东方电缆：在手订单饱满，受益海风启动

Investment Rating - The report maintains an "Overweight" rating for the company, with a target price raised to 60.94 yuan from the previous 54.22 yuan [2][3]. Core Views - The company is expected to benefit from the gradual start of offshore wind construction, with a full order book indicating strong demand. The offshore wind industry is experiencing a sustained upward trend, which is favorable for the company as a leading player in submarine cables [2][3]. Summary by Sections Investment Highlights - The report highlights that the company has a robust order backlog, with total orders amounting to 71.37 billion yuan as of April 25, 2024. This includes 25.80 billion yuan for submarine cable systems and 36.82 billion yuan for land cable systems [2][3]. - The offshore wind construction is gradually starting, and the company is well-positioned to capitalize on this growth due to its competitive advantages and strong order wins [2][3]. Financial Forecast - The report projects the company's earnings per share (EPS) for 2024 to be 1.93 yuan, with subsequent years showing growth to 2.77 yuan in 2025 and 3.40 yuan in 2026. The target price reflects a 22 times price-to-earnings (PE) ratio for 2025 [2][3]. - Revenue is expected to grow from 7,310 million yuan in 2023 to 9,200 million yuan in 2024, with a projected increase to 10,800 million yuan in 2025 [2][3]. Valuation Metrics - The report provides valuation metrics, indicating a PE ratio of 39.28 for 2022, decreasing to 33.07 in 2023, and further down to 24.93 in 2024. The report also notes an expected improvement in operating profit margins and return on equity [2][3].