ZTT(600522) 招商证券·2025-04-25 05:33Investment 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]