ORIENT CABLE (NBO)(603606) Soochow Securities·2025-04-23 06:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for Q1 2025 reached 2.15 billion yuan, with 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 increase of 6.7% and a quarter-on-quarter increase of 269.4% [7] - The gross margin for Q1 2025 was 20.4%, with a slight decrease of 1.8 percentage points compared to the previous quarter but an increase of 10.9 percentage points year-on-year [7] - The company has reached a record high in its order backlog, amounting to approximately 18.9 billion yuan as of April 21, 2025 [7] Financial Forecasts - Total revenue projections for the company are as follows: - 2023: 7.31 billion yuan - 2024: 9.09 billion yuan (24.38% YoY) - 2025: 10.87 billion yuan (19.50% YoY) - 2026: 13.15 billion yuan (21.00% YoY) - 2027: 15.51 billion yuan (18.00% YoY) [1][8] - Net profit attributable to shareholders is forecasted as follows: - 2023: 1.00 billion yuan - 2024: 1.01 billion yuan (0.81% YoY) - 2025: 1.60 billion yuan (58.82% YoY) - 2026: 2.15 billion yuan (34.38% YoY) - 2027: 2.66 billion yuan (23.50% YoY) [1][8] - The latest diluted EPS is projected to be: - 2023: 1.45 yuan - 2024: 1.47 yuan - 2025: 2.33 yuan - 2026: 3.13 yuan - 2027: 3.86 yuan [1][8] Business Segmentation - The company has adjusted its product classification to better align with market demands, focusing on: - Power engineering and equipment cables (green transmission facilities) - Submarine cables and high-voltage cables (power new energy) - Marine equipment and engineering operations [7] - Revenue from submarine cables and high-voltage cables reached 1.196 billion yuan, a year-on-year increase of 219% [7] - Revenue from power engineering and equipment cables was 885 million yuan, reflecting a year-on-year increase of 53.28% [7]