海风行业因素限制业绩增长，海缆盈利表现优秀

Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The company reported a revenue of 7.31 billion yuan for 2023, representing a year-on-year growth of 4.3% [1]. - The net profit attributable to shareholders reached 1 billion yuan in 2023, with a year-on-year increase of 18.78% [1]. - The company achieved a non-recurring net profit of 970 million yuan, marking a year-on-year growth of 19.6% [1]. - The company is expected to benefit from the recovery of the domestic offshore wind market, with significant projects being approved [1]. - The company has a strong order backlog of 7.86 billion yuan, with notable growth in overseas markets [1]. Financial Summary - Total revenue for 2022 was 7.009 billion yuan, with a decline of 11.6% year-on-year, while 2023 saw a recovery with revenue of 7.31 billion yuan [2]. - The net profit attributable to shareholders for 2022 was 842 million yuan, which increased to 1 billion yuan in 2023, reflecting a growth rate of 29.2% [2]. - The gross margin improved from 22.4% in 2022 to 25.2% in 2023 [2]. - The company forecasts net profits of 1.505 billion yuan and 2.007 billion yuan for 2024 and 2025, respectively, indicating a growth rate of 50.5% and 33.4% [2]. - The earnings per share (EPS) are projected to rise from 1.45 yuan in 2023 to 2.19 yuan in 2024 [2]. Market Position and Outlook - The company is expanding its market presence in overseas regions, with significant projects in collaboration with European partners [1]. - The offshore cable system revenue increased by 14.78% in 2023, while the onshore cable system revenue saw a slight decline of 1.7% [1]. - The company is actively involved in major offshore wind projects, which are expected to contribute to future revenue growth [1].