东海证券：晨会纪要-20250101

Group 1: Company Overview - The report highlights that博迈科 (603727) is experiencing a turnaround in performance due to the rising industry demand and the gradual release of orders, particularly in the FPSO (Floating Production Storage and Offloading) sector, which is expected to see stable and long-term investment growth from 2024 to 2028 with an anticipated addition of 48 new FPSO orders globally [7][8][30] - The company achieved a record high in new FPSO orders amounting to approximately 3.703 billion yuan in 2023, indicating a strong future performance rebound expected in 2025 due to the lagging effect of order signing on revenue and profit [8][30] - 博迈科 is also diversifying its operations by expanding into the LNG sector, with significant projects in Russia, which are expected to enhance its market recognition and order volume [29] Group 2: Industry Trends - The domestic offshore wind market is rapidly developing, with 东方电缆 (603606) positioned as a leader in the submarine cable sector, having secured nearly 3 billion yuan in offshore cable projects in Europe since December 2020, primarily in the UK and Scotland [12][34] - The report anticipates that the offshore wind sector will see accelerated construction from 2024 to 2025, with a significant increase in project approvals and construction activities, particularly in coastal provinces [18][39] - The global demand for offshore wind cables is expected to remain strong, with a projected supply shortage in the submarine cable market until 2031, positioning China as a key player in alleviating this gap [33][34] Group 3: Financial Performance - The financial performance of 博迈科 shows steady growth, with a cumulative revenue of approximately 6.689 billion yuan for the first nine months of 2024, representing a year-on-year increase of 25.18%, and a net profit of about 932 million yuan, up 13.41% [12] - The report projects that 东方电缆 will achieve revenues of 8.858 billion yuan, 11.839 billion yuan, and 13.649 billion yuan from 2024 to 2026, with net profits expected to reach 1.269 billion yuan, 1.922 billion yuan, and 2.376 billion yuan respectively [34]