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]

Core Viewpoint - The company, Dongfang Cable, is undergoing a strategic transformation to enhance its product offerings and align with national energy policies, focusing on smart grids and renewable energy solutions [4][5]. Financial Performance - In the first quarter, the company achieved a main business revenue of 2.145 billion yuan, representing a year-on-year increase of 64.01% [6]. - The net profit attributable to shareholders for the same period was 281 million yuan, reflecting a growth of 6.66% year-on-year [6]. Product and Service Transformation - The company is transitioning from a single product manufacturer to a system solution provider, with four major product/service systems established: ultra-high voltage cables, submarine cable systems, smart distribution network cables, and marine engineering services [4][5]. - Starting in 2025, the company will adjust its product classification for revenue reporting to better align with national strategic needs and improve operational efficiency [5]. Market Engagement and Orders - The company has intensified its strategic partnerships and market expansion in sectors such as power construction, rail transit, and offshore wind power, securing significant contracts with major power companies [6]. - As of April 21, 2025, the company has an order backlog of approximately 18.9 billion yuan, with significant portions allocated to submarine cables and high-voltage cables [6].

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]

Group 1 - The core point of the article is that Dongfang Cable (603606) reported significant growth in its financial performance for the first quarter of 2025, with revenue reaching 2.147 billion yuan, representing a year-on-year increase of 63.83% [1] - The net profit for the same period was 281 million yuan, showing a year-on-year growth of 6.66% [1]

证券研究报告 | 行业周报 2025 年 04 月 14 日 风电周报（2025.4.7-2025.4.13） 25Q1 国内整机商中标超 38GW，首个海陆一体海风柔直工程开工 | 股票 | 股票 | 投资 | EPS （元） | | PE | | | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 评级 | 2024E | 2025E | 2024E | 2025E | | 002531.SZ | 天顺风能 | 增持 | 0.11-0.14 | 0.75 | 21.01 | 9.31 | | 300129.SZ | 泰胜风能 | 增持 | 0.5 | 0.71 | 12.92 | 9.1 | | 300443.SZ | 金雷股份 | 增持 | 0.54 | 1.16 | 34.78 | 16.19 | | 600875.SH | 东方电气 | 买入 | 1.23 | 1.54 | 12.42 | 9.92 | | 603062.SH | 麦加芯彩 | 买入 | 1.95 | 2.5 | 25.24 | 20.86 | | 603218.SH | ...

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.