ZTT(SH:600522) Tianfeng Securities·2025-11-06 02:14Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7] Core Views - The company reported a revenue of 37.974 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 10.65%, and a net profit attributable to shareholders of 2.338 billion yuan, up 1.19% year-on-year [1] - The gross margin for the first three quarters was 14.61%, down 1.22 percentage points year-on-year, with a gross margin of 13.86% in Q3, reflecting a decline of 0.57 percentage points year-on-year and 1.55 percentage points quarter-on-quarter [3] - The company has a strong order backlog, with approximately 31.8 billion yuan in hand orders in the energy interconnection sector as of October 24, 2025, including 13.1 billion yuan in marine series, 16.2 billion yuan in grid construction, and 2.5 billion yuan in new energy [4] - Continuous winning of 500kV projects is expected to significantly boost revenue and profit margins from submarine cables, indicating the company's leading position in high-voltage cable projects [5] Financial Performance Summary - The company achieved a revenue of 143.75 billion yuan in Q3, marking an 11.42% year-on-year increase, continuing the trend of quarterly growth [2] - The adjusted net profit forecast for 2025-2027 is 3.2 billion, 4.1 billion, and 5 billion yuan respectively, with corresponding PE ratios of 18, 14, and 11 times [7] - The company’s total assets are projected to reach 60.37 billion yuan by 2025, with a debt-to-asset ratio of 36.59% [13]