Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [20][129]. Core Insights - The company is positioned to benefit from the rapid growth of offshore wind power, with significant market opportunities both domestically and internationally. The report highlights the company's strong order backlog and technological advantages in deep-sea and floating wind projects [20][35][106]. - The offshore wind market is expected to see accelerated growth, particularly in Europe and China, with the company already making inroads into these markets [21][75][91]. Summary by Sections Company Performance - The company reported steady growth in revenue and net profit, with a cumulative revenue of approximately 6.689 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 25.18% [31][24]. - The net profit attributable to shareholders for the same period was approximately 932 million yuan, up 13.41% year-on-year [31][24]. Market Position - The company holds a leading position in the domestic offshore cable market, with a significant share in projects across Zhejiang and Guangdong provinces. It has also successfully expanded into European markets, securing contracts worth nearly 3 billion yuan since December 2020 [25][80]. - As of October 18, 2024, the company has an order backlog of approximately 9.236 billion yuan, with substantial contributions from both the submarine cable and land cable systems [80][25]. Industry Outlook - The global offshore wind market is projected to grow significantly, with an expected compound annual growth rate of 28% over the next five years. China and Europe are anticipated to be the primary contributors to this growth [75][91]. - The report emphasizes the importance of government policies and investments in driving the offshore wind sector, particularly in the UK, which is leading the European market [77][94]. Financial Projections - The company is expected to achieve revenues of 8.858 billion yuan, 11.839 billion yuan, and 13.649 billion yuan for the years 2024, 2025, and 2026, respectively. Net profits are projected to be 1.269 billion yuan, 1.922 billion yuan, and 2.376 billion yuan for the same years [26][129]. - The earnings per share (EPS) are forecasted to be 1.85 yuan, 2.79 yuan, and 3.45 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 28.64, 18.91, and 15.30 [26][129].

Investment Rating - The report gives a "Strong Buy" rating for the company [1]. Core Views - The company is a leading player in the domestic submarine cable industry, benefiting from the growth of the global offshore wind power sector [1]. - The offshore wind power industry in China is entering a growth phase, with significant potential for expansion in the medium to long term [1]. - The company has a strong order backlog, which supports its performance for 2024 and 2025 [1]. Summary by Sections Company Overview - The company has been deeply involved in the cable industry for many years and is a core supplier of land and submarine cable systems in China [1][14]. - The company began its offshore cable business in 2005 and has since established a leading position in the domestic market [1][14]. - The offshore cable business has become the main source of profit for the company, with production capacity and R&D technology at industry-leading levels [1][14]. Offshore Wind Power Industry - The domestic offshore wind power industry is experiencing positive changes, with a rich reserve of projects expected to be grid-connected by 2025 [1][51]. - The average distance of offshore wind projects from the shore has increased, which enhances the demand for submarine cables [1][100]. - The company is well-positioned to benefit from the growth of the offshore wind power sector, particularly in Guangdong and Zhejiang provinces [1][117]. Financial Performance - The company has shown rapid growth in recent years, with a compound annual growth rate (CAGR) of 19.3% in revenue from 2018 to 2023 [1][36]. - The net profit CAGR from 2018 to 2023 reached 42.4%, indicating strong profitability [1][38]. - Revenue is projected to reach 93 billion, 126 billion, and 138 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 12 billion, 20 billion, and 22 billion yuan [1][135]. Market Position and Competitive Advantage - The company is part of a stable competitive landscape in the submarine cable industry, with a strong market share alongside competitors like Zhongtian Technology and Hengtong Optic-Electric [1][103]. - The company has a significant technological advantage, having developed various high-voltage and flexible direct current cable products [1][110]. - The company has established a solid international presence, with ongoing projects in Europe that are expected to contribute to future growth [1][120]. Investment Recommendations - The report suggests that the company will continue to benefit from the rapid development of the global offshore wind power industry, with a strong outlook for future performance [1][135].

证券代码：603606 证券简称：东方电缆 公告编号：2024-056 宁波东方电缆股份有限公司 2024 年第一次临时股东大会决议公告 (一) 股东大会召开的时间：2024 年 12 月 9 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 号国华金融中心 49-50F） (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 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 | 1、出席会议的股东和代理人人数 | 636 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 388,075,287 | | 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（%） | 56.4296 | (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 董事长夏崇耀 ...

上海市锦天城律师事务所 关于宁波东方电缆股份有限公司 2024 年第一次临时股东大会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于宁波东方电缆股份有限公司 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚实信用原则，对本次股东大会所涉及的相关事 项进行了必要的核查和验证，核查了本所认为出具本法律意见书所需的相关文件、 资料，并参加了公司本次股东大会的全过程。本所保证本法律意见书所认定的事 实真实、准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导 性陈述或者重大遗漏，并愿意承担相应法律责任。 鉴此，本所律师根据上述法律、法规、规章及规范性文件的要求，按照律师 行业公认的业务标准、道德规范和勤勉尽责精神，现出具法律意见如下： 一、 本次股东大会召集人资格及召集、召开的程序 经核查，公司本次股 ...

证券代码：603606 证券简称：东方电缆 公告编号：2024-055 宁波东方电缆股份有限公司 关于股份回购进展公告 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，在回购股份期间，公司应当在每个月的前 3 个交易 日内公告截至上月末的回购进展情况。现将公司回购股份进展情况公告如下： | 回购方案首次披露日 | 2024/2/1 | | | | | | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 1 月 日~2025 1 月 | 31 | 年 | 30 | 日 | | 预计回购金额 | 万元 10,000 万元~20,000 □减少注册资本 | | | | | | 回购用途 | √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | □为维护公司价值及股东权益 | | | | | | 累计已回购股数 | 万股 191.34 | | | | | | 累计已回购股数占总股本比 | 0.2782% | | | | | | 例 | | | | | | | 累计已回购金额 | ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [2][5]. Core Views - The company is expected to benefit from the recovery of the offshore wind market and the increasing value of submarine cables due to greater offshore distances. The projected net profits for 2024-2026 are 1.27 billion, 1.76 billion, and 2.19 billion yuan, respectively, with year-on-year growth rates of 26.6%, 39.2%, and 24.2% [2][5]. - The company has a strong order backlog, with total orders amounting to 9.236 billion yuan, which supports future performance. The company has recently won several significant contracts in the offshore wind sector, indicating its competitive position [6][7]. Summary by Sections Financial Forecasts - The company’s revenue is projected to grow from 7.31 billion yuan in 2023 to 11.88 billion yuan in 2026, with corresponding growth rates of 4.3%, 22.89%, 14.00%, and 16.01% [5][10]. - The net profit is expected to increase from 1 billion yuan in 2023 to 2.188 billion yuan in 2026, with growth rates of 18.72%, 26.56%, 39.20%, and 24.20% [5][10]. - The earnings per share (EPS) is forecasted to rise from 1.45 yuan in 2023 to 3.18 yuan in 2026 [5][10]. Market Performance - The company reported a revenue of 6.699 billion yuan for the first three quarters of 2024, reflecting a year-on-year increase of 25.22%. The net profit for the same period was 932 million yuan, up 13.41% year-on-year [6][7]. - The company’s gross margin for the first three quarters was 22.17%, a decrease of 4.06 percentage points compared to the previous year, attributed to the rapid growth in land cable revenue [7]. Order Backlog and Project Wins - As of October 18, the company had an order backlog of 9.236 billion yuan, including 2.949 billion yuan for submarine cables and 1.397 billion yuan for marine engineering [6][7]. - Recent project wins include significant contracts for ±500kV submarine cables, showcasing the company's technical capabilities and market leadership [7].

2024 年第一次临时股东大会会议资料 宁波东方电缆股份有限公司 2024年第一次临时股东大会 会议资料 宁波东方电缆股份有限公司 二〇二四年十二月 宁波东方电缆股份有限公司 2024 年第一次临时股东大会会议议程 会议时间：2024年12月9日14:00 会议地点：宁波东方电缆股份有限公司会议室（宁波市中山东路1800号国华金融中心 49-50F） 会议召集人：公司董事会 会议主持人：董事长夏崇耀先生 第 1 页 共 63 页 2024 年第一次临时股东大会会议资料 目 录 | 2024 | 年第一次临时股东大会会议议程 1 | | --- | --- | | 2024 | 年第一次临时股东大会会议须知 3 | | 议案 | 1、关于变更独立董事的议案 4 | 2024 年第一次临时股东大会会议资料 —签到、宣布会议开始— 1、与会人员签到，领取会议资料；股东及股东代理人同时递交身份证明材料（授 权委托书、营业执照复印件、身份证复印件等）并领取《表决票》； 2、董事长宣布会议开始并宣读现场会议出席情况； 3、推选现场会议的计票人、监票人； 4、董事会秘书宣读大会会议须知； —会议议案— 5、宣读议案1 《关 ...

Investment Rating - The report assigns a "Buy" rating for the company [3][7]. Core Insights - The company occupies a strategic advantage in cable laying with its own vessels, enabling integrated EPC services [2][110]. - The company has shown significant growth in overseas market expansion, with notable project wins in international markets [6][117]. - The company has a strong technical edge in cable production, particularly in specialized products like umbilical cables and flexible DC cables [4][99][100]. Summary by Sections Company Overview - The company is a core supplier of marine and land cables in China, established in 1998 and listed on the Shanghai Stock Exchange in 2014 [3][25]. - It has three main product segments: land cable systems, marine cable systems, and marine engineering, serving various industries including power communication and clean energy [3][25]. Financial Performance - In 2023, the company achieved a revenue of 7.31 billion yuan, a year-on-year increase of 4.29%, and a net profit of 1 billion yuan, up 18.76% [3][35]. - For the first three quarters of 2024, revenue reached 6.7 billion yuan, reflecting a growth of 25.22%, with a net profit of 932 million yuan, up 13.41% [3][35]. Market Trends - The offshore wind power sector is experiencing high demand, with significant growth in marine cable manufacturing driven by large-scale development plans [46][51]. - The report anticipates that the domestic marine cable market will exceed 16 billion yuan by 2026, with a compound annual growth rate of 25% [92][93]. Technical Capabilities - The company maintains a high R&D investment, with a research expense ratio around 3.5%, ensuring its technological leadership in the industry [97]. - It has advanced capabilities in producing long-length marine umbilical cables and flexible DC cable systems, positioning it as a leader in these specialized areas [4][99][100]. International Expansion - The company has successfully entered international markets, winning significant contracts in regions such as Europe and Southeast Asia, with a 130.56% increase in overseas revenue in 2023 [6][117]. - The report highlights the company's strategic partnerships with major international energy firms, enhancing its market presence globally [6][117].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on ongoing domestic offshore wind projects and the company's proactive expansion into international markets [3][6]. Core Insights - The company successfully won contracts for the Qingzhou 5 and 7 submarine cable projects, with a total bid amount of approximately 4 billion RMB, which includes several significant projects with specific amounts detailed [1]. - Recent progress in key offshore wind projects in Guangdong and Jiangsu has accelerated, with previous regulatory hurdles being lifted, leading to new tenders and project advancements [2]. - The company plans to establish overseas subsidiaries in Hong Kong and the UK, with an investment of about 0.69 billion RMB, aimed at enhancing its international market presence and brand recognition [3]. Financial Summary - Revenue is projected to grow from 7,009 million RMB in 2022 to 12,132 million RMB in 2026, with a compound annual growth rate (CAGR) of approximately 12.01% [4]. - Net profit is expected to increase from 842 million RMB in 2022 to 2,221 million RMB in 2026, reflecting a CAGR of about 19.31% [4]. - Earnings per share (EPS) is forecasted to rise from 1.22 RMB in 2022 to 3.23 RMB in 2026, indicating strong profitability growth [4]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 45 in 2022 to 17 in 2026, suggesting improved valuation as earnings grow [4]. Market Outlook - The report highlights a favorable outlook for the offshore wind sector in China, with many nearshore projects expected to commence construction and grid connection by 2025 and 2026 [2]. - The potential for deep-sea offshore wind development is emphasized as a significant growth area during the 14th Five-Year Plan period, with ongoing pilot projects and policy developments to be closely monitored [2].

证券代码：603606 证券简称：东方电缆 公告编号：2024-051 宁波东方电缆股份有限公司 关于投资建设东方中央研究院•总部项目的公告 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： 1、本次项目的投资金额、建设周期系公司根据当前的市场环境 及相关数据进行的测算，不构成对投资者的承诺。项目实施受到行业 政策、市场竞争、价格波动、市场需求等因素影响，具体情况以后续 实施为准。 2、本次投资建设项目的实施，尚需向政府有关主管部门办理环 评审批、建设规划许可、施工许可等前置审批工作，如因国家或地方 有关政策调整、项目备案等实施条件因素发生变化，该项目的实施可 能存在变更、延期、中止或终止的风险。 一、 对外投资概述 宁波东方电缆股份有限公司（以下简称"公司"）根据中长期经 投资标的名称：东方中央研究院•总部项目 拟投资总金额：人民币 55,382 万元 特别风险提示： 营发展需要，为进一步提升公司深远海脐带缆和动态缆、超高压电缆 和海缆、智能配网电缆和工程线缆、海陆工程服务和运维四大系统解 决方案，重点推进新材 ...