Overseas market undersea cable demand is strong, Jiangsu Zhongtian Technology (600522.SH) has been successful in going abroad. At the semi-annual performance briefing held today, Jiangsu Zhongtian Technology's Chairman Xue Jiping stated that global undersea cable demand has entered a new cycle of prosperity, with the company's overseas orders increasing year-on-year. The company's General Manager Lu Wei stated at the meeting that the company has developed 100Ah-230Ah semi-solid state cell products, which will mainly be used for large-scale energy storage projects.

The focus of attention for many investors is the overseas expansion of undersea cable products.

Xue Jiping stated that with the development of offshore wind power in the North Sea, Baltic Sea regions, and photovoltaic development along the Mediterranean coast, the demand for European undersea electric grid interconnection projects is rapidly growing. In the Middle East region, new power interconnection demands have emerged on top of the traditional oil & gas undersea cable demands, driving the need for undersea cables. In the ASEAN region, Singapore's proposal of a 4GW new energy power import plan has driven the new demand for multinational long-distance AC and DC high-voltage undersea cables. Thanks to the growth in undersea cable demand in different regions around the world, the value of the company's tracked undersea cable project pipeline has reached a historical peak.

Xue Jiping further stated that in the first half of 2024, Jiangsu Zhongtian Technology successively won tenders for projects including the Middle East power EPC project, Middle East and Asia medium-pressure oil & gas long-length supply project, multiple high-voltage and medium-pressure electric grid interconnection projects in various European regions, with a significant increase in new tenders compared to the same period last year.

As of August 27, 2024, the company's Energy Network sector has approximately 28.2 billion yuan in hand orders, including about 12.3 billion yuan in the marine series, approximately 13.1 billion yuan in grid construction, and around 2.8 billion yuan in new energy.

Regarding the development progress of the company's semi-solid state cell products, Lu Wei stated that the company's lithium battery R&D team has developed 100Ah-230A semi-solid state cell products based on technologies such as electrolyte modification. These products will mainly be used for large-scale energy storage projects, and discussions with customers on related business will follow.

Furthermore, Lu Wei mentioned that the company has introduced a bend-insensitive four-core optical fiber and a modular flexible liquid cooling system to meet the high-speed transmission and heat dissipation requirements of data centers. The developed bend-insensitive four-core optical fiber greatly improves the miniaturization of optical fiber cables in data center construction, addressing the challenge of balancing transmission capacity and bending performance. The modular flexible liquid cooling system released by the company adopts a modular and "1+1" redundant design, supporting customized products and flexible applications, providing a revolutionary cooling solution for high-density, high-power-consuming data centers, meeting different customers' diverse liquid cooling needs.

Regarding hydrogen energy, Lu Wei stated that in the first half of this year, the company cooperated with the Low Carbon Institute to complete all tests of the domestically produced H35 and H70 liquid hydrogen pumps, and began researching the technology of complete liquid hydrogen filling systems.