东方电缆：业绩同比增长，现金流显著改善报告要点

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a year-on-year revenue decline of 9% in Q1 2024, with total revenue of 1.31 billion yuan. However, the net profit attributable to shareholders increased by 3% to 260 million yuan [5][6]. - The decline in revenue is primarily attributed to the marine cable business, which saw a 32% decrease in revenue to 381 million yuan due to seasonal factors and slower project delivery. Conversely, the offshore engineering revenue doubled to 190 million yuan, while land cable system revenue decreased by 6% to 740 million yuan [6]. - The gross margin for Q1 2024 was 22.2%, down 8.7 percentage points year-on-year, mainly due to changes in product mix and a decrease in high-margin marine cable projects [6]. - The company has improved its cash flow, with a net cash inflow of approximately 3 million yuan in Q1 2024, and has increased its inventory to 2.33 billion yuan, setting a solid foundation for future deliveries [6]. - The company secured new orders worth approximately 1.7 billion yuan for land cable systems and 700 million yuan for marine cable systems and offshore engineering in Q1 2024. As of April 25, 2024, the company had a backlog of orders totaling approximately 7.137 billion yuan [6]. - Looking ahead, the company expects a significant increase in offshore wind installations to 10 GW in 2024, which is anticipated to drive rapid growth in shipments. The company is also expanding its marine cable production capacity and exploring overseas markets, which could enhance performance [6]. - The projected net profit for the company in 2024 is approximately 1.35 billion yuan, corresponding to a PE ratio of about 24.9 times [6]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 1.31 billion yuan, a 9% decrease year-on-year, while the net profit attributable to shareholders was 260 million yuan, a 3% increase [5][6]. - The gross margin decreased to 22.2%, reflecting a shift in product mix and lower contributions from high-margin projects [6]. - The company reported a cash flow net inflow of approximately 3 million yuan, indicating significant improvement [6]. Order and Market Outlook - The company has actively pursued new orders, securing approximately 1.7 billion yuan in land cable system contracts and 700 million yuan in marine cable and offshore engineering contracts in Q1 2024 [6]. - The total order backlog as of April 25, 2024, stands at approximately 7.137 billion yuan, with significant contributions from both marine and land cable systems [6]. - The outlook for 2024 is positive, with expectations of increased offshore wind installations and expansion into international markets [6].