ZTT(SH:600522) China Post Securities·2026-02-25 01:05Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The demand for optical fibers is expected to surge due to the rapid growth of AI data centers and drone applications, leading to significant profit elasticity for the company. The three major telecom operators and internet companies are pushing for the construction of computing networks, which will drive the demand for high-density, large-core optical cables and new multimode fibers [4]. - The company has successfully commercialized the application of anti-resonant hollow-core fibers in data centers, achieving a 30% reduction in transmission latency compared to traditional fibers [5]. - The company has a robust order backlog in its marine business, with approximately 31.8 billion yuan in hand orders, including significant projects in the energy interconnection sector [6]. - The company is positioned to benefit from a 40% increase in capital expenditure by the State Grid, as it continues to deepen strategic cooperation with core clients [7]. Financial Projections - The company is projected to achieve revenues of 54.34 billion yuan, 63.60 billion yuan, and 72.86 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to the parent company is expected to be 3.35 billion yuan, 4.36 billion yuan, and 5.05 billion yuan for the same years [9]. - The revenue growth rates are forecasted at 13.08%, 17.05%, and 14.55% for the years 2025, 2026, and 2027, respectively [11].