Taihan Cable二季度业绩超预期，订单积压首次突破4万亿韩元

Taihan Cable & Solution (001440) set a new quarterly record, driven by growth in its extra-high-voltage and subsea cable businesses. Its order backlog also surpassed 4 trillion won for the first time since the company's founding, providing an ample pipeline of orders to be converted into future revenue.
Taihan Cable & Solution said on the 30th that it recorded consolidated revenue of 1.1987 trillion won and operating profit of 60.8 billion won in the second quarter of this year. The figures represent increases of 31% and 113%, respectively, from the same period last year, marking record quarterly highs for both revenue and operating profit.
According to financial information provider FnGuide, the result exceeded the financial investment industry's consensus (average estimate) of 1.0601 trillion won in revenue by 13%. The operating profit consensus was 42.3 billion won, and the actual operating profit topped that by 44%.
In particular, in the first half alone, the company earned more than 94% of last year's annual operating profit of 128.6 billion won, an achievement seen as raising its earnings capacity a notch. Revenue also stayed above 1 trillion won for three consecutive quarters starting from the fourth quarter of last year.
The engine of the earnings increase was extra-high-voltage and subsea cables. Major power grid projects in Singapore and Korea were fully reflected in revenue, while domestic subsea cable businesses, including the Yeonggwang Nakwol and Sinan Bigeum solar projects, also contributed to the top-line expansion. Revenue from the extra-high-voltage and subsea cable division reached 237.4 billion won in the second quarter, up 58.1% from a year earlier. Revenue from industrial cables supplied to domestic plants and overseas infrastructure also rose 16.9% to 671.8 billion won.
The order backlog also swelled to a record high. Taihan Cable & Solution recorded new orders of 727.2 billion won in the second quarter and cumulative new orders of 1.4611 trillion won in the first half. As a result, the order backlog at the end of the second quarter stood at 4.0629 trillion won, exceeding 4 trillion won for the first time since the company's founding. This is larger than last year's annual revenue of 3.636 trillion won. As power grid investment expands at home and abroad, orders have accumulated centered on extra-high-voltage cables, further improving the visibility of mid- to long-term earnings.
Taihan Cable & Solution plans to raise the quality of its growth by focusing on high-value-added products such as high-voltage direct current (HVDC) transmission and subsea cables. It recently won the "500 kV HVDC East Coast–East Seoul Construction Project (EP Phase 2)," a national core power grid project.
In the subsea cable business, the company secured an additional 11,000-ton dedicated cable-laying vessel, the "Skandi Connector." Together with its existing cable-laying vessel "Palos," Taihan now operates Korea's only fleet of dedicated subsea cable-laying vessels, strengthening its turnkey system that carries out everything from production to transportation, laying, and construction on its own. The strategy is to expand its stride into a comprehensive operator that wins orders for the entire process of building subsea power grids, rather than merely selling cables.
"With the spread of AI data centers and the expansion of power grid investment, growth in the extra-high-voltage and subsea cable markets is beginning in earnest," a Taihan Cable & Solution official said. "Based on our expanded order backlog, we will continue stable growth while further strengthening our position in the global market centered on high-value-added businesses such as HVDC and subsea cables."