东方电缆：在手订单充沛，海缆放量可期

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company has a robust order backlog, with a total of 9.24 billion yuan in orders as of October 18, 2024, reflecting a 3.7% increase since August 12, 2024. The order distribution includes 4.89 billion yuan for land cables, 2.95 billion yuan for submarine cables, and 1.40 billion yuan for offshore systems [1]. - The company reported a revenue of 6.699 billion yuan for the first three quarters of 2024, a year-on-year increase of 25.22%, with a net profit of 932 million yuan, up 13.41% year-on-year [1]. - The company is expected to see significant revenue growth, with projected revenues of 8.513 billion yuan and 10.583 billion yuan for 2024 and 2025, respectively [3][8]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 2.631 billion yuan, a year-on-year increase of 58.34%. The net profit for the same period was 288 million yuan, up 40.28% year-on-year [1]. - The gross margin for Q3 2024 was reported at 21.74%, a slight increase of 0.85 percentage points year-on-year [2]. - The operating cash flow for the first three quarters of 2024 improved significantly, reaching 290 million yuan, a year-on-year increase of 301.4% [2]. Business Segments - The company operates in three main segments: land cables, submarine cables, and offshore systems. For the first three quarters of 2024, revenue from land cables was 3.69 billion yuan (up 35.0% year-on-year), while submarine cables generated 3.00 billion yuan (up 14.9% year-on-year) [1]. - The company has been expanding its international presence, securing contracts for submarine cables worth 1.5 billion yuan and 1.8 billion yuan from UK companies in September 2024 [2]. Future Outlook - The company is expected to continue its growth trajectory, with projected earnings per share (EPS) of 1.90 yuan and 2.49 yuan for 2024 and 2025, respectively [3][8]. - The report highlights the company's strong R&D capabilities and competitive advantages in high-voltage submarine cables and deep-sea tether cables, indicating a favorable market position [3].