\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 522 Jiangsu Zhongtian Technology Co.Ltd(600522) )
Matters:
Announcement of the company: from January to February 2022, under the background of carbon neutrality, benefiting from the rapid development of offshore wind power and new energy, the operation quality of Jiangsu Zhongtian Technology Co.Ltd(600522) (hereinafter referred to as the company) has been significantly improved. According to the preliminary accounting of the company, from January to February 2022, the company achieved a total operating revenue of about 6 billion yuan, an increase of about 17% year-on-year; The net profit attributable to the shareholders of the listed company was about 800 million yuan, with a year-on-year increase of about 300%.
Guoxin communication's view: 1) the company's operating revenue from January to February increased by 17% year-on-year, mainly benefiting from the release of offshore engineering and submarine cable orders and the recovery of optical fiber and cable purchase prices. According to the revenue and profit caliber, the company's net interest rate from January to February was 13%, an increase of 8.8pct compared with 2021q1, mainly benefiting from the continuous increase in the proportion of high gross profit products and the decline in the proportion of commercial retail business.
After the rush for installation in 2022, the overall new bidding progress and volume of offshore wind power are better than previously expected. Offshore wind power maintains a high boom. With the further development of offshore wind power installation to large-scale and deep-sea, the proportion of medium and high voltage submarine cables is expected to continue to increase, and the leading position is stable under high competition barriers Jiangsu Zhongtian Technology Co.Ltd(600522) as the leader of China's submarine cables, the layout of submarine cables and marine engineering is at the leading level and continues to benefit from the high boom of offshore wind power. We maintain the profit forecast. It is estimated that the operating revenue of Jiangsu Zhongtian Technology Co.Ltd(600522) 2022-2023 will be 45.5/44.2 billion yuan (year-on-year - 5.2% / - 2.9%), and the net profit attributable to the parent company will be 3.7 billion yuan, corresponding to 16 / 11 times of PE respectively, which is lower than the average valuation level of comparable companies, Maintain the "buy" rating.
