免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 每经头条（nbdtoutiao）——涨疯了！黄金、铂金、白银通通创历史新高，美元大贬值！专家：美联储 独立性遭干预引发危机；前美联储理事：大幅降息重启房地产市场 （记者 胡玲） 每经AI快讯，东吴证券12月27日发布研报称，给予东方电缆（603606.SH，最新价：61.81元）"买入"评 级。评级理由主要包括：1）：公司发布中标公告：公司中标绿色输电设施订单（国家电网、南网等合 计9.55亿元）；中标电力新能源订单（高压陆缆1.35亿元、海风配套电缆0.27亿元、亚洲区域海洋能源 互联超高压海缆及施工敷设EPCI总包19亿元）；2）亚洲电力互联订单陆续启动，一线海缆企业获业绩 弹性：我们预计此次亚洲海洋能源互联项目为菲律宾岛屿互联项目，使用500kV高压交流海缆，我们保 守按照45%毛利率、30%净利率计算，我们预计至少可贡献5亿+利润。此外，东南亚国家之间电力互联 需求逐步起量：2025年印尼与新加坡正式签署谅解备忘录，计划在印尼廖内群岛省共同开发太阳能制造 供应链，并通过海底电缆实现输电；我们预计"十五五 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][4]. Core Views - The company is a leading player in the domestic fiber optic communication and submarine cable sectors, with a strong position in sub-segments such as optical communication, renewable energy, and power systems. The transition from a "product supplier" to a "system integration service provider" in the energy sector positions the company as a global leader in energy network system solutions. The submarine cable business is expected to be a new growth driver in the coming years [2]. - The company is projected to achieve net profits of 3.43 billion yuan, 3.96 billion yuan, and 4.48 billion yuan for the years 2025 to 2027, representing growth rates of 21%, 16%, and 13% respectively. The corresponding price-to-earnings (PE) ratios are expected to be 15.8X, 13.7X, and 12.1X [2]. Financial Data and Valuation - The company reported total revenue of 45.065 billion yuan in 2023, with a year-on-year growth of 12%. The projected revenues for 2024, 2025, 2026, and 2027 are 48.055 billion yuan, 55.515 billion yuan, 61.525 billion yuan, and 67.081 billion yuan, respectively, with growth rates of 7%, 16%, 11%, and 9% [3][14]. - The net profit attributable to the parent company is forecasted to be 3.117 billion yuan in 2023, decreasing to 2.838 billion yuan in 2024, and then increasing to 3.426 billion yuan, 3.959 billion yuan, and 4.482 billion yuan in the following years, with corresponding growth rates of -3%, -9%, 21%, 16%, and 13% [3][14]. - The company’s current stock price is 15.85 yuan, with a total market capitalization of 54.1 billion yuan [4]. Business Growth Drivers - The renewable energy market is rapidly growing, contributing to steady performance improvements. In the second quarter of 2025, the company achieved revenue of 13.844 billion yuan, a year-on-year increase of 5.08%. The energy network sector is benefiting from national reforms in renewable energy pricing, leading to a surge in new installations [7]. - There is strong demand for submarine cables overseas, with the global market entering a new growth cycle. The company has secured significant projects and is expanding its global production capacity, including establishing a manufacturing base in Saudi Arabia [7]. - The company is enhancing its competitive edge in offshore engineering by developing advanced marine vessels and strengthening its capabilities across the entire industry chain, which includes construction, installation, and maintenance [7].