东方电缆（603606）：继续巩固高压海缆优势，出海潜力突出

Investment Rating - The investment rating for the company is "Recommended" (maintained) [1] Core Viewpoints - The company continues to consolidate its competitive advantage in high-voltage submarine cables, with significant potential for overseas expansion [1][7] - In 2025, the company achieved a revenue of 10.843 billion yuan, a year-on-year increase of 19.26%, and a net profit attributable to shareholders of 1.271 billion yuan, up 26.11% year-on-year [4] - The growth in submarine cable and high-voltage cable revenue was particularly strong, with a 65.60% increase, accounting for 49.46% of total revenue [7] - The company has a robust order backlog of 19.312 billion yuan as of March 25, 2026, with significant contributions from high-voltage submarine cable projects [7] - The overseas business is expected to grow significantly, with overseas revenue reaching 1.253 billion yuan in 2025, a 70.83% increase [7][8] Financial Summary - Revenue projections for the company are as follows: 2024A: 9.093 billion yuan, 2025A: 10.843 billion yuan, 2026E: 13.072 billion yuan, 2027E: 15.006 billion yuan, 2028E: 17.082 billion yuan [6] - Net profit projections are: 2025A: 1.271 billion yuan, 2026E: 1.801 billion yuan, 2027E: 2.208 billion yuan, 2028E: 2.664 billion yuan [6] - The company's gross margin is expected to improve from 22.1% in 2025 to 25.0% by 2028 [6] - The price-to-earnings ratio (P/E) is projected to decrease from 31.2 in 2025 to 14.9 by 2028 [6]