事件:8月28日,中天(tian)科技發布(bu)2017年半年報,營(ying)收為123.01億元,同比增長33.66%,歸屬上市公司股東凈利潤9.51億元,同比增長30.63%。

　　光(guang)(guang)(guang)通信(xin)業(ye)(ye)(ye)(ye)務(wu)發展穩(wen)健,電力(li)(li)業(ye)(ye)(ye)(ye)務(wu)穩(wen)定增(zeng)長(chang):報(bao)告(gao)期內,公(gong)司(si)對光(guang)(guang)(guang)纖(xian)(xian)、光(guang)(guang)(guang)棒產(chan)(chan)(chan)品的產(chan)(chan)(chan)能進(jin)行(xing)了擴充,基本實(shi)現了光(guang)(guang)(guang)棒-光(guang)(guang)(guang)纖(xian)(xian)-光(guang)(guang)(guang)纜上下游產(chan)(chan)(chan)能的100%匹配(pei),減少自身在光(guang)(guang)(guang)纖(xian)(xian)光(guang)(guang)(guang)纜生(sheng)產(chan)(chan)(chan)成本方面的壓(ya)力(li)(li),推動公(gong)司(si)光(guang)(guang)(guang)通信(xin)業(ye)(ye)(ye)(ye)務(wu)平穩(wen)運行(xing)。未來,隨著光(guang)(guang)(guang)棒“反傾銷”政策的持(chi)續推進(jin)和光(guang)(guang)(guang)纖(xian)(xian)市場需求(qiu)的不(bu)斷增(zeng)長(chang),光(guang)(guang)(guang)通信(xin)業(ye)(ye)(ye)(ye)務(wu)的業(ye)(ye)(ye)(ye)績有望得到進(jin)一(yi)步提升。此外,公(gong)司(si)著力(li)(li)優(you)化電力(li)(li)產(chan)(chan)(chan)品結構,重(zhong)點向特(te)高(gao)壓(ya)產(chan)(chan)(chan)品傾斜,伴(ban)隨國(guo)內特(te)高(gao)壓(ya)項(xiang)目的快速(su)推進(jin)及“一(yi)帶一(yi)路”相關項(xiang)目的開展,公(gong)司(si)高(gao)壓(ya)電纜、特(te)種導(dao)線(xian)產(chan)(chan)(chan)品銷售量(liang)快速(su)增(zeng)加,營收實(shi)現穩(wen)定增(zeng)長(chang)。

　　海(hai)(hai)(hai)洋(yang)系(xi)(xi)列(lie)(lie)產(chan)(chan)(chan)品(pin)漸趨豐富(fu),新(xin)能(neng)(neng)源業(ye)(ye)務(wu)發(fa)展迅速:公司是國(guo)內海(hai)(hai)(hai)纜龍頭企業(ye)(ye),擁有海(hai)(hai)(hai)底光(guang)(guang)纜、海(hai)(hai)(hai)底電(dian)(dian)(dian)纜、接(jie)駁盒、水下連(lian)接(jie)器件(jian)等(deng)眾多(duo)海(hai)(hai)(hai)洋(yang)系(xi)(xi)列(lie)(lie)產(chan)(chan)(chan)品(pin),報(bao)(bao)告期內,公司引進技術(shu)團隊,開發(fa)直流(liu)輸電(dian)(dian)(dian)技術(shu),海(hai)(hai)(hai)洋(yang)系(xi)(xi)列(lie)(lie)產(chan)(chan)(chan)品(pin)逐漸豐富(fu)。新(xin)能(neng)(neng)源業(ye)(ye)務(wu)方面(mian),報(bao)(bao)告期內,公司一(yi)方面(mian)新(xin)建了50多(duo)兆瓦分布式光(guang)(guang)伏電(dian)(dian)(dian)站(zhan),擴充光(guang)(guang)伏產(chan)(chan)(chan)能(neng)(neng)以提升產(chan)(chan)(chan)品(pin)的(de)市占率,另(ling)一(yi)方面(mian)持續進行鋰電(dian)(dian)(dian)池(chi)技術(shu)和產(chan)(chan)(chan)品(pin)的(de)研究(jiu),公司設計生(sheng)產(chan)(chan)(chan)的(de)儲能(neng)(neng)系(xi)(xi)統成為國(guo)家(jia)電(dian)(dian)(dian)網在電(dian)(dian)(dian)力儲能(neng)(neng)領域的(de)示范工程。

　　擬募(mu)投項目建設(she)(she)正(zheng)酣,相關產品產能(neng)有望進一步提(ti)升:據公(gong)(gong)司公(gong)(gong)告披露,公(gong)(gong)司于(yu)2017年 1月非公(gong)(gong)開發(fa)行(xing)募(mu)集資金總額人民幣43.8億元,用于(yu)海底觀測網用連接設(she)(she)備研發(fa)及(ji)(ji)產業化、特種光(guang)纖(xian)系(xi)列產品的研究及(ji)(ji)產業化、新能(neng)源汽(qi)車用領航動力(li)(li)高性能(neng)鋰電池研發(fa)及(ji)(ji)產業化等項目的建設(she)(she)。預計建設(she)(she)完成(cheng)后,相關產品產能(neng)將得到釋放,公(gong)(gong)司市(shi)場競爭(zheng)力(li)(li)和(he)盈(ying)利(li)能(neng)力(li)(li)也(ye)將得到進一步提(ti)升。

　　投(tou)資(zi)建議(yi):我(wo)們(men)(men)(men)預(yu)計(ji)公(gong)司(si)2017-2019年的(de)(de)營業(ye)收入(ru)分別(bie)為265.17億(yi)元(yuan)(yuan)(yuan)(+25.66%)、318.56億(yi)元(yuan)(yuan)(yuan)(+20.13%)、368.03億(yi)元(yuan)(yuan)(yuan)(+15.52%),歸屬上市公(gong)司(si)股東的(de)(de)凈利潤(run)分別(bie)為22.58億(yi)元(yuan)(yuan)(yuan)(+42.19%)、28.93億(yi)元(yuan)(yuan)(yuan)(+28.08%)、31.41億(yi)元(yuan)(yuan)(yuan)(+8.53%),對(dui)應EPS 分為0.74元(yuan)(yuan)(yuan)、0.94元(yuan)(yuan)(yuan)、1.02元(yuan)(yuan)(yuan),對(dui)應PE 分為15倍(bei)(bei)、12倍(bei)(bei)、11倍(bei)(bei)。我(wo)們(men)(men)(men)看好公(gong)司(si)各項纖(xian)纜業(ye)務的(de)(de)穩健發展,參考(kao)同行業(ye)2018年平均動(dong)態PE 16倍(bei)(bei),我(wo)們(men)(men)(men)給(gei)(gei)予(yu)(yu)公(gong)司(si)合理估值16倍(bei)(bei),首次評級,給(gei)(gei)予(yu)(yu)“買入(ru)-A”評級,6個月目標價15.04元(yuan)(yuan)(yuan)。

　　風(feng)險(xian)提示(shi):光通信行業發展(zhan)不及預期、市場競爭加劇。