\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 522 Jiangsu Zhongtian Technology Co.Ltd(600522) )
Event: according to the official account information of Dongying new media center, on 2022, 04, 16, Jiangsu Zhongtian Technology Co.Ltd(600522) marine industry group and Dongying economic and Technological Development Zone Management Committee signed a submarine cable production base project, the project plans to invest 1 billion 500 million yuan, and it is expected to form an annual output of mid high voltage AC / DC sea bottom optical cable 1000km and EHV AC / DC submarine optical cable 500km capacity.
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The exclusive contract of Shandong Dongying submarine cable project helps the long-term growth of Haifeng business
On April 16, Dongying City held a centralized signing ceremony for renewable energy cooperation. A total of 22 projects were successfully signed, with a total signing amount of more than 35 billion yuan, covering offshore wind power development, wind power equipment manufacturing, supporting comprehensive logistics, new energy storage and other fields. Jiangsu Zhongtian Technology Co.Ltd(600522) Haiyang industry group is the only signatory of submarine cable production base project in this signing project.
During the 14th Five Year Plan period, Shandong plans three offshore wind power bases in Bozhong, the south of the peninsula and the north of the peninsula, with a total installed capacity of 35 million KW, and the Bozhong base in Dongying has a total installed capacity of 8.5 million KW. The coastal area of Dongying City is 100 meters high, with an annual average wind speed of 7.6 meters per second. The sea wind development conditions are good. Relying on the land reserve advantages of Guangli port and hinterland, the planning and construction of offshore wind power equipment industrial park has been quickly started. Six general berths have been built to meet the transportation needs of offshore wind power equipment, and two special 10000 ton offshore wind power docks can be built and put into operation at the end of the year.
According to Zhao Lei, chairman of Guangli Lingang Industrial Park Co., Ltd., the annual output value of Dongying offshore wind power equipment industrial cluster is expected to exceed 10 billion yuan, and will achieve an annual output value of more than 50 billion yuan after completion; Dongying offshore wind power equipment manufacturing industrial park covers a total area of 8800 mu, with a total planned investment of 25.9 billion yuan, of which the main engine and large parts production base covers an area of 800 mu. It mainly arranges the main engine, tower, pile foundation, submarine cable and other large parts manufacturing projects that have a hard demand for port transportation.
Jiangsu Zhongtian Technology Co.Ltd(600522) marine industry group, as the exclusive signatory of the submarine cable production base project in the contracted project, actively cooperates with Dongying government and relies on Guangli port offshore wind power industry cluster, laying a solid foundation for the subsequent expansion of Shandong Haifeng business and is expected to help the long-term growth of Haifeng business.
Actively lay out submarine cable + marine manufacturing base, and continue to expand production capacity
After this layout in Dongying, Shandong Province, as the leader of China’s submarine cable, Zhongtian has formed four submarine cable manufacturing bases in Nantong, Jiangsu Yancheng, Guangdong Shanwei and Dongying, Shandong Province, and continued to consolidate the offshore wind power market in Guangdong, Jiangsu and Shandong provinces. At the same time, the company has deeply arranged marine bases in Nantong, Jiangsu Yancheng and Yangjiang, Guangdong, so that the company’s capacity scale in submarine cable + marine engineering continues to expand, Lay a solid foundation for long-term growth.
The deep card position sea breeze track benefits from the sea breeze and has great development potential
According to the incomplete statistics of Polaris wind power generation network, the total installed capacity of offshore wind power in China will exceed 100gw during the 14th Five Year Plan period. Offshore wind power planning and supporting policies have been issued in various coastal areas across the country. Guangdong, Shandong, Zhejiang, Jiangsu, Guangxi and other places have given corresponding offshore wind development plans. At the same time, with the gradual reduction of offshore wind turbine prices and construction costs, China’s offshore wind power is expected to usher in explosive development during the 14th Five Year Plan period. As the core link of the sea breeze industry chain, submarine cable has the characteristics of high competition barriers and relatively stable competition pattern. Jiangsu Zhongtian Technology Co.Ltd(600522) marine business includes three parts: submarine cable, marine observation and marine engineering. Now it has the total integration ability of marine system engineering integrating submarine cable observation, exploration submarine cable laying and wind turbine construction. As a leader of submarine cable, the company is expected to benefit from the core.
Profit forecast and investment rating
The company’s strategic layout includes four major businesses: Ocean, new energy, power cable and optical communication, covering two core tracks of new infrastructure and new energy. As the leader of sea breeze, the core will benefit from the long-term growth of offshore wind power industry. At the same time, the gradual development of new energy business is expected to open a new growth curve of the company. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 125 million yuan, 3.758 billion yuan and 4.318 billion yuan respectively. The current closing price corresponding to PE is 424.55 times, 14.13 times and 12.30 times respectively, maintaining the “buy” rating.
Risk factors
The risk that the development of marine business is not as expected; Price fluctuation risk of raw materials; Covid-19 epidemic spread repeatedly
