东方电缆（603606）：业绩稳健增长，静待两海提速

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [6]. Core Insights - The company reported a total revenue of 10.843 billion yuan for 2025, reflecting a year-on-year growth of 19.26%. The net profit attributable to shareholders was 1.271 billion yuan, up 26.11% from the previous year [6]. - The company has a strong order backlog of 19.312 billion yuan as of March 25, 2026, with significant contributions from various segments, particularly the submarine and high-voltage cables [6]. - The report highlights the urgency for Europe to enhance its offshore wind energy capabilities, which is expected to accelerate construction and benefit the company as a key supplier [6]. Financial Data and Profit Forecast - Projected total revenue for the years 2024 to 2028 is as follows: - 2024: 9.093 billion yuan - 2025: 10.843 billion yuan - 2026E: 12.712 billion yuan - 2027E: 15.232 billion yuan - 2028E: 17.204 billion yuan - The net profit attributable to shareholders is forecasted to grow from 1.008 billion yuan in 2024 to 2.695 billion yuan in 2028, with corresponding EPS increasing from 1.47 yuan to 3.92 yuan [5][8]. - The report anticipates a gross margin improvement from 18.8% in 2024 to 25.2% in 2028, indicating enhanced operational efficiency [5].