JKLM#Q12NOPQARSTMUVWXYZ[\T]^_ JKLM(603606.SH)/L‘ cdef;I! 2024g4h28i ab [Table_Industry] [!Ta"ble#_T$itle%] &’() [=Ta>ble?_F@inAancBe1C] DE !"#$%39.04& 23 2022A 2023A 2024E 2025E 2026E g-hij78&k 7,009 7,310 9,499 11,577 13,952 ’()%*+ lmnyoy% -12% 4% 30% 22% 21% ,-./01%S0740522020001 opqj78&k 842 1,000 1,264 1,727 2,161 Email%zengbiao@zts.com.cn lmnyoy% -29% 19% 26% 37% 25% r5hfj&k 1.22 1.45 1.84 2.51 3.14 r5st9u 0.94 1.73 0.69 1.55 1.98 ’()%23 ovwhfn 15% 16% 18% 20% 21% ,-./01%S0740522040004 P/E 31.9 26.8 21 ...

证券研究报告·公司点评报告·电网设备 东方电缆（603606） 2024 年一季报点评：24Q1 业绩超预期，24 2024年 04月 28日 年海风推进加速订单回升可期 证券分析师 曾朵红 执业证书：S0600516080001 买入（维持） 021-60199793 zengdh@dwzq.com.cn [Table_EPS] 证券分析师 郭亚男 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 执业证书：S0600523070003 营业总收入（百万元） 7,009 7,310 8,485 11,193 12,452 guoyn@dwzq.com.cn 同比（%） (11.64) 4.30 16.08 31.91 11.25 归母净利润（百万元） 841.90 1,000.04 1,245.08 1,760.87 2,022.50 股价走势 同比（%） (29.18) 18.78 24.50 41.43 14.86 东方电缆 沪深300 EPS-最新摊薄（元/股） 1.22 1.45 1.81 2.56 2.94 15% 10% P/E（现价&最新摊薄） 31.89 26.85 ...

[table_research] 公司点评报告 ●电力设备及新能源行业 2024年 4月 27日 [table_main] 公司深度报告模板 Q1 淡季主营短期承压，股份回购彰显信 东方电缆（603606.SH） 心 推荐 (维持评级) 核心观点： ⚫ 事件：4月26日，公司发布一季度报告。24Q1单季实现营业收入13.10，同比-8.86%， 分析师 环比-33.16%，归母净利润2.63亿，同比+2.95%，环比+47.82%，扣非净利润1.93亿，同 周然 比-22.17%，环比+16.14%。符合预期。 ：（8610）8092 7636 ⚫ Q1施工淡季，海缆海工短期承压。24Q1公司陆缆/海缆/海工系统营收分别为7.38/3.81/1.89 ：zhouran@chinastock.com.cn 亿元，同比-6%/-32%/+101%，环比-33%/-21%/-51%。陆缆/海缆/海工占收比分别为 分析师登记编码：S0130514020001 56%/29%/14%，高毛利海缆业务占收比同比-10pcts，环比-5pcts，主要受Q1为海风施工 淡季所致。毛利率短期承压。由于公司海缆、海工毛利率多 ...

Financial Performance - Revenue for the first quarter was 1.31 billion yuan, a decrease of 8.86% year-over-year[4] - Net profit attributable to shareholders was 263.36 million yuan, an increase of 2.95% year-over-year[4] - Basic earnings per share were 0.38 yuan, an increase of 2.70% year-over-year[4] - Total operating revenue for Q1 2024 was 1,310,474,328.30 RMB, a decrease of 8.86% compared to 1,437,884,633.02 RMB in Q1 2023[16] - Operating profit for Q1 2024 was 306,578,074.85 RMB, an increase of 3.42% compared to 296,445,551.41 RMB in Q1 2023[17] - Net profit for Q1 2024 was 263,358,240.98 RMB, an increase of 2.95% compared to 255,806,690.80 RMB in Q1 2023[17] - Total comprehensive income for Q1 2024 was 296,490,643.23 RMB, an increase of 2.18% compared to 290,161,165.56 RMB in Q1 2023[18] - Basic earnings per share for Q1 2024 were 0.38 RMB, an increase of 2.70% compared to 0.37 RMB in Q1 2023[18] Business Segments and Revenue Breakdown - The company's main business revenue was 1.308 billion yuan, a decrease of 8.92% year-over-year, with land cable systems contributing 738 million yuan, sea cable systems 381 million yuan, and marine engineering 189 million yuan[10] Assets and Liabilities - Total assets increased by 4.70% to 11.14 billion yuan compared to the end of the previous year[5] - The company's total assets increased to RMB 11.139 billion as of March 31, 2024, from RMB 10.640 billion at the end of 2023[13] - Total liabilities increased to RMB 4.860 billion as of March 31, 2024, from RMB 4.349 billion at the end of 2023[14] - The company's total equity decreased slightly to RMB 6.280 billion as of March 31, 2024, from RMB 6.291 billion at the end of 2023[15] Cash Flow and Liquidity - Operating cash flow was 3.07 million yuan, with no comparable data from the previous year[4] - Net cash flow from operating activities increased to RMB 3,066,560.90, compared to a negative RMB 327,470,142.65 in the previous period[20] - Net cash flow from investing activities was negative RMB 174,957,868.38, an improvement from the previous negative RMB 235,404,369.78[20] - Net cash flow from financing activities was positive RMB 243,029,503.31, a significant improvement from the previous negative RMB 109,791,526.66[20] - Cash and cash equivalents increased by RMB 67,423,996.82, compared to a decrease of RMB 675,402,353.42 in the previous period[21] - Ending cash and cash equivalents balance was RMB 2,080,203,739.67, up from RMB 1,307,050,648.74 in the previous period[21] - Cash received from sales of goods and services in Q1 2024 was 1,506,291,737.52 RMB, an increase of 75.44% compared to 858,687,792.80 RMB in Q1 2023[19] - Cash outflow for purchasing goods and services in Q1 2024 was 1,217,340,352.67 RMB, an increase of 10.43% compared to 1,102,419,791.34 RMB in Q1 2023[19] - Cash paid for employee benefits increased to RMB 92,279,260.93 from RMB 70,480,042.05[20] - Cash paid for taxes increased to RMB 62,700,816.98 from RMB 59,158,339.55[20] - Cash paid for other operating activities increased to RMB 175,527,029.05 from RMB 120,958,693.05[20] - Cash received from disposal of fixed assets, intangible assets, and other long-term assets was RMB 69,868,840.00[20] - Cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets decreased to RMB 153,555,367.55 from RMB 221,138,869.78[20] Shareholder Information - The company's largest shareholder, Ningbo Orient Group, holds 31.63% of the shares[8] - The number of ordinary shareholders at the end of the reporting period was 53,222[8] Non-Recurring Items and Other Income - Non-recurring gains and losses amounted to 70.10 million yuan, including gains from the disposal of non-current assets and government subsidies[6] - Other income for Q1 2024 was 28,380,694.21 RMB, a significant increase compared to 3,314,366.01 RMB in Q1 2023[16] - Financial expenses for Q1 2024 were -5,226,806.46 RMB, a significant improvement compared to 4,730,630.70 RMB in Q1 2023[16] Research and Development - R&D expenses for Q1 2024 were 50,408,333.29 RMB, an increase of 5.52% compared to 47,772,846.18 RMB in Q1 2023[16] Order Backlog and Contracts - The company secured contracts worth approximately RMB 5 billion in the Southern Power Grid's 2023 main and distribution network material framework bidding project, RMB 900 million in rail transit cables, and RMB 1.7 billion in land cable systems[11] - The company won bids for the Huaneng Yuhuan 2 offshore wind power project EPC contract worth RMB 328 million and the CGN Yantai Zhaoyuan 400MW offshore photovoltaic project worth RMB 89 million[11] - As of April 25, 2024, the company's total order backlog was RMB 7.137 billion, with RMB 2.58 billion in submarine cable systems, RMB 3.682 billion in land cable systems, and RMB 875 million in marine engineering[11] - Submarine cables and umbilical cables of 220 kV and above accounted for nearly 30% of the total order backlog[11] Monetary Funds and Receivables - The company's monetary funds increased to RMB 2.233 billion as of March 31, 2024, compared to RMB 2.142 billion at the end of 2023[12] - Trade receivables increased to RMB 2.727 billion as of March 31, 2024, from RMB 2.684 billion at the end of 2023[12] Return on Equity - The company's weighted average return on equity decreased by 0.45 percentage points to 4.10%[4]

证券代码：603606 证券简称：东方电缆 公告编号：2024-023 宁波东方电缆股份有限公司 2023 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 | 1、出席会议的股东和代理人人数 | 114 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 376,221,743 | | 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（%） | 54.7060 | (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：2024 年 4 月 11 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： 董事长夏崇耀先生主 ...

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 2023 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 2023 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 2023 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》"）、《上市公司股东大会规则》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 项进行了必要的核查和验证，核查了本所认 ...

[Table_MainInfo] 公司研究/机械工业/电气设备 证券研究报告 东方电缆（603606）公司年报点评 2024年04月10日 [Table_InvestInfo] 投资评级 优于大市 维持 2023 年海缆毛利率 49%，24 海外订单可期 股票数据 [Table_Summary] 0[4Ta月b0le9_日S收to盘ck价（In元fo）] 44.00 投资要点： 52周股价波动（元） 32.57-54.42 总股本/流通A股（百万股） 688/688 总市值/流通市值（百万元） 30259/30259  23Q4归母净利润1.78亿元，同比增长68%。23Q4公司收入19.6亿元，同 比+46%，环比+18%，归母净利润 1.78 亿元，同比+68%，环比-13%。23 相关研究 全年收入73.1亿元，同比+4.3%，归母净利润10亿元，同比+18.8%。23Q4 [《Ta东b方le电_R缆e：p海o缆rtI龙nf头o]， 投资英国海风企业进 公司盈利能力同比提升，毛利率22.45%，同比+5.27pct，环比+1.56pct，净 一步切入海外市场》2024.02.19 利率 9.09%，同 ...

2023 年年度股东大会会议资料 2023 年年度股东大会会议资料 宁波东方电缆股份有限公司 2023年年度股东大会 会议资料 宁波东方电缆股份有限公司 二〇二四年四月 第 1 页 共 63 页 目 录 | 2023 | 年年度股东大会会议议程 1 | | --- | --- | | 2023 | 年年度股东大会会议须知 3 | | 议案 | 1、2023 年度董事会工作报告 4 | | 议案 | 2、2023 年度监事会工作报告 15 | | 议案 | 3、2023 年年度报告全文及摘要 22 | | 议案 | 4、2023 年度财务决算报告 23 | | 议案 | 5、2024 年度财务预算报告 31 | | 议案 | 6、2023 年度利润分配方案 34 | | 议案 | 7、关于续聘公司 2024 年度审计机构的议案 36 | | 议案 | 8、独立董事 2023 年度述职报告（阎孟昆） 39 | | 议案 | 8、独立董事 2023 年度述职报告（刘艳森） 50 | | 议案 | 8、独立董事 2023 年度述职报告（周静尧） 61 | | 议案 | 9、关于开展 2024 年度原材料期货套期保值业 ...

证券代码：603606 证券简称：东方电缆 公告编号：2024-022 宁波东方电缆股份有限公司 关于以集中竞价交易方式回购股份的进展公告 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： | 回购方案首次披露日 | 2024/2/1 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 1 | 月 | 31 | 日~2025 | 年 | 1 | 月 30 日 | | 预计回购金额 | 10,000 | | 万元~20,000 | 万元 | | | | | 回购用途 | | | 用于员工持股计划或股权激励 | | | | | | 累计已回购股数 | 25 | 万股 | | | | | | | 累计已回购股数占总股本比例 | 0.0364% | | | | | | | | 累计已回购金额 | 1,180.5990 | | 万元 | | | | | | 实际回购价格区间 | 47.15 | 元/股~47. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2023 met expectations, with total revenue reaching 7.31 billion yuan, a year-on-year increase of 4.3%, and a net profit attributable to shareholders of 1 billion yuan, up 18.78% year-on-year [2][5] - The marine cable business has shown significant growth, with the revenue from marine cable systems and marine engineering reaching 3.48 billion yuan, a year-on-year increase of 14.78% [5] - The company has a strong order backlog of 7.86 billion yuan, with expectations for high growth in 2024 due to an accelerated pace in offshore wind power installations [2][8] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 73.10 billion yuan, with a net profit of 10.00 billion yuan, and a gross margin of 25.21%, which increased by 2.83 percentage points year-on-year [2][5] - The operating cash flow for 2023 was 1.19 billion yuan, reflecting an 83.93% year-on-year improvement [2] Business Segments - The marine business now accounts for 47.59% of total revenue, with the gross margin for marine cables increasing by 5.87 percentage points to 49.14% [2][5] - The overseas business revenue reached 126 million yuan, a significant increase of 130.56% year-on-year [5] Future Outlook - The company expects revenue for 2024 to be 9.14 billion yuan, with net profit projected at 1.41 billion yuan, reflecting a growth rate of 40.7% [3][9] - The anticipated earnings per share (EPS) for 2024 is 2.05 yuan, with a price-to-earnings (P/E) ratio of 23 times based on the closing price on March 29, 2024 [3][9]