Investment Rating - The report maintains a "Buy" rating for companies such as Goldwind Technology, Yunda Co., and Daikin Heavy Industries, while recommending "Hold" for companies like Taisheng Wind Energy and Jinlei Co. [1][4] Core Insights - The wind power sector is experiencing accelerated construction, with significant growth in offshore wind power connections in the first half of 2025. The reform of the bidding system is expected to drive wind turbine prices upward. [4][55] - The report highlights the increasing demand for large-scale wind turbines and the application of new technologies, which are expected to enhance the development space for the entire industry. [4][55] Industry Dynamics - Zhejiang and Beijing have released proposals for market-oriented pricing reforms for renewable energy, with specific pricing set at 0.4153 CNY/kWh for existing projects. [2][12] - The wind power sector saw a significant increase in installed capacity, with 53.67 GW added in the first seven months of 2025, representing a 79.50% year-on-year growth. [27][28] - The average price for offshore wind turbines has shown a downward trend, currently at 3266.17 CNY/kW. [3][47] Stock Performance - The wind power equipment sector index increased by 3.28% in the week of September 1-5, 2025, outperforming the broader market indices. [21][22] - Key stocks such as Goldwind Technology and Yunda Co. led the gains with increases of 18.46% and 18.22%, respectively. [21][25] Macro Data and Wind Power Industry Tracking - The GDP for the first half of 2025 was reported at 66.05 trillion CNY, with a growth rate of 5.3%. [23][26] - The total electricity consumption in the first seven months of 2025 was 58633 billion kWh, reflecting a 4.5% increase year-on-year. [23][26] Investment Recommendations - The report suggests focusing on companies that are well-positioned to benefit from the accelerating offshore wind power construction and the expansion of overseas markets. [55][56] - Specific recommendations include Goldwind Technology and Yunda Co. for the main turbine segment, Daikin Heavy Industries and Taisheng Wind Energy for tower and pile segments, and Jinlei Co. and Riyue Co. for casting and forging segments. [55][56]

Company Overview - Dongfang Cable Co., Ltd. is located at 49-50F Guohua Financial Center, Zhongshan Road, Ningbo, Zhejiang Province, and was established on October 22, 1998. The company was listed on October 15, 2014. Its main business involves the research, production, sales, and services of various wires and cables [1] - The revenue composition of Dongfang Cable includes: 49.56% from power engineering and equipment cables, 44.14% from submarine cables and high-voltage cables, 6.22% from marine equipment and engineering operations, and 0.09% from other sources [1] Financial Performance - As of June 30, 2025, Dongfang Cable achieved an operating income of 4.432 billion yuan, representing a year-on-year growth of 8.95%. However, the net profit attributable to shareholders decreased by 26.57% to 473 million yuan [2] - Since its A-share listing, Dongfang Cable has distributed a total of 1.377 billion yuan in dividends, with 790 million yuan distributed over the past three years [3] Stock Performance - On September 12, Dongfang Cable's stock price increased by 2.04%, reaching 59.57 yuan per share, with a trading volume of 349 million yuan and a turnover rate of 0.87%. The total market capitalization is 40.967 billion yuan [1] - Year-to-date, Dongfang Cable's stock price has risen by 14.34%, with a 2.90% increase over the last five trading days, an 8.37% increase over the last 20 days, and a 22.57% increase over the last 60 days [1] Shareholder Information - As of June 30, 2025, the number of shareholders of Dongfang Cable is 36,100, a decrease of 31.73% from the previous period. The average number of circulating shares per person increased by 46.48% to 19,055 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third-largest, holding 41.889 million shares, an increase of 8.3221 million shares from the previous period [3]

Group 1: Solid-State Battery Industry - The solid-state battery industrialization is progressing with support from policies, material advancements, and application developments. Key companies to watch include Xiamen Tungsten, Tianqi Lithium, and others in the supply chain [2][3] - Major developments include the mass production of semi-solid batteries by Zhuhai Guanyu and the upcoming solid-state battery projects by Yiyuan Lithium Energy and others [2] Group 2: Domestic Energy Storage Systems - The domestic energy storage system bidding capacity reached 47.2 GWh in August 2025, reflecting a year-on-year increase of 2158% and a month-on-month increase of 1142%. Cumulative bidding for the year reached 144.1 GWh, up approximately 216% year-on-year [3] - The high demand for energy storage systems indicates a strong need for new power systems in China, laying a foundation for stable market development in 2026-2027. Key companies include Sungrow Power, Yiyuan Lithium Energy, and others [3] Group 3: AIDC Power Equipment Sector - AIDC power equipment companies are expected to benefit from increased capital expenditures, with Alibaba reporting a capital expenditure of 38.7 billion yuan in Q2 2025, up 220% year-on-year [3][32] - The demand for data center construction remains strong, and companies like Jinpan Technology and New Special Electric are positioned to gain from this trend [3][32] Group 4: Power Grid Equipment Sector - Power grid equipment companies are experiencing steady growth, with major firms maintaining robust performance in the first half of 2025. A surge in high-voltage bidding is anticipated in the second half of the year [4][42] - Key companies to focus on include Guodian NARI, Siyi Electric, and others, as they expand their product offerings and international presence [4][42] Group 5: Wind Power Sector - Wind power companies are seeing simultaneous increases in volume and profit, with significant growth in both onshore and offshore projects expected in the latter half of 2025 [4][59] - Companies like Goldwind Technology and Dongfang Cable are recommended for investment as they are well-positioned to benefit from this growth [4][59] Group 6: Investment Recommendations - The report suggests monitoring the recovery of the power grid equipment sector, the progress of offshore wind projects, the advancement of solid-state battery industrialization, and the global demand for energy storage installations [4]

Investment Rating - The report maintains a "Buy" rating for key companies in the electric and new energy sectors, including Ningde Times, Keda Li, and others, indicating strong growth potential and favorable market conditions [7][8]. Core Insights - The overall performance of the electric and new energy sector is under pressure, but there was a sequential improvement in profitability in Q2 2025. The sector achieved a total revenue of 16,755.54 billion yuan in H1 2025, a year-on-year increase of 3.49%, with a net profit of 861.47 billion yuan, up 16.04% year-on-year [3][12]. - The new energy vehicle sector shows a positive trend, with H1 2025 revenue reaching 6,747.57 billion yuan, a 10.67% increase year-on-year, although net profit decreased by 41.93% [4][16]. - The renewable energy generation sector faced challenges, with H1 2025 revenue of 9,646.02 billion yuan, down 1.96% year-on-year, and a net profit of 360.66 billion yuan, down 4.60% [66]. Summary by Sections Electric and New Energy Sector Overview - The sector's overall revenue in H1 2025 was 16,755.54 billion yuan, with a net profit of 861.47 billion yuan, reflecting a year-on-year increase of 3.49% and 16.04% respectively. Q2 2025 saw a revenue of 9,206.13 billion yuan, a 5.22% increase year-on-year and a 21.95% increase quarter-on-quarter [3][12][14]. New Energy Vehicle Sector - The new energy vehicle sector reported a revenue of 6,747.57 billion yuan in H1 2025, a 10.67% increase year-on-year, with a net profit of 580.45 billion yuan, down 41.93%. In Q2 2025, revenue was 3,578.87 billion yuan, up 10.20% year-on-year, and net profit was 313.93 billion yuan, up 31.44% [4][16][23]. Renewable Energy Generation Sector - The renewable energy generation sector's revenue in H1 2025 was 9,646.02 billion yuan, a decrease of 1.96% year-on-year, with a net profit of 360.66 billion yuan, down 4.60%. The average gross margin for the sector was 14.74% [66][69]. Key Companies and Financial Projections - Key companies such as Ningde Times and Keda Li are projected to have strong earnings growth, with EPS estimates for 2025E at 14.96 yuan and 6.77 yuan respectively, indicating a favorable PE ratio [7][8].

Investment Rating - The report upgrades the investment rating of Dongfang Cable to "Strong Buy" [2][8]. Core Views - The company has a backlog of nearly 20 billion yuan in orders, with accelerated progress in offshore wind projects [2][8]. - For the first half of 2025, the company reported total revenue of 4.432 billion yuan, a year-on-year increase of 8.95%, while net profit attributable to shareholders decreased by 26.57% to 473 million yuan [2][8]. - The decline in net profit is attributed to changes in product delivery structure and a significant asset disposal gain in the previous year [8]. Financial Summary - **Revenue Forecast**: Projected revenues for 2025, 2026, and 2027 are 11.091 billion yuan, 13.210 billion yuan, and 15.527 billion yuan, respectively, with year-on-year growth rates of 22.0%, 19.1%, and 17.5% [4][9]. - **Net Profit Forecast**: Expected net profits for the same years are 1.576 billion yuan, 2.019 billion yuan, and 2.509 billion yuan, with growth rates of 56.3%, 28.1%, and 24.3% [4][9]. - **Earnings Per Share (EPS)**: Forecasted EPS for 2025, 2026, and 2027 are 2.29 yuan, 2.94 yuan, and 3.65 yuan, respectively [4][9]. - **Valuation Metrics**: The company is expected to trade at price-to-earnings (P/E) ratios of 25, 20, and 16 for the years 2025, 2026, and 2027 [4][9]. Business Performance - The company achieved significant revenue growth in its power engineering and equipment cables segment, with a 24.85% year-on-year increase, contributing 49.60% to total revenue [8]. - The underwater cables and high-voltage cables segment also saw an 8.32% increase, accounting for 44.18% of total revenue [8]. - The marine equipment and engineering operations segment experienced a decline of 44.61%, primarily due to reduced high-value marine equipment revenue [8]. Order Backlog and Market Outlook - As of August 12, 2025, the company has an order backlog of approximately 19.6 billion yuan, with significant contributions from various projects, including power engineering and offshore wind projects [8]. - The report anticipates that the delivery of offshore wind projects will significantly increase starting in 2025, supported by the company's strategic partnerships and market expansion efforts [8].

Group 1 - The stock price of Dongfang Cable has increased for four consecutive days, with a total gain of 7.31% during this period, currently trading at 58.00 CNY per share and a market capitalization of 39.887 billion CNY [1] - Dongfang Cable, established on October 22, 1998, specializes in the research, production, and sales of various types of cables, with its main revenue sources being power engineering and equipment cables (49.56%), submarine and high-voltage cables (44.14%), and marine equipment and engineering operations (6.22%) [1] Group 2 - Xinhua Fund has a significant holding in Dongfang Cable, with its Xinhua Xin Dongli Flexible Allocation Mixed A Fund reducing its stake by 732,300 shares in the second quarter, now holding 610,500 shares, which represents 3.9% of the fund's net value [2] - The Xinhua Xin Dongli Flexible Allocation Mixed A Fund has achieved a year-to-date return of 17.79% and a one-year return of 38.15%, ranking 4177 out of 8248 and 3721 out of 8051 respectively [2] Group 3 - The fund manager of Xinhua Xin Dongli Flexible Allocation Mixed A includes Cai Chunhong, Yu Jiaying, and Cui Guxin, with Cai having a tenure of over 10 years and the best fund return of 56.05% during his management [3] - The total asset size of Xinhua Xin Dongli Flexible Allocation Mixed A Fund is currently 11.77 billion CNY, with a total fund size of 4.94 billion CNY [3]

Group 1 - The first meeting of the seventh board of directors of Ningbo Dongfang Cable Co., Ltd. was held on September 5, 2025, with all 9 directors participating in the voting [1] - The board elected Mr. Xia Chongyao as the chairman and Mr. Xia Feng as the vice chairman for a term of three years, with unanimous support [1][2] - The board approved the establishment of specialized committees, including the Strategy and ESG Committee, Audit Committee, and Compensation and Assessment Committee, with designated members [2] Group 2 - Mr. Xia Feng was appointed as the president of the company, receiving unanimous approval from the board [2] - The board approved the appointment of several vice presidents and key management positions, including Mr. Ke Jun as the financial director and Mr. Yu Guojun as the chief engineer [2] - Ms. Jiang Xuewei was appointed as the board secretary, also receiving unanimous support from the board [2][4]

Group 1 - The legal opinion letter was issued by Shanghai Jintiancheng Law Firm regarding the second extraordinary general meeting of shareholders of Ningbo Dongfang Cable Co., Ltd. scheduled for 2025 [1][2] - The law firm confirmed that the meeting was convened and held in accordance with the relevant laws, regulations, and the company's articles of association [3][5] - The meeting was held on September 5, 2025, with both on-site and online voting conducted [2][3] Group 2 - A total of 746 participants attended the meeting, including 8 shareholders present at the venue and 738 shareholders participating via online voting, representing 114,462,843 shares, which is 16.6439% of the total voting shares [3][4] - Among the small and medium investors, 743 participated, representing 13,005,684 shares, which is 1.8911% of the total voting shares [4] Group 3 - The resolutions passed during the meeting included significant support, with votes in favor reaching 404,042,234 shares, accounting for 98.9117% of the valid votes cast [5][6] - The voting results for small and medium investors showed 140,021,595 shares in favor, representing 3.0620% of their valid votes [5] Group 4 - The legal opinion concluded that all aspects of the meeting, including the qualifications of the convenor, the procedures for convening and holding the meeting, the qualifications of attendees, and the voting procedures and results, complied with the relevant legal requirements [6][12]

Meeting Overview - The shareholder meeting of Ningbo Dongfang Cable Co., Ltd. was held on September 5, 2025, with a total attendance representing 59.3977% of the shares [1] - The meeting was conducted in compliance with the Company Law and the company's articles of association, with the chairman presiding over the meeting [1] Voting Results - All non-cumulative voting proposals were approved, with significant support from shareholders: - Proposal 1: 98.9117% approval from A-shareholders [1] - Proposal 2: 96.8577% approval from A-shareholders [1] - Proposal 3: 97.8017% approval from A-shareholders [1] - Proposal 4: 97.7993% approval from A-shareholders [1] - Proposal 5: 99.9914% approval from A-shareholders [2] Legal Compliance - The meeting and voting procedures were verified by lawyers, confirming that all actions taken were in accordance with relevant laws and regulations [4]

Core Viewpoint - Ningbo Orient Cable Co., Ltd. has completed the election of its seventh board of directors and the appointment of senior management personnel, ensuring compliance with relevant regulations and qualifications for all members [1][2][3]. Group 1: Board Composition - The seventh board of directors consists of 5 non-independent directors and 3 independent directors, with Xia Chongyao as the chairman and Xia Feng as the vice chairman [1][2]. - The board includes members such as Le Junjie, Ke Jun, Chen Hong as non-independent directors, and Yang Liming, Huang Huiqin, Xu Lihua as independent directors, along with employee representative director Qiu Bin [1][2]. Group 2: Board Committees - The board has established several specialized committees, including: - Strategy and ESG Committee: Xia Chongyao (Chair), Yang Liming, Le Junjie - Nomination Committee: Yang Liming (Chair), Xu Lihua, Xia Feng - Audit Committee: Huang Huiqin (Chair), Yang Liming, Xu Lihua - Compensation and Assessment Committee: Xu Lihua (Chair), Huang Huiqin, Chen Hong [2]. Group 3: Senior Management Appointments - The senior management team includes: - President: Xia Feng - Vice Presidents: Le Junjie, Ke Jun, Ruan Wu, Yuan Liyi, Zhou Zewai, Pan Chuzhi, He Xingbo, Song Youzhong - Chief Financial Officer: Ke Jun (also serving as Vice President) - Chief Engineer: Yu Guojun - Chief Investment Officer: Gao Song - Board Secretary: Jiang Xuewei [3][4]. Group 4: Previous Board and Supervisory Committee - The sixth board of directors and supervisory committee have completed their terms, with no new supervisory committee being established; their responsibilities will be assumed by the audit committee of the board [4]. - The company expressed gratitude for the contributions made by the outgoing board and supervisory committee members during their tenure [4].