Group 1: Construction Bank (601939.SH) - The company reported a revenue of 750.2 billion, with a year-on-year decline of 2.5%, and a net profit attributable to shareholders of 335.6 billion, reflecting a growth of 0.9% year-on-year [3] - The annualized weighted average return on equity (ROAE) was 10.69%, down by 0.9 percentage points year-on-year [3] - Credit growth remained steady, with a focus on key public sector investments showing high demand [3] Group 2: Vanadium Titanium Co. (000629.SZ) - The company achieved a revenue of 13.209 billion, a year-on-year decrease of 8.2%, and a net profit attributable to shareholders of 285 million, down 73.0% year-on-year [4] - In Q4 2024, revenue was 2.735 billion, a decline of 15.2% year-on-year and 17.5% quarter-on-quarter, with a net profit of 102 million, down 45.9% year-on-year but up 122% quarter-on-quarter [4] Group 3: China National Offshore Oil Corporation (600938.SH) - The company reported total revenue of 420.5 billion, an increase of 0.9% year-on-year, and a net profit attributable to shareholders of 137.9 billion, up 11.4% year-on-year [4] - In Q4 2024, total revenue was 94.5 billion, down 13.9% year-on-year and 4.8% quarter-on-quarter, with a net profit of 21.3 billion, down 18.8% year-on-year and 42.4% quarter-on-quarter [4] Group 4: Beijing New Building Materials (000786.SZ) - The company achieved revenue of 25.82 billion, a year-on-year increase of 15.1%, and a net profit attributable to shareholders of 3.65 billion, up 3.5% year-on-year [5] - In Q4 2024, revenue was 5.46 billion, a slight increase of 1.5% year-on-year, but net profit decreased by 34.7% year-on-year [5] - The operating cash flow for the year was 5.13 billion, reflecting an increase of 8.5% year-on-year [5] Group 5: Dongfang Cable (603606.SH) - The company reported a revenue of 9.093 billion, a year-on-year growth of 24.38%, and a net profit attributable to shareholders of 1.008 billion, up 0.81% year-on-year [7] - In Q4 2024, revenue was 2.394 billion, a year-on-year increase of 22.10%, while net profit decreased by 57.32% year-on-year [7] Group 6: BYD Electronics (0285.HK) - The company achieved revenue of 177.306 billion, a year-on-year increase of 36.43%, and a net profit attributable to shareholders of 4.266 billion, up 5.57% year-on-year [8] - The results were below market expectations due to asset depreciation and stock incentive costs incurred in Q4 [8] Group 7: Nongfu Spring (9633.HK) - The company reported revenue of 42.896 billion, a year-on-year increase of 0.5%, and a net profit attributable to shareholders of 12.123 billion, up 0.4% year-on-year [9] - In H2 2024, revenue was 20.723 billion, reflecting a decline of 6.7% year-on-year, with net profit also down by 6.7% [9]

查看完整报告 特别申明： 点击注册小程序 2024年公司持续推进海上风电项目海缆交付，海缆系统实现营业收入27.78亿元，同比增长0.41%，毛利率 为39.57%，同比减少9.57个pct，主要系个别项目毛利率水平较低以及23年毛利率基数较高所致；海洋工程 业务实现营业收入8.89亿元，同比增长25.29%，毛利率同比减少2.60个pct至21.93%；在国内海风建设较慢 的背景下，公司重点扩大陆缆市场份额，陆缆系统实现营业收入54.16亿元，同比增长41.52%，毛利率同 比减少0.37个pct至7.59%。 持续推进产能建设，布局海风重点区域 2024年公司持续推进（东部）未来工厂设备技术改造和产能提升，完成二期项目基础设施建设；加快南部 产业基地建设，完成（南部）未来工厂基地建设关键节点；有序推进北部产业基地建设。随着公司东部、 南部、北部产能布局持续推进，将进一步巩固行业竞争优势。 国内外市场持续突破，在手订单规模快速增长 自2024年起，公司持续获得多个海缆订单，充分展现其在海缆领域较强的竞争力，订单包括：Inch Cape Offshore公司海底电缆约18亿元、中能建广东院三峡阳江青洲五、七± ...

投资建议：我们预计公司2025-2027 年营业收入分别为116.3、141.3、153.3 亿元，归母净利润分别为 16.1、22.9、24.5 亿元，现价对应PE 倍数约21x/15x/14x。考虑到行业需求预期修复、公司订单规模结构 以及盈利水平行业领先，维持"推荐"评级。 风险提示：行业需求不及预期；上游原材料价格波动；行业竞争加剧等。 24 年公司海缆系统、海洋工程和陆缆的毛利率分别为39.57%、21.93%、7.59%，同比分 别-9.57pcts/-2.60pcts/-0.37pcts。 在手订单：公司加快海陆并进，近期公告在重要市场和重点项目实现多个订单突破：1）陆缆：南网 2024 年主、配网线路材料第二批框架招标项目，中标金额约3.82 亿元。2）海缆：中广核阳江帆石二三 芯500kV 海底电缆II 标段EPC项目，中标金额约9 亿元；三峡阳江青州五、七66kV 海底电缆EPC 项 目，中标金额约8.64 亿元。截至2025 年3 月21 日，公司在手订单179.75 亿元，其中海缆系统88.27 亿元 创历史新高，陆缆系统63.53 亿元，海洋工程27.95 亿元。 积极推进海内外产业 ...

Investment Rating - The report maintains a "Recommended" rating for the company, considering the expected recovery in industry demand, the scale and structure of the company's orders, and its leading profitability in the industry [3][5]. Core Viewpoints - The company achieved a revenue of 9.093 billion yuan in 2024, representing a year-on-year growth of 24.38%. The net profit attributable to shareholders was 1.008 billion yuan, with a slight increase of 0.81% year-on-year. However, the net profit excluding non-recurring items decreased by 6.07% to 909 million yuan [1][2]. - The company has a record high order backlog of 17.975 billion yuan as of March 21, 2025, with significant contributions from both submarine cable systems and land cable systems [2][3]. - The company is actively expanding its domestic and international operations, with a notable increase in overseas revenue, which reached 733 million yuan in 2024, a year-on-year increase of 480.54% [3]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 2.394 billion yuan, a year-on-year increase of 22.1%, but a quarter-on-quarter decline of 9%. The net profit for the quarter was 76 million yuan, down 57.32% year-on-year and 73.6% quarter-on-quarter [1]. - The gross margin for 2024 was 18.83%, a decrease of 6.38 percentage points year-on-year, while the net margin was 11.09%, down 2.59 percentage points year-on-year [1][3]. Business Segments - Revenue from the submarine cable system in 2024 was 2.778 billion yuan, a slight increase of 0.41%. The marine engineering segment generated 889 million yuan, up 25.29%. The land cable revenue was approximately 5.416 billion yuan, reflecting a growth of 41.52% [2]. - The gross margins for submarine cable systems, marine engineering, and land cables were 39.57%, 21.93%, and 7.59%, respectively, with year-on-year declines of 9.57, 2.60, and 0.37 percentage points [2]. Order Backlog and Future Projections - The company has secured several significant contracts, including a 382 million yuan contract for land cables and a 900 million yuan contract for submarine cables [2]. - Future revenue projections for 2025, 2026, and 2027 are estimated at 11.632 billion yuan, 14.131 billion yuan, and 15.328 billion yuan, respectively, with net profits expected to be 1.613 billion yuan, 2.289 billion yuan, and 2.446 billion yuan [4][3].

Investment Rating - The report maintains a "Recommended" rating for the company, considering the expected recovery in industry demand, the scale and structure of the company's orders, and its leading profitability in the industry [3][5]. Core Viewpoints - The company achieved a revenue of 9.093 billion yuan in 2024, representing a year-on-year growth of 24.38%. The net profit attributable to shareholders was 1.008 billion yuan, with a slight increase of 0.81% year-on-year. However, the net profit excluding non-recurring items decreased by 6.07% to 909 million yuan [1][3]. - In Q4 2024, the company reported a revenue of 2.394 billion yuan, a year-on-year increase of 22.1%, but a quarter-on-quarter decline of 9%. The net profit attributable to shareholders in this quarter was 76 million yuan, down 57.32% year-on-year and 73.6% quarter-on-quarter [1][3]. - The company has a record high order backlog of 17.975 billion yuan as of March 21, 2025, with significant contributions from both submarine cable systems and land cable systems [2][3]. Revenue by Business Segment - In 2024, the submarine cable system generated a revenue of 2.778 billion yuan, a year-on-year increase of 0.41%. The marine engineering revenue was 889 million yuan, up 25.29%. The land cable revenue was approximately 5.416 billion yuan, showing a growth of 41.52% [2][3]. - The gross margins for submarine cable systems, marine engineering, and land cables were 39.57%, 21.93%, and 7.59%, respectively, with year-on-year declines of 9.57 percentage points, 2.60 percentage points, and 0.37 percentage points [2][3]. Order Backlog and Market Expansion - The company has accelerated its dual development in marine and land projects, recently announcing several significant order wins, including a land cable project worth approximately 382 million yuan and submarine cable projects totaling around 1.864 billion yuan [2][3]. - The company is actively expanding its domestic and international operations, with overseas revenue reaching 733 million yuan in 2024, a remarkable year-on-year growth of 480.54% [3]. Financial Forecast - The company is projected to achieve revenues of 11.632 billion yuan, 14.131 billion yuan, and 15.328 billion yuan for 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is expected to be 1.613 billion yuan, 2.289 billion yuan, and 2.446 billion yuan for the same years [4][3]. - The report indicates that the price-to-earnings (PE) ratios for 2025, 2026, and 2027 are approximately 21x, 15x, and 14x, respectively [3][4].

Investment Rating - The report maintains a "Buy" investment rating for the company [1][9]. Core Insights - The company has sufficient orders on hand, benefiting from a resonance of domestic and international demand [6]. - The company achieved a revenue of 9.093 billion yuan in 2024, representing a year-on-year growth of 24.38%, with a net profit of 1.008 billion yuan, up 0.81% year-on-year [5]. - The company is expected to see significant revenue growth in the coming years, with projected revenues of 12.838 billion yuan, 15.092 billion yuan, and 17.751 billion yuan for 2025, 2026, and 2027 respectively [11]. Summary by Sections Performance Overview - In 2024, the company reported a revenue of 9.093 billion yuan, a 24.38% increase year-on-year, and a net profit of 1.008 billion yuan, a 0.81% increase year-on-year [5]. - The gross margin was 18.83%, down 6.38 percentage points year-on-year, while the net margin was 11.09%, down 2.59 percentage points year-on-year [5]. Demand and Orders - The company has a strong order backlog, with total orders amounting to 17.975 billion yuan as of Q1 2025, including 8.827 billion yuan in submarine cables, 6.353 billion yuan in land cables, and 2.795 billion yuan in marine engineering [6]. - The European market is expected to see a significant increase in demand for offshore cables, with projected growth of 1.4 to 14.3 times by 2030 [6]. International Expansion - The company achieved a remarkable 480.54% year-on-year growth in export revenue, reaching 733 million yuan in 2024 [7]. - The establishment of subsidiaries in Europe, including a wholly-owned subsidiary in Rotterdam and another in the UK, supports the company's international market expansion [7]. Profit Forecast - The company is projected to achieve earnings per share (EPS) of 2.57 yuan, 3.16 yuan, and 3.87 yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 19.4, 15.8, and 12.9 [9][11].

2025 年 3 月 30 日 公司研究 持续推进产能建设，在手海缆订单丰厚保障成长 ——东方电缆（603606.SH）2024 年年报点评 要点 事件：公司发布 2024 年年报，2024 年实现营业收入 90.93 亿元，同比增长 24.38%，实现归母净利润 10.08 亿元，同比增长 0.81%；2024Q4 实现营业收 入 23.94 亿元，同比增长 22.10%，实现归母净利润 0.76 亿元，同比减少 57.32%， 环比减少 73.60%。拟每股派发现金红利 0.45 元（含税）。 海缆产品毛利率有所下滑，陆缆系统及海洋工程业务实现稳健增长。2024 年公 司持续推进海上风电项目海缆交付，海缆系统实现营业收入 27.78 亿元，同比增 长 0.41%，毛利率为 39.57%，同比减少 9.57 个 pct，主要系个别项目毛利率水 平较低以及 23 年毛利率基数较高所致；海洋工程业务实现营业收入 8.89 亿元， 同比增长 25.29%，毛利率同比减少 2.60 个 pct 至 21.93%；在国内海风建设较 慢的背景下，公司重点扩大陆缆市场份额，陆缆系统实现营业收入 54.16 亿元， 同比增 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [5] Core Views - The company achieved a revenue of 9.093 billion yuan in 2024, representing a year-on-year growth of 24.38%, while the net profit attributable to shareholders was 1.008 billion yuan, a slight increase of 0.81% year-on-year [1] - The company has a strong order backlog of 17.975 billion yuan as of March 21, 2025, with significant contributions from high-value submarine cable orders [2] - The company's technological capabilities in submarine and land cable systems are at an international leading level, which positions it well for overseas market expansion [3] - The profit forecast for 2025 has been adjusted downwards, with expected net profits of 1.604 billion yuan, reflecting a 59.07% increase from 2024 [4] Financial Summary - In 2024, the company reported a revenue of 9,092.52 million yuan, with a projected revenue of 12,607.81 million yuan for 2025, indicating a growth rate of 38.66% [5] - The net profit attributable to shareholders is expected to rise to 1,603.68 million yuan in 2025, up from 1,008.16 million yuan in 2024 [5] - The earnings per share (EPS) is projected to be 2.33 yuan in 2025, with a price-to-earnings (P/E) ratio of 21 [5]

证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 市场表现： 证券研究报告 电力设备 | 电网设备 非金融|公司点评报告 hyzqdatemark 2025 年 03 月 28 日 | 基本数据 | | | | | 年 | | 月 27 日 | 2025 | 03 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 49.55 | | | | | 年 最 | 最 | 高 | / | 低 | | 内 | | | | 一 | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | | | 34,076.30 | | | | | 流通市值（百万元） | | | | | | | 34, ...

电力设备及新能源 2025 年 03 月 27 日 | 行业 | 电力设备及新能源 | | --- | --- | | 公司网址 | www.orientcable.com | | 大股东/持股 | 宁波东方集团有限公司/31.63% | | 实际控制人 | 夏崇耀,袁黎雨 | | 总股本(百万股) | 688 | | 流通 A 股(百万股) | 688 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 341 | | 流通 A 股市值(亿元) | 341 | | 每股净资产(元) | 9.98 | | 资产负债率(%) | 43.6 | 行情走势图 证券分析师 东方电缆(603606.SH) 高端海缆竞争力突出，海缆出海潜力较大 推荐（维持） 股价：49.55 元 主要数据 皮秀 投资咨询资格编号 S1060517070004 PIXIU809@pingan.com.cn 事项： 公司发布 2024 年报，实现营收 90.93 亿元，同比增长 24.38%，归母净利润 10.08 亿元，同比增长 0.81%，扣非后净利润 9.09 亿元，同比减少 6.07%。EPS 1.47 元，拟每 1 ...