业绩符合市场预期，海缆版块保持高毛利率

Investment Rating - The report maintains an "OUTPERFORM" rating for Ningbo Orient Wires & Cables, with a target price increase from 58.3 yuan/share to 61.1 yuan/share [3][16][12]. Core Insights - The company's financial performance in 2023 met market expectations, with a revenue of 7.31 billion yuan, a year-on-year increase of 4.3%, and a net profit attributable to shareholders of 1.00 billion yuan, up 18.8% year-on-year [2][12]. - The gross profit margin improved marginally to 25.21%, with the submarine cable segment achieving a gross profit margin of 49.14%, an increase of 2.87 percentage points year-on-year [2][12]. - The company has a robust order backlog of approximately 7.86 billion yuan, driven by both domestic and international projects, including significant contracts in offshore wind power [13][2]. Financial Performance - In Q4 2023, the net profit attributable to shareholders reached 180 million yuan, reflecting a substantial year-on-year increase of 68.6% [2][12]. - The comprehensive gross profit margin for 2023 was 25.21%, up 2.83 percentage points from the previous year, with the submarine cable business contributing significantly to this improvement [2][12]. - The land cable segment's gross profit margin was 7.96%, down 1.71 percentage points year-on-year [2][12]. Market Opportunities - The offshore wind power sector is expected to add 10GW of new installed capacity in China in 2024, marking a turning point for the industry [3][15]. - The company has secured multiple domestic and international contracts, enhancing its market position and revenue potential [13][2]. - The Yangjiang base is set to be completed by the end of 2024, with production capacity expected to be released in 2025, further supporting growth in the offshore wind market [15][3]. Technological Advancements - The company has established a leading position in technology with the successful operation of China's first integrated deep-sea dynamic simulation testing platform and the development of the first deep-sea dynamic cable system [14][3]. - Significant progress has been made in the research and development of the new generation ±525kV DC submarine cable, addressing key technical gaps for long-distance offshore wind power transmission [14][3].