公司持续中标海内外新项目，产能加速提升，截至2024 年6 月末，公司拥有海底电缆、海洋工程及陆缆产品等能源互联领域在手订单约210 亿元，在手订单充沛，并在智能电网领域持续巩固现有市场份额，开拓海外客户，整体能源互联业务有望得到进一步发展。Net profit without return to mother increased sharply year on year. The communication energy business continued to grow. On October 28, 2024, the company released its report for the third quarter of 2024. In the first three quarters of 2024, the company achieved revenue of 42.399 billion yuan, up 20.79% year on year, and realized net profit to mother of 2.315 billion yuan, up 28.32% year on year, and achieved net profit without return to mother of 2.208 billion yuan, an increase of 30.20% year on year. 2024Q3 achieved revenue of 15.785 Billions of yuan, up 32.38% year on year, up 6.44% month on month, achieving net profit due to mother of 0.705 billion yuan, up 27.25% year on year, decrease 35.65% month on month, and realized net profit deducted from non-mother 0.693 billion yuan, up 40.94% year on year.
According to the company's announcement, the company's UHV and power grid intelligence, industrial and new energy intelligence, marine energy and communications related businesses have maintained rapid growth. We believe that as the world's leading information and energy interconnection solution service provider, the company is deeply involved in the field of energy networks and communication networks, and its multi-sector and global industrial layout is expected to fully benefit from the development of the industry. We maintain our profit forecast. We expect the company's net profit to be 2.846, 3.331, and 3.963 billion yuan respectively in 2024-2026. The current stock price corresponds to PE of 15.5/13.2/11.1 times, maintaining a “buy” rating.
The company is deeply involved in the energy industry and has plenty of orders in hand
The company continues to win bids for new projects at home and abroad, and production capacity is increasing at an accelerated pace. As of the end of June 2024, the company had about 21 billion yuan of on-hand orders in the energy interconnection field, such as submarine cables, marine engineering and land cable products, and continued to consolidate its existing market share in the smart grid field to develop overseas customers. The overall energy interconnection business is expected to develop further.
The company actively lays out business in the communication network field, which is expected to fully benefit from the development of the AI era. The company focuses on R&D and innovation in the next-generation communication industry and core technology, enhances the R&D and integration capabilities of system solutions, gives full play to the independent technology and cost advantages of next-generation green optical fiber prefabricated rods, and actively expands business in marine communications and optical modules. As of the end of June 2024, there were about 5.5 billion yuan of on-hand orders related to the marine communication business; the amount of in-hand orders for the Asia-Africa-Europe PEACE cross-ocean cable communication system operation project exceeded 0.3 billion US dollars.
Risk warning: risk of marine business development falling short of expectations, risk of fluctuating raw material prices, industrial policy and market risk, overseas investment and operation risk.
