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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 9.093 billion yuan for 2024, representing a year-on-year increase of 24.38%. The net profit attributable to shareholders was 1.008 billion yuan, a slight increase of 0.81% year-on-year [9] - The company has seen a rapid breakthrough in submarine cable orders, with total orders on hand reaching 17.975 billion yuan as of March 21, 2025, which is a 199% increase compared to October 2024 [9] - The operating cash flow remains robust, with a net cash flow from operating activities of 1.111 billion yuan in 2024, although it represents a 6.5% decrease year-on-year [9] Financial Summary - Total revenue projections for the company are as follows: 9.093 billion yuan in 2024, 10.866 billion yuan in 2025, 13.148 billion yuan in 2026, and 15.514 billion yuan in 2027, with respective year-on-year growth rates of 24.38%, 19.50%, 21.00%, and 18.00% [1][10] - The net profit attributable to shareholders is projected to be 1.601 billion yuan in 2025, 2.152 billion yuan in 2026, and 2.657 billion yuan in 2027, with growth rates of 58.82%, 34.38%, and 23.50% respectively [1][10] - The earnings per share (EPS) are expected to be 1.47 yuan in 2024, 2.33 yuan in 2025, 3.13 yuan in 2026, and 3.86 yuan in 2027 [1][10]

Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation that the stock will outperform the market by 10% to 20% over the next six months [10]. Core Views - 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, a slight increase of 0.81% year-on-year, while the net profit after deducting non-recurring items decreased by 6.07% to 909 million yuan [4]. - The company has significant potential in the high-end submarine cable market, with major order breakthroughs in domestic projects and a robust order backlog of 17.975 billion yuan as of March 21, 2025 [7]. - The company has also made substantial progress in overseas markets, securing major orders in the UK and Europe, indicating strong growth potential in international markets [7]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 9,093 million yuan, with a year-on-year growth of 24.4%. The net profit for 2024 was 1,008 million yuan, with a slight increase of 0.8% year-on-year. The gross margin for 2024 was 18.8%, down from 25.2% in 2023 [6][4]. - The company expects revenues to grow to 10,662 million yuan in 2025 and 13,438 million yuan in 2026, with projected net profits of 1,348 million yuan and 2,221 million yuan respectively [6]. Business Segments - The submarine cable business generated revenue of 2,778 million yuan in 2024, remaining flat year-on-year, while the submarine cable engineering business saw a 25% increase to 889 million yuan. The overall gross margin for the submarine cable business was 39.57%, reflecting a decline due to changes in product mix and increased export sales [7]. - The company has secured significant domestic orders, including major projects for high-voltage submarine cables, showcasing its competitive edge in the high-end submarine cable market [7]. Market Outlook - The report highlights a positive outlook for the offshore wind power sector, with expectations for continued growth in demand for submarine cables. The company is well-positioned to capitalize on this trend due to its strong competitive position and order backlog [8]. - The company has established a wholly-owned subsidiary in the UK, aiming to expand its presence in the European market, which is expected to enhance its growth prospects [7].

证券研究报告 东方电缆 (603606 CH) 25 年政府工作报告首次将深海科技列为战略性新兴产业，我们看好海风作 为深海科技产业化进展较快的行业，深远海示范项目或逐步落地，助力十五 五期间国内海风装机高景气。公司 24 年实现出口收入 7.33 亿元，同比 +480%，交付国内首个欧洲超高压海风海缆项目，设立英国孙公司开拓欧 洲市场，我们看好欧洲海风或进入装机放量阶段，公司有望凭借交付经营持 续实现海外订单落地。 盈利预测与估值 考虑到下游风机客户经营承压，我们下调 25-26 年海缆、陆缆业务毛利率假 设，叠加低毛利陆缆业务营收占比上升，我们预测公司 25-27 年归母净利润 为 19.35/22.31/23.42 亿元（25-26 年前值 20.17/23.34 亿元，分别下调 4.1%/4.4% ）， 同 比 增 速 分 别 为 +92.0%/15.3%/5.0% ， 对 应 EPS 为 2.81/3.24/3.41 元。参考可比公司 25 年 Wind 一致预期 PE 均值为 16.32 倍， 考虑到公司海缆龙头地位稳固，超高压直流海缆竞争力强，给予公司 25 年 20 倍 PE，对应目标价为 5 ...