Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company reported a significant increase in revenue for Q1 2025, achieving 2.15 billion yuan, which is a year-on-year growth of 63.8%. The net profit attributable to shareholders was 280 million yuan, up 6.7% year-on-year, while the net profit excluding non-recurring items reached 270 million yuan, reflecting a 28.2% increase year-on-year [2][4]. Revenue Analysis - The revenue growth is primarily attributed to the increase in revenue from submarine cable projects, with specific segments showing varied performance: - Submarine and high-voltage cables generated 1.196 billion yuan, a remarkable year-on-year increase of 219%, benefiting from both domestic and overseas project confirmations. - Marine equipment and engineering operations saw a decline in revenue to 65 million yuan, down 82% year-on-year. - Power engineering and equipment cables achieved 890 million yuan in revenue, marking a 53% year-on-year increase [9]. Profitability Metrics - The company's gross margin was approximately 20.39%, a decrease of 1.84 percentage points year-on-year, mainly due to product mix factors. The operating expenses were about 6.75%, down 2.15 percentage points year-on-year. The financial metrics included a net profit margin of approximately 13.1%, which is a 7% increase year-on-year [9]. Order Backlog and Future Outlook - As of April 21, 2025, the company had an order backlog of approximately 18.9 billion yuan, with significant contributions from submarine cables and high-voltage cables at about 11.5 billion yuan, marine equipment and engineering operations at 3 billion yuan, and power engineering and equipment cables at 4.4 billion yuan [9]. - The report anticipates that the company's performance will continue to benefit from the rapid commencement and confirmation of offshore wind projects, indicating a strong growth trend for the year [9]. Financial Projections - The company is projected to achieve a net profit of approximately 1.6 billion yuan in 2025, corresponding to a price-to-earnings ratio of about 22 times [9].

上海锦天城（杭州）律师事务所 关于宁波东方电缆股份有限公司 差异化分红事项的 法律意见书 上锦杭【2025】法意字第 40507 号 致：宁波东方电缆股份有限公司 上海锦天城（杭州）律师事务所（以下简称"锦天城"或"本所"）接受宁波 东方电缆股份有限公司（以下简称"公司"或"东方电缆"）的委托，就公司 2024 年度利润分配（以下简称"本次利润分配"）所涉及的差异化分红（以下简称"本 次差异化分红"）有关事宜，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上海证券交易所交易规则》 （以下简称"《上交所交易规则》"）及《上海证券交易所上市公司自律监管指引第 7 号——回购股份》（以下简称"《回购股份指引》"）等有关法律法规的规定，按照 律师行业公认的业务标准、道德规范和勤勉尽责精神，出具本法律意见书。 地址：浙江省杭州市上城区富春路 308 号华成国际发展大厦 11/12 层 电话：571-89838088 传真：571-89838099 邮编：310020 上海锦天城（杭州）律师事务所 法律意见书 上海锦天城（杭州）律师事务所 关于宁波东方电缆 ...

重要内容提示： 证券代码：603606 证券简称：东方电缆 公告编号：2025-023 宁波东方电缆股份有限公司2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 每股分配比例 A 股每股现金红利0.45元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/28 | － | 2025/5/29 | 2025/5/29 | 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 4 月 22 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等有关规定，公司 回购专用账户中的股份，不享有利润分配、公积金转增股本等权 ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [5]. Core Views - The company has achieved a record high in hand orders for submarine cables, with significant contributions from exports, particularly in Europe [1]. - The company has adjusted its product classification in its regular reports starting from 2025, focusing on green transmission facilities and deep-sea technology [1]. - The company has seen substantial revenue growth in its submarine cables and high-voltage cables, with a year-on-year increase of 218.79% in Q1 2025 [1]. Financial Performance - In Q1 2025, the company reported revenue of 2.147 billion yuan, a year-on-year increase of 63.83%, and a net profit attributable to the parent company of 281 million yuan, up 6.66% [1]. - The revenue from the power engineering and equipment cables segment reached 885 million yuan, growing by 53.28% year-on-year [1]. - The company has a total order backlog of approximately 18.9 billion yuan as of April 21, 2025, with significant contributions from submarine cables and high-voltage cables [3]. Financial Forecast - The company’s projected net profit for 2025 is adjusted to 1.695 billion yuan, with further projections of 2.401 billion yuan for 2026 and 2.739 billion yuan for 2027 [4]. - The expected revenue growth rates for the years 2024 to 2027 are 24.38%, 32.00%, 27.50%, and 14.40% respectively [4]. - The company’s earnings per share (EPS) is projected to be 2.47 yuan in 2025, increasing to 3.49 yuan in 2026 and 3.98 yuan in 2027 [4]. Market Context - The European countries have increased their offshore wind planning targets, which is expected to drive demand for the company's products [2]. - The company is well-positioned to benefit from the acceleration of offshore wind projects in Europe, leading to a dual catalyst for orders and performance [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that exceeds the market benchmark by more than 15% over the next 6-12 months [8]. Core Views - The company has reported better-than-expected performance in Q1 2025, with significant growth in its submarine cable business, which is anticipated to enter a release phase [2][8]. - The company’s revenue from submarine cable systems and marine engineering reached 3.666 billion, a year-on-year increase of 5.49%, while the revenue from land cable systems was 5.416 billion, showing a year-on-year growth of 41.52% [6]. - As of March 21, 2025, the company has a backlog of orders totaling 17.975 billion, with 8.827 billion from submarine cable systems, 6.353 billion from land cable systems, and 2.795 billion from marine engineering [6]. Financial Performance Summary - The company is projected to achieve revenues of 12.01 billion, 13.71 billion, and 14.31 billion for the years 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 32.0%, 14.2%, and 4.4% [8]. - The expected net profit attributable to the parent company for the same years is 1.55 billion, 2.00 billion, and 2.20 billion, with year-on-year growth rates of 54.0%, 28.7%, and 10.3% [8]. - Key financial metrics for 2024A include revenue of 9.09 billion, net profit of 1.01 billion, and a gross margin of 18.8% [10]. Order Backlog and Product Classification - The company will adjust its product classification in regular reports starting in 2025, changing from "submarine cable systems, land cable systems, and marine engineering" to "power engineering and equipment cables (green transmission facilities), submarine cables and high-voltage cables (power new energy), and marine equipment and engineering operation and maintenance (deep-sea technology)" [7]. - As of April 21, 2025, the company’s order backlog is approximately 18.9 billion, with 11.5 billion from submarine cables and high-voltage cables, 4.4 billion from power engineering and equipment cables, and 3.0 billion from marine equipment and engineering operation and maintenance [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant revenue growth, with Q1 2025 revenue reaching 2.15 billion yuan, a year-on-year increase of 63.8% [5] - The company is entering a peak period for both orders and deliveries, with a record order backlog of 18.9 billion yuan as of April 21, 2025 [6] - The company is expected to benefit from the acceleration of domestic offshore wind development and the realization of overseas orders [6] Financial Performance - In Q1 2025, the company achieved a net profit attributable to shareholders of 280 million yuan, up 6.7% year-on-year, and a non-net profit of 270 million yuan, up 28.2% year-on-year [5] - The revenue from submarine cables and high-voltage cables increased by 219% year-on-year in Q1 2025 [6] - The company’s revenue from power engineering and equipment cables was 885 million yuan, a 53% increase year-on-year [6] Order Backlog and Future Prospects - The order backlog reached a new high of 18.9 billion yuan, with 11.5 billion yuan in submarine and high-voltage cable orders [6] - The company has significant upcoming projects, including 500kV and DC submarine cable orders totaling 5 billion yuan, which are expected to drive profitability in 2025 and 2026 [6] - The company is projected to achieve revenues of 11.86 billion yuan, 14.01 billion yuan, and 16.84 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.73 billion yuan, 2.18 billion yuan, and 2.73 billion yuan [8][9]

Investment Rating - The report maintains an "Accumulate" rating for the company [3] Core Views - The company achieved a revenue of 9.093 billion yuan and a net profit of 1.008 billion yuan in 2024, representing a year-on-year increase of 24.38% and 0.81% respectively [7][14] - In Q1 2025, the company reported a revenue of 2.147 billion yuan, a significant year-on-year growth of 63.83% [7][9] - The company has seen a strong growth in land cable business and a record high in submarine cable orders, indicating robust demand in the market [14][15] Financial Data and Valuation - Total revenue is projected to grow from 7.310 billion yuan in 2023 to 11.955 billion yuan in 2025E, with a CAGR of 31% [2][38] - The net profit is expected to increase from 1.000 billion yuan in 2023 to 1.656 billion yuan in 2025E, reflecting a growth rate of 64% [2][38] - The company's PE ratio is forecasted to decrease from 34.9 in 2023 to 21.1 in 2025E, indicating improved valuation metrics [2][38] Business Performance - The land cable system revenue reached 5.416 billion yuan in 2024, a year-on-year increase of 41.52%, contributing 59.57% to total revenue [22] - The submarine cable system revenue was 2.778 billion yuan in 2024, with a slight increase of 0.41% year-on-year [14] - The company has a strong order backlog, with approximately 8.827 billion yuan in submarine cable orders as of March 21, 2025, marking a year-on-year increase of about 180% [15][16] Market Outlook - The domestic market for offshore wind power still has significant room for growth, with expectations of a surge in installations in the near term [15] - The company is well-positioned to benefit from the increasing demand for offshore wind projects, with a comprehensive solution for marine engineering [16][22] - The company plans to enhance its product offerings in high-grade land cables, which could improve profit margins in the future [22]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for Q1 2025 reached 2.15 billion yuan, with a year-on-year increase of 63.8% and a quarter-on-quarter decrease of 10.3% [7] - The net profit attributable to shareholders for Q1 2025 was 280 million yuan, reflecting a year-on-year increase of 6.7% and a quarter-on-quarter increase of 269.4% [7] - The gross margin for Q1 2025 was 20.4%, with a slight decrease of 1.8 percentage points compared to the previous quarter but an increase of 10.9 percentage points year-on-year [7] - The company has reached a record high in its order backlog, amounting to approximately 18.9 billion yuan as of April 21, 2025 [7] Financial Forecasts - Total revenue projections for the company are as follows: - 2023: 7.31 billion yuan - 2024: 9.09 billion yuan (24.38% YoY) - 2025: 10.87 billion yuan (19.50% YoY) - 2026: 13.15 billion yuan (21.00% YoY) - 2027: 15.51 billion yuan (18.00% YoY) [1][8] - Net profit attributable to shareholders is forecasted as follows: - 2023: 1.00 billion yuan - 2024: 1.01 billion yuan (0.81% YoY) - 2025: 1.60 billion yuan (58.82% YoY) - 2026: 2.15 billion yuan (34.38% YoY) - 2027: 2.66 billion yuan (23.50% YoY) [1][8] - The latest diluted EPS is projected to be: - 2023: 1.45 yuan - 2024: 1.47 yuan - 2025: 2.33 yuan - 2026: 3.13 yuan - 2027: 3.86 yuan [1][8] Business Segmentation - The company has adjusted its product classification to better align with market demands, focusing on: - Power engineering and equipment cables (green transmission facilities) - Submarine cables and high-voltage cables (power new energy) - Marine equipment and engineering operations [7] - Revenue from submarine cables and high-voltage cables reached 1.196 billion yuan, a year-on-year increase of 219% [7] - Revenue from power engineering and equipment cables was 885 million yuan, reflecting a year-on-year increase of 53.28% [7]

Investment Rating - The report maintains a "Buy" rating for Dongfang Cable [1] Core Views - The company's revenue for Q1 2025 reached 2.15 billion yuan, showing a year-on-year increase of 63.8% and a quarter-on-quarter decrease of 10.3% [7] - The net profit attributable to shareholders for Q1 2025 was 280 million yuan, reflecting a year-on-year growth of 269.4% [7] - The company has achieved a record high in its order backlog, amounting to approximately 18.9 billion yuan as of April 21, 2025 [7] Financial Performance Summary - Total revenue projections for 2023A to 2027E are as follows: 7.31 billion yuan (2023A), 9.09 billion yuan (2024A), 10.87 billion yuan (2025E), 13.15 billion yuan (2026E), and 15.51 billion yuan (2027E), with year-on-year growth rates of 4.3%, 24.38%, 19.5%, 21%, and 18% respectively [1] - Net profit attributable to shareholders is forecasted to be 1 billion yuan (2023A), 1.008 billion yuan (2024A), 1.601 billion yuan (2025E), 2.152 billion yuan (2026E), and 2.657 billion yuan (2027E), with year-on-year growth rates of 18.78%, 0.81%, 58.82%, 34.38%, and 23.5% respectively [1] - The latest diluted EPS is projected to be 1.45 yuan (2023A), 1.47 yuan (2024A), 2.33 yuan (2025E), 3.13 yuan (2026E), and 3.86 yuan (2027E) [1] Order Backlog and Business Segmentation - The order backlog includes approximately 11.5 billion yuan for submarine cables and high-voltage cables, 4.4 billion yuan for power engineering and equipment cables, and 3 billion yuan for marine equipment and engineering operations [7] - The revenue from submarine cables and high-voltage cables reached 1.196 billion yuan, a year-on-year increase of 219%, driven by international brand expansion and stable growth in export revenue [7] - Revenue from power engineering and equipment cables was 885 million yuan, reflecting a year-on-year growth of 53.28% due to enhanced brand influence and market share expansion [7]

证券代码：603606 证券简称：东方电缆 公告编号：2025-022 宁波东方电缆股份有限公司 2024 年年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 2、 公司在任监事 3 人，出席 3 人； 3、 董事会秘书江雪微女士出席了会议，公司高级管理人员列席了本次会议。 | 1、出席会议的股东和代理人人数 | 800 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 391,655,267 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 56.9501 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，采取现场和网络投票相结合的方式召开，公司 (一) 股东大会召开的时间：2025 年 4 月 22 日 (二) 股东大会召开的地点：宁波东方电缆股份有限公司会议室（宁波市中山 东路 1800 号国华 ...