Core Viewpoint - The Shanghai Stock Exchange's main board companies have shown resilience and stability in their performance, supported by a series of incremental policies, reflecting a robust economic structure in China [1] Group 1: Export Market Diversification - In 2024, companies on the Shanghai main board achieved overseas revenue of 6.09 trillion yuan, a year-on-year increase of 7%, with non-US exports accounting for over 80% [2] - Key export destinations include ASEAN, Africa, and countries involved in the Belt and Road Initiative, with significant growth in sales for companies like SANY Heavy Industry and SAIC Motor [2] - Major construction state-owned enterprises have actively expanded overseas, signing new orders worth 1.87 trillion yuan, a year-on-year increase of 15% [2] Group 2: High-Tech Product Exports - High-tech products such as high-end equipment, integrated circuits, smart home appliances, and electric vehicles have accelerated exports, leading to revenue growth in related industries [3] - Companies like Oriental Cable and Zhaoyi Innovation have made significant strides in international markets, with Zhaoyi Innovation achieving record high shipments [3] - The rise of new business models like cross-border e-commerce has boosted overseas sales for various sectors, including light manufacturing and retail [3] Group 3: Mergers and Acquisitions Activity - From 2024 to the first quarter of 2025, over 1,500 new M&A transactions were recorded on the Shanghai main board, with a total transaction value exceeding 1.4 trillion yuan [4] - Notable M&A cases include Guotai Junan's acquisition of Haitong Securities and China Shipbuilding's proposed merger with China CSSC, each exceeding 100 billion yuan [4] - The trend of private acquisitions and the purchase of quality non-profitable assets has emerged, indicating a shift in M&A strategies [4][5] Group 4: Quality Improvement and Efficiency - By 2024, 946 companies on the Shanghai main board disclosed "quality improvement and efficiency return" action plans, with nearly 60% participation [6] - Among the companies that disclosed plans, nearly 90% achieved profitability, and almost 50% reported performance growth [6] - The total cash dividend announced by 1,259 companies reached 1.77 trillion yuan, a year-on-year increase of 6%, with a dividend payout ratio of 39% [7] Group 5: ESG Reporting and Progress - In 2024, 1,068 companies on the Shanghai main board disclosed ESG reports, achieving a disclosure rate of approximately 63%, an increase of 6 percentage points year-on-year [9] - The number of companies included in the MSCI ESG rating increased, with 90 companies receiving upgrades in their ratings [9] - Companies have actively engaged in social responsibility initiatives, contributing to employment and environmental sustainability [10] Group 6: Index Investment Growth - In 2024, net inflows into ETFs on the Shanghai main board reached nearly 840 billion yuan, with significant participation from foreign capital [11] - The trading volume of ETFs ranked first in Asia, with a total trading amount of nearly 30 trillion yuan [11] - Foreign investment preferences are concentrated in sectors such as banking, food and beverage, and public utilities, indicating a strategic focus on stable industries [12] Group 7: Exit Mechanisms and Risk Mitigation - Since 2025, 19 companies on the Shanghai main board have faced various forms of delisting, with a significant portion resulting from financial issues [13] - The introduction of diverse exit channels, including voluntary delisting and asset restructuring, has become more prominent [13] - Companies have actively taken measures to improve operations and mitigate risks, with several successfully lifting delisting warnings [13]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant revenue growth, with Q1 2025 revenue reaching 2.15 billion yuan, a year-on-year increase of 63.8% [5] - The company is entering a peak period for both orders and deliveries, with a record order backlog of 18.9 billion yuan as of April 21, 2025 [6] - The company is expected to benefit from the acceleration of domestic offshore wind development and the realization of overseas orders [6] Financial Performance - In Q1 2025, the company achieved a net profit attributable to shareholders of 280 million yuan, up 6.7% year-on-year, and a non-net profit of 270 million yuan, up 28.2% year-on-year [5] - The revenue from submarine cables and high-voltage cables increased by 219% year-on-year in Q1 2025 [6] - The company’s revenue from power engineering and equipment cables was 885 million yuan, a 53% increase year-on-year [6] Order Backlog and Future Prospects - The order backlog reached a new high of 18.9 billion yuan, with 11.5 billion yuan in submarine and high-voltage cable orders [6] - The company has significant upcoming projects, including 500kV and DC submarine cable orders totaling 5 billion yuan, which are expected to drive profitability in 2025 and 2026 [6] - The company is projected to achieve revenues of 11.86 billion yuan, 14.01 billion yuan, and 16.84 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.73 billion yuan, 2.18 billion yuan, and 2.73 billion yuan [8][9]

Investment Rating - The report maintains an "Accumulate" rating for the company [3] Core Views - The company achieved a revenue of 9.093 billion yuan and a net profit of 1.008 billion yuan in 2024, representing a year-on-year increase of 24.38% and 0.81% respectively [7][14] - In Q1 2025, the company reported a revenue of 2.147 billion yuan, a significant year-on-year growth of 63.83% [7][9] - The company has seen a strong growth in land cable business and a record high in submarine cable orders, indicating robust demand in the market [14][15] Financial Data and Valuation - Total revenue is projected to grow from 7.310 billion yuan in 2023 to 11.955 billion yuan in 2025E, with a CAGR of 31% [2][38] - The net profit is expected to increase from 1.000 billion yuan in 2023 to 1.656 billion yuan in 2025E, reflecting a growth rate of 64% [2][38] - The company's PE ratio is forecasted to decrease from 34.9 in 2023 to 21.1 in 2025E, indicating improved valuation metrics [2][38] Business Performance - The land cable system revenue reached 5.416 billion yuan in 2024, a year-on-year increase of 41.52%, contributing 59.57% to total revenue [22] - The submarine cable system revenue was 2.778 billion yuan in 2024, with a slight increase of 0.41% year-on-year [14] - The company has a strong order backlog, with approximately 8.827 billion yuan in submarine cable orders as of March 21, 2025, marking a year-on-year increase of about 180% [15][16] Market Outlook - The domestic market for offshore wind power still has significant room for growth, with expectations of a surge in installations in the near term [15] - The company is well-positioned to benefit from the increasing demand for offshore wind projects, with a comprehensive solution for marine engineering [16][22] - The company plans to enhance its product offerings in high-grade land cables, which could improve profit margins in the future [22]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for Q1 2025 reached 2.15 billion yuan, with a year-on-year increase of 63.8% and a quarter-on-quarter decrease of 10.3% [7] - The net profit attributable to shareholders for Q1 2025 was 280 million yuan, reflecting a year-on-year increase of 6.7% and a quarter-on-quarter increase of 269.4% [7] - The gross margin for Q1 2025 was 20.4%, with a slight decrease of 1.8 percentage points compared to the previous quarter but an increase of 10.9 percentage points year-on-year [7] - The company has reached a record high in its order backlog, amounting to approximately 18.9 billion yuan as of April 21, 2025 [7] Financial Forecasts - Total revenue projections for the company are as follows: - 2023: 7.31 billion yuan - 2024: 9.09 billion yuan (24.38% YoY) - 2025: 10.87 billion yuan (19.50% YoY) - 2026: 13.15 billion yuan (21.00% YoY) - 2027: 15.51 billion yuan (18.00% YoY) [1][8] - Net profit attributable to shareholders is forecasted as follows: - 2023: 1.00 billion yuan - 2024: 1.01 billion yuan (0.81% YoY) - 2025: 1.60 billion yuan (58.82% YoY) - 2026: 2.15 billion yuan (34.38% YoY) - 2027: 2.66 billion yuan (23.50% YoY) [1][8] - The latest diluted EPS is projected to be: - 2023: 1.45 yuan - 2024: 1.47 yuan - 2025: 2.33 yuan - 2026: 3.13 yuan - 2027: 3.86 yuan [1][8] Business Segmentation - The company has adjusted its product classification to better align with market demands, focusing on: - Power engineering and equipment cables (green transmission facilities) - Submarine cables and high-voltage cables (power new energy) - Marine equipment and engineering operations [7] - Revenue from submarine cables and high-voltage cables reached 1.196 billion yuan, a year-on-year increase of 219% [7] - Revenue from power engineering and equipment cables was 885 million yuan, reflecting a year-on-year increase of 53.28% [7]

Investment Rating - The report maintains a "Buy" rating for Dongfang Cable [1] Core Views - The company's revenue for Q1 2025 reached 2.15 billion yuan, showing a year-on-year increase of 63.8% and a quarter-on-quarter decrease of 10.3% [7] - The net profit attributable to shareholders for Q1 2025 was 280 million yuan, reflecting a year-on-year growth of 269.4% [7] - The company has achieved a record high in its order backlog, amounting to approximately 18.9 billion yuan as of April 21, 2025 [7] Financial Performance Summary - Total revenue projections for 2023A to 2027E are as follows: 7.31 billion yuan (2023A), 9.09 billion yuan (2024A), 10.87 billion yuan (2025E), 13.15 billion yuan (2026E), and 15.51 billion yuan (2027E), with year-on-year growth rates of 4.3%, 24.38%, 19.5%, 21%, and 18% respectively [1] - Net profit attributable to shareholders is forecasted to be 1 billion yuan (2023A), 1.008 billion yuan (2024A), 1.601 billion yuan (2025E), 2.152 billion yuan (2026E), and 2.657 billion yuan (2027E), with year-on-year growth rates of 18.78%, 0.81%, 58.82%, 34.38%, and 23.5% respectively [1] - The latest diluted EPS is projected to be 1.45 yuan (2023A), 1.47 yuan (2024A), 2.33 yuan (2025E), 3.13 yuan (2026E), and 3.86 yuan (2027E) [1] Order Backlog and Business Segmentation - The order backlog includes approximately 11.5 billion yuan for submarine cables and high-voltage cables, 4.4 billion yuan for power engineering and equipment cables, and 3 billion yuan for marine equipment and engineering operations [7] - The revenue from submarine cables and high-voltage cables reached 1.196 billion yuan, a year-on-year increase of 219%, driven by international brand expansion and stable growth in export revenue [7] - Revenue from power engineering and equipment cables was 885 million yuan, reflecting a year-on-year growth of 53.28% due to enhanced brand influence and market share expansion [7]

证券代码：603606 证券简称：东方电缆 公告编号：2025-022 宁波东方电缆股份有限公司 2024 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 2、 公司在任监事 3 人，出席 3 人； 3、 董事会秘书江雪微女士出席了会议，公司高级管理人员列席了本次会议。 | 1、出席会议的股东和代理人人数 | 800 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 391,655,267 | | 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（%） | 56.9501 | (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：2025 年 4 月 22 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 ...

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、 ...