东方电缆（603606）：500kV订单持续落地，盈利能力有望提升

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant revenue growth, with Q1 2025 revenue reaching 2.15 billion yuan, a year-on-year increase of 63.8% [5] - The company is entering a peak period for both orders and deliveries, with a record order backlog of 18.9 billion yuan as of April 21, 2025 [6] - The company is expected to benefit from the acceleration of domestic offshore wind development and the realization of overseas orders [6] Financial Performance - In Q1 2025, the company achieved a net profit attributable to shareholders of 280 million yuan, up 6.7% year-on-year, and a non-net profit of 270 million yuan, up 28.2% year-on-year [5] - The revenue from submarine cables and high-voltage cables increased by 219% year-on-year in Q1 2025 [6] - The company’s revenue from power engineering and equipment cables was 885 million yuan, a 53% increase year-on-year [6] Order Backlog and Future Prospects - The order backlog reached a new high of 18.9 billion yuan, with 11.5 billion yuan in submarine and high-voltage cable orders [6] - The company has significant upcoming projects, including 500kV and DC submarine cable orders totaling 5 billion yuan, which are expected to drive profitability in 2025 and 2026 [6] - The company is projected to achieve revenues of 11.86 billion yuan, 14.01 billion yuan, and 16.84 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.73 billion yuan, 2.18 billion yuan, and 2.73 billion yuan [8][9]