Investment Rating - The investment rating for the company is "Buy" [2][4]. Core Insights - The company reported a revenue of 6.699 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 25.22%. The net profit attributable to shareholders was 932 million yuan, up 13.41% year-on-year, while the net profit excluding non-recurring items slightly decreased by 0.96% to 793 million yuan [2][6]. - The company is positioned as a leading player in the domestic submarine cable market, with strong product technology and profitability. It is expected to benefit significantly from the acceleration of offshore wind construction in Guangdong [2][7]. Financial Performance - For Q3 2024, the company achieved a revenue of 2.631 billion yuan, a year-on-year increase of 58.34%. The net profit attributable to shareholders for the same period was 288 million yuan, up 40.28% year-on-year [7]. - The company’s revenue from submarine cables and offshore engineering in Q3 was 1.232 billion yuan, reflecting a year-on-year growth of 64%, while land cable revenue was 1.394 billion yuan, up 53% year-on-year [7]. Order Backlog and Future Projections - As of October 18, 2024, the company had an order backlog of 9.236 billion yuan, including 2.949 billion yuan for submarine cable systems and 1.397 billion yuan for offshore engineering. The company recently won a 909 million yuan order for a 500kV AC submarine cable project in Guangdong [7]. - Revenue projections for 2024-2026 are estimated at 8.971 billion yuan, 11.389 billion yuan, and 13.830 billion yuan, with growth rates of 22.7%, 27.0%, and 21.4% respectively. Net profit attributable to shareholders is projected to be 1.316 billion yuan, 1.908 billion yuan, and 2.480 billion yuan for the same period, with growth rates of 31.6%, 45.0%, and 30.0% respectively [7][8].

东方电缆（ [Table_StockNameRptType] 603606） 公司点评 24Q3 在手订单持续增长，25 年海风确收或加速 | --- | --- | |-------------------------------------|-------------| | | | | [Table_Rank] 投资评级：增持（维持） | | | 报告日期： | 2024-10-26 | | [Table_BaseData] 收盘价（元） | 58.24 | | 近 12 个月最高 / 最低（元） | 60.68/32.88 | | 总股本（百万股） | 688 | | 流通股本（百万股） | 688 | | 流通股比例（ % ） | 100.00 | | 总市值（亿元） | 401 | | 流通市值（亿元） | 401 | [公司价格与沪深 Table_Chart] 300 走势比较 -28% -9% 11% 30% 49% 10/23 1/24 4/24 7/24 东方电缆 沪深300 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 邮箱：zhangzhiban ...

Investment Rating - The report maintains a "Buy" rating for Dongfang Cable (603606.SH) [1][6] Core Views - The company has shown significant revenue growth in the first three quarters of 2024, achieving a revenue of 6.699 billion yuan, a year-on-year increase of 25.22% [4] - The net profit attributable to the parent company for the same period was 932 million yuan, up 13.41% year-on-year [4] - The company’s order backlog has slightly increased, reaching approximately 9.236 billion yuan as of October 18, 2024, with notable growth in land cable orders [4] Financial Performance Summary - **Revenue Forecasts**: - 2022A: 7.009 billion yuan - 2023A: 7.310 billion yuan - 2024E: 8.500 billion yuan - 2025E: 11.500 billion yuan - 2026E: 13.500 billion yuan [7] - **Net Profit Forecasts**: - 2022A: 842 million yuan - 2023A: 1.000 billion yuan - 2024E: 1.194 billion yuan - 2025E: 1.958 billion yuan - 2026E: 2.299 billion yuan [7] - **Earnings Per Share (EPS)**: - 2022A: 1.22 yuan - 2023A: 1.45 yuan - 2024E: 1.74 yuan - 2025E: 2.85 yuan - 2026E: 3.34 yuan [7] - **Profitability Ratios**: - Gross Margin: 22.16% in Q3 2024, down 4.06 percentage points year-on-year - Net Margin: 13.91% in Q3 2024, down 1.45 percentage points year-on-year [4] Product Performance Summary - **Land Cable Revenue**: - 2024 YTD: 3.688 billion yuan, up 35% year-on-year - Q3 2024: 1.394 billion yuan, up 53% year-on-year [4] - **Submarine Cable and Marine Engineering Revenue**: - 2024 YTD: 3.001 billion yuan, up 14.6% year-on-year - Q3 2024: 1.230 billion yuan, up 64% year-on-year, driven by accelerated offshore wind projects [4] Valuation and Price Target - The target price range for the stock is set between 57 and 71.25 yuan, based on a projected P/E ratio of 20-25 times for 2025 [5][6]

[ T able_StockInfo] 2024 年 10 月 24 日 证券研究报告•2024 年三季报点评 买入 （维持） 当前价：55.48 元 东方电缆（603606）电力设备 目标价：——元（6 个月） Q3 海缆快速起量，在手订单充足 [Table_Summary 事件：公司 202] 4前三季度实现营业收入 67亿元，同比增长 25.2%；实现归母 净利润 9.3亿元，同比增长 13.4%；扣非归母净利润 7.9亿元，同比降低 1%。 2024 年 Q3公司实现营收 26.3亿元，同比增长 58.3%；实现归母净利润 2.9亿 元，同比增长 40.3%；扣非归母净利润 2.5 亿元，同比增长25.5%。 Q3 毛利率同比上升，现金流有所改善。盈利端：2024 前三季度公司销售毛利 率/净利率分别为 22.2%/13.9%，同比-4pp/-1.5pp；24Q3毛利率/净利率分别为 21.7%/10.9%，同比+0.8pp/-1.5pp。费用端：公司 2024前三季度销售/管理（不 含研发）/财务费用率分别为 2.1%/1.4%/-0.1%，分别同比+0.2pp/-0.2pp/-0.4pp。 此外， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][8] Core Views - The company's performance in Q3 2024 met market expectations, with significant growth in revenue and net profit. Revenue reached 2.631 billion yuan, a year-on-year increase of 58.3%, while net profit attributable to shareholders was 288 million yuan, up 40.3% year-on-year [1][2] - The order delivery scale aligns with market expectations, and the gross profit margin remains stable. In Q3 2024, the company achieved revenue of 1.394 billion yuan from land cables (up 53.2% year-on-year) and 1.232 billion yuan from submarine cables and offshore engineering (up 64.3% year-on-year) [2] - The company's accounts receivable reached 3.889 billion yuan by the end of Q3 2024, an increase of 856 million yuan quarter-on-quarter and 924 million yuan year-on-year, marking a historical high [2] - The actual orders on hand for submarine cables exceeded 4 billion yuan, showing a significant increase compared to previous disclosures. The company is expected to see a peak in order fulfillment in the coming six months [2][5] Summary by Sections Financial Performance - In Q3 2024, the company reported a comprehensive gross profit margin of 21.74%, remaining stable compared to previous periods. The operating performance, excluding credit impairment losses, was over 300 million yuan [2] - The company is projected to achieve revenues of 8.81 billion yuan, 10.21 billion yuan, and 12.01 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 1.354 billion yuan, 1.814 billion yuan, and 2.249 billion yuan [5][6] Market Position and Future Outlook - The company has successfully opened overseas markets, securing orders from Inch Cape Offshore and SSE, which provide long-term growth potential. The upcoming tendering for significant projects in Guangdong and Zhejiang is expected to further boost order intake [5][6] - The company’s stock has outperformed the CSI 300 index over various time frames, indicating strong market performance [2]

Investment Rating - The report maintains a "Buy -B" rating for the company, indicating a positive outlook for future performance [1]. Core Views - The company reported a revenue of 6.699 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 25.22%. The net profit attributable to shareholders was 932 million yuan, up 13.41% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 2.631 billion yuan, a significant increase of 58.34% year-on-year, although it showed a quarter-on-quarter decline of 4.61% [1]. - The growth in revenue is attributed to the acceleration of both marine and land cable businesses, with land cable systems generating 1.394 billion yuan in revenue, up 53.12% year-on-year, and marine cable systems and marine engineering generating 1.232 billion yuan, up 64.50% year-on-year [1]. - The company has a stable order backlog, with total orders amounting to approximately 9.236 billion yuan as of October 18, 2024, reflecting a quarter-on-quarter increase of 3.7% [1]. - The company is actively planning to expand its northern industrial layout, including a recent contract win for a marine wind project valued at 909 million yuan [1]. Financial Performance Summary - The company expects net profits for 2024, 2025, and 2026 to be 1.309 billion yuan, 1.907 billion yuan, and 2.443 billion yuan respectively, corresponding to EPS of 1.90, 2.77, and 3.55 yuan per share [3][4]. - The projected P/E ratios for the same years are 29, 20, and 16 times, indicating a favorable valuation trend [3][4]. - The company’s operating cash flow for the first three quarters of 2024 was 285 million yuan, a substantial increase of 301.35% year-on-year [1]. Market Outlook - The global offshore wind power market is experiencing high growth, and the company is well-positioned in the marine cable sector, which is expected to see significant growth in the coming years [1]. - The company is enhancing its production capacity and market share in northern markets through strategic investments, including a planned investment of 1.5 billion yuan in a high-end marine cable production base in Yantai, Shandong [1].

Investment Rating - The report maintains a "Recommended" rating for the company, considering the expected recovery in industry demand, the scale and structure of the company's orders, and its leading profitability levels [1]. Core Views - The company achieved a revenue of 6.699 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 25.22%. The net profit attributable to shareholders was 932 million yuan, with a year-on-year increase of 13.41% [1]. - The company has a backlog of orders amounting to approximately 9.236 billion yuan as of October 18, 2024, with significant recent wins in high-voltage cable projects [1]. - The projected revenues for 2024-2026 are 8.96 billion, 11.25 billion, and 12.16 billion yuan, with net profits of 1.25 billion, 1.91 billion, and 2.19 billion yuan respectively [1]. Financial Performance Summary - For Q3 2024, the company reported a revenue of 2.631 billion yuan, a year-on-year increase of 58.34%, and a net profit of 288 million yuan, up 40.28% year-on-year [1]. - The gross margin for Q3 2024 was approximately 21.74%, reflecting a year-on-year increase of 0.85 percentage points, while the net margin was about 10.95%, down 1.41 percentage points year-on-year [1]. - The company’s revenue from marine cables and offshore engineering was 3.001 billion yuan, accounting for 44.86% of total revenue, while land cable systems generated 3.688 billion yuan, making up 55.14% [1]. Order Backlog and Recent Wins - The order backlog includes 2.949 billion yuan for marine cable systems, 4.890 billion yuan for land cable systems, and 1.397 billion yuan for offshore engineering [1]. - Recent significant bids include a 500kV submarine cable project worth approximately 909 million yuan and a 66kV offshore cable project valued at around 216 million yuan [1].

Investment Rating - The report maintains a "Buy" rating for Dongfang Cable (603606.SH) [1] Core Views - In the first three quarters of 2024, the company achieved revenue of 6.7 billion yuan, a year-on-year increase of 25.2%, and a net profit attributable to shareholders of 932 million yuan, up 13.4% year-on-year [1] - The third quarter saw revenue of 2.63 billion yuan, a significant year-on-year growth of 58.3%, although it experienced a quarter-on-quarter decline of 4.6% [1] - The company’s offshore cable systems and marine engineering revenue reached 1.23 billion yuan in Q3, up 64.5% year-on-year, driven by accelerated downstream offshore wind project commencement [1] - The company’s on-hand orders as of October 18 amounted to approximately 9.24 billion yuan, reflecting a 3.7% increase from August [1] - The company is actively enhancing its ESG framework, which is expected to improve international competitiveness and facilitate overseas order acquisition [1] Summary by Sections Performance Analysis - Revenue for the first three quarters of 2024 was 6.7 billion yuan, with a 25.2% increase year-on-year, and net profit was 932 million yuan, up 13.4% [1] - Q3 revenue was 2.63 billion yuan, a 58.3% increase year-on-year, but a 4.6% decrease quarter-on-quarter; net profit for Q3 was 288 million yuan, a 40.3% increase year-on-year, with a 24.4% quarter-on-quarter decline [1] Business Operations - Offshore cable systems and marine engineering generated 1.23 billion yuan in Q3, a 64.5% year-on-year increase, while land cable systems generated 1.39 billion yuan, up 53.1% year-on-year [1] - The company’s on-hand orders reached approximately 9.24 billion yuan, with land cable orders increasing by 8.1% and marine engineering orders decreasing by 2.5% [1] Financial Metrics - The company’s expense ratio in Q3 was 6.82%, a decrease of 0.78 percentage points year-on-year [1] - As of the end of Q3, contract liabilities were 859 million yuan, reflecting a 194% increase quarter-on-quarter and a 162% increase year-on-year [1] Profit Forecast and Valuation - The report adjusts the net profit forecast for 2024-2026 to 1.24 billion, 1.80 billion, and 2.26 billion yuan, corresponding to P/E ratios of 32, 22, and 17 times [1]

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 62.04, up from the previous target of RMB 51.30 [1][4]. Core Insights - The company reported a Q3 revenue of RMB 2.631 billion, a year-on-year increase of 58.34%, while the net profit attributable to the parent company was RMB 288 million, up 40.28% year-on-year [1]. - The strong performance is attributed to robust demand in wind power installations and growth in high-value-added submarine cable systems [1][3]. - The company maintains a leading position in the submarine cable business, particularly in the high-margin high-voltage submarine cable sector in Guangdong [1][3]. Financial Performance - Q3 gross margin was 21.74%, a slight increase of 0.85 percentage points year-on-year, while the net margin was 10.95%, down 1.41 percentage points year-on-year [2]. - The company’s operating cash flow for the first three quarters of 2024 was RMB 285 million, a significant increase of 301.35% year-on-year [2]. Order Backlog and Market Outlook - As of October 18, 2024, the company had a backlog of orders amounting to RMB 9.236 billion, a year-on-year increase of 30% [3]. - The company is expected to benefit from accelerated project commencement in Q4 2024, with domestic offshore wind installations projected to reach 15GW in 2025 [3]. Profit Forecast and Valuation - The forecasted net profit for 2024-2026 is RMB 1.309 billion, RMB 1.936 billion, and RMB 2.106 billion, respectively, with year-on-year growth rates of 30.92%, 47.86%, and 8.78% [4][5]. - The company is assigned a PE ratio of 22 times for 2025, reflecting its strong market position and expected order growth [4].

Financial Performance - The company's operating revenue for Q3 2024 reached ¥2,630,621,380.48, representing a year-on-year increase of 58.34%[2] - The net profit attributable to shareholders for Q3 2024 was ¥288,011,455.86, up 40.28% compared to the same period last year[2] - The basic earnings per share for Q3 2024 was ¥0.42, reflecting a growth of 40.00% year-on-year[3] - For the first nine months of 2024, the company reported a total operating revenue of approximately CNY 6.689 billion, up 25.18% year-on-year[13] - Total operating revenue for the first three quarters of 2024 reached ¥6,698,764,812.22, a 25.2% increase from ¥5,349,500,168.04 in the same period of 2023[18] - Operating profit for the first three quarters of 2024 was ¥1,086,502,343.06, up 13.6% from ¥956,732,799.84 in the previous year[20] - Net profit attributable to shareholders for the first three quarters of 2024 was ¥932,116,936.42, representing a 13.4% increase compared to ¥821,873,173.99 in 2023[20] - The total comprehensive income for the first three quarters of 2024 was ¥1,012,939,424.17, compared to ¥865,134,528.71 in the same period of 2023, reflecting a 16.9% increase[21] - Basic earnings per share for the first three quarters of 2024 were ¥1.36, up from ¥1.20 in the same period last year, representing a 13.3% increase[21] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥11,860,352,437.92, an increase of 11.47% from the end of the previous year[3] - The total assets of the company as of September 30, 2024, amounted to approximately CNY 11.860 billion, an increase from CNY 10.640 billion at the end of 2023[16] - The company's current assets totaled approximately CNY 8.869 billion, compared to CNY 7.917 billion at the end of 2023[16] - The company's accounts receivable increased to approximately CNY 3.889 billion from CNY 2.684 billion year-on-year[15] - The company's inventory decreased to approximately CNY 1.769 billion from CNY 2.148 billion year-on-year[16] - Total liabilities as of the end of Q3 2024 amounted to ¥4,949,696,483.51, compared to ¥4,349,284,550.38 at the end of Q3 2023, indicating a 13.8% increase[18] - The company's total current liabilities increased to ¥4,218,947,304.63 in Q3 2024, compared to ¥3,800,751,009.30 in Q3 2023, a rise of 11%[18] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥285,007,583.50, showing an improvement of 301.35% compared to the same period last year[3] - In the first three quarters of 2024, the cash inflow from operating activities reached ¥6,154,516,970.20, an increase of 17.8% compared to ¥5,223,678,503.33 in the same period of 2023[22] - The net cash flow from operating activities for the first three quarters of 2024 was ¥285,007,583.50, significantly up from ¥71,012,578.91 in 2023[23] - The cash outflow for investing activities in the first three quarters of 2024 was ¥530,048,886.90, slightly down from ¥556,714,976.99 in 2023[23] - The net cash flow from financing activities in the first three quarters of 2024 was -¥138,962,057.29, compared to a positive net cash flow of ¥17,928,005.64 in 2023[24] - The total cash and cash equivalents at the end of Q3 2024 stood at ¥1,691,281,199.96, an increase from ¥1,547,426,367.98 at the end of Q3 2023[24] Shareholder Information - The total equity attributable to shareholders at the end of the reporting period was ¥6,910,655,954.41, reflecting a year-on-year increase of 9.86%[3] - The company's total equity reached ¥6,910,655,954.41 by the end of Q3 2024, up from ¥6,290,549,293.38 in the previous year, marking a 9.9% growth[18] - The company reported a total of 40,386 common shareholders at the end of the reporting period[6] Business Development - The company accelerated its business in both land and marine cable systems, achieving a revenue of ¥1,394,000,000 for land cables, a 53.12% increase year-on-year, and ¥1,232,000,000 for marine cables, a 64.50% increase year-on-year[5] - The company’s order backlog as of October 18, 2024, was approximately CNY 9.236 billion, with CNY 2.949 billion from submarine cable systems and CNY 4.890 billion from land cable systems[13] - The company established a wholly-owned subsidiary in Fuzhou, Fujian, with a registered capital of CNY 15 million, which obtained its business license in September 2024[13] - The company completed the registration of its wholly-owned subsidiary Bohai Oriental Submarine Cable (Shandong) Co., Ltd. in August 2024, and has acquired approximately 144,927.11 square meters of state-owned land use rights[14] Research and Development - Research and development expenses increased to ¥237,204,584.26 in the first three quarters of 2024, up from ¥191,139,533.83 in the same period last year, reflecting a 24.1% rise[18]