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 年年度股东大会的 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 2024 年年度股东大会的 法律意见书 致：宁波东方电缆股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受宁波东方电缆股份有限 公司（以下简称"公司"）委托，就公司召开 2024 年年度股东大会（以下简称 "本次股东大会"）的有关事宜，根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《上市公司股东会规则》等法律、法规、规章和其他规范性文件以 及《宁波东方电缆股份有限公司章程》（以下简称"《公司章程》"）的有关规 定，出具本法律意见书。 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 ...

Financial Performance - The company's operating revenue for Q1 2025 reached ¥2,147,003,640.02, representing a 63.83% increase compared to ¥1,310,474,328.30 in the same period last year[4] - Net profit attributable to shareholders was ¥280,908,027.01, a 6.66% increase from ¥263,358,240.98 year-on-year[4] - The company achieved a main business revenue of 2.145 billion RMB, representing a year-on-year growth of 64.01%[13] - Operating profit for Q1 2025 was ¥326,667,521.51, slightly up from ¥306,578,074.85 in Q1 2024, reflecting a growth of 6.1%[21] - Net profit for Q1 2025 amounted to ¥280,908,027.01, an increase of 6.7% from ¥263,358,240.98 in Q1 2024[22] - Basic and diluted earnings per share were both ¥0.41, reflecting a 7.89% increase from ¥0.38 in the same period last year[4] - The basic and diluted earnings per share for Q1 2025 were both ¥0.41, an increase from ¥0.38 in Q1 2024[22] Revenue Breakdown - The revenue from power engineering and equipment cables was ¥888,500,000, up 53.28% year-on-year, driven by enhanced brand influence and market share expansion[6] - Revenue from submarine cables and high-voltage cables reached ¥1,196,000,000, marking a 218.79% increase year-on-year, attributed to international brand development and steady growth in export sales[6] - The revenue breakdown includes 885 million RMB from power engineering and equipment cables, 1.196 billion RMB from submarine cables and high-voltage cables, and 65 million RMB from marine equipment and engineering operations[13] Cash Flow and Assets - The net cash flow from operating activities was negative at -¥431,721,920.71, compared to a positive cash flow of ¥3,066,560.90 in the previous year, indicating a significant change in cash management[4] - The total assets at the end of the reporting period were ¥12,326,202,511.61, a 1.25% increase from ¥12,174,317,850.18 at the end of the previous year[5] - The company's current assets totaled approximately 8.688 billion RMB, an increase from 8.520 billion RMB at the end of 2024[16] - The total liabilities as of the latest reporting period were ¥5,031,397,755.86, down from ¥5,312,617,436.12 in the previous period, indicating a reduction of 5.3%[18] - The total cash inflow from operating activities was ¥2,051,099,079.60, compared to ¥1,550,914,020.53 in Q1 2024, reflecting a growth of 32.3%[25] - The ending balance of cash and cash equivalents was 1,879,433,837.32, down from 2,080,203,739.67 in the last period[26] Shareholder Information - Shareholders' equity attributable to the parent company was ¥7,294,804,755.75, up 6.31% from ¥6,861,700,414.06 at the end of the previous year[5] - The total number of ordinary shareholders at the end of the reporting period was 52,865[8] Strategic Focus and Development - The company plans to adjust its product classification starting in 2025 to better align with national strategic needs and improve operational efficiency[12] - The company is focusing on technology research and market expansion in smart grids, renewable energy, and deep-sea technology[12] - The company is committed to sustainable development and technological innovation in response to national energy transition initiatives[12] - The company has secured strategic partnerships and market expansion efforts in areas such as power construction, rail transit, and offshore wind power[13] Research and Development - Research and development expenses for Q1 2025 were ¥68,139,454.50, up from ¥50,408,333.29 in Q1 2024, representing a 35.1% increase[21] Other Financial Metrics - Other comprehensive income after tax for Q1 2025 was ¥168,035,527.51, significantly higher than ¥33,132,402.25 in Q1 2024[22] - The weighted average return on equity decreased to 4.01%, down 0.09 percentage points from 4.10% in the previous year[5]

Summary of Conference Call Records Company and Industry Overview - The conference call discusses a company involved in the cable and engineering industry, specifically focusing on marine and land cable systems, as well as marine engineering projects. Key Points and Arguments Financial Performance - In 2023, the company's marine cable system revenue was 3.666 billion yuan, a year-on-year increase of 5.49% [1] - The land cable system revenue reached 5.416 billion yuan, showing a significant year-on-year growth of 41.52% [1] - The overall revenue composition shifted, with land cable systems accounting for approximately 60% of total revenue in 2024, indicating a notable growth trend [1] - The gross margin for the marine cable system in 2023 was reported at 49%, attributed to the delivery of high-margin projects [2] International Business Growth - The company experienced a substantial increase in international business revenue, growing by over 480% year-on-year [2] - The successful delivery of the first international offshore project, HKWB, marked a significant milestone in the company's international expansion [2] Operational Developments - The company has completed its repurchase plan, acquiring approximately 2.25 million shares for a total of 107 million yuan [3] - The company has established new production bases in Guangdong and Shandong to enhance its operational capacity [5] - The company is focusing on technological advancements and market integration to drive growth in both marine and land cable systems [5][6] Market Position and Orders - As of March 21, 2025, the company reported a record high order backlog of 17.975 billion yuan, a year-on-year increase of over 130% [9] - The order backlog includes 8.827 billion yuan from marine cable systems, 6.353 billion yuan from land cable systems, and 2.795 billion yuan from marine engineering projects [9] Industry Trends and Government Support - The government has prioritized offshore wind power in its strategic plans, with expectations for total installed capacity to reach 200 million kilowatts by 2023, representing a significant investment opportunity [17][18] - Local governments are actively supporting offshore wind projects, with major projects in Jiangsu, Zhejiang, and Shandong already underway [19] Challenges and Competitive Landscape - The company faces intense competition in the land cable market, which is characterized by a large market size and price sensitivity [25][27] - The gross margin for land cable systems is under pressure due to competitive pricing, with expectations for continued competition in the future [27][59] Corporate Social Responsibility and Culture - The company emphasizes a people-oriented culture and actively engages in social responsibility initiatives, including education and environmental projects [4] Additional Important Information - The company is committed to maintaining a stable gross margin for land cable systems despite competitive pressures [27] - The company has established a digital management system to enhance operational efficiency and support high-quality development [7][8] - The company is exploring opportunities in deep-sea projects and is well-positioned to participate in future tenders for such projects [39] This summary encapsulates the key insights from the conference call, highlighting the company's financial performance, operational strategies, market position, and industry trends.

2024 年年度股东大会会议资料 宁波东方电缆股份有限公司 2024年年度股东大会 会议资料 宁波东方电缆股份有限公司 二〇二五年四月 第 1 页 共 63 页 2024 年年度股东大会会议资料 目 录 | 2024 | 年年度股东大会会议议程 1 | | --- | --- | | 2024 | 年年度股东大会会议须知 3 | | 议案 | 1、2024 年度董事会工作报告 4 | | 议案 | 2、2024 年度监事会工作报告 15 | | 议案 | 3、2024 年年度报告全文及摘要 21 | | 议案 | 4、2024 年度财务决算及 2025 年度财务预算报告 22 | | 议案 | 5、2024 年度利润分配方案 29 | | 议案 | 6、2024 年度独立董事述职报告（刘艳森） 32 | | 议案 | 6、2024 年度独立董事述职报告（阎孟昆） 40 | | 议案 | 6、2024 年度独立董事述职报告（杨黎明） 48 | | 议案 | 6、2024 年度独立董事述职报告（周静尧） 52 | | 议案 | 7、关于开展 2025 年度原材料期货套期保值业务的议案 60 | | 议案 | 8、 ...

证券代码：603606 证券简称：东方电缆 公告编号：2025-021 宁波东方电缆股份有限公司 关于中标海陆缆相关项目的提示性公告 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。 （二）海缆系统项目 南方电网公司阳江三山岛海上风电柔直输电工程海底电缆及 附件项目（包2），中标金额约8.99亿元。 二、本次项目执行对公司的影响 以上项目合计中标金额约12.27亿元人民币，其合同的履行将 对公司未来经营业绩产生积极的影响，但不影响公司经营的独立 性。公司将按照合同要求组织生产、交付工作。 三、风险提示 目前公司收到相关通知书，陆续与交易对方签订正式合同中， 合同签订及合同条款尚存在不确定性，具体内容以最终签署的合 同为准。 项目实施过程中如果遇到市场、经济、政治、自然灾害等不可 预计的或不可抗力等因素影响，敬请广大投资者谨慎决策，注意防 范投资风险。 近日，宁波东方电缆股份有限公司（以下简称"公司"）陆续收 到中标通知书及相关网站中标公告，确认公司为海陆缆项目中标 人，现将具体中标情况公告如下： 一、中标概况 （一）陆缆系统项 ...

东方电缆（603606）公告，公司近期陆续收到中标通知书及相关网站中标公告，确认为多个海陆缆项目 中标人。其中，陆缆系统项目包括中铁七局宁波轨道交通、国网上海电力（600021）、国网浙江电力宁 波供电公司等电线电缆采购，中标金额约3.28亿元。海缆系统项目包括南方电网公司阳江三山岛海上风 电柔直输电工程海底电缆及附件项目(包2)，中标金额约8.99亿元。上述项目合计中标金额约12.27亿 元，合同履行将对公司未来经营业绩产生积极影响。 ...

证 券 研 究 报 告 东方电缆（603606）2024 年报点评 推荐（维持） 订单破记录新高，海风景气向上 目标价：58 元 事项： | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 9,093 | 11,091 | 13,210 | 15,527 | | 同比增速(%) | 24.4% | 22.0% | 19.1% | 17.5% | | 归母净利润(百万) | 1,008 | 1,576 | 2,019 | 2,509 | | 同比增速(%) | 0.8% | 56.3% | 28.1% | 24.3% | | 每股盈利(元) | 1.47 | 2.29 | 2.94 | 3.65 | | 市盈率(倍) | 33 | 21 | 16 | 13 | | 市净率(倍) | 4.8 | 4.1 | 3.4 | 2.8 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 4 月 8 日收盘价 公司研究 输变电设备 2025 年 04 月 09 日 当前价：48.00 元 华创证券研究 ...

2024Q4业绩下滑。2024Q4营收23.94亿元，同比+22.10%；营业成本21.66亿元，同比+42.44%；归母净利润0.76亿 元，同比-57.32%；扣非归母净利润1.15亿元，同比-30.69%。Q4毛利率9.53%，同比-12.92pcts，环比-12.21pcts； 净利率3.18%，同比-5.91pcts，环比-7.77pcts。推测Q4业绩下滑的主要原因是产品交付结构的季节性调整，尤其是 高毛利率海缆营收环比下滑。 财信证券股份有限公司袁玮志近期对东方电缆（603606）进行研究并发布了研究报告《在手订单创新高，看好海 风放量》，下调东方电缆目标价至60.0元，给予买入评级。 东方电缆 投资要点： 公司公布2024年业绩。2024年公司实现营收90.93亿元，同比+24.38%；归母净利润10.08亿元，同比+0.81%；扣非 归母净利润9.09亿元，同比-6.07%。费用率方面，全年费用率6.76%，较去年同期的7.68%减少0.91pcts，其中销 售、管理、研发、财务费用率分别为1.95%、1.48%、3.39%、-0.05%，较去年同期分 别-0.14pcts、-0.3pcts ...

[Table_Reportdate] 2025年04月02日 [Table_invest] 买入（维持） 报告原因：业绩点评 [东方电缆（ Table_NewTitle] 603606）：公司业绩稳步提 升，在手订单再创新高 ——公司简评报告 [table_main] 投资要点 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 9,092.52 | 12,529.59 | 14,674.25 | 16,953.39 | | 同比增速 | 24.38% | 37.80% | 17.12% | 15.53% | | 归母净利润（百万元） | 1,008.16 | 1,761.69 | 2,131.23 | 2,536.72 | | 同比增速 | 0.81% | 74.74% | 20.98% | 19.03% | | EPS（元/股） | 1.47 | 2.56 | 3.10 | 3.69 | | 市盈率（P/E） | 34.65 | 19.83 | 16.39 | 13.77 | | 市净率（P/ ...

[Table_Reportdate] 2025年04月02日 [Table_invest] 买入（维持） 报告原因：业绩点评 [东方电缆（ Table_NewTitle] 603606）：公司业绩稳步提 升，在手订单再创新高 ——公司简评报告 [table_main] 投资要点 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 9,092.52 | 12,529.59 | 14,674.25 | 16,953.39 | | 同比增速 | 24.38% | 37.80% | 17.12% | 15.53% | | 归母净利润（百万元） | 1,008.16 | 1,761.69 | 2,131.23 | 2,536.72 | | 同比增速 | 0.81% | 74.74% | 20.98% | 19.03% | | EPS（元/股） | 1.47 | 2.56 | 3.10 | 3.69 | | 市盈率（P/E） | 34.65 | 19.83 | 16.39 | 13.77 | | 市净率（P/ ...