating a favorable valuation trend [8][11]