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 | --- | --- | --- | --- | --- | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company's revenue for Q1-Q3 2024 reached 6.7 billion yuan, a year-on-year increase of 25.2%, with a net profit attributable to shareholders of 930 million yuan, up 13.4% year-on-year. The gross margin was 22.2%, down 4.1 percentage points year-on-year [2] - The company has stable revenue and gross margin in its submarine cable and marine engineering business, with Q3 revenue from submarine cable systems at 1.232 billion yuan and a stable gross margin [2] - As of October 18, 2024, the company had an order backlog of 9.236 billion yuan, with stable orders in submarine cables and a slight increase in land cables [2] - The company recognized asset impairment losses of 13.64 million yuan in Q3, primarily due to credit impairment losses on accounts receivable, which increased significantly [2] - The company expects to see cash flow improve as it anticipates receiving payments throughout the year [2] Financial Forecasts and Valuation - The profit forecast for 2024 has been adjusted downwards due to significant credit impairment in Q3, while the profit forecasts for 2025 and 2026 have been raised due to positive developments in key projects [3] - The expected net profit attributable to shareholders for 2024-2026 is 1.22 billion, 2.02 billion, and 2.42 billion yuan respectively, with corresponding growth rates of 22%, 65%, and 20% [3] - The price-to-earnings ratio (P/E) for 2024-2026 is projected to be 33x, 20x, and 17x respectively [3]

Investment Rating - The report maintains an "Accumulate" rating for the company [3]. Core Views - The company has shown significant growth in revenue and net profit for the first three quarters of 2024, with a revenue of 6.699 billion yuan, up 25.22% year-on-year, and a net profit of 932 million yuan, up 13.41% year-on-year [1]. - The company is expected to benefit from the acceleration of offshore wind power construction in China, particularly in the cable sector, with a notable increase in orders for submarine cables [2]. - The company has a strong order backlog, with approximately 9.236 billion yuan in hand orders as of October 18, 2024, indicating robust future revenue potential [1]. Financial Performance - For Q3 2024, the company achieved a revenue of 2.631 billion yuan, representing a year-on-year increase of 58.34% [1]. - The gross margin for Q3 2024 was approximately 21.74%, an increase of 0.85 percentage points year-on-year, while the net margin was about 10.95%, a decrease of 1.41 percentage points year-on-year [1]. - The company’s net profit for Q3 2024 was 288 million yuan, up 40.28% year-on-year, despite a quarter-on-quarter decline of 24.36% [1]. Segment Analysis - The revenue from land cable systems for the first nine months of 2024 was 3.688 billion yuan, accounting for 55.14% of total revenue, while submarine cable systems and marine engineering generated 3.001 billion yuan, making up 44.86% [1]. - In Q3 2024, land cable systems generated 1.394 billion yuan in revenue, up 53.12% year-on-year, while submarine cable systems and marine engineering achieved 1.232 billion yuan, up 64.50% year-on-year [1]. Order Backlog and Future Prospects - The company has seen a significant increase in submarine cable orders, with a notable project for a 500kV submarine cable valued at 933 million yuan expected to be delivered by April 1, 2025 [2]. - The company’s contract liabilities as of the end of Q3 2024 were 859 million yuan, reflecting a 194% increase quarter-on-quarter and a 162% increase year-on-year [1].

Investment Rating - The investment rating for the company is "Buy" [2][4]. 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 25.22%. The net profit attributable to shareholders was 932 million yuan, up 13.41% year-on-year, while the net profit excluding non-recurring items slightly decreased by 0.96% to 793 million yuan [2][6]. - The company is positioned as a leading player in the domestic submarine cable market, with strong product technology and profitability. It is expected to benefit significantly from the acceleration of offshore wind construction in Guangdong [2][7]. 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 attributable to shareholders for the same period was 288 million yuan, up 40.28% year-on-year [7]. - The company’s revenue from submarine cables and offshore engineering in Q3 was 1.232 billion yuan, reflecting a year-on-year growth of 64%, while land cable revenue was 1.394 billion yuan, up 53% year-on-year [7]. Order Backlog and Future Projections - As of October 18, 2024, the company had an order backlog of 9.236 billion yuan, including 2.949 billion yuan for submarine cable systems and 1.397 billion yuan for offshore engineering. The company recently won a 909 million yuan order for a 500kV AC submarine cable project in Guangdong [7]. - Revenue projections for 2024-2026 are estimated at 8.971 billion yuan, 11.389 billion yuan, and 13.830 billion yuan, with growth rates of 22.7%, 27.0%, and 21.4% respectively. Net profit attributable to shareholders is projected to be 1.316 billion yuan, 1.908 billion yuan, and 2.480 billion yuan for the same period, with growth rates of 31.6%, 45.0%, and 30.0% respectively [7][8].

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 ...

Investment Rating - The report maintains a "Buy" rating for Dongfang Cable (603606.SH) [1][6] Core Views - The company has shown significant revenue growth in the first three quarters of 2024, achieving a revenue of 6.699 billion yuan, a year-on-year increase of 25.22% [4] - The net profit attributable to the parent company for the same period was 932 million yuan, up 13.41% year-on-year [4] - The company’s order backlog has slightly increased, reaching approximately 9.236 billion yuan as of October 18, 2024, with notable growth in land cable orders [4] Financial Performance Summary - **Revenue Forecasts**: - 2022A: 7.009 billion yuan - 2023A: 7.310 billion yuan - 2024E: 8.500 billion yuan - 2025E: 11.500 billion yuan - 2026E: 13.500 billion yuan [7] - **Net Profit Forecasts**: - 2022A: 842 million yuan - 2023A: 1.000 billion yuan - 2024E: 1.194 billion yuan - 2025E: 1.958 billion yuan - 2026E: 2.299 billion yuan [7] - **Earnings Per Share (EPS)**: - 2022A: 1.22 yuan - 2023A: 1.45 yuan - 2024E: 1.74 yuan - 2025E: 2.85 yuan - 2026E: 3.34 yuan [7] - **Profitability Ratios**: - Gross Margin: 22.16% in Q3 2024, down 4.06 percentage points year-on-year - Net Margin: 13.91% in Q3 2024, down 1.45 percentage points year-on-year [4] Product Performance Summary - **Land Cable Revenue**: - 2024 YTD: 3.688 billion yuan, up 35% year-on-year - Q3 2024: 1.394 billion yuan, up 53% year-on-year [4] - **Submarine Cable and Marine Engineering Revenue**: - 2024 YTD: 3.001 billion yuan, up 14.6% year-on-year - Q3 2024: 1.230 billion yuan, up 64% year-on-year, driven by accelerated offshore wind projects [4] Valuation and Price Target - The target price range for the stock is set between 57 and 71.25 yuan, based on a projected P/E ratio of 20-25 times for 2025 [5][6]

[ T able_StockInfo] 2024 年 10 月 24 日 证券研究报告•2024 年三季报点评 买入 （维持） 当前价：55.48 元 东方电缆（603606）电力设备 目标价：——元（6 个月） Q3 海缆快速起量，在手订单充足 [Table_Summary 事件：公司 202] 4前三季度实现营业收入 67亿元，同比增长 25.2%；实现归母 净利润 9.3亿元，同比增长 13.4%；扣非归母净利润 7.9亿元，同比降低 1%。 2024 年 Q3公司实现营收 26.3亿元，同比增长 58.3%；实现归母净利润 2.9亿 元，同比增长 40.3%；扣非归母净利润 2.5 亿元，同比增长25.5%。 Q3 毛利率同比上升，现金流有所改善。盈利端：2024 前三季度公司销售毛利 率/净利率分别为 22.2%/13.9%，同比-4pp/-1.5pp；24Q3毛利率/净利率分别为 21.7%/10.9%，同比+0.8pp/-1.5pp。费用端：公司 2024前三季度销售/管理（不 含研发）/财务费用率分别为 2.1%/1.4%/-0.1%，分别同比+0.2pp/-0.2pp/-0.4pp。 此外， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][8] Core Views - The company's performance in Q3 2024 met market expectations, with significant growth in revenue and net profit. Revenue reached 2.631 billion yuan, a year-on-year increase of 58.3%, while net profit attributable to shareholders was 288 million yuan, up 40.3% year-on-year [1][2] - The order delivery scale aligns with market expectations, and the gross profit margin remains stable. In Q3 2024, the company achieved revenue of 1.394 billion yuan from land cables (up 53.2% year-on-year) and 1.232 billion yuan from submarine cables and offshore engineering (up 64.3% year-on-year) [2] - The company's accounts receivable reached 3.889 billion yuan by the end of Q3 2024, an increase of 856 million yuan quarter-on-quarter and 924 million yuan year-on-year, marking a historical high [2] - The actual orders on hand for submarine cables exceeded 4 billion yuan, showing a significant increase compared to previous disclosures. The company is expected to see a peak in order fulfillment in the coming six months [2][5] Summary by Sections Financial Performance - In Q3 2024, the company reported a comprehensive gross profit margin of 21.74%, remaining stable compared to previous periods. The operating performance, excluding credit impairment losses, was over 300 million yuan [2] - The company is projected to achieve revenues of 8.81 billion yuan, 10.21 billion yuan, and 12.01 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 1.354 billion yuan, 1.814 billion yuan, and 2.249 billion yuan [5][6] Market Position and Future Outlook - The company has successfully opened overseas markets, securing orders from Inch Cape Offshore and SSE, which provide long-term growth potential. The upcoming tendering for significant projects in Guangdong and Zhejiang is expected to further boost order intake [5][6] - The company’s stock has outperformed the CSI 300 index over various time frames, indicating strong market performance [2]

Investment Rating - The report maintains a "Buy -B" rating for the company, indicating a positive outlook for future performance [1]. Core Views - The company reported a revenue of 6.699 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 25.22%. The net profit attributable to shareholders was 932 million yuan, up 13.41% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 2.631 billion yuan, a significant increase of 58.34% year-on-year, although it showed a quarter-on-quarter decline of 4.61% [1]. - The growth in revenue is attributed to the acceleration of both marine and land cable businesses, with land cable systems generating 1.394 billion yuan in revenue, up 53.12% year-on-year, and marine cable systems and marine engineering generating 1.232 billion yuan, up 64.50% year-on-year [1]. - The company has a stable order backlog, with total orders amounting to approximately 9.236 billion yuan as of October 18, 2024, reflecting a quarter-on-quarter increase of 3.7% [1]. - The company is actively planning to expand its northern industrial layout, including a recent contract win for a marine wind project valued at 909 million yuan [1]. Financial Performance Summary - The company expects net profits for 2024, 2025, and 2026 to be 1.309 billion yuan, 1.907 billion yuan, and 2.443 billion yuan respectively, corresponding to EPS of 1.90, 2.77, and 3.55 yuan per share [3][4]. - The projected P/E ratios for the same years are 29, 20, and 16 times, indicating a favorable valuation trend [3][4]. - The company’s operating cash flow for the first three quarters of 2024 was 285 million yuan, a substantial increase of 301.35% year-on-year [1]. Market Outlook - The global offshore wind power market is experiencing high growth, and the company is well-positioned in the marine cable sector, which is expected to see significant growth in the coming years [1]. - The company is enhancing its production capacity and market share in northern markets through strategic investments, including a planned investment of 1.5 billion yuan in a high-end marine cable production base in Yantai, Shandong [1].