东方电缆（603606）：Q2海缆确收较少，下半年有望迎来拐点

Investment Rating - The report maintains a "Buy" rating for Dongfang Cable [1] Core Views - The second quarter saw lower revenue from submarine cables, but a turning point is expected in the second half of the year [8] - The company’s revenue for the first half of 2025 was 4.43 billion yuan, a year-on-year increase of 9.0%, while net profit attributable to shareholders was 470 million yuan, a year-on-year decrease of 26.6% [8] - The report highlights a significant increase in inventory and contract liabilities, indicating potential for revenue recognition in the upcoming quarters [8] Financial Forecasts - Total revenue is projected to grow from 7.31 billion yuan in 2023 to 15.04 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 15% [1] - Net profit attributable to shareholders is expected to rise from 1 billion yuan in 2023 to 2.46 billion yuan in 2027, reflecting a CAGR of about 22.93% [1] - The earnings per share (EPS) is forecasted to increase from 1.45 yuan in 2023 to 3.57 yuan in 2027 [1] Business Segmentation - Revenue from submarine and high-voltage cables reached 1.96 billion yuan, a year-on-year increase of 8.3%, with a gross margin of 25.0% [8] - Revenue from power engineering and equipment cables was 2.20 billion yuan, a year-on-year increase of 24.9%, with a gross margin of 10.8% [8] - Revenue from marine equipment and engineering operations was 280 million yuan, a year-on-year decrease of 44.6%, with a gross margin of 29.1% [8] Order Backlog - As of August 12, 2025, the company had an order backlog of approximately 19.6 billion yuan, with 5 billion yuan from power engineering and equipment cables, and 11 billion yuan from submarine and high-voltage cables [8]