东方电缆：海陆业务齐头并进，海缆放量可期

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].