东方电缆（603606）：后续业绩支撑性强，前瞻布局新兴领域

Investment Rating - The report maintains a "Recommend" rating for the company, indicating a positive outlook for its stock performance in the near term [1][8]. Core Views - The company has strong performance support for future earnings, with a robust order backlog of approximately 196 billion yuan as of August 12, 2025, which includes significant contributions from various segments [7]. - The company is strategically positioning itself in emerging fields such as deep-sea wind power and deep-sea technology, enhancing its competitive edge and innovation capabilities [7]. - Despite a decline in net profit by 26.57% year-on-year in the first half of 2025, the company achieved a revenue increase of 8.95%, indicating resilience in its core operations [4][7]. Financial Summary - Revenue projections for 2025-2027 are estimated at 106.62 billion yuan, 134.38 billion yuan, and 158.53 billion yuan, respectively, with year-on-year growth rates of 17.3%, 26.0%, and 18.0% [6]. - Net profit forecasts for the same period are 13.48 billion yuan, 22.21 billion yuan, and 28.35 billion yuan, reflecting significant growth potential [8]. - The company's gross margin is expected to improve from 20.9% in 2025 to 26.5% in 2027, indicating better cost management and pricing power [6][8].