Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Viewpoints - The company, as a "national team" in the optical communication field, has outstanding technological innovation achievements and stable market operations. It is actively expanding into growth sectors such as computing and storage, with a positive outlook on its long-term development potential amidst the digital economy wave [2][4]. - In the first half of 2025, the company achieved operating revenue of 11.117 billion yuan, a year-on-year decrease of 19.73%, while the net profit attributable to shareholders increased by 32.02% to 287 million yuan [4]. Summary by Relevant Sections Business Performance - The company has consolidated its market share in the domestic operator market while accelerating the layout of new products. It has successfully won bids for various projects, including optical network procurement for major telecom operators and server projects for China Tower and Unicom [9]. - Internationally, the company has seen continuous improvement, achieving breakthroughs in Southeast Asia, the Americas, and Africa, capturing significant market shares [9]. Technological Innovation - The company ranked first in the "Top 100 High-tech Enterprises in Hubei Province for 2024," showcasing its strong innovation capabilities. It has completed the world's first 400G/800G hybrid rate ROADM network pilot and launched the industry's first 50G PON technology solution [9]. - The company has successfully incubated five national-level specialized and innovative "little giant" subsidiaries, demonstrating its industry-leading technological advantages [9]. Financial Forecast and Investment Recommendations - The company is expected to see accelerated profit release due to high demand for domestic computing power. The marine communication technology accumulation is expected to facilitate continuous overseas expansion, improving the quality of main business operations. The subsidiary, Changjiang Computing, is anticipated to become a significant growth driver in the coming years [9]. - The projected net profit attributable to shareholders for 2025-2027 is 1.0 billion, 1.3 billion, and 1.57 billion yuan, representing year-on-year growth rates of 42%, 30%, and 20%, respectively [9].

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company is expected to experience performance release in the marine sector due to a full order backlog, with a projected revenue of 48.055 billion yuan in 2024, representing a year-on-year growth of 6.63% [1][5] - The company has a strong order book in the energy network sector, with total orders amounting to approximately 31.2 billion yuan, including 13.4 billion yuan from the marine series [2] - The company has made significant advancements in the marine sector, successfully delivering key projects and enhancing its industry-leading position [2] - In the renewable energy sector, the company has maintained its competitive edge in the domestic market and is expanding its international presence [3] - The company is actively developing new products in the communication network sector, which are expected to benefit from the growing demand for AI computing power [4] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 48.055 billion yuan, with a net profit attributable to shareholders of 2.838 billion yuan, reflecting a decrease of 8.94% year-on-year [1][11] - For Q1 2025, the company reported a revenue of 9.756 billion yuan, a year-on-year increase of 18.37%, and a net profit of 628 million yuan, a decrease of 1.33% [1] Order Backlog and Market Position - As of April 23, 2025, the company has a robust order backlog of approximately 31.2 billion yuan, with significant contributions from the marine and power grid construction sectors [2] - The marine sector has seen breakthroughs in technology and project delivery capabilities, reinforcing the company's leading position in the industry [2] Renewable Energy and Communication Networks - The company has successfully secured major photovoltaic projects and is expanding its footprint in the energy storage market, ranking eighth globally in terms of shipment volume [3] - In the communication network sector, the company is focusing on the development of hollow-core fibers and high-speed copper cables to meet the rising demand for AI computing [4] Profit Forecast and Valuation - The company is projected to achieve net profits of 3.519 billion yuan, 4.132 billion yuan, and 4.641 billion yuan for 2025, 2026, and 2027 respectively, with a corresponding PE ratio of 13x for 2025 [5][11]