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].

证券研究报告|年报点评报告 2024年03月22日 东方电缆（603606.SH） 2024 年海风有望放量建设，海缆龙头订单有望放量增长 事件：公司发布2023年年报。公司2023年实现营收73.10亿元，同比+4.3%，归母净 增持（维持） 利润10.00亿元，同比+18.78%，扣非后净利润9.68亿元，同比+15.5%；EPS1.45元， 股票信息 拟每股派发现金红利0.45元（含税），毛利率25.21%，同比+2.83pcts，净利率13.68%， 同比+1.66pcts。其中Q4，公司实现营收19.61亿元，同比+45.85%，归母净利润1.78 行业 电网设备 亿元，同比增长68.63%，扣非归母净利润达1.66亿元，同比+96.98%，毛利率22.45%， 前次评级 增持 同比+5.27pcts，净利率9.09%，同比+1.20pcts。 3月20日收盘价(元) 44.30 海缆量利齐升，国外业务开始起量，公司盈利结构改善。 总市值(百万元) 30,465.79 1、从产品划分看：2023年公司海缆系统营收达27.66亿元，同比+23.47%，占比达38%， 总股本(百万股) 687.72 同 ...

JKLM23N;I!#2OPQARS24NTUVWXYZ[\] JKLM(603606.SH)/L^ abcd;I! 2024N3e23f _‘ [Table_Industry] [!Ta"ble#_T$itle%] &’() [=Ta>ble?_F@inAancBe1C] DE !"#$%46.51& 23 2022A 2023A 2024E 2025E 2026E V-WXY78&Z 7,009 7,310 9,499 11,577 13,952 ’()%*+ [\]yoy% -12% 4% 30% 22% 21% ,-./01%S0740522020001 ^_‘Y78&Z 842 1,000 1,264 1,727 2,161 Email%zengbiao@zts.com.cn [\]yoy% -29% 19% 26% 37% 25% a5WbY&Z 1.22 1.45 1.84 2.51 3.14 a5cd9e 0.94 1.73 0.69 1.55 1.98 ’()%23 ^fgWb] 15% 16% 18% 20% 21% ,-./01%S0740522040004 P/E 38.0 32.0 ...

证券研究报告 公司点评 东方电缆(603606.SH) 电力设备｜ 电网设备 业绩符合预期，海缆 毛利率表现优异 2024年 03月 21日 预测指标 2022A 202 3A 2024E 2025E 2026E 评级 买入 主营收入(亿元) 70.09 73.10 84.00 102.00 120.00 净利润(亿元) 8.42 10. 00 12.48 15.62 18.96 评级变动 维持 每股收益（元） 1.22 1.45 1.82 2.27 2.76 交易数据 每股净资产（元） 7.99 9.15 10.72 12.68 15.06 当前价格（元） 46.12 P/E 36.17 30.46 24.40 19.50 16.07 52周价格区间（元） 32.61-54.18 P/B 5.55 4.84 4.13 3.49 2.94 总市值（百万） 31717.44 资料来源：iFinD，财信证券 流通市值（百万） 31717.44 总股本（万股） 68771.60 投资要点： 流通股（万股） 68771.60  公司公布 23年年报，业绩符合预期。2023年全年，公司实现营收73.10 亿元，同比+ ...