格隆汇9月23日｜天风证券研报指出，中天科技上半年实现归母净利润15.68亿元，同比增长7.38%；Q2 实现归母净利润9.40亿元（YOY+14.09%）。上半年分版块来看，海洋业务实现营业收入28.96亿元，同 比增长37.19%；实现电网业务收入99.75亿元，同比增长11.97%；实现新能源业务收入26.30亿元，同比 增长13.69%。利润率环比改善，期待盈利能力持续向上。同时在手订单方面能源网络领域在手订单约 306亿元，其中海洋系列约133亿元，电网建设约155亿元，为后续持续快速增长做强有力支撑。公司已 实现112G高速铜缆量产，可以满足数据中心高密度互联及人工智能算力集群低延迟传输的迫切需求。 224G发泡FEP高速铜缆正在研发中，公司预计四季度量产，为未来超高速数据传输场景筑牢坚实的技术 根基。考虑到25半年度经营情况及毛利率同比下滑情况，调整公司25-27年归母净利润为37/45/55亿元 （前值为39/49/60亿元），对应25-27年PE估值为16/13/11倍，维持"买入"评级。 ...

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]