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, ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation of stock performance that will exceed market performance by 10% to 20% over the next six months [10]. Core Insights - 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's cable business revenue remained stable at 2.778 billion yuan, while the cable engineering business saw a 25% increase in revenue to 889 million yuan. However, the gross margin for the cable business declined by 9.57 percentage points to 39.57% due to changes in product delivery structure, particularly the increased proportion of export business [7]. - The company has secured significant domestic orders in the high-end cable market, including major projects for 500 kV submarine cables, which demonstrates its competitive strength in this sector. As of March 21, 2025, the company had a backlog of orders totaling 17.975 billion yuan, providing solid support for future performance [7]. - The company has also made significant breakthroughs in overseas orders, including projects in the Netherlands and the UK, indicating strong potential for international expansion in the offshore wind power sector [7]. Financial Summary - The projected revenues for the company are expected to grow from 10.662 billion yuan in 2025 to 15.853 billion yuan in 2027, with corresponding net profits increasing from 1.348 billion yuan to 2.835 billion yuan during the same period [6]. - The gross margin is projected to improve from 20.9% in 2025 to 26.5% in 2027, while the net profit margin is expected to rise from 12.6% to 17.9% [6]. - The company's earnings per share (EPS) is forecasted to increase from 1.96 yuan in 2025 to 4.12 yuan in 2027, reflecting a positive growth trajectory [6].

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 ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2025-2027 projected at 18.6 billion, 22.9 billion, and 26.5 billion RMB respectively, corresponding to PE ratios of 18, 15, and 13 [6]. Core Insights - The company reported a revenue of 9.09 billion RMB for 2024, a year-on-year increase of 24.4%, with a net profit of 1.01 billion RMB, reflecting a slight growth of 0.8% [2]. - The fourth quarter saw a revenue of 2.39 billion RMB, up 22.1% year-on-year but down 9.0% quarter-on-quarter, with a net profit of 76 million RMB, down 57.3% year-on-year and 73.6% quarter-on-quarter [2]. - The company is experiencing fluctuations in Q4 performance primarily due to the delivery schedule of offshore wind projects, with low-margin land cable revenue accounting for approximately 72% of Q4 revenue [3]. - The company achieved a slight increase in offshore cable revenue to 2.78 billion RMB, with a gross margin of 39.6%, although this represents a decline of 9.6 percentage points year-on-year [4]. - The company has a record high order backlog of approximately 18 billion RMB as of March 21, with significant increases in offshore cable orders [4]. - New production capacity is expected to be gradually released, with the Yangjiang offshore cable production base projected to reach 75% completion by the end of 2024, contributing to meeting current order delivery needs [5]. Summary by Sections Performance Overview - In 2024, the company achieved a total revenue of 9.09 billion RMB, marking a 24.4% increase year-on-year, while the net profit reached 1.01 billion RMB, a growth of 0.8% [2]. Operational Analysis - Q4 performance was impacted by the delivery schedule of offshore wind projects, with a significant portion of revenue coming from lower-margin land cables [3]. - The company’s offshore cable revenue showed a slight increase, with a notable improvement in sales price per kilometer [4]. Order Backlog and Capacity - The company’s order backlog reached a historical high of 18 billion RMB, driven by increased bidding activity in the offshore wind sector [4]. - The Yangjiang production base is on track to meet delivery demands with new capacity expected to come online in 2025 [5]. Profit Forecast and Valuation - The forecast for net profits from 2025 to 2027 indicates significant growth, with a "Buy" rating maintained based on favorable industry conditions and company performance [6].

东方电缆 (603606 CH) 海缆订单充沛，业绩高增可期 证券研究报告 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 27 日│中国内地 | 电气设备 | 公司 24 年收入 90.93 亿元，同比+24.4%，归母净利润 10.08 亿元，同比 +0.8%，低于我们此前 13.09 亿元的预测，主要系部分海风项目交付确收延 期，导致海缆业务收入不及预期。25 年以来江苏、广东海风项目陆续开工， 支撑国内海风装机高增，国家首次将深海科技写入政府工作报告，有望推动 国内深远海海风发展。我们看好公司海缆龙头地位稳固，超高压直流海缆竞 争力强，充分受益于国内外海风高景气，维持"增持"评级。 24Q4 业绩环比下降主要系部分海风项目交付确收延期 24Q4 收入 23.94 亿元，同/环比+22.1%/-9.0%，归母净利润 0.76 亿元，同 /环比-57.3%/-73.6%，扣非 1.15 亿元，同/环比-30.7%/-52.9%，毛利率/净 利率达 9.5%/3.2%，环比-12.2/-7.8pct，我们判断毛利率环比下滑较多主要 ...

Group 1 - The core viewpoint of the news is that Dongfang Cable (603606.SH) has disclosed its 2024 annual report, indicating a decrease in the proportion of shares held by the top ten institutional investors [1] - As of March 26, 2025, a total of 163 institutional investors hold shares in Dongfang Cable, amounting to 370 million shares, which represents 53.80% of the total share capital [1] - The top ten institutional investors collectively hold 45.03% of the shares, which is a decrease of 1.31 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, two public funds reported a decrease in holdings compared to the previous quarter, with a total reduction of 0.44% [2] - Two new public funds were disclosed during this period, including招商资管智远成长灵活配置混合A and 中泰中证500指数增强A [2] - A total of 190 public funds were not disclosed in this period, including建信新能源行业股票A and 华夏新兴成长股票A [2] Group 3 - In the insurance investment sector, one new insurance investor was disclosed, namely 和谐健康保险股份有限公司-万能产品 [2] - One pension fund that was previously disclosed is no longer reported, specifically 太平人寿保险有限公司 [2]