东方电缆（603606）：Q2经营基本触底，排产加速有望奠定下半年交付放量基础

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Views - The company reported a revenue of 4.432 billion yuan for the first half of 2025, representing a year-on-year increase of 8.95%, while the net profit attributable to shareholders was 473 million yuan, a decrease of 26.57% [2][4]. - In Q2 2025, the company achieved a revenue of 2.285 billion yuan, down 17.13% year-on-year, and a net profit of 192 million yuan, down 49.56% year-on-year [2][4]. - The company is expected to see a recovery in performance in Q3, supported by inventory and order levels, with a projected net profit of approximately 1.56 billion yuan for 2025, corresponding to a PE ratio of about 24 times [5][6]. Summary by Sections Revenue Performance - In the first half of 2025, the company’s revenue from submarine cables and high-voltage cables was 1.957 billion yuan, up 8.32% year-on-year, while revenue from marine equipment and engineering operations was 275 million yuan, down 44.61% year-on-year. Revenue from power engineering and equipment cables was 2.196 billion yuan, up 24.85% year-on-year [5]. - For Q2, revenue from submarine cables and high-voltage cables was 760 million yuan, with expectations for increased volume in the second half due to fewer installations in Q2 [5]. Inventory and Orders - As of the end of Q2 2025, the company had an inventory balance of approximately 3.12 billion yuan, an increase of about 1.28 billion yuan from the beginning of the period. The inventory of finished goods and semi-finished products was approximately 1.53 billion yuan and 850 million yuan, respectively [6]. - The company had an order backlog of approximately 19.6 billion yuan as of August 12, 2025, which includes 11 billion yuan for submarine cables and high-voltage cables, 3.6 billion yuan for marine equipment and engineering operations, and 5 billion yuan for power engineering and equipment cables [6]. Profitability - The gross margin for the first half of 2025 was approximately 18.3%, a decrease of 4.2 percentage points year-on-year, primarily due to changes in product mix [10]. - The net profit margin for the first half of 2025 was approximately 10.7%, which also saw a decline year-on-year [10].