ORIENT CABLE (NBO)(603606)2025-04-23 04:33Investment Rating - The report maintains a "Buy" rating for Dongfang Cable [1] Core Views - The company's revenue for Q1 2025 reached 2.15 billion yuan, showing a year-on-year increase of 63.8% and a quarter-on-quarter decrease of 10.3% [7] - The net profit attributable to shareholders for Q1 2025 was 280 million yuan, reflecting a year-on-year growth of 269.4% [7] - The company has achieved a record high in its order backlog, amounting to approximately 18.9 billion yuan as of April 21, 2025 [7] Financial Performance Summary - Total revenue projections for 2023A to 2027E are as follows: 7.31 billion yuan (2023A), 9.09 billion yuan (2024A), 10.87 billion yuan (2025E), 13.15 billion yuan (2026E), and 15.51 billion yuan (2027E), with year-on-year growth rates of 4.3%, 24.38%, 19.5%, 21%, and 18% respectively [1] - Net profit attributable to shareholders is forecasted to be 1 billion yuan (2023A), 1.008 billion yuan (2024A), 1.601 billion yuan (2025E), 2.152 billion yuan (2026E), and 2.657 billion yuan (2027E), with year-on-year growth rates of 18.78%, 0.81%, 58.82%, 34.38%, and 23.5% respectively [1] - The latest diluted EPS is projected to be 1.45 yuan (2023A), 1.47 yuan (2024A), 2.33 yuan (2025E), 3.13 yuan (2026E), and 3.86 yuan (2027E) [1] Order Backlog and Business Segmentation - The order backlog includes approximately 11.5 billion yuan for submarine cables and high-voltage cables, 4.4 billion yuan for power engineering and equipment cables, and 3 billion yuan for marine equipment and engineering operations [7] - The revenue from submarine cables and high-voltage cables reached 1.196 billion yuan, a year-on-year increase of 219%, driven by international brand expansion and stable growth in export revenue [7] - Revenue from power engineering and equipment cables was 885 million yuan, reflecting a year-on-year growth of 53.28% due to enhanced brand influence and market share expansion [7]