Investment Rating - The investment rating for the electric equipment and new energy industry is "Outperform the Market" (maintained) [2] Core Views - In 2024, global offshore wind government auctions are expected to reach 56GW, setting a historical record. The solid-state battery industrialization is accelerating, with equipment companies beginning to deliver solid-state battery equipment in small batches to clients. Battery manufacturers plan to deliver full solid-state battery samples to clients between 2025 and 2027 [2][3] - The demand for AIDC electric equipment remains strong, driven by continuous updates in AI models requiring sustained computational power [9] Summary by Relevant Sections Wind Power - The global offshore wind government auctions are projected to reach 56GW in 2024, marking a historical high. The total installed offshore wind capacity is expected to reach 83GW by the end of 2024, with an additional 48GW under construction [3] - In Poland, Equinor and Polenergia have made a final investment decision for the Bałtyk 2 and 3 offshore wind farms, with a total capacity of 1.4GW and an investment exceeding €7.2 billion [3] Solid-State Battery - The solid-state battery industrialization is progressing rapidly, with equipment manufacturers successfully delivering solid-state battery production equipment to leading domestic clients. Strategic partnerships are being formed to develop solid-state battery materials and production equipment [6] - The consumer battery sector is seeing an increase in silicon content, with projections indicating that by mid-2025, the silicon content in batteries could reach 25% [6] AIDC Electric Equipment - The demand for AIDC electric equipment is expected to remain robust, supported by the ongoing advancements in AI technologies and the need for enhanced computational capabilities [9] Grid Equipment - In May, the newly installed photovoltaic capacity reached 92.9GW, a year-on-year increase of 388%, while wind power installations reached 26.32GW, a year-on-year increase of 801% [10] - The State Grid Corporation of China has completed the equity transfer for a high-voltage direct current project in Greece, which will enhance connectivity between Crete and the European mainland [10] Investment Recommendations - The report suggests focusing on the following companies: 1. Wind Power: Goldwind Technology, Oriental Cable, Wide Special Materials, Zhongji United, Daikin Heavy Industries, Times New Material, Hezhong Electric [2][5] 2. Lithium Battery: CATL, Xiamen Tungsten, Rongbai Technology, Tiannai Technology, Zhuhai Guanyu, Haopeng Technology, Shenghong Co., Ltd. [8] 3. AIDC Electric Equipment: Jinpan Technology, Mingyang Electric, Igor, Hezhong Electric, Shenghong Co., Ltd. [9] 4. Grid Equipment: Guodian NARI, Siyuan Electric, Samsung Medical, Jinpan Technology, Pinggao Electric, Oriental Electronics, Sifang Co., Ltd., Jinbei Electric [10]

Group 1: Electric Vehicles - The report anticipates a 22% year-on-year increase in domestic new energy vehicle sales in 2025, driven by policies such as trade-in incentives, new model releases, and price reductions [2][16][22] - In Europe, the electric vehicle market is expected to grow by 22% in 2025, supported by carbon emission regulations and ongoing subsidies [2][18][22] - The global demand for power batteries is projected to grow at a rate of 25% in 2025, with a significant increase in battery capacity requirements due to enhanced vehicle range [22][24] Group 2: Wind Power - The domestic wind power market is expected to see a significant increase in installed capacity, with new installations projected at 100 GW for land-based and 12 GW for offshore wind in 2025, representing year-on-year growth of 23% and 114% respectively [3][4] - Internationally, the wind power market is forecasted to grow at a CAGR of 16.7% from 2025 to 2030, driven by increased policy support [3] - The report highlights opportunities in offshore wind and related supply chains, including wind turbines, piles, and submarine cables [3] Group 3: Photovoltaics - The report expects global photovoltaic installations to reach 530-560 GW in 2025, with a year-on-year growth of 0-6%, influenced by domestic demand and emerging markets [4] - Supply-side reforms are anticipated to play a crucial role in reshaping the industry, with a key window for these reforms expected between the second half of 2025 and the first quarter of 2026 [4] - New technologies such as bifacial cells and metallization processes are highlighted as areas of interest for future growth [4] Group 4: Energy Storage - The domestic energy storage market is projected to grow by 17% year-on-year in 2025, supported by strong bidding data and the advancement of market-oriented electricity pricing [5] - In the U.S., energy storage installations are expected to increase by 23% in 2025, despite concerns over subsidy reductions [5] - The European market is forecasted to see a 36% increase in energy storage installations in 2025, with significant contributions from large-scale commercial storage [5] Group 5: Industrial Control - The industrial control sector is experiencing a recovery, with growth expected in 2025 due to increased demand from traditional and new energy industries [9] - The report emphasizes the potential of humanoid robots and AIDC (Automatic Identification and Data Capture) technologies as key areas for investment [9] - Companies involved in high-value components and new technologies, such as PEEK materials and disc motors, are recommended for attention [9]

Investment Rating - The industry investment rating is "Overweight," indicating that the industry index is expected to outperform the market index by more than 10% in the next six months [45]. Core Viewpoints - The report highlights the initiation of pilot projects for the construction of a new power system by the National Energy Administration, focusing on innovative technologies and models to drive breakthroughs in the sector [3][35]. - The report suggests paying attention to leading companies in virtual power plant technology, which is identified as a key support for the new power system [3][40]. Summary by Sections Market Review - As of June 5, 2025, the Shenwan Power Equipment industry has seen a decline of 2.16% over the past two weeks, underperforming the CSI 300 index by 1.23 percentage points, ranking 28th among 31 industries [11]. - The industry has experienced a year-to-date decline of 5.44%, again underperforming the CSI 300 index by 3.98 percentage points [11]. - The wind power equipment sector increased by 0.10%, while the photovoltaic equipment sector decreased by 2.43% in the last two weeks [11][17]. Valuation and Industry Data - As of June 5, 2025, the overall PE (TTM) for the power equipment sector is 24.42 times, with sub-sectors showing varied valuations: - Electric Motor II: 47.23 times - Other Power Equipment II: 39.92 times - Photovoltaic Equipment: 16.73 times - Wind Power Equipment: 30.46 times - Battery: 24.46 times - Grid Equipment: 23.80 times [26]. Industry News - The National Energy Administration has issued a notice to conduct pilot projects focusing on seven key areas, including virtual power plants and intelligent microgrids, to explore new technologies and models for the new power system [35]. - The report also mentions the promotion of green electricity direct connection development, emphasizing the importance of source-load matching [35]. Company Announcements - The report includes various company announcements, such as the completion of a hydrogen production and refueling station in Wuhai, which is expected to enhance logistics efficiency [38]. - It also notes the share repurchase plans of several companies, indicating ongoing corporate actions in the sector [38]. Weekly Perspective on Power Equipment Sector - The report emphasizes the importance of the new power system construction and suggests focusing on companies that are leading in virtual power plant technology [40]. - It highlights the potential for significant advancements in the sector, driven by government initiatives and technological innovations [40].

Investment Rating - The report maintains a "Recommended" rating for key companies in the electric power equipment and new energy sectors, including Ningde Times, Keda Li, and others [4][5]. Core Insights - The report highlights significant growth in the photovoltaic sector, with April's new installations reaching 45.22 GW, a year-on-year increase of 214.68% and a month-on-month increase of 74.56% [3][33]. - The electric vehicle market is bolstered by the launch of Xiaomi's Yu7, a high-performance SUV with advanced features, indicating a strong consumer interest in electric vehicles [2][22]. - The overall electricity consumption in April was 772.1 billion kWh, reflecting a year-on-year growth of 4.7%, indicating a stable demand for electric power [4]. Summary by Sections New Energy Vehicles - Xiaomi Yu7 was officially launched, featuring a luxurious design and advanced technology, including an 800V silicon carbide platform and a maximum range of 835 km [2][11]. - The vehicle offers both single and dual motor options, with impressive acceleration capabilities [16][22]. Photovoltaics - In the first four months of 2025, domestic photovoltaic installations totaled 104.93 GW, a year-on-year increase of 74.6% [3][33]. - The inverter exports reached 18.029 billion yuan, with April's exports alone at 5.817 billion yuan, showing strong demand driven by seasonal factors and overseas construction [3][36]. - The report notes a decline in component exports, totaling 62.241 billion yuan, a year-on-year decrease of 26.54% [3][37]. Electric Power Equipment and Automation - The total electricity consumption for April was 772.1 billion kWh, with a cumulative total of 31,566 billion kWh for the first four months, marking a 3.1% year-on-year increase [4]. - Investment in power generation projects reached 193.3 billion yuan, a 1.6% increase year-on-year, while grid investment rose by 14.6% to 140.8 billion yuan [4]. Market Performance - The electric power equipment and new energy sector saw a weekly decline of 0.71%, underperforming compared to the Shanghai Composite Index [1]. - Lithium battery indices showed a significant increase of 2.69%, while solar energy indices experienced a decline of 3.46% [1].

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].

Core Viewpoint - The wind power sector is experiencing a significant upward trend in demand and profitability, with a notable performance turnaround in Q1 2025, indicating a potential industry inflection point [1][2]. Group 1: Industry Performance - In Q1 2025, new wind turbine tenders reached 28.6 GW, a year-on-year increase of 23%, reflecting sustained high demand [1][2]. - The wind power equipment sector achieved revenues of 37.2 billion yuan in Q1 2025, up 15.4% year-on-year, and a net profit attributable to shareholders of 1.25 billion yuan, an increase of 2.8%, marking the first positive year-on-year growth in net profit for Q1 in three years [1][2]. - The overall industry is expected to see a revenue of 192 billion yuan in 2024, a decrease of 3.5% year-on-year, and a net profit of 5.75 billion yuan, down 26.6% year-on-year, indicating a challenging year ahead despite the positive Q1 performance [2]. Group 2: Manufacturing and Profitability - The profitability of the complete machine manufacturing segment is stabilizing, with a slowdown in power station transfers impacting earnings, highlighting the growing importance of manufacturing profitability [2]. - The average sales price of wind turbines for leading companies is projected to decrease to 1,550 yuan/kW in 2024, with limited further decline expected [2]. - The first quarter of 2025 saw a significant recovery in the performance of casting and forging companies, driven by revenue structure adjustments and fixed cost amortization during a traditionally low-demand season [3]. Group 3: Investment Recommendations - The industry is expected to continue its upward trajectory in revenue and profitability, with key recommendations focusing on companies benefiting from domestic price stabilization and increased revenue from offshore projects, such as Goldwind Technology, Yunda Co., and Mingyang Smart Energy [4]. - Companies in the subsea cable and foundation segments, like Dongfang Cable and Haile Wind Power, are also recommended due to their potential for profit growth driven by high demand [4]. - The casting and blade segments, including Jinlei Co. and Riyue Co., are highlighted for their significant performance elasticity due to supply-demand tightness and price increases [5].