Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 20% relative to the market benchmark within the next six months [12]. Core Insights - The company reported a revenue of 6.699 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 25.2%, with a net profit attributable to shareholders of 930 million yuan, up 13.4% year-on-year [1]. - The company is positioned to benefit significantly from the upcoming surge in domestic offshore wind projects, with a strong order backlog of approximately 9.236 billion yuan as of October 18, 2024 [3][4]. - The company has established a wholly-owned subsidiary in Fuzhou, Fujian, to enhance its presence in the offshore wind market [3]. Financial Performance - In Q3 2024, the company achieved a revenue of 2.63 billion yuan, a year-on-year increase of 58.4%, and a net profit of 290 million yuan, up 40.5% year-on-year [1][2]. - The gross margin for Q3 2024 was reported at 21.7%, an increase of 0.9 percentage points compared to Q3 2023, primarily due to a higher proportion of high-margin offshore cable business [2]. - The company’s operating expenses ratio decreased to 6.8% in Q3 2024, down 1.3 percentage points from Q3 2023, reflecting effective cost control measures [2]. Earnings Forecast - The adjusted net profit forecasts for 2024, 2025, and 2026 are 1.25 billion yuan, 2.17 billion yuan, and 2.71 billion yuan, respectively, with corresponding price-to-earnings ratios of 31.1, 17.9, and 14.3 [4][5]. - The company is expected to experience a growth rate of 22% in revenue for 2024, followed by 39% in 2025 and 19% in 2026 [5].

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company has a robust order backlog, with a total of 9.24 billion yuan in orders as of October 18, 2024, reflecting a 3.7% increase since August 12, 2024. The order distribution includes 4.89 billion yuan for land cables, 2.95 billion yuan for submarine cables, and 1.40 billion yuan for offshore systems [1]. - The company reported a revenue of 6.699 billion yuan for the first three quarters of 2024, a year-on-year increase of 25.22%, with a net profit of 932 million yuan, up 13.41% year-on-year [1]. - The company is expected to see significant revenue growth, with projected revenues of 8.513 billion yuan and 10.583 billion yuan for 2024 and 2025, respectively [3][8]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 2.631 billion yuan, a year-on-year increase of 58.34%. The net profit for the same period was 288 million yuan, up 40.28% year-on-year [1]. - The gross margin for Q3 2024 was reported at 21.74%, a slight increase of 0.85 percentage points year-on-year [2]. - The operating cash flow for the first three quarters of 2024 improved significantly, reaching 290 million yuan, a year-on-year increase of 301.4% [2]. Business Segments - The company operates in three main segments: land cables, submarine cables, and offshore systems. For the first three quarters of 2024, revenue from land cables was 3.69 billion yuan (up 35.0% year-on-year), while submarine cables generated 3.00 billion yuan (up 14.9% year-on-year) [1]. - The company has been expanding its international presence, securing contracts for submarine cables worth 1.5 billion yuan and 1.8 billion yuan from UK companies in September 2024 [2]. Future Outlook - The company is expected to continue its growth trajectory, with projected earnings per share (EPS) of 1.90 yuan and 2.49 yuan for 2024 and 2025, respectively [3][8]. - The report highlights the company's strong R&D capabilities and competitive advantages in high-voltage submarine cables and deep-sea tether cables, indicating a favorable market position [3].

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company's revenue for the first three quarters of 2024 reached 6.699 billion yuan, a year-on-year increase of 25.22%, while the net profit attributable to shareholders was 932 million yuan, up 13.41% year-on-year [6] - The company has a strong order backlog, with orders amounting to approximately 9.236 billion yuan as of October 18, 2024, representing a year-on-year increase of 30.08% [7] - The operating cash flow for the first three quarters of 2024 improved significantly, with a net cash flow of 285 million yuan, an increase of 301.35% year-on-year [8] - The company is expected to achieve net profits of 1.25 billion yuan and 1.884 billion yuan for 2024 and 2025, respectively, with corresponding EPS of 1.82 yuan and 2.74 yuan per share [9] Summary by Sections Financial Performance - In Q3 2024, the company's revenue was 2.758 billion yuan, a year-on-year increase of 58.34%, while the net profit was 288 million yuan, up 40.28% year-on-year [6] - The gross margin for Q3 2024 was 21.74%, an increase of 0.85 percentage points year-on-year [6] Order Backlog - As of October 18, 2024, the company had an order backlog of approximately 9.236 billion yuan, with a significant increase in land cable system orders by 96.86% year-on-year [7] Cash Flow - The net operating cash flow for the first three quarters of 2024 was 285 million yuan, a significant improvement compared to the previous year [8] Profit Forecast and Valuation - The company is projected to have a net profit of 1.25 billion yuan in 2024 and 1.884 billion yuan in 2025, with a reasonable valuation range of 60.28 to 71.24 yuan based on a PE ratio of 22-26x for 2025 [9]

请务必阅读正文之后的免责声明及其项下所有内容 证券研究报告 | 2024年10月29日 东方电缆（603606.SH） 优于大市 海风招标开工放量可期，公司海缆订单有望迎来反弹 前三季度收入增长 25%，净利润增长 13%。前三季度公司实现营收 66.99 亿 元，同比+25.22%；归母净利润 9.32 亿元，同比+13.41%；扣非净利润 7.93 亿元，同比-0.96%。前三季度公司销售毛利率 22.16%，同比-4.06pct；净利 率 13.91%，同比-1.45pct。 三季度业绩同比大幅增长，计提减值合计 0.85 亿元。三季度公司实现营收 26.31 亿元，同比+58.34%，环比-4.61%；归母净利润 2.88 亿元，同比+40.28%， 环比-24.36%。三季度公司毛利率 21.74%，同比+0.85pct，环比-0.78pct， 净利率 10.95%，同比-1.41pct，环比-2.86pct。三季度公司计提资产+信用 减值损失 0.85 亿元。 公司中标帆石一首回 500kV 主缆，未来半年订单有望实现较快增长。截至 2024 年 10 月 18 日，公司在手订单中海缆系统 29. ...

公 司 研 究 2024 年 10 月 28 日 公司点评 买入/维持 东方电缆(603606) 目标价: 昨收盘:58.24 东方电缆 2024 年三季报点评：业绩实现较快增长，近期中标多 个海风项目 | --- | --- | --- | --- | |--------------------------------------------------------------------------------|------------------|-------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证 券 研 究 报 告 东方电缆（603606）2024 年三季报点评 推荐（维持） 公司研究 输变电设备 2024 年 10 月 28 日 目标价：70 元 Q3 营收净利同比增长，国内外海缆订单释放 | --- | --- | --- | --- | --- | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告·公司点评报告·电网设备 东方电缆（603606） 2024 年三季报点评：营收毛利率符合预期， 减值影响利润水平，Q4 有望进入订单收获期 2024 年 10 月 27 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|----------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 7009 | 7310 | 8389 | 11752 | 13808 | | 同比（ % ） | (11.64) | 4.30 | 14.77 | 40.08 | 17.49 | | 归母净利润（百万元） | 841.90 | 1,000.04 | 1,221.73 | 2,015.58 | 2,420.68 | | 同比（ % ） | (29.18) | 18.78 | 22.17 | 64.98 | 20. ...

证券研究报告 | 季报点评 gszqdatemark 2024 10 27 年 月 日 东方电缆（603606.SH） 海风用海问题改善，我国海风加速，龙头获益显著 事件：公司发布 2024 年三季报。公司 2024 年 1-9 月实现营收 66.99 亿 元，同比+25.22%；实现归母净利润 9.32 亿元，同比+13.41%，扣非归 母净利润 7.93 亿元、同比-0.96%。其中 24Q3 公司实现营收 26.31 亿元， 同比+58.34%、环比-4.61%，实现归母净利润 2.88 亿元，同比+40.28%， 环比-24.36%；实现扣非归母净利润 2.45 亿元，同比+25.53%、环比31.00%。从盈利能力看，2024Q3 公司毛利率约 21.74%、同比+0.85pcts， 净利率约 10.95%、同比-1.41pcts。2024Q3 公司计提信用减值损失约 0.72 亿元，若还原信用减值损失，公司归母净利润超 3 亿元，整体看公司业绩 符合预期。 分板块看，海缆收入大幅增长。2024 年 1-9 月，公司陆缆系统实现营收 36.88 亿元，占主营业务收入 55.14%，海缆系统及海洋工程 ...

证券研究报告 非金融公司|公司点评|东方电缆（603606） 利润同比高增，海风业务放量可期 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月26日 证券研究报告 |报告要点 近日，公司发布 2024 年第三季度报告，2024 前三季度实现营收 66.99 亿元，同比增长 25.22%； 实现归母净利润 9.32 亿元，同比增长 13.41%；扣非归母净利润 7.93 亿元，同比下降 0.96%。 考虑到公司是国内海缆龙头，产品技术与盈利能力领先，有望核心受益于广东海风建设起量， 维持"买入"评级。 |分析师及联系人 贺朝晖 陈子锐 SAC：S0590521100002 SAC：S0590524080006 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年10月26日 东方电缆(603606) 利润同比高增，海风业务放量可期 | --- | --- | |----------------------------|-------------------| | | | | 行 业： | 电力设备/电网设备 | | 投资评级： | 买入 ...

东方电缆（ [Table_StockNameRptType] 603606） 公司点评 24Q3 在手订单持续增长，25 年海风确收或加速 | --- | --- | |-------------------------------------|-------------| | | | | [Table_Rank] 投资评级：增持（维持） | | | 报告日期： | 2024-10-26 | | [Table_BaseData] 收盘价（元） | 58.24 | | 近 12 个月最高 / 最低（元） | 60.68/32.88 | | 总股本（百万股） | 688 | | 流通股本（百万股） | 688 | | 流通股比例（ % ） | 100.00 | | 总市值（亿元） | 401 | | 流通市值（亿元） | 401 | [公司价格与沪深 Table_Chart] 300 走势比较 -28% -9% 11% 30% 49% 10/23 1/24 4/24 7/24 东方电缆 沪深300 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 邮箱：zhangzhiban ...