东方电缆（603606）：业绩拐点或已至，海内外订单有望加速

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company has reached a potential inflection point in its performance, with expectations for accelerated domestic and international orders [6][12] - In the first half of 2025, the company reported a revenue of 4.432 billion yuan, an increase of 8.95% year-on-year, while the net profit attributable to shareholders decreased by 26.57% to 473 million yuan [12][4] - The company’s inventory reached a record high of 3.12 billion yuan, up 66% year-on-year, and contract liabilities increased by 473% to 1.67 billion yuan, indicating strong future project deliveries [12][14] Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 2.285 billion yuan, a decrease of 17.13% year-on-year, with a net profit of 192 million yuan, down 49.56% [12][4] - The company’s revenue for 2025 is projected to be 10.39 billion yuan, with growth rates of 14.3%, 24.8%, and 15.9% for the years 2025, 2026, and 2027 respectively [15][16] Order and Project Outlook - The company has secured nearly 10 billion yuan in new orders since the beginning of 2025, with total orders on hand reaching 19.6 billion yuan as of August 12, 2025 [14] - The company is expected to benefit from the acceleration of offshore wind projects, particularly in Europe and domestic markets, with significant project deliveries anticipated in Q3 2025 [13][14] Market Position and Growth Potential - The company is positioned as a leader in the domestic submarine cable market, with advanced technology and profitability, likely to benefit from the growth in offshore wind construction [15] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 2.25 yuan, 3.22 yuan, and 4.13 yuan respectively, reflecting strong growth potential [15][16]