Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 9.093 billion yuan for 2024, representing a year-on-year increase of 24.38%. The net profit attributable to shareholders was 1.008 billion yuan, a slight increase of 0.81% year-on-year [9] - The company has seen a rapid breakthrough in submarine cable orders, with total orders on hand reaching 17.975 billion yuan as of March 21, 2025, which is a 199% increase compared to October 2024 [9] - The operating cash flow remains robust, with a net cash flow from operating activities of 1.111 billion yuan in 2024, although it represents a 6.5% decrease year-on-year [9] Financial Summary - Total revenue projections for the company are as follows: 9.093 billion yuan in 2024, 10.866 billion yuan in 2025, 13.148 billion yuan in 2026, and 15.514 billion yuan in 2027, with respective year-on-year growth rates of 24.38%, 19.50%, 21.00%, and 18.00% [1][10] - The net profit attributable to shareholders is projected to be 1.601 billion yuan in 2025, 2.152 billion yuan in 2026, and 2.657 billion yuan in 2027, with growth rates of 58.82%, 34.38%, and 23.50% respectively [1][10] - The earnings per share (EPS) are expected to be 1.47 yuan in 2024, 2.33 yuan in 2025, 3.13 yuan in 2026, and 3.86 yuan in 2027 [1][10]

Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation that the stock will outperform the market by 10% to 20% over the next six months [10]. Core Views - The company achieved a revenue of 9.093 billion yuan in 2024, representing a year-on-year growth of 24.38%. The net profit attributable to shareholders was 1.008 billion yuan, a slight increase of 0.81% year-on-year, while the net profit after deducting non-recurring items decreased by 6.07% to 909 million yuan [4]. - The company has significant potential in the high-end submarine cable market, with major order breakthroughs in domestic projects and a robust order backlog of 17.975 billion yuan as of March 21, 2025 [7]. - The company has also made substantial progress in overseas markets, securing major orders in the UK and Europe, indicating strong growth potential in international markets [7]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 9,093 million yuan, with a year-on-year growth of 24.4%. The net profit for 2024 was 1,008 million yuan, with a slight increase of 0.8% year-on-year. The gross margin for 2024 was 18.8%, down from 25.2% in 2023 [6][4]. - The company expects revenues to grow to 10,662 million yuan in 2025 and 13,438 million yuan in 2026, with projected net profits of 1,348 million yuan and 2,221 million yuan respectively [6]. Business Segments - The submarine cable business generated revenue of 2,778 million yuan in 2024, remaining flat year-on-year, while the submarine cable engineering business saw a 25% increase to 889 million yuan. The overall gross margin for the submarine cable business was 39.57%, reflecting a decline due to changes in product mix and increased export sales [7]. - The company has secured significant domestic orders, including major projects for high-voltage submarine cables, showcasing its competitive edge in the high-end submarine cable market [7]. Market Outlook - The report highlights a positive outlook for the offshore wind power sector, with expectations for continued growth in demand for submarine cables. The company is well-positioned to capitalize on this trend due to its strong competitive position and order backlog [8]. - The company has established a wholly-owned subsidiary in the UK, aiming to expand its presence in the European market, which is expected to enhance its growth prospects [7].

证券研究报告 东方电缆 (603606 CH) 25 年政府工作报告首次将深海科技列为战略性新兴产业，我们看好海风作 为深海科技产业化进展较快的行业，深远海示范项目或逐步落地，助力十五 五期间国内海风装机高景气。公司 24 年实现出口收入 7.33 亿元，同比 +480%，交付国内首个欧洲超高压海风海缆项目，设立英国孙公司开拓欧 洲市场，我们看好欧洲海风或进入装机放量阶段，公司有望凭借交付经营持 续实现海外订单落地。 盈利预测与估值 考虑到下游风机客户经营承压，我们下调 25-26 年海缆、陆缆业务毛利率假 设，叠加低毛利陆缆业务营收占比上升，我们预测公司 25-27 年归母净利润 为 19.35/22.31/23.42 亿元（25-26 年前值 20.17/23.34 亿元，分别下调 4.1%/4.4% ）， 同 比 增 速 分 别 为 +92.0%/15.3%/5.0% ， 对 应 EPS 为 2.81/3.24/3.41 元。参考可比公司 25 年 Wind 一致预期 PE 均值为 16.32 倍， 考虑到公司海缆龙头地位稳固，超高压直流海缆竞争力强，给予公司 25 年 20 倍 PE，对应目标价为 5 ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2025-2027 projected at 18.6 billion, 22.9 billion, and 26.5 billion RMB respectively, corresponding to PE ratios of 18, 15, and 13 [6]. Core Insights - The company reported a revenue of 9.09 billion RMB for 2024, a year-on-year increase of 24.4%, with a net profit of 1.01 billion RMB, reflecting a slight growth of 0.8% [2]. - The fourth quarter saw a revenue of 2.39 billion RMB, up 22.1% year-on-year but down 9.0% quarter-on-quarter, with a net profit of 76 million RMB, down 57.3% year-on-year and 73.6% quarter-on-quarter [2]. - The company is experiencing fluctuations in Q4 performance primarily due to the delivery schedule of offshore wind projects, with low-margin land cable revenue accounting for approximately 72% of Q4 revenue [3]. - The company achieved a slight increase in offshore cable revenue to 2.78 billion RMB, with a gross margin of 39.6%, although this represents a decline of 9.6 percentage points year-on-year [4]. - The company has a record high order backlog of approximately 18 billion RMB as of March 21, with significant increases in offshore cable orders [4]. - New production capacity is expected to be gradually released, with the Yangjiang offshore cable production base projected to reach 75% completion by the end of 2024, contributing to meeting current order delivery needs [5]. Summary by Sections Performance Overview - In 2024, the company achieved a total revenue of 9.09 billion RMB, marking a 24.4% increase year-on-year, while the net profit reached 1.01 billion RMB, a growth of 0.8% [2]. Operational Analysis - Q4 performance was impacted by the delivery schedule of offshore wind projects, with a significant portion of revenue coming from lower-margin land cables [3]. - The company’s offshore cable revenue showed a slight increase, with a notable improvement in sales price per kilometer [4]. Order Backlog and Capacity - The company’s order backlog reached a historical high of 18 billion RMB, driven by increased bidding activity in the offshore wind sector [4]. - The Yangjiang production base is on track to meet delivery demands with new capacity expected to come online in 2025 [5]. Profit Forecast and Valuation - The forecast for net profits from 2025 to 2027 indicates significant growth, with a "Buy" rating maintained based on favorable industry conditions and company performance [6].

东方电缆 (603606 CH) 海缆订单充沛，业绩高增可期 证券研究报告 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 27 日│中国内地 | 电气设备 | 公司 24 年收入 90.93 亿元，同比+24.4%，归母净利润 10.08 亿元，同比 +0.8%，低于我们此前 13.09 亿元的预测，主要系部分海风项目交付确收延 期，导致海缆业务收入不及预期。25 年以来江苏、广东海风项目陆续开工， 支撑国内海风装机高增，国家首次将深海科技写入政府工作报告，有望推动 国内深远海海风发展。我们看好公司海缆龙头地位稳固，超高压直流海缆竞 争力强，充分受益于国内外海风高景气，维持"增持"评级。 24Q4 业绩环比下降主要系部分海风项目交付确收延期 24Q4 收入 23.94 亿元，同/环比+22.1%/-9.0%，归母净利润 0.76 亿元，同 /环比-57.3%/-73.6%，扣非 1.15 亿元，同/环比-30.7%/-52.9%，毛利率/净 利率达 9.5%/3.2%，环比-12.2/-7.8pct，我们判断毛利率环比下滑较多主要 ...

Group 1 - The core viewpoint of the news is that Dongfang Cable (603606.SH) has disclosed its 2024 annual report, indicating a decrease in the proportion of shares held by the top ten institutional investors [1] - As of March 26, 2025, a total of 163 institutional investors hold shares in Dongfang Cable, amounting to 370 million shares, which represents 53.80% of the total share capital [1] - The top ten institutional investors collectively hold 45.03% of the shares, which is a decrease of 1.31 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, two public funds reported a decrease in holdings compared to the previous quarter, with a total reduction of 0.44% [2] - Two new public funds were disclosed during this period, including招商资管智远成长灵活配置混合A and 中泰中证500指数增强A [2] - A total of 190 public funds were not disclosed in this period, including建信新能源行业股票A and 华夏新兴成长股票A [2] Group 3 - In the insurance investment sector, one new insurance investor was disclosed, namely 和谐健康保险股份有限公司-万能产品 [2] - One pension fund that was previously disclosed is no longer reported, specifically 太平人寿保险有限公司 [2]

东方电缆去年实现净利10.08亿元 目前在手订单约 180亿元 另外，东方电缆在海洋脐带缆和动态缆系统领域形成了定制化设计、生产、测试、集成、敷设、运 维的全寿命整体解决方案，实现多项"卡脖子"技术的成果转化并实现产业化应用，为我国全面推进深远 海能源开发进程注入了新动能。 3月26日晚，东方电缆（603606）披露2024年年报。公司去年实现营业收入90.93亿元，同比增长 24.38%；实现归母净利润10.08亿元，同比增长0.81%；基本每股收益1.47元；拟每股派发现金红利0.45 元(含税)。 根据经营计划，2025年，东方电缆将加快海陆并进，持续扩大战略创新谋划布局，全面推动三大创 新协同发展，突破"3+2"市场的重大项目和重点客户，提升海缆核心竞争力和陆缆市场占有率，全力实 现年度目标。 东方电缆是国内陆地电缆、海底电缆系统核心供应商，公司主营业务为海底电缆、陆地电缆等一系 列产品的设计研发、生产制造、安装敷设及运维服务。截至2025年3月21日，东方电缆在手订单179.75 亿元，其中海缆系统88.27亿元，陆缆系统63.53亿元，海洋工程27.95亿元。 同时，东方电缆将依托企业技术中心，注 ...

我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制， 公允反映了东方电缆公司 2024 年 12 月 31 日的合并及母公司财务状况，以及 2024 年度的合并及母公司经营成果和现金流量。 东方电缆: 东方电缆2024年度审计报告 | 目 | 录 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 一、审计报告……………………………………………………… | | | | | 第 1—7 | | 页 | | 二、财务报表……………………………………………………… | | | | 第 8—15 | | 页 | | | （一）合并资产负债表…………………………………………… | | | | 第 8 | | 页 | | | （二）母公司资产负债表………………………………………… | | | | 第 9 | | 页 | | | （三）合并利润表…………………………………………………第 | | | | 10 | | 页 | | | （四）母公司利润表………………………………………………第 | | | | 11 | 页 | | | ...

东方电缆: 东方电缆2024年度内部控制评价报告 公司代码：603606 公司简称：东方电缆 宁波东方电缆股份有限公司 宁波东方电缆股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内 部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2024年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评 价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露 内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责 组织领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内 容不存在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别 及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整， 提高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标 提供合理保证。此 ...

东方电缆: 东方电缆关于公司2025年度日常关联交 易预计的公告 关于公司 2025 年度日常关联交易预计的公告 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： ● 本次 2025 年度日常关联交易预计事项无需提交股东大会审议。 ● 日常关联交易对公司的影响：宁波东方电缆股份有限公司（以下简 称"公司"）本次预计日常关联交易是公司正常生产经营所必需，定价公 允、结算时间与方式合理，不存在损害公司及中小股东利益的情形，不会 对关联方形成依赖，不影响公司的独立性，不会对公司的持续经营能力、 盈利能力及资产状况造成重大影响。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 证券代码：603606 证券简称：东方电缆 公告编号：2024-018 宁波东方电缆股份有限公司 向关联方采购 电费 《关于公司 2025 年度日常关联交易预计的议案》，其中与上海福缆海洋 工程有限公司的关联交易，关联董事夏善忠回避表决，8 票同意、0 票反 对、0 票弃权；与宁波广缆智慧能源有限公司、XLCC Limited、Xlin ...