东方电缆（603606）：2024年年报点评：Q4交付淡季，海缆订单快速突破

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 9.093 billion yuan for 2024, representing a year-on-year increase of 24.38%. The net profit attributable to shareholders was 1.008 billion yuan, a slight increase of 0.81% year-on-year [9] - The company has seen a rapid breakthrough in submarine cable orders, with total orders on hand reaching 17.975 billion yuan as of March 21, 2025, which is a 199% increase compared to October 2024 [9] - The operating cash flow remains robust, with a net cash flow from operating activities of 1.111 billion yuan in 2024, although it represents a 6.5% decrease year-on-year [9] Financial Summary - Total revenue projections for the company are as follows: 9.093 billion yuan in 2024, 10.866 billion yuan in 2025, 13.148 billion yuan in 2026, and 15.514 billion yuan in 2027, with respective year-on-year growth rates of 24.38%, 19.50%, 21.00%, and 18.00% [1][10] - The net profit attributable to shareholders is projected to be 1.601 billion yuan in 2025, 2.152 billion yuan in 2026, and 2.657 billion yuan in 2027, with growth rates of 58.82%, 34.38%, and 23.50% respectively [1][10] - The earnings per share (EPS) are expected to be 1.47 yuan in 2024, 2.33 yuan in 2025, 3.13 yuan in 2026, and 3.86 yuan in 2027 [1][10]