东方电缆（603606）：2024年报点评报告：海缆订单充沛，双海助力成长

Investment Rating - The investment rating for the company is "Buy" and it is maintained [5] Core Views - The company achieved a revenue of 9.093 billion yuan in 2024, representing a year-on-year growth of 24.38%, while the net profit attributable to shareholders was 1.008 billion yuan, a slight increase of 0.81% year-on-year [1] - The company has a strong order backlog of 17.975 billion yuan as of March 21, 2025, with significant contributions from high-value submarine cable orders [2] - The company's technological capabilities in submarine and land cable systems are at an international leading level, which positions it well for overseas market expansion [3] - The profit forecast for 2025 has been adjusted downwards, with expected net profits of 1.604 billion yuan, reflecting a 59.07% increase from 2024 [4] Financial Summary - In 2024, the company reported a revenue of 9,092.52 million yuan, with a projected revenue of 12,607.81 million yuan for 2025, indicating a growth rate of 38.66% [5] - The net profit attributable to shareholders is expected to rise to 1,603.68 million yuan in 2025, up from 1,008.16 million yuan in 2024 [5] - The earnings per share (EPS) is projected to be 2.33 yuan in 2025, with a price-to-earnings (P/E) ratio of 21 [5]