欧洲多国加大对海风政策支持力度，有望驱动装机高增，根据WindEurope预测，2030 年欧洲海风新增 装机11.8GW，对应2025-2030 年CAGR 为28.6%。海外风机龙头受制于零部件和劳动力供应短缺，成本 上升导致经营承压。公司海外海风进展领先，已实现德国、韩国、日本订单突破，意大利2.8GW 项目 已签订前端工程设计合同。考虑到欧洲海风价格较高，我们看好公司实现订单落地与交付，贡献利润弹 性。 盈利预测与估值 考虑到新能源入市或降低上网电价，并影响电站资产投资价值，我们下调公司发电业务电价与毛利率假 设， 并下调投资净收益预测， 预计公司2025-2027 年归母净利润为22.06、31.30、39.92 亿元（其中 2025-2026年下调13.5%/10.6%）。可比公司2025 年Wind 一致预期PE 均值为12.26倍，考虑到公司海风 龙头地位稳固，欧洲海风布局领先，充分受益于海风高景气，给予公司25 年14 倍PE，对应目标价为 13.58 元（前值15.68 元，对应25 年14x）；截至2025 年4 月25 日，公司PB（LF）为0.87，兼具PB 修复 空间，维持"买入" ...

Summary of Zhongtian Technology Conference Call Company Overview - Zhongtian Technology is involved in the marine cable and engineering sectors, with significant revenue contributions from both domestic and international markets. The company is focusing on expanding its overseas presence, particularly in Europe. Key Financial Highlights - Total revenue for 2024 is projected at approximately 8 billion yuan, with the marine segment contributing 3.6 billion yuan, marine cable business contributing 2.7-2.8 billion yuan, and marine engineering close to 900 million yuan [2][3] - In Q1 2025, revenue reached 9.755 billion yuan, representing an 18% year-over-year growth, with a net profit close to 600 million yuan, up 20% year-over-year [2][4] - The marine cable business maintains a gross margin of around 40%, while the marine engineering segment is expected to improve from a negative 8% margin in 2024 to 10%-15% in 2025 due to increased project activity [2][3][11] Revenue Breakdown - 80% of revenue is generated domestically, with the remaining 20% from international markets. The company aims to increase its overseas revenue share to 15%-20% [2][3][15][16] - In Q1 2025, the power segment accounted for 40% of profits, followed by the marine segment at 25% and communication at 20% [2][5] Order Backlog and Future Projections - The current order backlog totals 13 billion yuan, with marine engineering accounting for 3 billion yuan and marine cables for 10 billion yuan. The marine cable segment is expected to generate around 6 billion yuan in revenue in 2025 [2][7][8] - The company has set a target for new orders in 2025 to reach 4 billion yuan in the overseas market [9][16] Market Dynamics - The domestic offshore wind power grid connection is expected to reach 12GW in 2025, with potential growth to 12-15GW in the following year, significantly up from 4-5GW in the previous year [24] - The European offshore wind market is projected to grow, with an expected annual increase of 8-10GW starting in 2026, driving demand for marine cables [24] Product and Segment Insights - The company is expanding its product offerings in deep-sea technology, including subsea cables and composite cables, with a focus on observation and sensing systems [26] - In the renewable energy sector, the company reported revenues of approximately 3 billion yuan from self-owned photovoltaic power stations, 10 billion yuan from electronic copper foil, and 20 billion yuan from photovoltaic EPC in 2024 [27] Challenges and Strategic Focus - The marine engineering segment faced challenges due to low offshore wind project initiation rates, but is expected to recover as project activity increases [11][28] - The company is strategically reducing its scale in competitive areas like energy storage and photovoltaic materials while focusing on improving profitability [18][27] Conclusion - Zhongtian Technology is positioned for growth with a strong focus on expanding its international market presence, improving profitability across segments, and capitalizing on the increasing demand for marine cables and renewable energy solutions. The company aims for a 15% revenue growth and a 10% profit increase compared to 2022 levels [30][31]