ZTT(600522) 开源证券·2025-04-25 09:37Investment 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]