[Table_Reportdate] 2025年04月02日 [Table_invest] 买入（维持） 报告原因：业绩点评 [东方电缆（ Table_NewTitle] 603606）：公司业绩稳步提 升，在手订单再创新高 ——公司简评报告 [table_main] 投资要点 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 9,092.52 | 12,529.59 | 14,674.25 | 16,953.39 | | 同比增速 | 24.38% | 37.80% | 17.12% | 15.53% | | 归母净利润（百万元） | 1,008.16 | 1,761.69 | 2,131.23 | 2,536.72 | | 同比增速 | 0.81% | 74.74% | 20.98% | 19.03% | | EPS（元/股） | 1.47 | 2.56 | 3.10 | 3.69 | | 市盈率（P/E） | 34.65 | 19.83 | 16.39 | 13.77 | | 市净率（P/ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is steadily improving, with a record high in hand orders [1] - The company reported a total revenue of 9,092.52 million yuan in 2024, representing a year-on-year increase of 24.38% [5] - The net profit attributable to the parent company for 2024 was 1,008.16 million yuan, a slight increase of 0.81% year-on-year [5] - The company has a robust order backlog of 17.975 billion yuan as of March 21, 2025, with significant contributions expected from various projects [5] - The company is actively expanding its production capacity and has seen a substantial increase in overseas revenue, which grew by 480.54% year-on-year to 733 million yuan [5] Summary by Relevant Sections Financial Performance - Total revenue projections for 2025, 2026, and 2027 are 12,529.59 million yuan, 14,674.25 million yuan, and 16,953.39 million yuan, respectively, with year-on-year growth rates of 37.80%, 17.12%, and 15.53% [2] - The net profit attributable to the parent company is expected to reach 1,761.69 million yuan in 2025, 2,131.23 million yuan in 2026, and 2,536.72 million yuan in 2027, with growth rates of 74.74%, 20.98%, and 19.03% respectively [2] - Earnings per share (EPS) is projected to be 2.56 yuan in 2025, 3.10 yuan in 2026, and 3.69 yuan in 2027 [2] Order Backlog and Project Updates - The company has a total order backlog of 179.75 billion yuan, with 88.27 billion yuan from submarine cable systems, 63.53 billion yuan from land cable systems, and 27.95 billion yuan from marine engineering [5] - Recent project wins include significant contracts in both land and submarine cable systems, indicating a strong pipeline for future revenue [5] Market Position and Strategy - The company is positioning itself as a leader in the domestic and international offshore wind market, with ongoing investments in production capacity and strategic project developments [5] - The establishment of overseas subsidiaries has contributed to a significant increase in international revenue, highlighting the company's growth strategy [5]

Investment Rating - The report maintains a "Recommended" rating for the wind power industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [4][53]. Core Insights - The wind power sector has seen a significant increase in bidding and winning volumes, with a total of 21.5GW of wind turbine bids in the first three months of 2025, representing a year-on-year increase of 14.7% [2][10]. - The report highlights three main investment themes in the wind power sector: 1. High domestic offshore wind project reserves and supportive policies for future development, with a focus on the concentration of offshore wind projects starting in 2025 [7][37]. 2. High bidding activity for onshore wind projects in 2024, indicating a phase of volume and profit growth for manufacturers and components [7][37]. 3. Regional growth in overseas offshore and onshore installations, presenting opportunities for domestic cable, main engine, and component manufacturers to expand internationally [7][37]. Summary by Sections Bidding Volume - In the first three months of 2025, wind turbine bidding reached 21.5GW, with offshore wind accounting for 2.6GW and onshore wind 18.9GW, showing increases of 262.2% and 5% year-on-year respectively [10][20]. - March saw a total of 9.2GW in wind power bids, with offshore wind at 1.8GW and onshore wind at 7.4GW, reflecting a month-on-month increase of 190.3% for onshore projects [10][20]. Winning Volume - The total winning volume for wind power in the first three months of 2025 was 20.3GW, a year-on-year increase of 101.4% [20][21]. - In March, the winning volume for offshore and onshore wind was 0.5GW and 6.8GW respectively, with year-on-year increases of 55.7% and 102.4% [20][21]. Winning Prices - The average winning price for offshore wind in March was 2818 yuan/kW, while for onshore wind it was 1408 yuan/kW, with a month-on-month decrease of 10.2% for onshore projects [36][37]. Investment Recommendations - The report suggests focusing on key companies such as Mingyang Smart Energy, Oriental Cable, Zhongtian Technology, and others, which are well-positioned to benefit from the anticipated growth in the wind power sector [7][39].

陆缆市占率有所提升，盈利实现稳健增长。公司2024 年实现营业收入90.93 亿元，同比增长24.38%，创 历史新高；实现归母净利润10.08 亿元，同比增长0.81%；主要系公司加强战略、科技与市场融合对 接，充分依托科技领先优势，提升了陆缆系统的市场占有率，实现陆缆系统的营业收入大幅增长。截止 2025 年3 月21 日，公司在手订单达179.75 亿元。 谋划北部，有序推进北部产业基地建设，设立子公司渤海东方，助力北方产业布局与战略市场。推进国 际，稳步推进海外布局，顺利完成香港及英国子公司的注册，提升公司国际品牌效应。2024 年，公司 实现外销营业收入7.33 亿元，同比增长480.54%。 投资建议：我们预计公司2025-2027 年实现营收117.72/138.31/173.30亿元，归母净利润分别为 17.02/21.59/30.50 亿元，EPS 分别为2.47/3.14/4.43 元，PE 为20/16/11 倍，维持"推荐"评级。 风险提示：市场竞争加剧；行业需求波动；项目建设进度不及预期。 海缆系统订单突破历史新高，技术壁垒优势显著。2024 年，公司实现海底电缆营业收入27.78 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights a tightening supply-demand situation in the photovoltaic (PV) silicon wafer and battery cell markets, while the wind power installation scale remains high [4][6] - The report suggests that the domestic offshore wind power sector is expected to experience high growth due to increased installation activities [6][10] Summary by Sections 1. Investment Highlights 1.1 Photovoltaic Sector - The recent earthquake in Myanmar has exacerbated the supply-demand imbalance for silicon wafers, leading to a slowdown in component price growth [15] - Silicon material prices remain stable, with a decrease in overall transaction volume and a strong willingness from downstream companies to reduce inventory [15][16] - The silicon wafer market is experiencing a supply shortage due to strong demand from downstream battery manufacturers, with an overall operating rate of 56%-58% [15][16] - Battery cell prices are expected to rise in April, but may decline later in the month as domestic demand decreases [15][16] - Component prices have shown a weakening upward trend, with most distributed orders maintaining prices around 0.77 CNY/W [15][16] - Recommended companies to watch include Fulete, which benefits from scale advantages and improved cash flow [7][16] 1.2 Wind Power Sector - The bidding scale for onshore wind power projects continues to grow, with approximately 4980 MW of bids and 130 MW of openings reported [18] - The wind power equipment sector is entering the annual report disclosure period, with overall revenue trends upward but profitability under pressure [18][19] - The first quarter is traditionally a low season for the wind power industry, but demand remains strong, suggesting potential for performance recovery [18][19] - Offshore wind projects are seeing significant activity, with multiple projects in southern regions like Jiangsu and Guangdong starting construction [19][20] - The report anticipates a strong year for wind power installations in 2025, with projected new installations of 95 GW for onshore and 15 GW for offshore [20] - Recommended companies to watch include Dajin Heavy Industry and Dongfang Cable, both of which are positioned well in the offshore wind market [21] 2. Market Performance - The report notes that the photovoltaic equipment sector declined by 0.50%, underperforming the CSI 300 index by 0.51 percentage points, while the wind power equipment sector fell by 7.23% [5][23] - The top-performing stocks in the photovoltaic sector included Hengxing Technology, Quartz Co., and Jinlang Technology, while only Dajin Heavy Industry saw an increase in the wind power sector [5][23] 3. Industry Dynamics - The report includes various industry news and company updates, highlighting significant projects and developments in both the photovoltaic and wind power sectors [32][34]

March 27, 2025 12:48 AM GMT Ningbo Orient Wires & Cables | Asia Pacific 2024 result miss; while strong order backlog to fuel the long- term playbook Reaction to earnings Weakens our thesis Modest shortfall Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Key Takeaways 2024 result miss: Orient Cable reported FY24 net profit of Rmb1bn, up 0.8% yoy. Revenue was Rmb9.1bn, up 24.4% yoy with overall GPM ...

四季度陆缆收入创新高，海洋业务收入环比大幅下降。四季度公司实现海缆 +海工收入 6.7 亿元，环比-46%，主要系重大项目开工节奏放缓引起；陆缆 系统收入 17.3 亿元，环比+24%，收入结构变化造成整体盈利能力大幅波动。 下半年公司海缆系统毛利率 39.8%，环比上半年+0.4pct.；海洋工程毛利率 16.4%，环比上半年-17.4pct.；陆缆系统毛利率 5.9%，环比-4.0pct.。 在手订单创历史新高，高规格海缆产品占比持续提升。2024 年三季度以来公 司陆续中标中广核帆石一 500kV 主缆产品与敷设（17.7 亿元）、三峡青洲五、 七±500kV 直流海缆 EPC（15.1 亿元）、中广核帆石二 500kV 主缆 EPC（9 亿 元）等重大高规格项目。截至 2025 年 3 月 21 日，公司在手订单 179.8 亿元， 其中海缆系统 88.3 亿元，陆缆系统 63.5 亿元，海洋工程 28.0 亿元。 海外收入大幅增长，欧洲布局稳步推进。受海洋输电和海上风电需求共同驱 动，欧洲头部海缆企业订单饱和，包括公司在内的国内头部海缆企业已陆续 向欧洲供货。2024 年公司实现海外收入 7.33 ...

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± ...

Group 1: Key Insights from Reports - The report highlights that overseas growth remains strong, driven by both IP and product categories, with Pop Mart achieving a revenue of 13.04 billion RMB in 2024, a year-on-year increase of 106.9% [4][5] - The adjusted net profit for Pop Mart reached 3.4 billion RMB in 2024, reflecting a year-on-year growth of 185.9% [5][6] - The company plans to distribute a final dividend of 0.8146 RMB per share, totaling 1.094 billion RMB, which represents 35% of the net profit [6] Group 2: Company Performance and Growth - Xingtong Co. reported a revenue of 1.515 billion RMB in 2024, up 22% year-on-year, with a net profit of 350 million RMB, marking a 39% increase [12][13] - China Foreign Transport achieved a revenue of 105.621 billion RMB in 2024, a 3.9% increase, although net profit decreased by 7.2% to 3.918 billion RMB [16][17] - The company’s logistics and agency business volumes grew steadily, with contract logistics volume increasing by 4% and sea freight agency volume by 13% [17][18] Group 3: Industry Trends and Developments - The distributed energy storage demand is accelerating, with a focus on sodium battery solutions and new product iterations [21][24] - The report indicates that the global industrial storage market is entering a new growth phase, driven by economic viability and increasing backup power demands [24] - The wind power sector is experiencing a surge in component production, with significant increases in offshore wind projects expected in 2025 [25][26] Group 4: Investment Outlook - The report maintains a "buy" rating for Pop Mart, projecting revenues of 21.749 billion RMB, 30.671 billion RMB, and 38.205 billion RMB for 2025-2027, with adjusted net profits of 5.516 billion RMB, 8.026 billion RMB, and 9.974 billion RMB respectively [11] - Xingtong Co. is also rated as a "buy," with projected revenues of 1.943 billion RMB, 2.495 billion RMB, and 2.991 billion RMB for 2025-2027, alongside net profits of 417 million RMB, 494 million RMB, and 576 million RMB [15] - China Foreign Transport is expected to see revenues of 113.848 billion RMB, 118.386 billion RMB, and 122.636 billion RMB for 2025-2027, with net profits of 4.154 billion RMB, 4.300 billion RMB, and 4.429 billion RMB [20]