东方电缆（603606）：订单交付提速，Q1业绩同比放量

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company reported a significant increase in revenue for Q1 2025, achieving 2.15 billion yuan, which is a year-on-year growth of 63.8%. The net profit attributable to shareholders was 280 million yuan, up 6.7% year-on-year, while the net profit excluding non-recurring items reached 270 million yuan, reflecting a 28.2% increase year-on-year [2][4]. Revenue Analysis - The revenue growth is primarily attributed to the increase in revenue from submarine cable projects, with specific segments showing varied performance: - Submarine and high-voltage cables generated 1.196 billion yuan, a remarkable year-on-year increase of 219%, benefiting from both domestic and overseas project confirmations. - Marine equipment and engineering operations saw a decline in revenue to 65 million yuan, down 82% year-on-year. - Power engineering and equipment cables achieved 890 million yuan in revenue, marking a 53% year-on-year increase [9]. Profitability Metrics - The company's gross margin was approximately 20.39%, a decrease of 1.84 percentage points year-on-year, mainly due to product mix factors. The operating expenses were about 6.75%, down 2.15 percentage points year-on-year. The financial metrics included a net profit margin of approximately 13.1%, which is a 7% increase year-on-year [9]. Order Backlog and Future Outlook - As of April 21, 2025, the company had an order backlog of approximately 18.9 billion yuan, with significant contributions from submarine cables and high-voltage cables at about 11.5 billion yuan, marine equipment and engineering operations at 3 billion yuan, and power engineering and equipment cables at 4.4 billion yuan [9]. - The report anticipates that the company's performance will continue to benefit from the rapid commencement and confirmation of offshore wind projects, indicating a strong growth trend for the year [9]. Financial Projections - The company is projected to achieve a net profit of approximately 1.6 billion yuan in 2025, corresponding to a price-to-earnings ratio of about 22 times [9].