ORIENT CABLE (NBO)(SH:603606) 光大证券研究·2025-03-31 06:59Summary of Key Points Core Viewpoint - The company reported a revenue of 9.093 billion yuan for 2024, representing a year-on-year growth of 24.38%, and a net profit attributable to shareholders of 1.008 billion yuan, with a slight increase of 0.81% year-on-year. However, Q4 2024 saw a revenue of 2.394 billion yuan, a year-on-year increase of 22.10%, but a significant decline in net profit by 57.32% year-on-year and 73.60% quarter-on-quarter. The company plans to distribute a cash dividend of 0.45 yuan per share (tax included) [3]. Group 1: Financial Performance - The company achieved a total revenue of 9.093 billion yuan in 2024, with a year-on-year growth of 24.38% [3]. - The net profit attributable to shareholders for 2024 was 1.008 billion yuan, reflecting a year-on-year increase of 0.81% [3]. - In Q4 2024, the company reported a revenue of 2.394 billion yuan, which is a 22.10% increase year-on-year, but the net profit decreased by 57.32% year-on-year and 73.60% quarter-on-quarter [3]. Group 2: Product Performance - The revenue from submarine cable systems was 2.778 billion yuan, showing a year-on-year growth of 0.41%, but the gross margin decreased by 9.57 percentage points to 39.57% due to lower margins on certain projects and a high base in 2023 [4]. - The marine engineering business generated 889 million yuan in revenue, with a year-on-year increase of 25.29%, while the gross margin decreased by 2.60 percentage points to 21.93% [4]. - The land cable systems achieved a revenue of 5.416 billion yuan, marking a year-on-year growth of 41.52%, with a slight decrease in gross margin by 0.37 percentage points to 7.59% [4]. Group 3: Capacity Expansion and Market Development - The company is actively advancing capacity construction and enhancing its presence in key offshore wind areas, completing infrastructure for the second phase of its eastern factory project and progressing with the southern and northern industrial bases [5]. - The company has secured multiple submarine cable orders since 2024, showcasing its strong competitiveness in the submarine cable sector, with total orders amounting to 17.975 billion yuan as of March 21, 2025 [6]. - The order backlog includes 8.827 billion yuan for submarine systems, 6.353 billion yuan for land systems, and 2.795 billion yuan for marine engineering [6].