东方电缆：中标海外海缆订单，预计强势增厚业绩

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 54.18 CNY per share, compared to the current price of 48.69 CNY [4]. Core Views - The company has secured a significant overseas submarine cable order totaling 20.3 billion CNY, with 19.5 billion CNY from international contracts. This includes projects with China Electric Power Construction Group and UK SSE, among others. The company expects a 23% year-on-year increase in submarine cable revenue for 2023, with a gross margin of 49%. The delivery of overseas orders is anticipated to significantly boost performance in 2025-2026 [2][3]. - The company’s product quality has gained recognition in overseas markets, particularly in Europe, where demand for offshore wind energy is expected to enhance revenue. The European Wind Energy Association projects a total installed capacity of 19.9 GW for new offshore wind projects from 2024 to 2026, leading to increased demand for submarine cables [2][3]. - The company is projected to achieve net profits of 1.491 billion CNY, 1.886 billion CNY, and 2.228 billion CNY for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 2.17 CNY, 2.74 CNY, and 3.24 CNY per share [2][3]. Financial Summary - Revenue is expected to grow from 7.31 billion CNY in 2023 to 9.375 billion CNY in 2024, reflecting a growth rate of 28.2%. By 2026, revenue is projected to reach 13.602 billion CNY [3][8]. - The company’s EBITDA is forecasted to increase from 1.333 billion CNY in 2023 to 2.722 billion CNY in 2026, indicating strong operational performance [3][8]. - The projected P/E ratios for the years 2024, 2025, and 2026 are 22.47, 17.76, and 15.03, respectively, suggesting an attractive valuation relative to earnings growth [3][8].