Summary of Earnings Preview for China Utilities Sector Industry Overview - The report focuses on the **China Utilities** sector, specifically highlighting the **Power, Renewables, and Power Grid** industries in the Asia Pacific region - The overall industry view is considered **Attractive** [4][6] Key Insights - **3Q25 Earnings Expectations**: - Continued margin recovery is anticipated for wind component and submarine cable players - Polysilicon earnings may see upside risks - Solar module producers are expected to maintain flat or show mild decline in losses quarter-over-quarter (QoQ) [1][6] - **Coal Prices and Power Tariffs**: - A slight weakening in unit profit is expected due to a small rise in coal prices and a persistently soft power tariff [6][8] - **Sector Performance**: - Wind sector is expected to see a sector-wide gross profit (GP) margin recovery, primarily driven by submarine cables with a favorable product mix in 3Q25 - Wind Turbine Generator (WTG) Original Equipment Manufacturers (OEMs) may experience a more muted recovery [6][8] Company-Specific Highlights - **CGN Power Co., Ltd (1816.HK)**: - On-grid power generation decreased by 3% year-over-year (YoY) in 3Q25 due to longer outage times - Estimated net profit of approximately **Rmb2.6 billion**, down 6% YoY [8][10] - **China Longyuan Power Group (0916.HK)**: - Forecasted net profit of **Rmb937 million** in 3Q25, down from **Rmb1,542 million** in 2Q25 - Net profit for 9M25 expected to be **Rmb4.5 billion**, down 22% YoY [8][10] - **Huaneng Power International Inc. (0902.HK)**: - Estimated net profit of **Rmb4.1 billion**, up approximately 38% YoY but down 5% QoQ - Unit fuel cost expected to decline by **Rmb0.036/kWh** (12% YoY) [8][10] - **Jiangsu Zhongtian Technology Co. Ltd. (600522.SS)**: - Forecasted net profit of **Rmb1.03 billion** for 3Q25, up 21.1% YoY and 9.6% QoQ [8][10] - **Goldwind (2208.HK)**: - Expected net profit of **Rmb953 million**, representing a 135.1% YoY increase [10][10] - **Tongwei Co. Ltd. (600438.SS)**: - Forecasted net loss of **Rmb2.2-2.4 billion** in 3Q25, with improvements in polysilicon business due to price rebounds [10][10] - **LONGi Green Energy Technology Co. Ltd. (601012.SS)**: - Expected loss of **Rmb1.0-1.3 billion** in 3Q25, with slight declines in wafer and module shipments [10][10] Additional Observations - **Polysilicon Players**: Potential earnings surprises are anticipated due to increases in shipments and average selling prices (ASP) in 3Q25 [6][8] - **Demand Outlook**: Weaker demand is expected in 4Q25 compared to 3Q25, particularly for solar products [6][8] This summary encapsulates the key points from the earnings preview for the China Utilities sector, highlighting both the overall industry outlook and specific company forecasts.

Core Insights - The overhead transmission line industry in China has developed a vast AC and DC transmission network with voltage levels exceeding 1000kV over nearly 40 years of rapid construction, playing a crucial role in efficiently delivering electricity from generation to consumption points, thus ensuring social stability and normal operations [1][15] - The market size of the overhead line industry in China is projected to grow from 52.167 billion yuan in 2021 to 64.2 billion yuan in 2024, with a compound annual growth rate (CAGR) of 7.16%. By 2025, the market size is expected to reach 68.38 billion yuan, driven by the acceleration of new power system construction and the deepening of cross-regional transmission strategies [1][15][16] Industry Overview - The overhead line industry is essential for power transmission, with overhead conductors made from conductive metals like aluminum and copper, designed to prevent current leakage and environmental damage [6][14] - The industry has evolved from producing simple bare conductors to high-performance products that meet the demands of modern high-voltage transmission systems, particularly in response to national strategies like "West-to-East Power Transmission" [9][14] Market Dynamics - The demand for overhead conductors is being driven by increasing electricity consumption, which rose from 63,077 billion kWh in 2017 to 98,521 billion kWh in 2024, reflecting a CAGR of 6.58% [14][15] - The ongoing transformation of the energy structure and upgrades to the power grid, including the construction of ultra-high voltage backbone networks and the integration of renewable energy, are directly boosting the market demand for high-conductivity, high-strength, and corrosion-resistant overhead conductors [1][15] Industry Chain - The overhead line industry chain consists of upstream raw materials (aluminum, copper, alloys, insulation materials), midstream manufacturing, and downstream applications in urban, industrial, and rural electricity supply [11][12] Key Players - Major companies in the overhead line industry include Huadong Cable Group, Xinya Cable, Jinbei Electric, Hengtong Optic-Electric, and others, which are competing based on technology, product quality, and service capabilities [2][16] Development Trends - The industry is moving towards smart grid integration, with a focus on real-time monitoring and predictive maintenance to enhance operational reliability and reduce outages [18] - Environmental sustainability is becoming a priority, with efforts to develop low-energy, recyclable materials and optimize manufacturing processes to minimize carbon footprints [19] - High performance is a critical requirement, with future products expected to enhance conductivity and mechanical strength while ensuring durability against extreme weather conditions [20]

Core Insights - Jiangsu Zhongtian Technology Co., Ltd. won the "World Class Winner" and "AIBP" awards at the 30th Asia-Pacific Quality Organization International Conference, becoming the only company in the Asia-Pacific region to receive both honors in the precision manufacturing and optical communication sectors [1][2] - The awards are a recognition of the company's commitment to quality and excellence, reflecting the high-quality development of Chinese manufacturing [1] - The Asia-Pacific Quality Award is a prestigious recognition aimed at outstanding organizations in quality management, operational excellence, and continuous innovation, establishing industry benchmarks [1] Company Performance and Strategy - Zhongtian Technology has developed a "Six Precision" management model focusing on precision manufacturing, which includes stricter enterprise standards, refined processes, precise data, accurate measurements, skilled craftsmanship, and lean management [1] - This model covers the entire product lifecycle and management processes, promoting the company's development towards high-end, intelligent, and green manufacturing through quantitative management and data-driven approaches [1] Industry Impact - In the green energy sector, Zhongtian Technology's independently developed high-strength submarine cables and high-voltage submarine cable systems support national offshore wind power projects, contributing to the "Marine Power Nation" strategy [2] - In the communication network sector, the company enhances the long-term stability of fiber optic networks in complex environments through extreme product consistency management and process optimization, ensuring the safety and smooth operation of global digital infrastructure [2] - The company aims to use the recent awards as a new starting point to deepen the "Six Precision" model and share best practices in quality management with global partners, contributing to the improvement of manufacturing quality levels in the Asia-Pacific and globally [2]

Investment Rating - Industry Investment Rating: Overweight [1] Core Views - The price of large storage battery cells continues to rise, indicating strong demand in the energy storage sector. The domestic independent energy storage market is expected to grow due to supportive policies [5][30]. - The domestic offshore wind power sector remains in a high-growth phase, with significant projects such as the 500MW offshore wind project in Hainan officially starting construction [4][21]. - The photovoltaic industry shows stable pricing across the supply chain, with strong overseas demand supporting battery prices [3][14]. Summary by Sections Photovoltaics - The price of silicon wafers and battery cells continues to rise, while module prices remain stable. Strong overseas market demand is a key driver for the price trends [3][14]. - The Qinghai 136 document has initiated bidding for renewable energy projects, with a total mechanism electricity scale of 22.41 billion kWh [14][15]. - GCL-Poly's third-quarter profit reached 960 million yuan, showcasing resilience in a competitive environment [16]. Wind Power - The domestic offshore wind power sector is experiencing high growth, with significant projects like the 500MW offshore wind project in Yangjiang receiving preliminary approval [4][20]. - The Zhejiang offshore wind project has awarded contracts for ±500kV DC submarine and land cables, indicating ongoing investment in infrastructure [20]. Energy Storage - The average price of large storage battery cells has risen to 0.308 yuan/Wh, reflecting strong demand and supply dynamics [25][30]. - In September, the domestic energy storage market saw a significant increase in new installations, with a total of 3.08GW/9.17GWh added, marking a year-on-year growth of 205% in power and 171% in capacity [26]. - The PJM region in the U.S. faces urgent energy storage needs, requiring the deployment of 16-23GW of storage systems over the next 7 to 15 years to meet increasing load demands [27][29]. Hydrogen Energy - The green methanol project is set to receive national subsidies, with companies like Fuan Energy investing in significant production capacity [31][39]. - The hydrogen energy sector is experiencing favorable development trends, with national support for new technologies and financing becoming more accessible [39]. Electric Grid Equipment - NVIDIA's release of the 800V DC white paper highlights the need for high-voltage direct current solutions in data centers, driven by increased power density and load variability [40]. - Investment opportunities in the electric grid sector include companies involved in high-voltage direct current technology and related equipment [41]. Electric Vehicles - The government has launched a three-year plan to double charging facilities, aiming for 28 million nationwide by the end of 2027 [42][45]. - The heavy-duty truck market has seen a nearly 80% year-on-year increase in sales, indicating strong demand and market recovery [45]. Humanoid Robots - A strategic partnership between Zhaofeng and German company Neura has been established, focusing on humanoid robot technology and significant order potential [47][49]. - The humanoid robot sector is entering a phase of small-batch production, with investment opportunities in companies with new technologies and strong order visibility [50].

Core Viewpoint - Zhongtian Technology (600522.SH) has secured significant contracts, with a recent announcement indicating a total of approximately 1.788 billion yuan in marine project contracts, which represents 3.72% of the company's audited revenue for 2024 [1][2]. Group 1: Recent Contracts and Financial Impact - The company has announced a total of 7.127 billion yuan in major contracts since 2025, which is expected to positively influence its future operating performance [1][3]. - Recent contracts include projects in the marine energy sector, such as a ±500kV DC submarine cable project and various offshore wind farm projects, contributing to the total of 1.788 billion yuan [2][3]. Group 2: Business Transformation and Performance - Since divesting from low-margin trading operations in 2022, Zhongtian Technology has focused on energy interconnection and information communication, leading to a significant improvement in its operational performance [1][5]. - The company reported cumulative net profits exceeding 10 billion yuan over the past three and a half years, with net profits of 32.14 billion yuan, 31.17 billion yuan, and 28.38 billion yuan for the years 2022 to 2024, respectively [6][7]. Group 3: Research and Development Investment - Zhongtian Technology has invested heavily in R&D, with total R&D expenses amounting to 6.448 billion yuan over the past three and a half years, reflecting its commitment to enhancing its competitive edge [7]. - The company has established a comprehensive capability in the marine energy and information transmission sectors, creating a differentiated competitive advantage through its "technology depth + full-chain service" model [7].

Investment Rating - Maintain "Buy" rating for the industry [6] Core Insights - The power equipment industry is transitioning from "ultra-low price competition" to "structural correction," with significant price increases expected due to changes in export tax policies and supply-side reforms [16][17] - The report highlights three key areas of focus: supply-side reform leading to price increases, long-term growth opportunities from new technologies, and industrialization opportunities from perovskite solar cells [17] Summary by Sections 1. New Energy Generation 1.1 Photovoltaics - The photovoltaic industry is experiencing a critical shift, with expected global component price increases of approximately 9% starting Q4 2025 due to the cancellation of VAT rebates on solar cell exports [16][17] - Domestic component prices have entered an upward trend since July 2025, with N-type component average prices rising by about 3.6% from July to September 2025 [16][17] 1.2 Wind Power & Grid - A new VAT policy for offshore wind power will be implemented from November 2025, allowing a 50% VAT rebate on self-produced electricity, which is expected to accelerate offshore wind development [18][19] - The first project under Jiangsu's 14th Five-Year Plan for offshore wind has been approved, indicating a boost in offshore wind capacity [18][19] 1.3 Hydrogen & Energy Storage - Sinopec's first green hydrogen ammonia synthesis project has been initiated, with a planned hydrogen production capacity of 20,000 tons/year and ammonia production of at least 100,000 tons/year [23] - Energy storage project bidding prices for October 2025 range from 0.4118 to 0.6 CNY/Wh, indicating a competitive market [24][30] 2. New Energy Vehicles - The National Development and Reform Commission has issued a plan to double the charging infrastructure by 2027, aiming to build 28 million charging facilities to support over 80 million new energy vehicles [35][36] - The plan includes enhancing urban rapid charging networks and expanding charging facilities in rural areas [35][36]

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Views - The lithium hexafluorophosphate market is experiencing unexpected prosperity, and the supply-side reform in the photovoltaic sector is continuously advancing [1] - The report highlights significant improvements in the supply-demand dynamics of the lithium hexafluorophosphate market, with prices rising sharply due to the end of the oversupply situation [8] - The photovoltaic industry is seeing a notable recovery, with the average external price of granular silicon increasing by 27.9% quarter-on-quarter, indicating a positive trend in the sector [5] Summary by Relevant Sections Photovoltaics - The photovoltaic sector is in a "de-involution" phase, with significant effects from supply-side reforms. The average external price of granular silicon reached 42.12 RMB/kg, up 27.9% from Q2, while cash costs decreased by 4.5% [5] - The price of silicon materials has stabilized around 50 RMB/kg, and there are expectations for new policies to further support the industry [5] - Companies to watch include GCL-Poly Energy, Tongwei Co., and high-efficiency battery technology firms such as BAK Power, Aiko Solar, and LONGi Green Energy [5] Wind Power - The offshore wind sector is entering a bidding peak, with significant projects being approved and orders being won by companies like Orient Cable and Zhongtian Technology [6] - The onshore wind market remains robust, with a high level of bidding activity and increasing average prices for wind turbines [7] Energy Storage - Hebei Province has released a list of independent energy storage pilot projects totaling 13.82 GW/47.03 GWh, indicating a push for diverse energy storage technologies [7] - The SNEC ES+2025 International Energy Storage Exhibition showcased advancements in large-scale energy storage systems [7] Lithium Battery - Companies in the lithium battery supply chain are advancing solid-state battery technologies, with significant deliveries of semi-solid batteries reported [7] - The price of lithium hexafluorophosphate has surged over 20% in less than a month, reflecting a substantial improvement in the supply-demand balance [8] Power Equipment - The State Grid's fixed asset investment increased by 8.1% year-on-year, with expectations for continued growth in power infrastructure [9] - The first cross-grid electricity spot trading between Southern and State Grid marks a significant step towards a unified electricity market in China [10]

Group 1: Industry Overview - The marine economy in China is rapidly developing due to the national marine power strategy and increasing global demand for marine resource development [1] - Companies in the marine industry are securing significant domestic and international project orders, showcasing strong market competitiveness and growth potential [1] Group 2: Company Highlights - Zhongtian Technology Co., Ltd. announced that its subsidiaries have received project bids totaling approximately 1.788 billion yuan, including various marine series projects [1] - Zhongtian Technology has won multiple significant projects in marine energy and deep-sea technology, including a ±500kV DC submarine cable project and deep-sea drilling equipment for Hunan University [1] - The company has established a comprehensive core capability in the marine energy and information transmission sectors, focusing on deep-sea oil and gas, mining, and disaster prevention applications [2] Group 3: Competitor Insights - Ningbo Dongfang Cable Co., Ltd. reported winning bids totaling approximately 2.374 billion yuan, which accounts for 26.11% of its audited revenue for 2024 [2] - Jiangsu Hengtong Optic-Electric Co., Ltd. has secured significant orders in the marine energy sector, with a total order amount of approximately 20 billion yuan for submarine cables and related projects [2][3] - The marine infrastructure investment is expanding, driven by globalization and the internet, creating new growth opportunities for industry players [3]

证券代码：600522 证券简称：中天科技 公告编号：临 2025-066 江苏中天科技股份有限公司关于部分募投项目结项 并将节余募集资金用于新增募投项目的公告 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个别及连带责任。 重要内容提示： ● 本次拟结项募投项目：大尺寸光纤预制棒智能化改造项目。 ● 剩余募集资金安排：节余募集资 29,022.18 万元（包含理财收益及银行 存款利息，实际金额以资金转出当日专户余额为准）用于新增募投项目"中天光 电绿色智慧线缆项目（一期建设项目）"。 ● 新项目预计正常投产并产生收益的时间：预计 2027 年 8 月 31 日达到预 定可使用状态，随着逐步投产并产生收益。 一、募集资金及募投项目基本情况 （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，江苏中天科技股份有 限公司（以下简称"中天科技股份"或者"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 ...

高盛（中国）证券有限责任公司 关于江苏中天科技股份有限公司 部分募投项目结项并将节余募集资金用于新增募投项目之核查意见 高盛（中国）证券有限责任公司（以下简称"保荐机构"或"高盛中国"） 作为江苏中天科技股份有限公司（以下简称"中天科技股份"或"公司"）2019 年公开发行 A 股可转换公司债券（以下简称"本次发行"）的保荐机构，根据《证 券发行上市保荐业务管理办法》《上市公司募集资金监管规则》以及《上海证券 交易所上市公司自律监管指引第 1 号——规范运作》（以下简称"《上交所上市公 司自律指引第 1 号》"）等有关规定，对中天科技股份使用本次公开发行 A 股可 转换公司债券部分募集资金投资项目结项并将节余募集资金用于新增募投项目 事项进行了审慎核查，具体核查情况及结论如下： 一、募集资金及募投项目基本情况 （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，江苏中天科技股份有 限公司（以下简称"中天科技股份"或者"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 ...