东方电缆：Q3业绩同比增长，海缆订单起量在即

Investment Rating - The report maintains an "Accumulate" rating for Dongfang Cable (603606.SH) [1][6] Core Views - The company has shown significant revenue growth in Q3 2024, driven by an increase in offshore wind power project construction and order deliveries [2][3] - The overall industry outlook for wind power is positive, with expectations for accelerated growth due to increased project initiations in various provinces [3][6] - The company is expanding its production capacity and has secured new orders, which are expected to positively impact its performance [3][6] Financial Performance Summary - For Q1-Q3 2024, the company achieved revenue of 6.699 billion yuan, a year-on-year increase of 25.22%, and a net profit of 932 million yuan, up 13.41% year-on-year [1][2] - The Q3 2024 single-quarter revenue reached 2.631 billion yuan, reflecting a year-on-year growth of 58.34% [1][2] - The gross profit margin for Q1-Q3 2024 was 22.16%, a decrease of 4.06 percentage points year-on-year, while the net profit margin was 13.91%, down 1.45 percentage points year-on-year [2] Revenue and Profit Forecast - The company is projected to achieve revenues of 9.092 billion yuan, 11.101 billion yuan, and 12.589 billion yuan for the years 2024, 2025, and 2026, respectively [6] - Corresponding net profits are expected to be 1.218 billion yuan, 1.812 billion yuan, and 2.283 billion yuan for the same years [6] Order and Capacity Expansion - As of October 18, 2024, the company had an order backlog of approximately 9.236 billion yuan, with significant contributions from both offshore and onshore cable systems [3] - The company is enhancing its production capabilities with new subsidiaries aimed at expanding its market presence in the northern offshore wind power sector [3]