Group 1 - The stock of Dongfang Cable closed down by 0.21% on August 22, with a closing price of 52.44 yuan [1] - A block trade occurred with a total volume of 38,100 shares and a transaction amount of 2.0303 million yuan, with a premium rate of 1.62% [1] - The buyer was Shenwan Hongyuan Securities Co., Ltd., and the seller was Zheshang Securities Co., Ltd. [1] Group 2 - In the last three months, Dongfang Cable has recorded two block trades with a total transaction amount of 4.4666 million yuan [1] - Over the past five trading days, the stock has declined by 4.60%, with a total net outflow of 135 million yuan from main funds [1]

| 2025-08-22 | 东方电缆 | 603606 | 53.29 203.03 3.81 | 申万宏源证券有限 公司重庆中山一路 bear Md chales $1 . 8 m | 浙商证券股份有限 公司湖南分公司 | | | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | | 卖出营业部 | 8月22日，东方电缆大宗交易成交3.81万股，成交额203.03万元，占当日总成交额的0.42%，成交价53.29元，较市场收盘价52.44元溢价1.62%。 ...

Core Viewpoint - Securities firms have issued "buy" ratings for nearly 100 A-share listed companies on August 22, focusing on sectors such as food and beverage, semiconductors, construction materials, power grid equipment, textiles and apparel, precious metals, and agriculture [1] Group 1: Company Ratings and Performance - Anrui Xinyu received a "buy" rating from Tianfeng Securities, highlighting a sequential increase in revenue growth and sustained profit realization [2] - Haiguang Information was rated positively by Huazheng Securities, with expected revenues of 13.915 billion, 19.810 billion, and 25.770 billion yuan for 2025-2027, showing an increase from previous forecasts [3] - Beixin Building Materials was noted by Dongwu Securities, indicating that its gypsum board business is under pressure but expects growth from its global strategy [3] - Dongfang Cable received a "buy" rating from Chengtong Securities, with significant growth in forward-looking operational indicators and an expected acceleration in submarine cable business deliveries [2] - Muyuan Foods reported a net profit of 10.53 billion yuan in the first half of the year, meeting its output and cost targets, and was rated "buy" by Huazheng Securities [2] Group 2: Sector Focus and Trends - The focus of securities firms on various sectors indicates a trend towards recovery in demand and potential profit growth across industries such as food and beverage, semiconductors, and construction materials [1][4] - The report from Tianfeng Securities on Anrui Xinyu suggests that cost benefits from sugar molasses are contributing to profit elasticity, indicating a positive outlook for the food and beverage sector [3] - The overall attention from multiple securities firms on companies like Dongfang Cable, Huayi Group, and Jibite reflects a broader interest in sectors like power grid equipment and gaming, suggesting potential investment opportunities [4]

请务必阅读报告末页的重要声明 glzqdatemark1 2025年08月22日 证券研究报告 |报告要点 近日，东方电缆发布 2025 年度中报，2025 上半年，公司实现营业收入 44.32 亿元，同比提升 8.95%，实现归母净利润 4.73 亿元，同比下降 26.57%，实现扣非归母净利润 4.62 亿元，同比 下降 21.83%。2025 年 Q2，公司实现营业收入 22.85 亿元，同比下降 17.13%，实现归母净利 润 1.92 亿元，同比下降 49.56%，实现扣非归母净利润 1.88 亿元，同比下降 47.13%。 证券研究报告 非金融公司|公司点评|东方电缆（603606） 业绩拐点或已至，海内外订单有望加速 |分析师及联系人 请务必阅读报告末页的重要声明 1 / 5 陈子锐 张磊 SAC：S0590524080006 SAC：S0590524110005 非金融公司|公司点评 glzqdatemark2 2025年08月22日 东方电缆(603606) 业绩拐点或已至，海内外订单有望加速 | 行 业： | 电力设备/电网设备 | | --- | --- | | 投资评级： | 买入（维 ...

Group 1 - The core viewpoint of the report is a strong recommendation for Dongfang Cable (603606.SH) based on its increasing orders and the growth potential in the offshore wind power industry [2] - The company's profit in Q2 2025 experienced a quarter-on-quarter decline, primarily due to delays in the recognition of high-margin business revenue [2] - There is a significant increase in forward-looking financial indicators, indicating a high certainty of performance growth for the company [2] Group 2 - The company is expected to continue benefiting from the sustained growth of the global offshore wind power industry [2] - The report highlights the potential risks associated with the long construction cycle of offshore wind projects, which could impact cable delivery and company performance [2] - Uncertainties in trade policies of relevant countries may affect the company's export business, along with the risk of rapid increases in raw material prices [2]

Core Viewpoint - Dongfang Cable reported a decline in net profit for H1 2025, with a significant drop in Q2, but anticipates a recovery in profitability due to a surge in cable deliveries in the second half of the year [1] Financial Performance - The company achieved a net profit attributable to shareholders of 473 million yuan in H1 2025, a year-on-year decrease of 26.6% [1] - In Q2 2025, the net profit attributable to shareholders was 192 million yuan, reflecting a year-on-year decline of 49.6% and a quarter-on-quarter decline of 31.6% [1] Operational Highlights - Inventory and contract liabilities reached historical highs, indicating strong demand and backlog [1] - Major projects such as Yangjiang Fanshi No. 1, Qingzhou No. 5/7, Shandong Peninsula North L site, and the UK InchCape project are fully underway, with concentrated deliveries expected in Q3 [1] Future Outlook - The company is entering a dual peak period for orders and deliveries, with expectations for record-high orders and deliveries in H2 2025 and 2026, particularly for 500kV and overseas orders [1] - The company has invested in a local UK firm and is deepening its presence in Europe, which is expected to further expand market opportunities [1] Investment Recommendation - The company maintains its profit forecast and continues to hold a "buy" rating [1]

Investment Rating - The report maintains an "Outperform" rating for the wind power sector [4] Core Insights - Gansu Province has officially issued a plan to promote the market-oriented reform of renewable energy pricing, allowing all renewable energy projects to enter the electricity market, with a mechanism price of 0.3078 yuan/kWh for existing projects [2][12] - The wind power sector has seen significant growth, with a 98.88% year-on-year increase in new installations in the first half of 2025, totaling 51.39 GW [3][28] - The average bidding price for offshore wind turbines has shown a downward trend, currently at 3266.17 yuan/kW [3][47] Industry Dynamics - Gansu's new pricing mechanism will apply to all renewable energy projects, with a total electricity scale of 154 billion kWh for existing projects [2][12] - In Liaoning Province, several offshore wind projects have made progress, including the approval of a 500 MW project [12] - The wind power equipment index has a TTM P/E ratio of 33.38 and a MRQ P/B ratio of 1.8 [16][21] Market Performance - The wind power equipment sector increased by 4.79% this week, outperforming the CSI 300 index by 2.42 percentage points [16][19] - Key stocks that led the market include Shuangyi Technology and Jinpan Technology, with increases of 41.17% and 20.73%, respectively [22][26] Macroeconomic Data - The GDP for the first half of 2025 was 66.05 trillion yuan, reflecting a year-on-year growth of 5.3% [24][27] - The total electricity consumption in the first half of 2025 was 48,418 billion kWh, a 3.7% increase year-on-year [24][27] Wind Power Installation Data - As of June 2025, the cumulative installed capacity of wind power reached approximately 572.6 million kW, a year-on-year increase of 22.7% [28][29] - The first half of 2025 saw 48.90 GW of new onshore wind installations and 2.49 GW of new offshore installations [28][35] Material Prices - The prices of raw materials such as scrap steel, copper, aluminum, and epoxy resin have increased, while the prices of medium-thick plates and rebar have decreased [37][38] Investment Recommendations - The report recommends key companies such as Goldwind Technology and Yunda Co. for their strong market positions and growth potential [7][56] - Companies in the tower and foundation segment, such as Daikin Heavy Industries and Taisheng Wind Power, are highlighted for their regional advantages and strong order acquisition capabilities [7][56]

Investment Rating - The report assigns a "Buy-A" rating to the company with a 12-month target price of 64.31 CNY, indicating a positive outlook for the stock [7]. Core Views - The company has a solid order backlog of approximately 19.6 billion CNY, which provides a stable foundation for future growth [3]. - Despite short-term performance pressures, primarily due to delivery schedule issues, the company is expected to benefit from the accelerating development of deep-sea projects and its leading position in the submarine cable sector [4][5]. - The projected net profits for 2025, 2026, and 2027 are 1.69 billion CNY, 2.21 billion CNY, and 2.73 billion CNY, respectively, with growth rates of 68%, 31%, and 24% [5]. Financial Performance Summary - In H1 2025, the company reported revenues of 4.432 billion CNY, a year-on-year increase of 9.0%, while net profit decreased by 26.6% to 473 million CNY [1]. - The revenue from the submarine and high-voltage cable segment was 1.957 billion CNY in H1 2025, reflecting an 8.32% increase, but a significant decline of 46.84% in Q2 2025 due to project delivery issues [2]. - The company’s financial forecasts indicate a steady increase in revenue from 7.31 billion CNY in 2023 to 18.223 billion CNY in 2027, with corresponding net profit growth [6][11].

Macro Strategy - The core viewpoint is that the "innovation bull market" in 2025 is driven by a positive cycle of capital pricing and industrial implementation under policy guidance, with macro policies anchoring industrial direction and capital markets facilitating value discovery [1] - The market liquidity and valuation have improved, with A-share trading volume exceeding 2 trillion yuan, indicating a positive trading structure and sentiment cycle [1] - The initial phase of the "innovation bull" is likely to extend towards financial sectors and technology industries, particularly in robotics, computing power, and innovative pharmaceuticals [1] Economic Outlook - The report anticipates that China's export growth may continue to exceed market expectations due to the dual easing of U.S. fiscal and monetary policies, suggesting resilience in external demand [2] - The expectation of interest rate cuts by the Federal Reserve is highlighted, with predictions of two cuts in September and December, although there is caution regarding overly optimistic market pricing [2] Fixed Income Market - The fixed income market has shown a "desensitization" to fundamental data, with the yield on 10-year government bonds rising to 1.745% despite disappointing economic indicators [4] - The report notes that structural policy tools may replace total monetary policies as the main line of easing in the third quarter [4] Company Performance - 瑞芯微 (Rockchip) reported a significant revenue increase of 63.85% year-on-year in H1 2025, with a net profit growth of 190.61%, driven by strong performance in AIoT products [8] - 禾赛科技 (Hesai Technology) achieved a revenue increase of 53.9% year-on-year in Q2 2025, with a net profit growth of 161.2%, supported by strong demand for ADAS and robotics [9] - 道通科技 (Dautong Technology) reported a revenue increase of 27.3% year-on-year in H1 2025, driven by advancements in digital repair and energy solutions [10] Industry Trends - The report emphasizes the growth potential in the AI and robotics sectors, with companies like 禾赛科技 and 瑞芯微 leading in their respective fields [9][8] - The demand for 3D vision technology is highlighted as a key growth driver for 奥比中光 (Orbbec), with expected rapid revenue growth in the coming years [20] Investment Ratings - The report maintains a "buy" rating for several companies, including 瑞芯微, 禾赛科技, and 道通科技, based on their strong performance and growth prospects in innovative sectors [8][9][10]

Overall Research - The domestic equity market continues to rise, with the ChiNext Index increasing by 8.58%. The performance of equity and bond funds is diverging, with equity mixed funds leading the gains. TMT theme funds are significantly outperforming, while consumer themes show relatively weaker growth. Passive index funds in financial and AI themes are performing well, while there is a net outflow from domestic stock ETFs, particularly in the double innovation sector and TMT themes, with noticeable inflows into large-cap and broad-based funds [1]. Real Estate Industry - As of August 17, 2025, new home transactions in 20 cities totaled 491,000 units, down 5.5%. In major cities, Beijing saw 26,000 units sold (-13%), Shanghai 63,000 units (-1%), and Shenzhen 19,000 units (-3%). In the second-hand housing market, transactions in 10 cities reached 490,000 units, up 10.7%, with Beijing at 108,000 units (+11%), Shanghai 160,000 units (+18%), and Shenzhen 44,000 units (+28%) [2]. Metal Industry - The growth rate difference between M1 and M2 narrowed to -3.2 percentage points in July, marking a near 49-month high. The steel sector's profitability is expected to recover to historical average levels following the Ministry of Industry and Information Technology's guidelines for the steel industry. However, there are risks associated with significant fluctuations in futures prices due to trading restrictions on coking coal futures [3]. Chemical Industry - The report suggests focusing on companies involved in electronic specialty gases, such as nitrogen trifluoride and other products. Key companies include China Shipbuilding Industry Corporation, Nanda Optoelectronics, and Huate Gas. Additionally, companies producing semiconductor materials, such as photolithography resins and PCB inks, are also recommended for attention [4]. Company Research - Sinopec Engineering achieved a revenue of 31.6 billion yuan in H1 2025, a 10.1% year-on-year increase, with a net profit of 1.384 billion yuan, up 4.8%. The company maintains a "buy" rating with profit forecasts for 2025-2027 at 2.595 billion, 2.760 billion, and 2.902 billion yuan, respectively [7]. - Blue Sky Technology won a new lithium extraction project, with expectations for high growth in its lithium resource business. The company forecasts net profits of 1.055 billion, 1.253 billion, and 1.495 billion yuan for 2025-2027, maintaining an "increase" rating [8]. - Changqing Co. reported a recovery in pesticide market demand, with a net profit forecast of 74 million, 128 million, and 181 million yuan for 2025-2027, maintaining an "increase" rating despite a downward adjustment in profit expectations [9]. - Huayou Cobalt's net profit for H1 2025 reached 2.71 billion yuan, a 62.3% increase year-on-year, with future profit forecasts of 5.9 billion, 7.1 billion, and 8.6 billion yuan for 2025-2027, maintaining a "buy" rating [10]. - Keda Li's main business remains stable, with profit forecasts of 1.802 billion, 2.178 billion, and 2.499 billion yuan for 2025-2027, maintaining a "buy" rating [11]. - Oriental Cable's revenue for H1 2025 was 4.432 billion yuan, an 8.95% increase, but net profit fell by 26.57% to 473 million yuan. The company expects growth in the second half of 2025 due to increased cable deliveries [12]. - Jinlang Technology reported a revenue of 3.794 billion yuan in H1 2025, a 13.09% increase, with a net profit of 602 million yuan, up 70.96%. Future profit forecasts are 1.169 billion, 1.399 billion, and 1.657 billion yuan for 2025-2027, maintaining an "increase" rating [12]. - Lian Microelectronics has seen a recovery in its epitaxial wafer business, with future profit forecasts of 69 million, 165 million, and 242 million yuan for 2025-2027, maintaining a "buy" rating [13]. - Tian Shili achieved a revenue of 4.288 billion yuan in H1 2025, with a net profit of 775 million yuan, up 16.97%. The company maintains profit forecasts of 1.150 billion, 1.245 billion, and 1.399 billion yuan for 2025-2027, maintaining a "buy" rating [14]. - Ecovacs Robotics reported strong performance in both domestic and international sales, with profit forecasts of 1.6 billion, 1.9 billion, and 2.3 billion yuan for 2025-2027, maintaining a "buy" rating [15]. - Stone Technology, a leader in smart vacuum robots, has adjusted its profit forecasts to 1.7 billion, 2.1 billion, and 2.5 billion yuan for 2025-2027, maintaining an "increase" rating [16].