核心观点 公司经营向好，盈利能力持续提升，光通信与智能电网板块毛利率提升。2023 年以来公司持续中标国内外海上风电和海洋油气项目，在手订单充足。公司持续提升海工能力以及完善海缆产能基地布局，除常熟基地外，积极推动江苏射阳、广东揭阳海缆产能投产。结合各省海上风电规划，我们预计2025 年末我国海上风电装机量有望超60GW，意味着2024、2025 年新增装机近23GW。 2024H1 开工量一般，部分省份为完成“十四五”并网目标，预计2024H2、2025 年海风装机有望提速。此外，公司积极布局光模块、汽车线束等新业务领域，有望打开新增长空间。 事件 近日，公司发布2023 年报及2024 年一季报，2023 年公司实现营业收入476platinumplaycasino.22 亿元，同比增长2.49%platinumplaycasino；实现归母净利润21.54 亿元，同比增长35.77%；实现扣非归母净利润20.33 亿元，同比增长31.74%。2024Q1，公司实现营业收入117.85 亿元，同比增长8.45%；实现归母净利润5.13 亿元，同比增长29.87%；实现扣非归母净利润4.11 亿元，同比增长13.90%。 简评 1、 经营向好，光通信与智能电网板块毛利率提升。 2023 年公司实现营业收入476.22 亿元，同比增长2.49%；实现归母净利润21.54 亿元，同比增长35.77%；实现扣非归母净利润20.33 亿元，同比增长31.74%。公司进一步加强对通信和能源领域核心产品技术研发及成本管控，主要产品platinumplaycasino的节支降本取得良好效果，推动盈利能力提升。2023 年销售毛利率为15.31%，同比提升1.14pct。光通信及智能电网板块毛利率改善，其中光通信板块毛利率达29.36%，同比提升9.27pct，智能电网毛利率达13.57%，同比提升0.41pct。2024Q1，公司向好趋势持续，公司实现营业收入117.85 亿元，同比增长8.45%；实现归母净利润5.13 亿元，同比增长29.87%；实现扣非归母净利润4.11 亿元，同比增长13.90%。 2、 海洋能源与海洋通信双轮驱动，2024 有望迎来拐点。 2024H2、2025 年海风装机有望提速。根据CWEA，截至2023 年末国内海上风电累计装机容量为37.7GW，考虑江苏、广东等地出现的项目延期，结合各省海上风电规划，我们预计2025年末我国 海上风电装机量有望超60GW，意味着2024、2025 年新增装机近23GW。2024H1 开工量一般，部分省份为完成“十四五”并网目标，预计2024H2、2025 年海风装机有望提速。 2023 年以来，公司持续中标国内外海上风电和海洋油气项目，在手订单充足，分别中标了浙江启明海洋电力工程2022 年第六批招标项目、广东湛江徐闻海上风电场300MW 增容项目、泰国中压海缆项目、山东半岛南海上风电基地U 场址一期450MW 等项目。同时公司持续提升海工能力，新一代深远海大型风机安装船预计将于2024 年度内建成，建成后可实现在70m 以内水深进行海上风电机组的吊装及风机基础施工作业，安装风电机组容量将可覆盖至20 兆瓦，可以更好的满足国内外海上风电大容量、深远海施工需求。公司海缆产能布局持续完善，除常熟基地外，公司加快推进在江苏射阳海底电缆生产基地建设，公司已按计划完成射阳生产基地一期建设，同时推动揭阳海洋能源生产基地的项目建设。 海洋通信方面，公司系国内唯一具备海底光缆、海底接驳盒、中继器、分支器研发生产制造能力、跨洋通信网络系统解决方案提供能力以及跨洋通信网络系统建设能力的全产业链公司。截至2024 年，全球海底光缆交付里程数已累计突破94platinumplaycasino, 000 kilometers. By the end of 2023, the company has about 5.5 billion yuan in-hand orders related to marine communications business. In addition, the company is actively transforming from a "manufacturing enterprise" to a "platform service enterprise". The PEACE transoceanic cable communication system operation project, which is invested by the company, has a total length of 15800 kilometers. By connecting China-Pakistan cross-border land optical cable, PEACE submarine cable system will become the shortest submarine cable route connecting China and Africa, China and Europe. With the help of PEACE, the company increases cooperation with domestic and foreign operators to provide value-added services such as trans-foreign gas network leasing, operation and maintenance. 3. Actively lay out new business areas such as harness light module and automobile wire harness. The company demonstrated 400G and 800G products at the OFC2023 site, including 400G DR4 based on the latest silicon solution, and 400G FR4, 400G LR4 and 800G DR8 products based on EML solution. The company's 400G optical module products have been applied in small quantities in domestic and foreign markets. 800G optical module products have passed the test in the leading switch equipment manufacturers and will be introduced into mass production according to market conditions. The company specializes in the manufacturing and R & D of products in the field of new energy vehicles, automotive cables and high-voltage wiring harness have been shortlisted for AUDI, supporting Benz, SAIC, Dongfeng, Xilai, Xiaomi, Zero and other domestic and foreign mainstream mainframe factories, traditional and emerging car enterprises; the company's charging products have been equipped with large-scale state-owned network pile enterprises and mainstream charging pile enterprises, such as Xuji Electric, Guodian Nanrui, University of Science and Technology Intelligence, etc. 4. Profit forecast and investment suggestions. The management of the company is improving, the profitability continues to improve, and the gross profit margin of optical communications and smart grid plate increases. Since 2023, the company has continuously won bids for offshore wind power and offshore oil and gas projects at home and abroad, with sufficient orders on hand. The company continues to improve marine capacity and improve the layout of submarine cable production base, in addition to Changshu base, actively promote Jiangsu Sheyang, Guangdong Jieyang submarine cable production capacity. In addition, the company actively layout optical modules, car wiring harness and other new business areas, is expected to open up new growth space. We expect the company to achieve a homing net profit of RMB 263733,78max in 2024-2026, corresponding to PE 12.94Compact 10.10Mab 8.41X, maintaining a "buy" rating. 5. Risk hint. The development of offshore wind power is not as expected, there may be a gap between the planning volume and the actual landing volume and landing rhythm in some areas, the control in eastern Guangdong is relatively tight, the project examination and approval and storage may be slow, and the start-up progress of the company's Jieyang plant is not as expected; offshore wind power competition intensifies, domestic offshore wind power demand is good, new entrants emerge one after another, or intensify competition in the low-end submarine cable market. European and American countries restrict the export of sea optical cable on the grounds of information security; the demand of the optical fiber and cable industry is declining, competition intensifies, and prices fall again; the profit and loss of changes in the fair value of transactional financial assets affect the company's profits; car wiring harness, silicon modules, smart cities and other new business development is not as expected; the proportion of major shareholders pledge is higher. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.

[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.