东方电缆2024年一季报点评：海陆业务均稳健发展，盈利保持较高水平

Investment Rating - The report maintains a "Buy" rating for Dongfang Cable (603606) with a target price based on the last closing price of 45.50 [1][2] Core Views - Dongfang Cable's Q1 2024 performance met expectations, with stable development in both marine and land businesses, maintaining a high level of profitability [1][2] - The company reported Q1 2024 revenue of 1.31 billion yuan, a year-on-year decrease of 8.86%, while net profit attributable to shareholders was 263 million yuan, an increase of 2.95% year-on-year [2] - The overall gross margin for Q1 2024 was 22.23%, down 8.72 percentage points year-on-year, primarily due to high-margin products delivered in the same period last year [2] - The company has a robust order backlog, with significant contributions from high-voltage and umbilical cables [2] Financial Summary - Revenue projections for 2024-2026 are 9.632 billion yuan, 12.110 billion yuan, and 14.717 billion yuan, with year-on-year growth rates of 31.77%, 25.72%, and 21.52% respectively [3] - Net profit forecasts for the same period are 1.351 billion yuan, 1.687 billion yuan, and 2.237 billion yuan, with growth rates of 35.11%, 24.87%, and 32.56% respectively [3] - The diluted earnings per share (EPS) are projected to be 1.96 yuan, 2.45 yuan, and 3.25 yuan for 2024, 2025, and 2026 respectively [3]