Jiangsu Zhongtian Technology Co. Ltd.: Risk Reward Update

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Jiangsu Zhongtian Technology Co. Ltd.: Risk Reward Update

UpdateM

Risk Reward – Jiangsu Zhongtian Technology Co. Ltd. (600522.SS)

KEY EARNINGS INPUTS

Drivers 2025 2026e 2027e 2028e

Revenue growth of Marine system

74.2 31.5 30.0 27.2

(%)

Revenue growth of Optical I&C (%) (8.9) 70.0 30.0 30.0

Revenue growth of Power

12.5 15.0 15.0 15.0

transmission (%)

INVESTMENT DRIVERS RISKS TO PT/RATING MS ESTIMATES VS. CONSENSUS

Growth of submarine cable demand as a result RISKS TO UPSIDE FY Dec 2026e

of expansion in offshore wind power capacity in Revenue acceleration in optical I&C segment,

China and global market amid ASP boost for optical fiber Sales / 63,585.8

Development of energy storage system business Higher offshore wind submarine cable Revenue 60,089.0 66,435.9

and more solar EPC resources secured penetration in overseas markets (especially (Rmb, mn) 63,341.5

Optical fiber demand and price recovery Europe)

Better-than-expected operating cost

GLOBAL REVENUE EXPOSURE management Net income

3,804.0 7,290

APAC, ex Japan, Mainland RISKS TO DOWNSIDE (Rmb, mn) 5,619.5 0-10% China and India Lower-than-expected optical I&C revenue

0-10% Europe ex UK growth

0-10% India Subpar order intake of submarine cable in EPS 2.1

0-10% Latin America overseas markets (Rmb) 1.1 2.2

0-10% MEA Subpar operating cost management 1.8

70-80% Mainland China

Source: Morgan Stanley Research Estimate OWNERSHIP POSITIONING 0.7

View explanation of regional hierarchies here DPS

Inst. Owners, % Active 76.5% (Rmb) Note: There are not sufficient brokers supplying

consensus data for this metric

MS ALPHA MODELS Source: Refinitiv, Morgan Stanley Research

4/5 3 Month Mean Morgan Stanley Estimates

MOST Horizon Source: Refinitiv, Morgan Stanley Research

Source: Refinitiv, FactSet, Morgan Stanley Research; 1 is