海风领域景气度回升，公司相关业务有望迎来进一步增长：行业层面来看，过去几年海上风电建设由于用地用海等因素，部分海上风电项目因进度延迟影响了新增装机量，但这些项目的前期工作已持续推进，具备了开工条件，2025 年将进入实质性建设施工阶段，我们预计海风领域的景气度正迎来回升。公司层面，根据一季报披露，近期公司持续中标国内外海上风电和海洋油气等海洋能源项目，包括中东海缆项目、蓬勃油田群岸电应用工程项目、广西涠洲岛跨海联网项目、温州洞头常青项目、国华如东光氢储一体化项目、玉环2 号海上风电项目、金山海上风电场项目、马来项目、涠洲油田开发项目，中标总金额为11.33 亿元。Incident: On April 24, the company released its 2024 annual report and 2025 quarterly report. The full year of 2024 achieved revenue of 59.984 billion yuan, a year-on-year increase of 26.0%, achieved net profit of 2.769 billion yuan, an increase of 28.6% over the previous year, and realized net profit without deduction of 2.576 billion yuan, an increase of 26.7% over the previous year. Looking at the first quarter of 2025, we achieved revenue of 13.268 billion yuan in a single quarter, up 12.6% year on year, down 24.5% month on month, and realized net profit of 0.557 billion yuan, up 8.5% year on year and 22.6% month on month. Net profit without return to mother was 0.546 billion yuan, up 32.7% year on year and 48.0% year on year.
Various businesses developed steadily in 2024, with net profit growth rate not attributable to mother in the first quarter of 2025: Specific split of the 2024 business situation: 1) Optical Communications: achieved revenue of 6.562 billion yuan in 2024, down 11.0% year on year, accounting for 10.9%, gross margin of 25.59%, down 3.77pct year on year; 2) Smart grid: achieved revenue of 22.184 billion yuan in 2024, up 14.7% year on year, accounting for 37.0% of revenue and 12.58% gross margin , down 0.99pct year on year; 3) Marine Energy and Communications: achieved revenue of 5.738 billion yuan in 2024, accounting for 9.6% of revenue, accounting for 9.6% of revenue, 33.53%, up 1.91pct year on year; 4) Industrial and new energy intelligence: achieved revenue of 6.766 billion yuan in 2024, up 18.1% year on year, accounting for 11.3% of gross margin; 5) Copper conductor: achieved revenue in 2024 15.007 billion yuan, a year-on-year increase of 50.9%, accounting for 25.0% of revenue, and a gross margin of 1.15%, a year-on-year decrease of 1.16 pcts. Looking at the first quarter of 2025, the company's UHV and power grid intelligence, industrial and new energy intelligence, marine energy and communications businesses maintained steady growth, resulting in a significant growth rate of net profit deducted from mother.
Various business segments of the company have plenty of orders in hand: According to the company's disclosure, as of the end of the first quarter of 2025, the company had on-hand orders in the energy interconnection field such as submarine cables, marine engineering and land cable products, about 8 billion yuan for marine communications business-related orders, and more than 0.3 billion US dollars for PEACE trans-ocean cable communication system operation projects.
The boom in the ocean wind sector is picking up, and the company's related business is expected to usher in further growth: at the industry level, in the past few years, offshore wind power construction has affected new installed capacity due to factors such as land use and sea use, but preliminary work on these projects has continued to advance, and the conditions are in place. In 2025, we will enter the substantial construction phase. We expect the boom in the sea breeze sector to pick up. At the company level, according to a quarterly report, the company recently continued to win bids for offshore wind power and offshore oil and gas projects at home and abroad, including the Middle East Cable Project, the Boom Oilfield Group Shore Power Application Project, the Guangxi Weizhou Island Cross-Sea Networking Project, the Wenzhou Dongtou Changqing Project, the Guohua Rudongguang Integrated Hydrogen Storage Project, the Yuhuan-2 Offshore Wind Power Project, Jinshan Offshore Wind Farm Project, Malaysia Project, and the Weizhou Oilfield Development Project, with a total bid amount of 1.133 billion yuan.
Investment advice: The company's various businesses are developing steadily, and with the recovery of prosperity in the sea breeze sector, the company is expected to benefit the core. We expect the company's net profit to be 3.467/4.246/4.772 billion yuan in 2025-2027, respectively, and the corresponding PE multiples are 11x/9x/8x. Maintain a “Recommended” rating.
Risk warning: The boom in the sea breeze sector falls short of expectations, and demand and tenders in the fiber optic cable sector fall short of expectations.
