证券研究报告 | 公司动态点评 2024 年 03月 25日 东方电缆（603606.SH） 23 年海缆毛利率显著回升，招标放量在即业绩可期 财务指标 2022A 2023A 2024E 2025E 2026E 增持（维持评级） 营业收入（百万元） 7,009 7,310 8,663 10,140 11,837 股票信息 增长率yoy（%） -11.6 4.3 18.5 17.1 16.7 归母净利润（百万元） 842 1,000 1,354 1,689 2,145 行业 电力设备及新能源 增长率yoy（%） -29.2 18.8 35.4 24.8 27.0 2024年3月22日收盘价（元） 46.51 ROE（%） 15.3 15.9 18.5 19.2 20.1 总市值（百万元） 31,985.64 EPS最新摊薄（元） 1.22 1.45 1.97 2.46 3.12 流通市值（百万元） 31,985.64 P/E（倍） 37.7 31.7 23.4 18.8 14.8 总股本（百万股） 687.72 P/B（倍） 5.8 5.0 4.3 3.6 3.0 流通股本（百万股） 687.72 资料来源： ...

电力设备 | 证券研究报告 — 调整盈利预测 2024年3月28日 603606.SH 东方电缆 增持 业绩稳步增长符合预期，手握订单静候需求释放 原评级：增持 公司公布2023年年度报告，2023年公司实现营业收入73.10亿元，同比增长4.30%，实现 市场价格:人民币 44.10 归母净利润 10.00亿元，同比增长 18.78%，实现扣非后归母净利润 9.68亿元，同比增长 板块评级:强于大市 15.50%。公司作为国内的领先的海缆企业，目前在手订单充足，未来有望充分受益海风需 求的释放，继续维持增持评级。 股价表现 支撑评级的要点 14% ◼ 海缆系统业务量利齐升，助力公司业绩稳步增长。根据公司公告，2023年公司实现营 5% 业收入73.10亿元，同比增长4.30%，实现归母净利润10.00亿元，同比增长18.78%， (4%) 业绩实现稳步增长，基本符合我们之前的预期。分产品来看，陆缆系统营收 38.27 亿 元，同比下滑3.77%，毛利率为7.96%，同比下降1.71pct；海缆系统收入27.66亿元， (14%) 同比增长 23.47%，毛利率为 49.14%，同比提升 5.87pct；海洋 ...

[Table_Page] 年报点评|电力设备 证券研究报告 [东Table_方Title] 电缆（603606.SH） [公Tab司le_I评nves级t] 买入 当前价格 47.05元 业绩符合预期，海缆订单有望放量 合理价值 54.18元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-03-26  公司公布 2023年年报，业绩符合预期。公司23年实现营收 73.10亿 [相Tab对le_P市icQ场uote表] 现 元，同比+4.30%；归母净利润 10.00 亿元，同比+18.78%；毛利率 25.21%，同比+2.83pct；主要系高端海缆系统等高毛利率业务收入占比 12% 3% 提升。23Q4实现归母净利润1.78亿元，同比+68.63%，环比-13.2%。 -6%03/23 05/23 07/23 09/23 11/23 01/24 03/24  海缆系统保持高盈利能力，但产能利用不达预期。23年实现海缆系统 -14% 收入27.66亿元，同比+23.47%，毛利率49.14%，保持较高盈利能力， -23% 但23年海缆收入占公司名义产能的比重仅达一 ...

Investment Rating - The report initiates coverage with a "Buy" rating for Dongfang Cable (603606.SH) [2][3]. Core Views - The company reported a revenue of 7.31 billion yuan in 2023, a year-on-year increase of 4.3%, and a net profit attributable to shareholders of 1 billion yuan, up 18.8% year-on-year [2][7]. - The company's cash flow from operating activities significantly improved, reaching 1.19 billion yuan in 2023, an increase of 83.9% year-on-year [2][14]. - The company is expected to benefit from the recovery of the offshore wind industry, with a projected high growth in orders for 2024 [2][14]. - The company is actively expanding its overseas market presence through investments in foreign companies [2][15]. Financial Performance - In 2023, the revenue breakdown was as follows: land cables 3.83 billion yuan (down 3.8%), submarine cables 2.77 billion yuan (up 23.5%), and marine engineering 710 million yuan (down 9.9%) [2][10]. - The gross margin for submarine cables reached 49.14% in 2023, an increase of 5.9 percentage points year-on-year, contributing to an overall gross margin of 25.2%, up 2.8 percentage points [2][10]. - The company’s net profit is projected to grow to 1.3 billion yuan in 2024, reflecting a year-on-year increase of 30% [2][3]. Order Backlog and Market Outlook - As of March 15, 2024, the company had an order backlog of 7.86 billion yuan, with land cables at 3.75 billion yuan (up 73.1%), submarine cables at 3.16 billion yuan (down 45%), and marine engineering at 950 million yuan (down 21.7%) [2][14]. - The report anticipates a recovery in the offshore wind sector, which is expected to drive significant order growth for the company in 2024 [2][14]. Overseas Expansion - In January 2024, the company announced plans to invest in Xlinks First and XLCC, acquiring 2.4% and 8.5% stakes respectively, to enhance its overseas market presence [2][15].

公司研 究 证 券研究 报 告 输变电设备 2024年03月26日 东 方电缆（603606）2023年报点评 推 荐 （维持） 目标价：56元 业绩回暖盈利渐升，看好 24 年订单需求高增 当前价：47.05元 事项： 华创证券研究所  2024年3月20日，公司发布2023年年报，年内实现营业收入73.1亿元，同 证券分析师：黄麟 比+4.3%；归母净利润10亿元，同比+18.8%。其中23Q4实现营收19.6亿元， 同比+45.9%，环比+18%；归母净利润 1.8 亿元，同比+68.6%，环比-13.2%。 邮箱：huanglin1@hcyjs.com 公司 2023 年毛利率为 25.2%，同比+2.8pct；销售期间费用率为 7.7%，同比 执业编号：S0360522080001 +0.3pct。 证券分析师：吴含 评论： 邮箱：wuhan@hcyjs.com  受益于海风需求修复，公司业绩实现稳步回升。据中电联，2023 年中国新增 执业编号：S0360523020002 海风装机6.8GW，同比+67.8%。分业务板块来看，公司海缆/陆缆/海工营收分 联系人：杨天翼 别 为 27.7/38 ...

[Table_StockInfo] 买入 2024年 03月 25日 （维持） 证券研究报告•2023年年报点评 当前价： 47.05元 东方电缆（603606） 电力设备 目标价： ——元（6个月） 业绩符合预期，海缆龙头量利齐升 投资要点 西南证券研究发展中心 [T a事ble件_S：u公m司ma2ry0]2 3年实现营业收入73.1亿元，同比增长4.3%；实现归母净利润 [分Ta析bl师e_：Au韩th晨or ] 10亿元，同比增长18.8%；扣非归母净利润9.7亿元，同比增长15.5%。2023 年第四季度公司实现营收19.6亿元，同比增长45.9%；实现归母净利润1.8亿 执业证号：S1250520100002 元，同比增长68.6%；扣非归母净利润1.7亿元，同比增长97%。 电话：021-58351923 邮箱：hch@swsc.com.cn  盈利能力持续提升，研发投入维持高位。盈利端：2023年公司销售毛利率/净利 率分别为 25.2%/13.7%，同比增长 2.8/1.7pp；单 Q4 毛利率/净利率分别为 联系人：李昂 22.5%/9.1%，分别环比+1.6/-3.3pp。费用端：公 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2023 met market expectations, with a net profit of 1 billion yuan, representing an 18.78% year-on-year increase. The gross margin for submarine cable business improved to 49.14%, up by 5.87 percentage points year-on-year, driven by the delivery of significant projects [2][3] - The company maintained a high profitability level in submarine cables and a leading market position. The inventory at the end of 2023 is expected to support revenue growth in Q1 2024, with a significant amount of projects pending confirmation [2][4] - The company has a strong order expectation due to the acceleration of offshore wind project approvals in Zhejiang and Guangdong, with a total order volume expected to exceed 15 billion yuan [2][4] Summary by Sections Financial Performance - In 2023, the company achieved a net profit of 1 billion yuan, with a gross margin of 49.14% for submarine cables, reflecting strong profitability [2] - The production volume of submarine cables reached 1,070 km, a year-on-year increase of 113%, while sales volume increased by 23.79% to 853 km [2] Market Position and Orders - As of March 15, 2024, the company had 3.16 billion yuan in hand orders for submarine cables, with an additional 998 million yuan in expected revenue from inventory [2][4] - The domestic approved offshore wind projects have reached 18 GW, with significant demand for submarine cables anticipated, leading to a positive outlook for the company's order book [2][4] Earnings Forecast - The company is expected to achieve net profits of 1.346 billion yuan and 1.688 billion yuan in 2024 and 2025, respectively, with corresponding P/E ratios of 24.05x and 19.17x [3][4] - Revenue is projected to grow at rates of 21% in 2025 and 10% in 2026, indicating a recovery in performance after a period of decline [5][6]

证券研究报告：电力设备 | 公司点评报告 2024年3月24日 股票投资评级 东方电缆(603606) 增持|维持 海风有望集中开工，海缆龙头业绩迎来复苏 个股表现 ⚫ 投资要点 公司 2023 年实现营收 73.10 亿（+4.3%），实现归母净利润 东方电缆 电力设备 10.00 亿（+18.78%），业绩符合预期。公司公布 2023 年年报，实现 8% 3% 营收 73.10 亿（+4.3%），实现归母净利润 10.00 亿（+18.78%），其 -2% 中 23Q4 单季度实现营收 19.61 亿元（+45.85%），实现归母净利润 -7% -12% 1.78 亿元（+67.92%），整体经营业绩符合预期。分业务来看，海缆 -17% 系统及海洋工程营收合计34.76亿（+14.78%），陆缆系统营收38.27 -22% -27% 亿（-3.77%）。在手订单方面，截止 2024 年 3 月 15 日总额为 78.60 -32% -37% 亿元，其中海缆系统 31.60 亿元，陆缆系统 37.50 亿元，海洋工程 -42% 2023-03 2023-06 2023-08 2023-10 2024-01 ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨东方电缆（ ） 603606.SH [Table_Title] 东方电缆：归母净利稳步增长，毛利率提升显著 报告要点 [公Ta司ble2_0S2u3m年m实ar现y]收入73亿元，同比增长4%，归母净利润10亿元，同比增长19%，单Q4 公司实现收入19.6亿元，同比增长46%，归母净利1.8亿元，同比增长69%。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 46.51 CNY and a target price of 51.66 CNY [2]. Core Views - The company's profitability has improved year-on-year, benefiting from the recovery in the offshore wind sector. In 2023, the company achieved an operating income of 7.31 billion CNY, a year-on-year increase of 4.30%, and a net profit attributable to shareholders of 1 billion CNY, up 18.78% year-on-year [3][4]. - The revenue structure has been optimized, with the marine cable system and marine engineering revenue reaching 3.48 billion CNY, a year-on-year growth of 14.8%, accounting for 47.6% of the main business revenue, an increase of 4.36 percentage points year-on-year [4]. - The domestic offshore wind market is expected to improve, with several projects starting construction. The company is likely to be a core beneficiary of this industry recovery [5]. - The company has leading technology in the domestic market and is continuously expanding into overseas markets, with significant growth in export revenue [6]. Financial Performance and Forecast - The company forecasts revenues of 8.97 billion CNY, 11.71 billion CNY, and 13.83 billion CNY for 2024, 2025, and 2026, respectively, with growth rates of 22.7%, 30.6%, and 18.1% [7]. - The net profit attributable to shareholders is expected to be 1.32 billion CNY, 1.997 billion CNY, and 2.48 billion CNY for the same years, with growth rates of 31.6%, 51.7%, and 24.2% [7]. - The earnings per share (EPS) are projected to be 1.9 CNY, 2.9 CNY, and 3.6 CNY for 2024, 2025, and 2026, respectively [7].