东方电缆：利润同比高增，海风业务放量可期

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].