东方电缆：业绩回暖可期，看好未来“双海”战略共振

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company is expected to see a recovery in performance, driven by its "Dual Sea" strategy, with a projected increase in revenue and profit in the coming years [5]. - The company reported a Q1 2024 revenue of 1.31 billion yuan, a year-on-year decrease of 9%, while the net profit attributable to shareholders was 263 million yuan, an increase of 3% year-on-year [4]. - The company has a strong order backlog of 7.137 billion yuan as of April 25, 2024, with significant contributions from both land and sea cable systems [4]. Financial Summary - Revenue for 2023 is projected at 7.31 billion yuan, with a year-on-year growth of 4.3%. For 2024E, revenue is expected to reach 8.53 billion yuan, reflecting a growth of 16.7% [3]. - The net profit attributable to shareholders is forecasted to be 1 billion yuan in 2023, with a year-on-year growth of 18.8%, and is expected to increase to 1.252 billion yuan in 2024E, representing a growth of 25.2% [3]. - The gross margin is projected to be 25.2% in 2023, slightly decreasing to 24.4% in 2024E, before recovering to 26.6% in 2025E [3]. - The return on equity (ROE) is expected to improve from 15.9% in 2023 to 17.3% in 2024E [3]. Market Data - As of May 10, 2024, the closing price of the company's stock was 46.48 yuan, with a total share capital of 687.72 million shares [2].