东方电缆：海外大单签订，双海助力成长

Investment Rating - The report maintains an "Accumulate" rating for the company [2][10]. Core Views - The company has secured contracts totaling approximately 2.53 billion yuan, including 1.95 billion yuan for overseas submarine cables, indicating a strong order backlog and potential for high growth in performance [10]. - The company is expected to benefit from the gradual launch of domestic offshore wind projects, with industry conditions anticipated to improve [10]. - The report projects earnings per share (EPS) for 2024-2026 to be 1.93, 2.77, and 3.40 yuan respectively, with a target price maintained at 60.37 yuan [10]. Financial Summary - Revenue for 2022 was 7,009 million yuan, with a forecasted increase to 9,200 million yuan in 2024, representing a growth rate of 25.9% [9]. - Net profit attributable to the parent company was 842 million yuan in 2022, expected to rise to 1,327 million yuan in 2024, reflecting a growth rate of 32.7% [9]. - The company’s net asset return (ROE) is projected to increase from 15.9% in 2023 to 22.2% in 2026 [11]. Market Data - The company's current price is 46.57 yuan, with a target price of 60.37 yuan, indicating significant upside potential [2]. - The total market capitalization is approximately 32.03 billion yuan [4]. Order and Project Insights - The company has a robust order book, with recent contracts indicating successful international market expansion [10]. - The commencement of domestic offshore wind projects is expected to further enhance the company's market position and performance [10].