ORIENT CABLE (NBO)(603606) 海通证券·2024-10-30 02:12Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company's revenue for the first three quarters of 2024 reached 6.699 billion yuan, a year-on-year increase of 25.22%, while the net profit attributable to shareholders was 932 million yuan, up 13.41% year-on-year [6] - The company has a strong order backlog, with orders amounting to approximately 9.236 billion yuan as of October 18, 2024, representing a year-on-year increase of 30.08% [7] - The operating cash flow for the first three quarters of 2024 improved significantly, with a net cash flow of 285 million yuan, an increase of 301.35% year-on-year [8] - The company is expected to achieve net profits of 1.25 billion yuan and 1.884 billion yuan for 2024 and 2025, respectively, with corresponding EPS of 1.82 yuan and 2.74 yuan per share [9] Summary by Sections Financial Performance - In Q3 2024, the company's revenue was 2.758 billion yuan, a year-on-year increase of 58.34%, while the net profit was 288 million yuan, up 40.28% year-on-year [6] - The gross margin for Q3 2024 was 21.74%, an increase of 0.85 percentage points year-on-year [6] Order Backlog - As of October 18, 2024, the company had an order backlog of approximately 9.236 billion yuan, with a significant increase in land cable system orders by 96.86% year-on-year [7] Cash Flow - The net operating cash flow for the first three quarters of 2024 was 285 million yuan, a significant improvement compared to the previous year [8] Profit Forecast and Valuation - The company is projected to have a net profit of 1.25 billion yuan in 2024 and 1.884 billion yuan in 2025, with a reasonable valuation range of 60.28 to 71.24 yuan based on a PE ratio of 22-26x for 2025 [9]