Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The report highlights that the company achieved a revenue of 21.416 billion yuan in the first half of 2024, representing a year-on-year increase of 6.32%. However, the net profit attributable to shareholders decreased by 25.31% to 1.460 billion yuan [4] - The company has a strong order backlog in the energy network sector, with contracts amounting to approximately 28.2 billion yuan as of August 27, 2024, indicating a positive long-term operational trend [4] - The report notes that the marine engineering subsidiary incurred losses, which negatively impacted the overall performance for the period [4] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 21.416 billion yuan, with a net profit of 1.460 billion yuan, and a gross margin of 16.68% [4] - For Q2 2024, revenue reached 13.174 billion yuan, marking an 11.00% year-on-year increase and a 59.83% quarter-on-quarter increase [4] - The company’s contract liabilities increased significantly to 2.227 billion yuan by the end of H1 2024, up from 1.740 billion yuan in Q1 2024 [4] Revenue Forecast - The company is projected to achieve revenues of 51.649 billion yuan, 56.832 billion yuan, and 61.459 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 3.595 billion yuan, 4.324 billion yuan, and 4.999 billion yuan [5][6] Business Segments - The revenue forecast for different business segments includes: - Optical communication and network: 9.114 billion yuan in 2023, expected to remain stable [7] - Power grid construction: 16.741 billion yuan in 2023, with a projected growth of 15% in 2024 [7] - Marine series: 3.740 billion yuan in 2023, expected to grow significantly by 60% in 2024 [7] - New energy: 7.209 billion yuan in 2023, with a projected growth of nearly 20% in 2024 [7] Valuation - The report assigns a dynamic PE range of 18-20X for 2024, leading to a reasonable value range of 18.96 to 21.07 yuan per share [5]

%% %% 丨证券研究报告丨 公司研究丨点评报告丨中天科技（600522.SH） [Table_Title] 海风招投标及建设提速，电网高景气持续 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------|-------|-------| | | | | | 报告要点 | | | | [Table_Summary] 24 年上半年海洋和新能源业务景气度逐渐回暖，海洋业务订单逐渐兑现相应业务增速明显，光 | | | | 通信业务稳步发展。公司海洋在手订单丰富，上半年在执行订单达到历史峰值，未来海外海洋 业务收入增长确定性高。 | | | | | | | 分析师及联系人 [Table_Author] 于海宁 黄天佑 SAC：S0490517110002 SAC：S0490522050005 SFC：BUX641 请阅读最后评级说明和重要声明 中天科技（600522.SH） cjzqdt11111 相关研究 2023- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a year-on-year revenue increase of 6.32% to 21.416 billion yuan in H1 2024, but the net profit attributable to shareholders decreased by 25.31% to 1.460 billion yuan [6][8] - The second quarter of 2024 saw a quarter-on-quarter revenue increase of 11.00% to 13.174 billion yuan, with a net profit of 824 million yuan, reflecting a 30.57% year-on-year decline but a 29.50% quarter-on-quarter increase [7] - The company is expected to benefit from a recovery in the offshore wind sector, with a backlog of orders in the energy network field amounting to approximately 28.2 billion yuan, including 12.3 billion yuan from marine series projects [7][8] Financial Performance Summary - For H1 2024, the company achieved operating revenue of 21.416 billion yuan, a year-on-year increase of 6.32%, and a net profit of 1.460 billion yuan, a decrease of 25.31% [6] - The company’s Q2 2024 performance showed a revenue of 13.174 billion yuan, a year-on-year increase of 11.00%, and a net profit of 824 million yuan, which is a 30.57% decline year-on-year but a 29.50% increase quarter-on-quarter [7] - The company’s revenue projections for 2024-2026 are 50.882 billion yuan, 58.383 billion yuan, and 64.532 billion yuan, with growth rates of 12.91%, 14.74%, and 10.53% respectively [8] Earnings Forecast and Investment Recommendations - The forecast for net profit attributable to shareholders for 2024-2026 is 3.535 billion yuan, 4.618 billion yuan, and 5.333 billion yuan, with growth rates of 13.44%, 30.62%, and 15.50% respectively [8] - The earnings per share (EPS) are projected to be 1.04 yuan, 1.35 yuan, and 1.56 yuan for 2024-2026, with corresponding price-to-earnings (P/E) ratios of 13, 10, and 8 times [8]

公司持有该股票比例 相关报告 中天科技（600522.SH）/通信 证券研究报告/公司点评 2024 年 9 月 2 日 24Q2 业绩环比改善，能源网络在手订单充足 | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------|--------|-----------------------------------------------|------------------------|----------------------|------------------|---------------------------|----------------| | [Table_Title] 评级：买入（维持） [Table_Industry] \n市场价格： 12.49 | | [Table_Finance 公司盈利预测及估值 1] \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026 ...

股票研究 /[Table_Date] 2024.09.02 盈利保持稳健，海风景气可期 中天科技(600522) 电信运营 [Table_Industry] /信息技术 [Table_Invest] 评级： 增持 上次评级: 增持 [Table_Target] 目标价格： 16.08 上次预测: 16.08 ——2024 年中报点评 本报告导读： 扣非业绩符合预期，盈利稳健提升；待开工项目较多，海风两年以上景气可期。 4400526 投资要点： [Table_Market] 交易数据 [Table_Summary] 下调盈利预测，维持目标价，维持增持评级。公司公告 2024 年中 报，业绩符合市场预期。考虑上半年公司投资收益比同期更少，四 大 业 务 经 营 稳 健 ， 我 们 下 调 2024-2026 年 归 母 净 利 润 为 32.71/39.66/47.06 亿元（前值为 34.85/43.08/49.58 亿元），对应 EPS 为 0.96\1.16\1.38 元。考虑行业 2025 年估值，给予公司 2025 年 14x， 维持公司目标价 16.08 元，维持增持评级。 扣非业绩符合预期，盈利稳 ...

Investment Rating - The investment rating for the company is "Buy" with a target price maintained at 12.96 CNY [1] Core Views - The company reported a significant increase in contract liabilities, which doubled year-on-year, indicating strong future revenue potential and a robust order backlog [3][5] - Despite a decline in net profit, the company is expected to return to a growth trajectory due to one-time factors affecting profitability [4][6] - The company is well-positioned to benefit from the growing demand in offshore wind projects and has a strong order pipeline in the energy network sector [5][6] Financial Performance Summary - For the first half of 2024, the company achieved revenue of 21.416 billion CNY, a year-on-year increase of 6.32%, while net profit attributable to shareholders was 1.460 billion CNY, down 25.31% [2] - In Q2 2024, revenue reached 13.174 billion CNY, reflecting an 11.00% year-on-year growth and a 59.83% quarter-on-quarter increase [3] - The company's contract liabilities increased from approximately 0.921 billion CNY in the same period last year to about 2.227 billion CNY this year, indicating strong future revenue growth potential [3] Business Outlook - The company has a strong order backlog of approximately 28.2 billion CNY in the energy network sector, with significant contributions from offshore wind projects [5] - The offshore wind power segment is expected to see accelerated revenue growth due to favorable market conditions and ongoing projects in Guangdong and Jiangsu provinces [6] - The company's renewable energy business is anticipated to benefit from declining raw material prices and the ongoing dual carbon strategy, positioning it for high growth [6] Financial Projections - The company adjusted its net profit forecasts for 2024-2026 to 3.6 billion CNY, 5.0 billion CNY, and 6.3 billion CNY respectively, maintaining a "Buy" rating based on a valuation of 12x, 9x, and 7x earnings [6][9]

Investment Rating - The report maintains a "Recommend" rating for the company, with expected PE ratios of 11x, 9x, and 8x for 2024, 2025, and 2026 respectively [3][4] Core Views - The company achieved record-high order execution in submarine cables, with total orders in the energy network sector reaching approximately 28.2 billion yuan, including 12.3 billion yuan in marine series and 13.1 billion yuan in power grid construction [2] - Overseas demand for submarine cables and power grid interconnections is expected to continue growing, driven by projects such as Singapore's 4GW new energy power import plan [3] - The company has made significant progress in international market expansion, winning contracts in the Middle East and Europe, and establishing local companies in Germany and Vietnam [3] Financial Performance - In H1 2024, the company reported revenue of 21.416 billion yuan, a 6.32% YoY increase, but net profit attributable to shareholders decreased by 25.31% to 1.460 billion yuan [2] - Q2 2024 saw revenue growth of 11.00% YoY to 13.174 billion yuan, while net profit attributable to shareholders decreased by 30.57% to 824 million yuan [2] - The company's gross margin in Q2 2024 was 15.84%, a slight decrease of 0.58 percentage points YoY [2] Business Development - The company is benefiting from domestic deep-sea projects, with recent approvals in Shanghai, Guangxi, and Hebei expanding the scope of national deep-sea construction [3] - In the fiber optic sector, demand for G.654.E and multimode fibers is expected to increase significantly due to AI, data centers, and 400/800G long-haul trunk line construction [3] - The company has implemented a global strategy with 14 overseas marketing centers, 44 overseas offices, and products exported to over 160 countries and regions [3] Financial Projections - Revenue is expected to grow from 45.065 billion yuan in 2023 to 64.111 billion yuan in 2026, with a CAGR of approximately 12.5% [7] - Net profit attributable to shareholders is projected to increase from 3.117 billion yuan in 2023 to 5.469 billion yuan in 2026 [7] - The company's ROE is forecasted to improve from 9.40% in 2023 to 11.94% in 2026 [8] Operational Metrics - The company's gross margin is expected to improve from 16.22% in 2023 to 17.83% in 2026 [8] - Asset turnover ratio is projected to increase from 0.87 in 2023 to 1.60 in 2026 [8] - EPS is forecasted to grow from 0.91 yuan in 2023 to 1.60 yuan in 2026 [8]

江苏中天科技股份有限公司 2024 年半年度报告 公司代码：600522 公司简称：中天科技 江苏中天科技股份有限公司 2024 年半年度报告 1 / 235 江苏中天科技股份有限公司 2024 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本半年度报告包括前瞻性陈述。除历史事实陈述外，所有本公司预计或期待未来可能或即将 发生的业务活动、事件或发展动态的陈述（包括但不限于预测、目标、估计及经营计划）都属于 前瞻性陈述。受诸多可变因素的影响，未来的实际结果或发展趋势可能会与这些前瞻性陈述出现 重大差异。本半年度报告中的前瞻性陈述为本公司于2024年8月28日作出，本公司没有义务或责任 对该等前瞻性陈述进行更新。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法 ...

证券代码：600522 证券简称：中天科技 公告编号：临 2024-043 江苏中天科技股份有限公司 第八届监事会第二十一次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 江苏中天科技股份有限公司（以下简称"中天科技"或"公司"）于 2024 年 8 月 17 日以电子邮件等方式发出了关于召开第八届监事会第二十一次会议的 通知。本次会议于 2024 年 8 月 28 日以通讯方式召开，应参会监事 3 名，实际参 会监事 3 名。本次会议由监事会主席薛如根先生主持，会议的召集、召开符合有 关法律、行政法规、部门规章、规范性文件和《公司章程》的规定，表决形成的 决议合法、有效。 二、监事会会议审议情况 经与会监事认真审阅，审议通过了以下议案，并形成决议如下： 1、审议通过了《江苏中天科技股份有限公司 2024 年半年度报告及摘要》。 详见 2024 年 8 月 30 日公司刊登在上海证券交易所网站 www.sse.com.cn 的 《江苏中天科技股份有限公司 2024 年半年度报告》和《江苏中 ...

证券代码：600522 证券简称：中天科技 公告编号：临2024-044 江苏中天科技股份有限公司 关于募集资金存放与使用情况的专项报告 （2024年1-6月） 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据中国证券监督管理委员会（"中国证监会"）《上市公司监管指引第2 号——上市公司募集资金管理和使用的监管要求》《上海证券交易所上市公司自 律监管指引第1号——规范运作》等规定，现将江苏中天科技股份有限公司（"中 天科技股份"或"公司"）2019年公开发行可转换公司债券募集资金（"2019年 期募集资金"）在2024年1-6月的存放与使用情况分别进行说明。 一、募集资金基本情况 经中国证券监督管理委员会证监许可[2018]1626号文《关于核准江苏中天科 技股份有限公司公开发行可转换公司债券的批复》核准，公司向社会公开发行面 值总额3,965,120,000.00元可转换公司债券，期限6年，发行价格为100元/张， 共计39,651,200张，募集资金总额为人民币3,965,120,000.00元，扣除承销及保 荐费用人 ...