2022年，国家电投集团山东能源公司和隆基绿能（601012）科技有限公司来到烟台海阳，布设了全国首 个近海桩基固定式海上光伏电站，后续又建成了一系列大平台海上光伏实证项目。彼时，海上光伏赛道 尚处于"发轫"期。 海上风光电站的发展，离不开海上风力和光照资源。风力资源方面，山东规划海域100米高度年平均风 速约7.5米/秒，规划海域风电利用小时数可达3200小时—3600小时；光伏资源方面，山东海平面年总辐 射量在1400千瓦—1550千瓦/平方米之间。此外，离用电负荷近，是海上新能源场站的另一大优势。长 期以来，东部沿海省份用电需求大，但风光场站大多建设在西北等用电需求较少的地区，二者之间需要 特高压等电网进行连接；而建在东部海域的风光电站，可直接对接用电负荷中心。 海上新能源电站曾长期面临开发建设成本较高的问题，围绕破解这一瓶颈制约，山东省相继出台一系列 政策措施。比如，对2025年底建成并网的海上光伏项目，免于配置储能设施，预计可提升项目收益率2 个百分点左右；对于2025年以后建成并网的海上光伏项目，原则上按照不低于20%、2小时的比例配置 储能设施，可采用配建储能、新建或租赁独立储能、制氢等方式落实 ...

Core Viewpoint - Zhongtian Technology (600522) announced multiple successful bids and pre-bids for marine series projects, indicating strong performance in the marine energy and deep-sea technology sectors, with a total project value of approximately 1.788 billion yuan [1] Marine Energy Sector - The company secured the ±500kV DC submarine and land cable project for Zhejiang Haifeng, which includes design, supply, testing, commissioning, and on-site technical services [1] - The company is also pre-bid for the 500kV submarine cable supply and laying project for the Yangjiang Sanshan Island offshore wind farm [1] - Additionally, the company won the bid for the 35kV submarine cable and associated accessories for the Bohai Zhong 26-6 oilfield development (Phase II) project [1] Deep-Sea Technology Sector - The company won the bid for the electric-driven marine winch and its tether cable for the Hunan University deep-sea drilling equipment project [1] - For the South China Sea project, the company secured the bid for extended submarine cables and deep-sea injection molding joint devices [1]

Core Viewpoint - The company is experiencing rapid growth in its marine segment due to the commencement of the Jiangsu Dafeng offshore wind project, with expected marine segment revenue exceeding 7 billion by the end of the year, doubling from the previous year [1][4][8] Financial Performance - In the first half of 2025, the company reported revenue of 23.6 billion, a year-on-year increase of 10.19%, and a net profit attributable to shareholders of 1.568 billion, up 7.38% year-on-year [2][3] - The second quarter of 2025 saw revenue of 13.844 billion, a 5.09% year-on-year increase and a 41.90% quarter-on-quarter increase, with net profit of 940 million, reflecting a 14.14% year-on-year growth [3] Marine Business Growth - The company has secured marine orders totaling approximately 13.3 billion, laying a solid foundation for future growth, with marine segment revenue in the first half of 2025 reaching 2.896 billion, a 37.19% increase year-on-year [4] - The company has successfully won multiple international submarine cable projects, including significant contracts in the Middle East and Southeast Asia [4] New Product Development - The company is actively developing anti-resonant hollow core fibers and other products, which are expected to create a second growth curve [1][6] - The company has established a comprehensive R&D system for hollow core fiber technology, aiming to enhance its capabilities in various applications [6][7] Future Outlook - The company anticipates that the marine segment will continue to grow, with confirmed projects in the second half of 2025, including offshore wind projects and oil and gas projects [1][4][8] - Profit forecasts for the company indicate net profits of 3.584 billion, 4.118 billion, and 4.724 billion for 2025 to 2027, with corresponding price-to-earnings ratios of 15X, 13X, and 12X [8]