The core point of view is that the business of the company is improving, profitability continues to improve, and the gross profit margin of the 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. Combined with the provincial offshore wind power planning, we expect that China's offshore wind power installation is expected to exceed 60GW by the end of 2025, which means that nearly 23GW will be installed in 2024 and 2025. 2024H1 construction volume is average, some provinces in order to achieve the "14th five-year Plan" goal, it is expected that 2024H2, 2025 sea breeze installation is expected to speed up. In addition, the company actively layout optical modules, car wiring harness and other new business areas, is expected to open up new growth space. Recently, the company released the 2023 annual report and the first quarterly report of 2024. In 2023, the company realized operating income of 47.622 billion yuan, an increase of 2.49% over the same period last year. It realized a net profit of 2.154 billion yuan, an increase of 35.77% over the same period last year, and realized a net profit of 2.033 billion yuan, an increase of 31.74% over the same period last year. 2024Q1, the company realized operating income of 11.785 billion yuan, an increase of 8.45% over the same period last year, a net profit of 513 million yuan, an increase of 29.87% over the same period last year, and a non-return net profit of 411 million yuan, an increase of 13.90% over the same period last year. Brief comments 1, business improvement, optical communications and smart grid plate gross profit margin increased. In 2023, the company realized operating income of 47.622 billion yuan, an increase of 2.49% over the same period last year, a net profit of 2.154 billion yuan, an increase of 35.77% over the same period last year, and a net profit of 2.033 billion yuan, an increase of 31.74% over the same period last year. The company further strengthens the research and development of core product technology and cost control in the field of communications and energy, and the main productsCrisscrosspokervideoSaving expenditure and reducing costs have achieved good results, promoting profitability. The gross profit margin of sales in 2023 was 15.31%, an increase in 1.14pct compared with the same period last year. The gross profit margin of the optical communications and smart grid sectors improved, of which the gross profit margin of the optical communications sector reached 29.36%, an increase of 9.27pct over the same period last year, and that of the smart grid reached 13.57%, an increase of 0.41pct over the same period last year. 2024Q1, the company continued to improve, with operating income of 11.785 billion yuan, an increase of 8.45% over the same period last year, a net profit of 513 million yuan, an increase of 29.87%, and a non-return net profit of 411 million yuan, an increase of 13.90% over the same period last year. 2. Ocean energy and ocean communications two-wheel drive, 2024 is expected to usher in an inflection point. 2024H2, sea breeze installation in 2025 is expected to speed up. According to CWEA, the cumulative installed capacity of offshore wind power in China is 37.7GW by the end of 2023. Considering the postponement of projects in Jiangsu, Guangdong and other places, and combined with the offshore wind power planning of various provinces, we expect that the installed capacity of offshore wind power in China is expected to exceed 60GW by the end of 2025, which means that the installed capacity of offshore wind power in 2024 and 2025 is close to 23GW. 2024H1 construction volume is average, some provinces in order to achieve the "14th five-year Plan" goal, it is expected that 2024H2, 2025 sea breeze installation is expected to speed up. 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 and winning bids respectively.CrisscrosspokervideoThe sixth batch of bidding projects of Zhejiang Qiming Marine Power Project in 2022, the 300MW capacity enhancement project of Xuwen offshore wind farm in Zhanjiang, Guangdong, the medium voltage submarine cable project in Thailand, and the first phase 450MW project of U site of wind power base in the South China Sea of Shandong Peninsula. At the same time, the company continues to improve marine capacity, a new generation of deep sea large wind turbine installation ship is expected to be completed in 2024, after completion can be completed in the water depth of 70m offshore wind turbine hoisting and wind turbine foundation construction operations, the installed wind turbine capacity will be covered to 20 megawatts, can better meet the domestic and foreign offshore wind power capacity, far-reaching sea construction needs. The company's submarine cable production capacity layout has been continuously improved. in addition to Changshu base, the company has accelerated the construction of Sheyang submarine cable production base in Jiangsu Province, and the company has completed the first phase of Sheyang production base construction as planned. at the same time, promote the project construction of Jieyang marine energy production base. In terms of marine communications, the company is the only full-industry chain company with the R & D, production and manufacturing capabilities of submarine optical cables, submarine connector boxes, repeaters, branches, transoceanic communication network system solutions and transoceanic communication network system construction capabilities. By 2024, the total mileage of global submarine optical cable delivery has exceeded 94%.Crisscrosspokervideo, 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 invested by the company, with a total length of 15.Crisscrosspokervideo,800 公里，通过连接中巴跨境陆地光缆，PEACE 海缆系统将成为连接中国和非洲、中国和欧洲距离最短的海底光缆路由。公司借助PEACE 加大与国内外运营商合作，提供跨洋气网络租赁、运营维护等增值服务。 3、 积极布局线束光模块、汽车线束等新业务领域。 公司在OFC2023 现场展示了400G 和800G 系列产品，包括基于最新硅光方案的400G DR4，以及EML 方案的400G FR4、400G LR4 和800G DR8 等产品。公司400G 光模块产品已在国内外市场获得小批量应用。800G 光模块产品在领先交换机设备厂商通过测试，将根据市场情况导入量产。 公司专注于新能源汽车领域产品的制造与研发，汽车电缆、高压线束已经入围 AUDI，配套 Benz、上汽、东风、蔚来、小米、零跑等国内外主流主机厂、传统和新兴车企；公司充电产品已配套许继电气、国电南瑞、科大智能等大型国网桩企及主流充电桩企业。 4、 盈利预测与投资建议。 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。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。我们预计公司2024-2026 年实现归母净利润26.37/33.78/40.58 亿元，对应PE 12.94/10.10/8.41X，维持“买入”评级。 5、 风险提示。 海上风电发展不及预期，部分地区规划量与实际落地量及落地节奏可能存在差距，粤东地区管制较紧，项目审批存放缓可能，公司揭阳工厂开工进度不及预期；海上风电竞争加剧，国内海上风电需求情况较好，新进入者陆续涌现，或加剧低端海缆市场竞争；欧美国家以信息安全为由限制公司海光缆出口；光纤光缆行业需求下滑、竞争加剧、价格再次下跌；交易性金融资产公允价值变动损益影响公司利润；汽车线束、硅光模块、智慧城市等新业务拓展不及预期；大股东质押比例较高。 【免责声明】本文仅代表第三方观点，不代表和讯网立场。投资者据此操作，风险请自担。
【免责声明】本文仅代表第三方观点，不代表和讯网立场。投资者据此操作，风险请自担。