【行业研究报告】中天科技-Initiation:Leading optoelectronic solutions provider riding on offshore wind power & optical cables

Coreviews
Coreviews
HUANGYayuan
ChiefTelecom
Analyst
S1010520040001
ZhongtianTechnologyisaleadingdomesticoptoelectronicsolutions
providerthatfocusesonthetwomajorfieldsofenergyand
communications,withindustry-leadingexpertiseinfiberopticcables,
offshorewindpowercablesandsmartgridsandanextendedpresence
innewenergyandnewmaterials.Underthecarbonpeakandcarbon
neutralitystrategy(the“dualcarbongoals”),globaloffshorewind
power,photovoltaic(PV)powerandenergystoragearebooming.The
CompanyboaststhelargestmarketshareinChina’soffshorewind
powercablemarketandaleadingshareinsmartgridproducts,whileits
PV,energystorageandotherbusinessesarealsoinrapidexpansion,
makingitwell-positionedtoachievesustainableandrapidgrowthgoing
forward.Intheopticalcommunicationsegment,theCompanyisalso
poisedtorecordimprovedearningsasthedomesticopticalfiberand
cablemarketsrampupandoverseasmarketsprosper.Weare
optimisticabouttheprospectsofitsnewenergyandoptical
communicationbusinessesandbelievethattheoffshorewindpower
cablebusinessandtheopticalcablebusinesswillformasynergy
relyingonitsleadingcompetitiveness.Weassign22x2022EPEto
deriveatargetpriceofRmb25andinitiatecoveragewitha"BUY"rating.
▍Companyprofile:Aleadingoptoelectronicsolutionsproviderwithhigh
growthinoffshorewindpowercables
Zhongtianisalong-establishedleaderintheopticalcommunicationand
powergridsegments.Itfocusesontwomajorfieldsofenergyand
communications,withmainbusinessesincludingopticalcommunicationand
network,gridconstruction,marineequipment/servicesandnewenergyaswell
ascopperproductsandcommoditytrading.Benefitingfromthehighprosperity
oftheoffshorewindpowerindustry,theproportionoftheCompany’srevenue
fromthemarinebusinesshasseenarapidincreaseinrecentyears.In2021,
itsrevenuereachedRmb46.163bn(+9.70%YoY),ofwhichrevenuefrom
marineequipment/serviceswasRmb9.419bn(+101.8%YoY).
▍Marineequipment/services:Asubmarinepowercableleaderbenefiting