e p y T t r o p e R _ e l b a T | t s r i F _ e l b T able_Firsta 华T 福 证 券Table_First|Table_Summary 电力设备及新能源 Table_First|Table_ReportDate 2024年3月21日 公 司 Table_First|Table_Rating 研 东方电缆(603606.SH) 买入(维持评级) 究 2023 年年报点评：业绩基本符合预期，高端海缆产 当前价格： 44.30元 目标价格： 53.99元 品的盈利表现亮眼 Table_First|Table_MarketInfo 基本数据 投资要点： 总股本/流通股本（百万股） 688/688 总市值/流通市值（百万元） 30466/30466 ➢ 事件： 2024年3月20日晚，公司发布23年年报，业绩基本符合预期。 每股净资产（元） 9.00 23年营业收入73.1亿元，同比增长4.3%；归母净利润10.0亿元，同比增长 资产负债率（%） 40.88 18.8%；扣非归母净利润9.68亿元，同比增长15.5%。Q4实现营业收入 公 一年内最高/最低 ...

·[table_research] 公司点评报告 ●电力设备及新能源行业 2024年 3月 21日 [table_main] 公司深度报告模板 23 年海缆收入毛利率高增，24 年订单 东方电缆（603606.SH） 有望放量 推荐 (维持评级) 核心观点：  事件：3月20日，公司发布年度报告。2023年实现收入73.10亿，同比+4.30%，归母净 分析师 利润10亿，同比+18.78%，扣非净利润9.68亿，同比+15.50%，EPS 1.45元，拟每股派 周然 发现金红利0.45元（含税）。23Q4单季实现营业收入19.61亿，同比+45.85%，环比+18.0%， ：（8610）8092 7636 归母净利润1.78亿，同比+68.63%，环比-13.17%，扣非净利润1.66亿，同比+96.98%， ：zhouran@chinastock.com.cn 环比-14.87%。符合预期。 分析师登记编码：S0130514020001  海缆收入增长高增。2023年公司陆缆/海缆/海工系统营收分别为38.3/27.7/7.1亿元，同比 -3.77%/+23.47%/-9.94%，占收比为52%/ ...

2024年03月21日 公司研究●证券研究报告 东方电缆（ ） 公司快报 603606.SH 电力设备及新能源 | 输变电设备Ⅲ 海缆优势地位维持，24 年业绩可期 买入-B(维持) 投资评级 股价(2024-03-21) 46.12元 投资要点 交易数据 事件：公司发布2023年年报，报告期内实现营业收入73.10亿元，同比增长4.30%； 总市值（百万元） 31,717.43 实现归属于上市公司股东的净利润10.00亿元，同比增加1.58亿元，增长18.78%， 流通市值（百万元） 31,717.43 实现归属于上市公司股东的扣除非经常性损益的净利润9.68亿元，同比增加1.30 总股本（百万股） 687.72 亿元，增长15.50%。 流通股本（百万股） 687.72 12个月价格区间 52.50/33.14 业绩稳步上升，海缆业务亮眼。23年公司实现营业收入73.10亿元，同比增长 4.30%，经营活动产生的现金流量净额为11.90亿元，同比增长83.93%，毛利率 一年股价表现 25.17%，同比+2.79pct。分季度来看，23Q4公司实现营业收入19.61亿元，同比 +45.85%，实现归母 ...

2024年03月22日 公 司点评 公 买入 / 维持 司 东方电缆(603606) 研 究 目标价: 昨收盘:44.30 海缆盈利水平依旧亮眼，中长期成长空间充足 事件：公司发布2023年年报，业绩符合预期。 ◼ 走势比较 1）公司2023年实现收入73.10亿元，同比+4.30%；实现归母净利润 10.00亿元，同比+18.72%；实现扣非净利润9.68亿元，同比+15.44%。 20% 2）对应2023Q4收入19.61亿元，同比+45.85%，环比+18.00%；归母 太 8% 净利润1.78亿元，同比+67.92%，环比-13.22%；扣非净利润1.66亿元， 平 同比+96.98%，环比-14.76%。 (1( 64 %% ))12/3/32 2/6/32 41/8/32 62/01/32 7/1/42 02/3/42 海缆盈利依旧亮眼，陆缆毛利率有所降低。 洋 公司2023年度整体毛利率25.21%，同比+2.83pct；净利率13.68%， 证 (28%) 同比+1.66pct； 券 (40%) 对应2023Q4整体毛利率22.45%，同比+5.27pct、环比+1.56pct；净 股 利率9 ...

2024年3月21日 公司研究 超高压电缆交付推动毛利率提升，海外市场持续突破 ——东方电缆（603606.SH）2023 年年报点评 要点 买入（维持） 当 前价：44.30元 事件：公司发布2023年年报，2023年实现营业收入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%；2023Q4 实现营业收入 19.61 亿元，同比增长45.85%，实现归母净利润1.78亿元，同比增长67.92%，环比 作者 减少13.17%。拟每股派发现金红利0.45元（含税）。 分析师：殷中枢 执业证书编号：S0930518040004 陆缆系统及海洋工程收入及盈利能力有所下滑，高端海缆产品交付助力海缆业务 010-58452071 收入及盈利能力提升。2023 年公司持续推进海上风电项目海缆交付，海缆系统 yinzs@ebscn.com 实现营业收入27.66亿元，同比增长23.47%，毛利率为49.14%，同比提升5.87 分析师：郝骞 个pct，主要系500kV超高压海缆产品收入占比提升，带动海缆系统整体毛利率 执业证书编号：S0930520050001 水平提升所致；海 ...

Investment Rating - The investment rating for Dongfang Cable (603606.SH) is "Buy" [4][10]. Core Views - The company's performance in 2023 met expectations, with a year-on-year increase in net profit attributable to shareholders of 19%. The total revenue for 2023 was 7.31 billion yuan, a growth of 4.3%, and the net profit reached 1 billion yuan, up 18.78% year-on-year [5][9]. - The fourth quarter of 2023 saw significant growth, with revenue of 1.96 billion yuan, representing a year-on-year increase of 45.85% and a quarter-on-quarter increase of 18%. The net profit for the fourth quarter was 178 million yuan, up 68.63% year-on-year [9][8]. - The marine cable business showed strong resilience, with revenue from marine cable systems reaching 2.77 billion yuan, a year-on-year increase of 23.47% and a gross margin of 49.14% [9][8]. - The company maintains a high level of orders, with a total order backlog of 7.86 billion yuan as of March 15, 2024, including 3.16 billion yuan from marine cable systems [9][8]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 73.10 billion yuan, a 4.3% increase year-on-year, and a net profit of 10.00 billion yuan, an 18.78% increase year-on-year. The proposed cash dividend is 3.09 billion yuan, accounting for 30.95% of the net profit [5][9]. - The fourth quarter results showed revenue of 19.61 billion yuan, a 45.85% increase year-on-year, and a net profit of 1.78 billion yuan, a 68.63% increase year-on-year [9][8]. Business Segments - The marine cable business experienced growth in both volume and profit, with revenue of 27.66 billion yuan, a 23.47% increase year-on-year, and a gross margin of 49.14%. The land cable system revenue was 38.27 billion yuan, down 3.77% year-on-year, while the marine engineering revenue was 7.09 billion yuan, down 9.94% year-on-year [9][8]. - The company has made significant progress in international markets, with overseas revenue reaching 1.26 billion yuan, a 130.56% increase year-on-year, primarily driven by projects in Scotland [2][9]. Future Outlook - The investment recommendation has been adjusted to reflect lower-than-expected progress in offshore wind power development in key domestic areas. The forecast for net profit attributable to shareholders for 2024-2026 is 1.369 billion, 1.857 billion, and 2.247 billion yuan, respectively [2][9].

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 03 月 21 日 东 方电缆(603606.SH) 证券研究报告 海缆业务毛利率提升，在手订单充沛支 输变电设备 投资评级 买入-A 撑公司发展 维持评级 6个月目标价 53.75元 事件： 股价 (2024-03-21) 46.12元 303365999 2024年 3月21日，公司发布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%；实现归母净利润 10.00 交易数据 亿元，同比增长 18.78%；实现扣非归母净利润 9.68 亿元，同比 总市值(百万元) 31,717.43 增长 15.50%。 流通市值(百万元) 31,717.43 总股本(百万股) 687.72 业绩稳步增长，海缆业务毛利率提升： 流通股本(百万股) 687.72 2023 年，公司深度参与并引领新型电力系统的建设与发展，业绩 12个月价格区间 32.61/54.18元 稳步增长，2023 年实现营业收入 73.10 亿元，同比增长 4.30%。 其中，海缆系统及海洋工程业务实现营业收入合计 34.76 亿元， ...

公 电力设备及新能源 司 2024年03月 20日 报 东方电缆(603606.SH) 告 业绩稳步增长，订单有望迎来高增 推荐（维持） 事项： 公司发布2023年报，2023年实现营收73.10亿元，同比增长4.3%，归母净利 股价：44.3 元 润10.00亿元，同比增长18.78%，扣非后净利润9.68亿元，同比增长15.5%； EPS 1.45元，拟每股派发现金红利0.45元（含税）。2023Q4，公司实现营收 公 主要数据 19.61亿元，同比增长45.85%，归母净利润1.78亿元，同比增长68.62%。 司 行业 电力设备及新能源 平安观点： 年 公司网址 www.orientcable.com 大股东/持股 宁波东方集团有限公司/31.63%  海缆业务量利齐升推动业绩增长。2023 年公司实现陆缆系统营收 38.27 报 实际控制人 夏崇耀,袁黎雨 亿元，同比下降 3.77%，毛利率减少 1.71 个百分点至 7.96%；海缆系统 点 总股本(百万股) 688 及海洋工程营收34.76亿元，同比增长14.78%，其中海缆系统收入27.66 流通A股(百万股) 688 亿元，同比增长23.4 ...

Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The company reported a revenue of 7.31 billion yuan for 2023, representing a year-on-year growth of 4.3% [1]. - The net profit attributable to shareholders reached 1 billion yuan in 2023, with a year-on-year increase of 18.78% [1]. - The company achieved a non-recurring net profit of 970 million yuan, marking a year-on-year growth of 19.6% [1]. - The company is expected to benefit from the recovery of the domestic offshore wind market, with significant projects being approved [1]. - The company has a strong order backlog of 7.86 billion yuan, with notable growth in overseas markets [1]. Financial Summary - Total revenue for 2022 was 7.009 billion yuan, with a decline of 11.6% year-on-year, while 2023 saw a recovery with revenue of 7.31 billion yuan [2]. - The net profit attributable to shareholders for 2022 was 842 million yuan, which increased to 1 billion yuan in 2023, reflecting a growth rate of 29.2% [2]. - The gross margin improved from 22.4% in 2022 to 25.2% in 2023 [2]. - The company forecasts net profits of 1.505 billion yuan and 2.007 billion yuan for 2024 and 2025, respectively, indicating a growth rate of 50.5% and 33.4% [2]. - The earnings per share (EPS) are projected to rise from 1.45 yuan in 2023 to 2.19 yuan in 2024 [2]. Market Position and Outlook - The company is expanding its market presence in overseas regions, with significant projects in collaboration with European partners [1]. - The offshore cable system revenue increased by 14.78% in 2023, while the onshore cable system revenue saw a slight decline of 1.7% [1]. - The company is actively involved in major offshore wind projects, which are expected to contribute to future revenue growth [1].

Investment Rating - The report maintains a "Buy" rating for the company, considering the expected recovery in industry demand, the scale and structure of the company's orders, and its leading profitability levels [3][4]. Core Insights - The company achieved a revenue of 7.31 billion yuan in 2023, representing a year-on-year growth of 4.3%. The net profit attributable to shareholders was 1 billion yuan, up 18.78% year-on-year. The adjusted net profit was 968 million yuan, reflecting a 15.5% increase [2]. - In Q4 2023, the company reported a revenue of 1.96 billion yuan, a significant year-on-year increase of 45.85% and a quarter-on-quarter increase of 18%. The net profit for the quarter was 178 million yuan, up 68.63% year-on-year [2]. - The company’s gross margin for 2023 was 25.21%, an increase of 2.83 percentage points year-on-year, while the net margin was 13.24%, up 1.28 percentage points year-on-year [2]. Revenue Breakdown - In 2023, the company’s revenue from submarine cables, land cables, and marine engineering was 2.766 billion yuan, 3.827 billion yuan, and 709 million yuan, respectively. This represents year-on-year growth of 23.47%, a decline of 3.77%, and a decline of 9.94% [2]. - The revenue contribution from submarine cables, land cables, and marine engineering for Q4 2023 was approximately 480 million yuan, 1.1 billion yuan, and 380 million yuan, respectively [2]. Orders and Inventory - As of March 15, 2024, the company had an order backlog of 7.86 billion yuan, with 3.16 billion yuan from submarine systems, 3.75 billion yuan from land systems, and 950 million yuan from marine engineering [2]. - The inventory as of December 31, 2023, was approximately 2.148 billion yuan, a year-on-year increase of 62.6%, primarily due to increased inventory of submarine systems and finished goods [2].