中天科技 20250603 摘要 中天科技 2024 年总营收约 400 亿元，通信、海洋、电力板块收入分别 为 80 亿元、36 亿元、以及亿元级别。海缆贡献 27-28 亿元，海工贡献 近 9 亿元。电力板块增速显著，毛利率改善；通信板块稳定，毛利率约 25%；海缆毛利率约 40%，受益于 337 千伏产品交付；海工毛利率负 8%，预计 2025 年随开工量提升盈利改善。 公司 80%收入来自国内，国际市场占比不到 20%。欧洲海上风电建设 加速，为高压电缆在土耳其等市场带来机遇，有望提升境外收入。2024 年海外收入未增长，但毛利率提升两个百分点，得益于高压陆缆和海缆 占比提升。今年海外交付量预计达到 15 亿左右，未来计划将海外海缆 占比提升至 20%~30%。 海洋能源板块在手订单 312 亿元，截至 2025 年 4 月 23 日，海洋板块 订单 134 亿元，电力 140 亿元，新能源近 40 亿元。2025 年一季度营 收 97.55 亿元，同比增长 18%；扣非归母净利润 5.97 亿元，同比增长 20%。 江苏盐城国信项目处于密集交付阶段，预计二、三季度确认大部分收入。 海工项目收入根据施 ...

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]

立信会计师事务所(特殊普通合伙) 关于《杭州平治信息技术股份有限公司申请向不特定对象发行可转换 公司债券的审核问询函》的回复 信会师函字[2023]第 ZF049 号 深圳证券交易所: 杭州平治信息技术股份有限公司(以下简称"平治信息"、"公司")于 2023 年 2 月 6 目收到贵所下发的《关于杭州平治信息技术股份有限公司申请向不特定 对象发行可转换公司债券的审核问询函》(以下简称"问询函"),我们对于问询 函中提到的需要会计师说明或发表意见的问题进行了认真分析与核查,现根据问 询函所涉问题进行说明和答复,具体内容如下: 问题 2、报告期各期,发行人毛利率分别为 31.37%、20.50%、14.96%和 12.17%, 申报材料称毛利率下降主要系业务结构的变动导致。报告期内应收账款账面价 值分别为 88,609.87 万元、143,936.10 万元、229,941.76 万元和 258.778.48 万元, 占营业收入比例分别为 51.59%、59.78%、63.85%和 79.73%。报告期内发行人 浄利润均为正,但经营活动现金净流量持续为负,申报材料称主要是由于 IPTV 机顶盒、网关及路由器等通 ...