On April 24, Zhongtian Technology (stock code: 600522) announced its annual report for 2024, revealing a total revenue of 48.05 billion yuan, which represents a year-on-year increase of 6.6%. However, the company’s net profit attributable to shareholders was 2.84 billion yuan, reflecting a decline of 8.9% compared to the previous year. The net profit excluding non-recurring items was 2.55 billion yuan, a decrease of 4.8%, and the net operating cash flow fell to 4.13 billion yuan, down 9.0%. The earnings per share (EPS) on a fully diluted basis stood at 0.8315 yuan.
In the fourth quarter alone, the company reported revenue of 13.74 billion yuan, an increase of 11.6% year-on-year. The net profit attributable to shareholders for this quarter was 527 million yuan, up by 15.4%, while the net profit excluding non-recurring items was 416 million yuan, a decline of 12.1%. The EPS for the fourth quarter was 0.1545 yuan.
As of the end of the fourth quarter, the company’s total assets amounted to 58.324 billion yuan, reflecting a growth of 6.6% from the end of the previous year. The net assets attributable to shareholders increased by 5.5% to 34.994 billion yuan.
The company showcased an active transformation and innovative strategy in its operations for the year 2024, particularly in the energy and communication networks sectors. The management emphasized their commitment to advancing green energy while focusing on technological innovation and product upgrades, especially in the submarine cable and new energy sectors, leading to the implementation of multiple projects and an increase in orders.
In the energy network sector, the company has been deeply engaged in green energy initiatives, actively participating in offshore wind power and marine oil and gas development. They have achieved several breakthroughs in submarine cable technology, enhancing their global competitiveness. The management indicated that as of 2024, the company holds orders worth approximately 31.2 billion yuan, including around 13.4 billion yuan in marine-related orders, 14 billion yuan for grid construction, and 3.8 billion yuan in new energy orders. This positions the company favorably in the green energy transition market.
In the communication network sector, the company has actively adjusted its business strategies in response to the development of 5G technology and changing market demands. By strengthening collaboration with operators and implementing new products and services, they have further consolidated their market share in the communication field. Additionally, the company has intensified its efforts to expand internationally, particularly in Southeast Asia and Europe, seeking new growth opportunities.
Overall, the company’s operational strategies are centered on green energy and intelligent manufacturing, emphasizing the integration of technological innovation with market demand, thereby laying a solid foundation for future sustainable development.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/zhongtian-technology-reports-2024-net-profit-of-2-84-billion-yuan-down-8-9/
