东方电缆：海风招标开工放量可期，公司海缆订单有望迎来反弹

Investment Rating - The investment rating for the company is "Outperform the Market" [6][16][20] Core Views - The company has seen a revenue growth of 25.22% year-on-year, reaching 6.699 billion yuan in the first three quarters, with a net profit increase of 13.41% to 932 million yuan [2][7] - The company is expected to benefit from the upcoming surge in offshore wind project tenders, with a projected 14GW of new installations in 2025, representing a 75% year-on-year increase [3][15] - The company has secured significant contracts, including a 500kV main cable project worth 933 million yuan and a 66kV array cable project worth 216 million yuan [3][15] Financial Performance Summary - In Q3, the company achieved a revenue of 2.631 billion yuan, a year-on-year increase of 58.34%, while net profit rose by 40.28% to 288 million yuan [2][12] - The gross margin for Q3 was 21.74%, showing a year-on-year increase of 0.85 percentage points, while the net margin was 10.95% [12][11] - The company has a current order backlog of 29.49 billion yuan for submarine cable systems and 13.97 billion yuan for marine engineering [3][15] Earnings Forecast and Valuation - The company’s projected net profits for 2024, 2025, and 2026 are 1.218 billion yuan, 1.820 billion yuan, and 2.141 billion yuan respectively, with corresponding P/E ratios of 32, 21, and 18 [5][16] - The revenue forecast for 2024 is set at 8.657 billion yuan, with a growth rate of 18.4% [5][18] - The company’s return on equity (ROE) is expected to be 16.7% in 2024, increasing to 20.5% by 2025 [5][18]