公司报告 | 年报点评报告 中天科技（600522） 证券研究报告 25Q1 扣非净利润同比+20%，订单充沛产业向上趋势明朗！ 公司 24 年归母净利润 28.38 亿元（YoY-8.94%），同时毛利率实现 14.39%，同比下 降 1.83pct，主要原因为：收入端，光通信及网络业务实现收入 81 亿元，同比下滑 11.19%。海洋系列（YoY-2.59%）和新能源（YoY-2.85%）小幅度下滑；毛利率端， 光通信及网络、海洋系列以及新能源分别同比下降 1.98pct/2.20pct/4.03pct。 25Q1 营收&扣非净利润快速增长 25Q1 公司整体营收及扣非利润实现约 20%增长，由于去年同期有光迅科技投资收 益带来的非经影响，而 25 年因公司已处置完光迅股权，未包含该块利润，故归母 净利润 25Q1 基本同比持平。 在手订单充沛，增长动能强 截至 2025 年 4 月 23 日，公司能源网络领域在手订单约 312 亿元，其中海洋系列约 134 亿元，电网建设约 140 亿元，新能源约 38 亿元。海上风电方面，公司中标了 包括江苏大丰项目、国华如东光氢储一体化项目等，并圆满交付了我国首个电 ...

事件： 中天科技发布 24年报及 25年一季报。24年实现营业收入 481亿元，同比增长 6.63%； 实现归母净利润 28.38 亿元，同比下滑 8.94%。25Q1，公司实现营业收入 97.56 亿 元，同比增长 18.37%，实现归母净利润 6.28 亿元，同比下滑 1.33%，实现扣非净 利润 5.97 亿元，同比增长 20.45%。 24 年光通信及新能源业务营收&毛利率承压致业绩下滑 公司 24 年归母净利润 28.38 亿元（YoY-8.94%），同时毛利率实现 14.39%，同比下 降 1.83pct，主要原因为：收入端，光通信及网络业务实现收入 81 亿元，同比下滑 11.19%。海洋系列（YoY-2.59%）和新能源（YoY-2.85%）小幅度下滑；毛利率端， 光通信及网络、海洋系列以及新能源分别同比下降 1.98pct/2.20pct/4.03pct。 25Q1 营收&扣非净利润快速增长 公司报告 | 年报点评报告 中天科技（600522） 证券研究报告 25Q1 扣非净利润同比+20%，订单充沛产业向上趋势明朗！ 25Q1 公司整体营收及扣非利润实现约 20%增长，由于去年同期有光迅科 ...

中天科技（600522.SH）2024 年年报及 2025 年一季报点评 ➢ 投 资 建 议 ： 我 们 预 计 公 司 2025-2027 年 归 母 净 利 润 分 别 为 39.75/49.00/55.22 亿元，对应 PE 倍数为 12x/10x/9x。维持"推荐"评级。 ➢ 事件：4 月 24 日，公司发布 2024 年年报及 2025 年一季报。2024 年全年 实现营收 480.55 亿元，同比增长 6.6%，实现归母净利润 28.38 亿元，同比下降 8.9%，实现扣非归母净利润 25.45 亿元，同比下降 4.8%。2025 年一季度来看， 单季度实现营收 97.56 亿元，同比增长 18.4%，实现归母净利润 6.28 亿元，同 比下降 1.3%，实现扣非归母净利润 59.69 亿元，同比增长 20.45%。 ➢ 电网建设业务稳健增长，公司业绩整体符合预期：具体拆分 2024 年业务情 况：1）光通信及网络：2024 年实现营收 80.94 亿元，同比下降 11.2%，营收占 比为 16.8%，毛利率为 25.14%，同比下降 1.98pct；2）电网建设：2024 年实 现营收 197. ...

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]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 18.42 RMB per share [6][4]. Core Views - The company is expected to achieve steady growth in performance, driven by the recovery of the marine cable sector and ongoing advancements in the power and communication segments [1][2]. - The first quarter of 2025 showed a significant revenue recovery, with a year-on-year increase of 18.37%, although the net profit was slightly below expectations due to a decline in non-recurring gains [1][3]. Revenue and Profitability - For 2024, the company is projected to generate revenue of 48.055 billion RMB, reflecting a year-on-year growth of 6.63%, while the net profit is expected to be 2.838 billion RMB, down 8.94% year-on-year [1][10]. - The revenue breakdown by segment for 2024 is as follows: Power 19.785 billion RMB (up 18.18%), Optical Communication 8.094 billion RMB (down 11.19%), New Energy 7.003 billion RMB (down 2.85%), and Marine 3.644 billion RMB (down 2.59%) [2]. Orders and Projects - As of April 23, 2025, the company has a backlog of orders in the energy network sector amounting to approximately 31.2 billion RMB, with significant contributions from the marine segment (13.4 billion RMB) and grid construction (14 billion RMB) [2]. Profitability Metrics - The comprehensive gross margin for 2024 is projected to be 14.39%, a decrease of 1.83 percentage points year-on-year, while the net profit margin is expected to be 5.91%, down 1.01 percentage points [3]. - The first quarter of 2025 showed a gross margin of 14.60% and a net profit margin of 6.43%, indicating a decline compared to the previous year [3]. Earnings Forecast and Valuation - The forecasted net profits for 2025, 2026, and 2027 are 4.056 billion RMB, 4.884 billion RMB, and 5.750 billion RMB, respectively, with adjustments reflecting a slight decrease in expectations [4][10]. - The company is assigned a PE ratio of 15.5x for 2025, leading to a target price of 18.42 RMB per share [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 18.42 per share [7][4]. Core Views - The company is expected to achieve stable growth in performance, driven by the recovery of its marine cable segment and ongoing developments in its power and communication sectors [1][2]. - The first quarter of 2025 showed a significant revenue recovery, with a year-on-year increase of 18.37%, although net profit slightly declined by 1.33% due to a drop in non-recurring gains [1]. - The marine segment has a strong order backlog, with approximately RMB 312 billion in orders, including RMB 134 billion from marine projects [2]. Revenue and Profitability - For 2024, the company is projected to generate revenue of RMB 48.055 billion, a year-on-year increase of 6.63%, with a net profit of RMB 2.838 billion, reflecting a decline of 8.94% [6]. - The company's gross margin for 2024 is expected to be 14.39%, down 1.83 percentage points year-on-year, while the net profit margin is projected at 5.91%, down 1.01 percentage points [3]. Segment Performance - The revenue breakdown for 2024 shows the power segment achieving RMB 197.85 billion (up 18.18%), while the marine segment is expected to decline by 2.59% to RMB 36.44 billion [2]. - The company has secured significant contracts, including a major project for 500kV DC marine cables worth RMB 24.99 billion [2]. Financial Forecasts - The forecast for net profit from 2025 to 2027 is RMB 4.056 billion, RMB 4.884 billion, and RMB 5.750 billion, respectively, indicating a recovery in profitability [4][6]. - The estimated PE ratio for 2025 is set at 15.5x, reflecting an adjustment from previous estimates [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term performance pressure but is expected to benefit from long-term growth in the communication energy market [4] - In 2024, the company achieved a revenue of 48.055 billion yuan, a year-on-year increase of 6.63%, while the net profit attributable to shareholders decreased by 8.94% to 2.838 billion yuan [4] - For Q1 2025, the company reported a revenue of 9.756 billion yuan, a year-on-year growth of 18.37%, but a quarter-on-quarter decrease of 28.99% [4] - The company has a strong order backlog in the energy network sector, amounting to approximately 31.2 billion yuan as of April 23, 2025 [5] - The company is focusing on R&D, with R&D expenses reaching 1.944 billion yuan in 2024, representing a year-on-year increase of 2.42% [6] Financial Summary - In 2024, the company’s revenue is projected to be 48.055 billion yuan, with a year-on-year growth of 6.6% [8] - The net profit for 2025 is estimated at 3.102 billion yuan, reflecting a year-on-year increase of 9.3% [8] - The gross margin is expected to decline slightly from 14.4% in 2024 to 14.2% in 2025 [8] - The company’s P/E ratio is projected to be 15.3 for 2025, decreasing to 13.5 by 2027 [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term performance pressure but is expected to benefit from long-term growth in the communication energy market [4][5] - In 2024, the company achieved a revenue of 48.055 billion yuan, a year-on-year increase of 6.63%, while the net profit attributable to shareholders decreased by 8.94% to 2.838 billion yuan [4] - For Q1 2025, the company reported a revenue of 9.756 billion yuan, a year-on-year growth of 18.37%, but a quarter-on-quarter decrease of 28.99% [4] - The company has a strong order backlog in the energy network sector, amounting to approximately 31.2 billion yuan as of April 23, 2025 [5] Financial Summary - Revenue projections for 2025-2027 are 53.642 billion yuan, 59.508 billion yuan, and 66.036 billion yuan respectively, with year-on-year growth rates of 11.6%, 10.9%, and 11.0% [6][9] - The net profit attributable to shareholders is projected to be 3.102 billion yuan in 2025, 3.311 billion yuan in 2026, and 3.523 billion yuan in 2027, with respective growth rates of 9.3%, 6.7%, and 6.4% [6][9] - The company's gross margin is expected to decline slightly from 14.2% in 2025 to 13.9% in 2027 [6][9] - The price-to-earnings (P/E) ratio is projected to be 15.3, 14.3, and 13.5 for 2025, 2026, and 2027 respectively [6][9] Research and Development - The company invested 1.944 billion yuan in R&D in 2024, representing a year-on-year increase of 2.42%, with an R&D expense ratio of 4.04% [6] - In Q1 2025, R&D expenses reached 404 million yuan, with an R&D expense ratio of 4.14% [6]

Investment Rating - The investment rating for the company is "Strongly Recommended" [3] Core Views - The company has secured multiple contracts for 500kV submarine cable projects, indicating strong market presence and order backlog supporting positive performance [6] - In 2024, the company reported a revenue of 48.055 billion yuan, a year-on-year increase of 6.63%, while the net profit attributable to shareholders was 2.838 billion yuan, a decrease of 8.94% [1][2] - The company is transitioning from a "product supplier" to a "system integration service provider" in the energy sector, aiming to become a global leader in energy network solutions [6] Financial Performance - For 2025 Q1, the company achieved a revenue of 9.756 billion yuan, a year-on-year increase of 18.37%, with a net profit of 628 million yuan, a decrease of 1.33% [1] - The projected revenues for 2025, 2026, and 2027 are 57.345 billion yuan, 64.749 billion yuan, and 72.170 billion yuan, respectively, with growth rates of 19%, 13%, and 11% [2][14] - The expected net profit for 2025 is 3.928 billion yuan, with a growth rate of 38% [6] Market Position and Strategy - The company is a leader in the domestic optical fiber communication and submarine cable sectors, with a strong focus on high-value products and global market expansion [6] - The company has a robust order backlog of approximately 31.2 billion yuan in the energy network sector, with significant contributions from marine series and grid construction [6] - The company has been actively participating in international market competitions, achieving continuous revenue growth in the marine international market [6]

Core Viewpoint - The company, Jiangsu Zhongtian Technology Co., Ltd., reported a revenue of 48.055 billion yuan for 2024, representing a year-on-year increase of 6.63%, while the net profit attributable to the parent company was 2.837 billion yuan, a decrease of 8.94% compared to the previous year [5][4]. Group 1: Company Overview - The company adheres to the operational principle of "solid foundation and innovative development," focusing on green energy and digital construction, and aims to become a global leader in energy network solutions [5][6]. - The company has a backlog of orders in the energy network sector amounting to approximately 31.2 billion yuan, with significant contributions from marine series, grid construction, and new energy projects [5]. Group 2: Business Performance - In the energy network segment, the company is actively involved in the green energy transition, emphasizing the development of high-tech, high-value products [5][6]. - The company has achieved several technological breakthroughs in the marine cable sector, contributing to the growth of the offshore wind power industry and enhancing its competitive edge [6][7]. Group 3: International Expansion - The company has seen continuous growth in its international marine business, with significant demand from offshore wind power and marine oil and gas sectors, particularly in Europe and the Asia-Pacific region [11][12]. - The company successfully delivered a 230kV submarine optical cable project in the Middle East and secured contracts for high-voltage projects, marking its position as a key supplier in the international oil and gas industry [11][12]. Group 4: Technological Innovation - The company is committed to technological innovation, with multiple products achieving international leading standards, particularly in high-performance cables and energy systems [12][13]. - The company has developed a range of new products that have passed evaluations by the China Electric Power Enterprise Federation, with five products reaching international leading levels [13][14]. Group 5: Green Energy Initiatives - The company is actively participating in the construction of new power systems and has made significant advancements in high-voltage cable technology, contributing to the global green energy transition [12][15]. - The company has established a comprehensive service capability in the photovoltaic sector, aiming to become a leading EPC service provider in the industry [16][17]. Group 6: Communication Network Development - The company is focusing on the deployment of 5G networks and the integration of AI technologies, driving innovation in the communication sector [22][23]. - The company has launched several new technologies in the optical communication field, enhancing its product offerings and market competitiveness [25][26].