Ge Long Hui A P P·2025-08-18 06:53Core Viewpoint - Dongfang Cable's net profit attributable to shareholders for the first half of the year was 470 million yuan, a year-on-year decrease of 26.6%, with Q2 net profit at 190 million yuan, down 49.6% quarter-on-quarter and 31.6% year-on-year [1] Group 1: Financial Performance - The company's Q2 revenue from submarine cables was lower than expected, but there is potential for a turnaround in the second half of the year [1] - As of August 12, 2025, the company had an order backlog of approximately 19.6 billion yuan, with power engineering and equipment cables accounting for 5 billion yuan, an increase of 600 million yuan quarter-on-quarter [1] - The backlog for submarine cables and high-voltage cables was 11 billion yuan, a decrease of 500 million yuan quarter-on-quarter, while marine equipment and engineering operation and maintenance orders stood at 3.6 billion yuan, an increase of 600 million yuan quarter-on-quarter [1] Group 2: Inventory and Profit Forecast - The company experienced a significant increase in inventory and contract liabilities, with expectations for gradual shipments in Q3 and Q4, indicating a potential turning point in revenue recognition [1] - Due to the slower-than-expected delivery pace of offshore wind projects, the profit forecast has been revised downwards, with expected net profits for 2025-2027 at 1.54 billion, 2.00 billion, and 2.46 billion yuan respectively, reflecting year-on-year growth of 53%, 29%, and 23% [1] - The corresponding price-to-earnings ratios are projected at 24x, 19x, and 15x for the respective years, with a maintained "buy" rating [1]