证券代码：603606 证券简称：东方电缆 公告编号：2024-034 宁波东方电缆股份有限公司 关于2024年"提质增效重回报"行动方案的公告 高核心竞争力，奋力推进各项重点工作；利用数字化精细化成本管控、积 极推行排产管理提升、优化库存，进一步提升经营效率和盈利能力。 启动ESG体系建设，制定并发布《ESG可持续发展目标》，构建ESG可持 续发展管理体系，为全球客户提供有竞争力的产品和解决方案。在未来， 公司将持续推动绿色发展，积极发挥科技创新引领作用，面向全球提供创 新的海陆缆系统综合解决方案，不断构建东方特色的创新发展体系，把绿 色发展理念融入到企业运营的全过程中。聚焦为客户、伙伴及产业链上下 游创造价值，为绿色可持续发展提供新的行业范例，推动产业和经济创新 转型。积极回应社会期望，推动公司可持续发展。 二、 践行"以投资者为本"理念，持续提升投资者回报 公司一直以来高度重视对投资者的合理回报，遵照相关法律法规要 求制定并披露中长期分红规划，严格执行股东分红回报规划及利润分配 政策，积极回报投资者，将投资者利益与公司发展紧密相连。 公司自上市以来每年均实施现金分红，2021-2023年累计现金分红超 ...

证券代码：603606 证券简称：东方电缆 公告编号：2024-033 宁波东方电缆股份有限公司 第六届董事会第15次会议决议公告 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。 一、董事会会议召开情况 宁波东方电缆股份有限公司（以下简称"公司"）第六届董事 会第15次会议于2024年7月11日在公司会议室以现场结合通讯的方式 召开，会议由董事长夏崇耀先生主持。本次董事会应参加表决的董 事9人，实际参与表决董事9人。本次董事会会议的召开符合《公司 法》与《公司章程》的规定。公司监事和部分高级管理人员列席了 会议，本次会议审议通过一项议案： 二、 董事会会议审议情况 1、审议通过了公司制定《2024年度"提质增效重回报"行动方 案的议案》； 表决结果：赞成9票，反对0票，弃权0票。 具体详见上海证券交易所网站 www.sse.com.cn《关于 2024 年"提 质增效重回报"行动方案的公告》，公告编号：2024-034。 宁波东方电缆股份有限公司董事会 特此公告。 二0二四年七月十二日 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 54.18 CNY per share, compared to the current price of 48.69 CNY [4]. Core Views - The company has secured a significant overseas submarine cable order totaling 20.3 billion CNY, with 19.5 billion CNY from international contracts. This includes projects with China Electric Power Construction Group and UK SSE, among others. The company expects a 23% year-on-year increase in submarine cable revenue for 2023, with a gross margin of 49%. The delivery of overseas orders is anticipated to significantly boost performance in 2025-2026 [2][3]. - The company’s product quality has gained recognition in overseas markets, particularly in Europe, where demand for offshore wind energy is expected to enhance revenue. The European Wind Energy Association projects a total installed capacity of 19.9 GW for new offshore wind projects from 2024 to 2026, leading to increased demand for submarine cables [2][3]. - The company is projected to achieve net profits of 1.491 billion CNY, 1.886 billion CNY, and 2.228 billion CNY for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 2.17 CNY, 2.74 CNY, and 3.24 CNY per share [2][3]. Financial Summary - Revenue is expected to grow from 7.31 billion CNY in 2023 to 9.375 billion CNY in 2024, reflecting a growth rate of 28.2%. By 2026, revenue is projected to reach 13.602 billion CNY [3][8]. - The company’s EBITDA is forecasted to increase from 1.333 billion CNY in 2023 to 2.722 billion CNY in 2026, indicating strong operational performance [3][8]. - The projected P/E ratios for the years 2024, 2025, and 2026 are 22.47, 17.76, and 15.03, respectively, suggesting an attractive valuation relative to earnings growth [3][8].

东方电缆(603606.SH) 公司中标欧洲海风大单,国内外海缆招标有望起量 公司研究·公司快评 电力设备·电网设备 投资评级:优于大市(维持) 证券分析师: 王蔚祺 010-88005313 wangweiqi2@guosen.com.cn 执证编码:S0980520080003 证券分析师: 王晓声 010-88005231 wangxiaosheng@guosen.com.cn 执证编码:S0980523050002 事项: 公司公告:近期,公司陆续收到相关方的《中标通知书》及合同。其中,中电建华东院海底电缆约 0.8 亿 元,英国 SSE 公司海底电缆约 1.5 亿元、Inch Cape Offshore 公司海底电缆约 18 亿元,海缆系统合计中 标金额约 20.30 亿元人民币。 国信电新观点: 1)欧洲海风开发走出低谷,2023 年融资规模创历史新高。根据 Wind Europe、GWEC 和 Sif 数据,2023-2026 年欧洲海风新增装机 CAGR 有望达到 30%,2026-2028 年 CAGR 将达到 21%。受海上风电与海洋输电项目需求 共同带动,欧洲主要海缆企业在手订单持续创新 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][10]. Core Views - The company has secured contracts totaling approximately 2.53 billion yuan, including 1.95 billion yuan for overseas submarine cables, indicating a strong order backlog and potential for high growth in performance [10]. - The company is expected to benefit from the gradual launch of domestic offshore wind projects, with industry conditions anticipated to improve [10]. - The report projects earnings per share (EPS) for 2024-2026 to be 1.93, 2.77, and 3.40 yuan respectively, with a target price maintained at 60.37 yuan [10]. Financial Summary - Revenue for 2022 was 7,009 million yuan, with a forecasted increase to 9,200 million yuan in 2024, representing a growth rate of 25.9% [9]. - Net profit attributable to the parent company was 842 million yuan in 2022, expected to rise to 1,327 million yuan in 2024, reflecting a growth rate of 32.7% [9]. - The company’s net asset return (ROE) is projected to increase from 15.9% in 2023 to 22.2% in 2026 [11]. Market Data - The company's current price is 46.57 yuan, with a target price of 60.37 yuan, indicating significant upside potential [2]. - The total market capitalization is approximately 32.03 billion yuan [4]. Order and Project Insights - The company has a robust order book, with recent contracts indicating successful international market expansion [10]. - The commencement of domestic offshore wind projects is expected to further enhance the company's market position and performance [10].

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。 近期，宁波东方电缆股份有限公司（以下简称"公司"）陆续收 到相关方的《中标通知书》及合同，确认公司为相关项目的中标单位， 现将中标情况公告如下： 一、 中标情况 证券代码：603606 证券简称：东方电缆 公告编号：2024-032 宁波东方电缆股份有限公司 1、陆缆系统 关于中标相关项目的提示性公告 国网浙江省、湖北省、安徽省电力公司，厦门市供电服务有限公 司，宁波市轨道永盈供应链有限公司，福建省亿力建设工程有限公司， 广东电网能源发展有限公司等公司招标采购的电力电缆，陆缆系统合 计中标金额约 4.98 亿元人民币。 2、海缆系统 中电建华东院海底电缆约0.8亿元，英国SSE公司海底电缆 约1.5亿元、Inch Cape Offshore公司海底电缆约18亿元，海缆系 统合计中标金额约20.30亿元人民币。 三、风险提示 目前公司已收到中标通知书，陆续与交易对方签订正式合 同。项目实施过程中如果遇到市场、经济、政治、自然灾害等 不可预计的或不可抗力等因素，有可能会影响合同正常 ...

证券代码：603606 证券简称：东方电缆 公告编号：2024-031 宁波东方电缆股份有限公司 关于股份回购进展公告 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 日~2025 年 月 | 31 | 1 | 30 | 日 | | 预计回购金额 | 万元 10,000 万元~20,000 □减少注册资本 | | | | | | 回购用途 | √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | □为维护公司价值及股东权益 | | | | | | 累计已回购股数 | 万股 117.25 | | | | | | 累计已回购股数占总股本比 | 0.1705% | | | | | | 例 | | | | | | | 累计已回购金额 | 万元 5,441.0450 | | | | | | 实际回购价格区间 ...

证券代码：603606 证券简称：东方电缆 公告编号：2024-030 宁波东方电缆股份有限公司 关于全资子公司注册地址变更的提示性公告 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。 宁波东方电缆股份有限公司（以下简称"公司"）于近日分别收到全 资子公司广东东方海缆有限公司（以下简称"广东东方"）、宁波海缆研 究院工程有限公司（以下简称"东方海工院"）变更注册地址并完成工商 登记的通知，具体变更信息如下： | 子公司 | 变更前的注册地址 | 变更后的注册地址 | | --- | --- | --- | | 广东东方 | 阳江高新区科技企业 | 阳江高新区港口工业 | | | 孵化中心大楼二楼 A5 | 园海港北路 1 号 | | | 单元 | | | 东方海工院 | 浙江省宁波高新区扬 | 浙江省宁波市象山贤 | | | 帆路 999 弄 1 号 | 痒镇临港装备工业园 | | | | 珠山路 28 号 | 目前，两家子公司已取得新的《营业执照》，具体登记事项如下： | 名称 | 广东东方海缆有限公司 | 宁波海缆研究院 ...

本次电话会议仅服务于德邦证券研究所客户不构成投资建议相关人员应自主作出投资决策并自行承担投资风险德邦证券不对因使用本次内容所导致的任何损失承担任何责任 本公司保留追究其法律责任的权利市场有风险投资需谨慎 好的 非常感谢各位前辈者参与我们德邦证券几次DMV设备新能源策略峰会然后非常感谢东方电缆的姜雪姜总参加咱们的策略会 感谢姜总然后接下来要么先请姜总简单介绍一下公司近期的一个情况吧好的 好 谢谢主持人 谢谢参加今天线上的各位领导我是东方电缆的董秘江雪薇首先从近期的这些行业的情况来看我们其实也是能看到一些从二季度开始就是说整体的整个的海上风电的行业有一些变化 那么当然我们有看到从4月份开始包括一些重大的项目包括个别的项目也都已经陆陆续续启动了一些项目的招投标那么从公司的整体来讲那么一季度包括年度的数据因为已经披露比较早了我们不再去做一些详细的分析那么总体从二季度来看 从二制度来看从公司的整个生产经营都还是比较正常那么主要的项目也是在正常的推进以及交付当中那么到一级报的时候我们也披露了就是到4月25号为止我们的在手订单是71.31亿元那么其中这里海揽系统是占到了25.8亿元陆揽系统是占到了36.8亿元海洋工程是8. ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a year-on-year revenue decline of 9% in Q1 2024, with total revenue of 1.31 billion yuan. However, the net profit attributable to shareholders increased by 3% to 260 million yuan [5][6]. - The decline in revenue is primarily attributed to the marine cable business, which saw a 32% decrease in revenue to 381 million yuan due to seasonal factors and slower project delivery. Conversely, the offshore engineering revenue doubled to 190 million yuan, while land cable system revenue decreased by 6% to 740 million yuan [6]. - The gross margin for Q1 2024 was 22.2%, down 8.7 percentage points year-on-year, mainly due to changes in product mix and a decrease in high-margin marine cable projects [6]. - The company has improved its cash flow, with a net cash inflow of approximately 3 million yuan in Q1 2024, and has increased its inventory to 2.33 billion yuan, setting a solid foundation for future deliveries [6]. - The company secured new orders worth approximately 1.7 billion yuan for land cable systems and 700 million yuan for marine cable systems and offshore engineering in Q1 2024. As of April 25, 2024, the company had a backlog of orders totaling approximately 7.137 billion yuan [6]. - Looking ahead, the company expects a significant increase in offshore wind installations to 10 GW in 2024, which is anticipated to drive rapid growth in shipments. The company is also expanding its marine cable production capacity and exploring overseas markets, which could enhance performance [6]. - The projected net profit for the company in 2024 is approximately 1.35 billion yuan, corresponding to a PE ratio of about 24.9 times [6]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 1.31 billion yuan, a 9% decrease year-on-year, while the net profit attributable to shareholders was 260 million yuan, a 3% increase [5][6]. - The gross margin decreased to 22.2%, reflecting a shift in product mix and lower contributions from high-margin projects [6]. - The company reported a cash flow net inflow of approximately 3 million yuan, indicating significant improvement [6]. Order and Market Outlook - The company has actively pursued new orders, securing approximately 1.7 billion yuan in land cable system contracts and 700 million yuan in marine cable and offshore engineering contracts in Q1 2024 [6]. - The total order backlog as of April 25, 2024, stands at approximately 7.137 billion yuan, with significant contributions from both marine and land cable systems [6]. - The outlook for 2024 is positive, with expectations of increased offshore wind installations and expansion into international markets [6].