ZTT(600522) 开源证券·2025-04-25 09:30Investment 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]