电缆出海优质企业，全球布局享红利

Investment Rating - The report assigns a "Buy-A" investment rating with a target price of 12.88 yuan for the next six months [37][42]. Core Viewpoints - The company has shown significant growth in its oil service business, with a revenue increase of 83.3% year-on-year in 2022, driven by strong demand for its products [2][4]. - The company is expanding its market presence both domestically and internationally, establishing partnerships with major oil service companies and setting up production bases in Africa [4][45]. - The revenue forecast for 2023-2025 is projected to be 52.74 billion yuan, 62.85 billion yuan, and 76.29 billion yuan, with growth rates of 1.6%, 19.2%, and 21.4% respectively [9][42]. Summary by Sections Revenue and Profitability - In 2022, the company's oil service-related revenue reached 1.527 billion yuan, with significant contributions from downhole pump cables and continuous pipes [2][4]. - The net profit for 2023-2025 is expected to be 375 million yuan, 468 million yuan, and 640 million yuan, with growth rates of 46.0%, 24.9%, and 36.6% respectively [9][42]. Market Expansion - The company is focusing on both domestic and international markets, enhancing cooperation with major enterprises like CNOOC and establishing stable relationships with international firms such as Halliburton and Schlumberger [4][37]. - The overseas sales account for approximately 60% of total sales, with production bases in Tanzania and Cameroon to serve the African market [37][45]. Product Development - The company has developed high-temperature resistant downhole pump cables and is one of the few globally certified manufacturers of continuous pipes [12][33]. - The introduction of smart cables, which integrate multiple functionalities, is expected to enhance the company's product offerings in the oil and gas sector [13][37]. Financial Metrics - The projected gross profit margins for 2023-2025 are 20.1%, 21.6%, and 22.8%, indicating a gradual recovery due to an increase in high-margin products [8][9]. - The company’s total market capitalization is approximately 4.6 billion yuan, with a circulating market value of about 2.93 billion yuan [37].