11月18日，工业和信息化部办公厅印发《高标准数字园区建设指南》（以下简称《指南》），为数字经 济时代的产业载体升级划定明确方向，也为算力等核心支撑领域带来发展新机遇。 在政策持续加码的背景下，上市公司作为产业创新主力军顺势加速算力布局。业内人士指出，凭借政策 的助力、深厚的技术积淀、稳定的产能优势与多元的产业协同能力，相关企业将在智能算力规模高速增 长的浪潮中抢占发展先机。 政策助力持续加码 上市公司积极布局 当前，算力行业正迎来高速增长期。国际数据公司（IDC）与浪潮信息（000977）此前联合发布的 《2025年中国人工智能计算力发展评估报告》显示，预计2023年至2028年中国智能算力规模年复合增长 率达46.2%。 在此背景下，多家上市公司积极加大算力领域投资与布局，成为行业发展的重要推动力量。 据芯原微电子（上海）股份有限公司披露，公司2025年第三季度新签订单15.93亿元，同比大幅增长 145.80%，其中AI（人工智能）算力相关的订单占比约65%。 江苏中天科技（600522）股份有限公司日前在互动平台回复提问时表示，采用VCSEL、EML、硅光三 种技术路线的全系列400G光模块均已规模量 ...

Core Viewpoint - The company, Zhongtian Technology, is focusing on enhancing its computing power services by scaling up the production of key materials and components such as copper cables, optical fibers, and optical modules to meet the demands of AI applications [2]. Group 1: Product Development and Production - The company has successfully mass-produced a full range of 400G optical modules using three technology routes: VCSEL, EML, and silicon photonics [2]. - The 800G optical module products are expected to achieve mass production by the end of the year [2]. - A new type of four-core optical fiber, designed for data centers and resistant to bending, has been developed to support high transmission capacity, thereby ensuring efficient operation for AI computing needs [2]. Group 2: Meeting Market Demands - The company has achieved mass production of 112G high-speed copper cables, which are essential for low-latency transmission in data centers and AI computing clusters [2]. - The development of 224G foamed FEP high-speed copper cables is underway, with mass production anticipated in the fourth quarter, laying a solid technical foundation for future ultra-high-speed data transmission scenarios [2].

Investment 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]

Core Viewpoint - Zhongtian Technology achieved a net profit attributable to shareholders of 1.568 billion yuan in the first half of the year, representing a year-on-year growth of 7.38% [1] Financial Performance - In Q2, the net profit attributable to shareholders was 940 million yuan, showing a year-on-year increase of 14.09% [1] - Revenue by segment for the first half included: - Marine business revenue of 2.896 billion yuan, up 37.19% year-on-year [1] - Power grid business revenue of 9.975 billion yuan, an increase of 11.97% year-on-year [1] - New energy business revenue of 2.630 billion yuan, growing by 13.69% year-on-year [1] - Profit margins improved quarter-on-quarter, indicating a potential for sustained profitability [1] Order Backlog - The energy network sector has an order backlog of approximately 30.6 billion yuan, with marine series orders around 13.3 billion yuan and power grid construction orders about 15.5 billion yuan, providing strong support for future growth [1] Product Development - The company has achieved mass production of 112G high-speed copper cables, meeting the urgent demand for low-latency transmission in data centers and AI computing clusters [1] - A 224G foamed FEP high-speed copper cable is under development, with mass production expected in Q4, laying a solid technical foundation for future ultra-high-speed data transmission scenarios [1] Profit Forecast - Adjusted net profit forecasts for 2025-2027 are 3.7 billion yuan, 4.5 billion yuan, and 5.5 billion yuan, respectively, down from previous estimates of 3.9 billion yuan, 4.9 billion yuan, and 6 billion yuan [1] - Corresponding PE valuations for 2025-2027 are projected at 16, 13, and 11 times [1] - The company maintains a "buy" rating [1]

Core Insights - Company achieved a revenue of 23.6 billion yuan in the first half of 2025, representing a year-on-year growth of 10.19%, with a net profit attributable to shareholders of 1.568 billion yuan, up 7.38% year-on-year [1] Financial Performance - In Q2, the company reported a revenue of 13.844 billion yuan, reflecting a year-on-year increase of 5.08%, and a net profit attributable to shareholders of 940 million yuan, which is a 14.09% year-on-year growth [2] - The company’s gross margin for the first half of the year was 15.07%, with a net margin of 6.70%. In Q2, the gross margin improved to 15.41%, up 0.81 percentage points quarter-on-quarter, and the net margin increased to 6.91%, up 0.51 percentage points quarter-on-quarter and 0.64 percentage points year-on-year [4] Business Segments - The marine segment showed rapid growth, achieving a revenue of 2.896 billion yuan in the first half of the year, a year-on-year increase of 37.19%. The grid business generated 9.975 billion yuan, up 11.97% year-on-year, while the renewable energy segment reported a revenue of 2.630 billion yuan, growing by 13.69% year-on-year [3] Future Growth Potential - The company has a strong order backlog, with approximately 30.6 billion yuan in orders in the energy network sector, including about 13.3 billion yuan for marine projects and 15.5 billion yuan for grid construction, which supports sustained rapid growth [5] Technological Advancements - The company is making strides in AI and various fields, including the development of anti-resonant hollow-core fibers (AR-HCF) and liquid cooling products that outperform industry averages. It has also achieved mass production of 112G high-speed copper cables to meet the demands of data centers and AI computing clusters [6]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7]. Core Views - The company achieved a revenue of 23.6 billion yuan in the first half of 2025, representing a year-on-year growth of 10.19%. The net profit attributable to the parent company was 1.568 billion yuan, up 7.38% year-on-year [1]. - In Q2 alone, the company reported a revenue of 13.844 billion yuan, reflecting a year-on-year increase of 5.08%, while the net profit attributable to the parent company rose by 14.09% to 940 million yuan [2]. - The marine segment showed rapid growth, with revenue reaching 2.896 billion yuan, a year-on-year increase of 37.19%. The power grid business generated 9.975 billion yuan, up 11.97%, and the renewable energy segment brought in 2.630 billion yuan, growing by 13.69% [3]. - The company's gross margin improved to 15.07% and net margin to 6.70% in the first half of the year, with Q2 showing further improvements in both metrics [4]. - The company has a strong order backlog, with approximately 30.6 billion yuan in hand orders in the energy network sector, including 13.3 billion yuan from marine projects and 15.5 billion yuan from power grid construction, supporting future growth [5]. - The company is making significant strides in AI-related fields, including the development of advanced hollow-core optical fibers and liquid cooling products, as well as high-speed copper cables to meet the demands of data centers and AI computing clusters [6]. Financial Summary - The company adjusted its net profit forecasts for 2025-2027 to 3.7 billion, 4.5 billion, and 5.5 billion yuan respectively, with corresponding PE ratios of 16, 13, and 11 times [7]. - The total share capital is approximately 3,412.95 million shares, with a market capitalization of about 58.634 billion yuan [8]. - The company reported a debt-to-asset ratio of 40.32% and a net asset value per share of 10.42 yuan [8].

Group 1 - The company Zhongtian Technology (600522) has achieved mass production of 112G high-speed copper cables [1] - The company expects to achieve mass production of 224G foamed FEP high-speed copper cables in the fourth quarter of this year [1]