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]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][16][20] Core Views - The company has seen a revenue growth of 25.22% year-on-year, reaching 6.699 billion yuan in the first three quarters, with a net profit increase of 13.41% to 932 million yuan [2][7] - The company is expected to benefit from the upcoming surge in offshore wind project tenders, with a projected 14GW of new installations in 2025, representing a 75% year-on-year increase [3][15] - The company has secured significant contracts, including a 500kV main cable project worth 933 million yuan and a 66kV array cable project worth 216 million yuan [3][15] Financial Performance Summary - In Q3, the company achieved a revenue of 2.631 billion yuan, a year-on-year increase of 58.34%, while net profit rose by 40.28% to 288 million yuan [2][12] - The gross margin for Q3 was 21.74%, showing a year-on-year increase of 0.85 percentage points, while the net margin was 10.95% [12][11] - The company has a current order backlog of 29.49 billion yuan for submarine cable systems and 13.97 billion yuan for marine engineering [3][15] Earnings Forecast and Valuation - The company’s projected net profits for 2024, 2025, and 2026 are 1.218 billion yuan, 1.820 billion yuan, and 2.141 billion yuan respectively, with corresponding P/E ratios of 32, 21, and 18 [5][16] - The revenue forecast for 2024 is set at 8.657 billion yuan, with a growth rate of 18.4% [5][18] - The company’s return on equity (ROE) is expected to be 16.7% in 2024, increasing to 20.5% by 2025 [5][18]

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]