东方电缆（603606）：2024年报点评：订单破记录新高，海风景气向上

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 58 CNY [2][8]. Core Views - The company achieved record-high orders, with total revenue of 9.093 billion CNY in 2024, representing a year-on-year increase of 24.38%. The net profit attributable to shareholders was 1.008 billion CNY, up 0.81% year-on-year [2][4]. - The marine cable business is showing positive trends, while the land cable segment is experiencing some drag. The marine segment generated revenue of 3.666 billion CNY, a year-on-year increase of 5.49%, while the land cable segment saw revenue of 5.416 billion CNY, up 41.52% year-on-year [8]. - The company has a record-high order backlog of 17.975 billion CNY, a 130% year-on-year increase, with marine cable orders at 8.827 billion CNY and land cable orders at 6.353 billion CNY [8]. Financial Summary - Total revenue is projected to grow from 11.091 billion CNY in 2025 to 15.527 billion CNY in 2027, with corresponding growth rates of 22.0% and 17.5% [4][9]. - The net profit attributable to shareholders is expected to increase significantly, reaching 2.509 billion CNY by 2027, with a growth rate of 24.3% [4][9]. - The company's earnings per share (EPS) is forecasted to rise from 2.29 CNY in 2025 to 3.65 CNY in 2027, reflecting strong profitability [4][9].