ORIENT CABLE (NBO)(603606) 国都证券·2024-07-16 09:00Investment Rating - The report maintains a "Recommended" investment rating for Dongfang Cable (603606) [1][9]. Core Viewpoints - Dongfang Cable has secured a significant order of 1.8 billion RMB from Inch Cape Offshore, highlighting the company's competitive strength in the market. This order is part of a larger contract for the Inch Cape offshore wind project, which has a total capacity of 1.08GW [1]. - The company has also won contracts for land cable systems totaling 498 million RMB and additional contracts for submarine cables, bringing the total order value to approximately 2.528 billion RMB [1]. - The European offshore wind market is expected to grow significantly, with a projected CAGR of 35% from 2024 to 2030, providing a strong support for future orders for Dongfang Cable [2]. Financial Data Forecast - The forecast for Dongfang Cable's main business revenue is as follows: - 2023: 7.31 billion RMB (4.3% YoY growth) - 2024: 9.1 billion RMB (24.5% YoY growth) - 2025: 12.5 billion RMB (37.4% YoY growth) - 2026: 16 billion RMB (28% YoY growth) [3]. - The projected net profit attributable to shareholders is: - 2023: 1 billion RMB (18.8% YoY growth) - 2024: 1.35 billion RMB (35% YoY growth) - 2025: 2 billion RMB (48.1% YoY growth) - 2026: 2.5 billion RMB (25% YoY growth) [3]. - The expected EPS for the years 2023 to 2026 is 1.45, 1.96, 2.91, and 3.64 RMB respectively, with corresponding P/E ratios of 32.0, 23.7, 16.0, and 12.8 [3]. Stock Performance - The total market capitalization of Dongfang Cable is approximately 32 billion RMB, with a total asset value of 10.6 billion RMB. The stock has traded within a range of 51.2 to 32.61 RMB over the past 52 weeks [4].