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 2023 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 2023 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 2023 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》"）、《上市公司股东大会规则》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 项进行了必要的核查和验证，核查了本所认 ...

[Table_MainInfo] 公司研究/机械工业/电气设备 证券研究报告 东方电缆（603606）公司年报点评 2024年04月10日 [Table_InvestInfo] 投资评级 优于大市 维持 2023 年海缆毛利率 49%，24 海外订单可期 股票数据 [Table_Summary] 0[4Ta月b0le9_日S收to盘ck价（In元fo）] 44.00 投资要点： 52周股价波动（元） 32.57-54.42 总股本/流通A股（百万股） 688/688 总市值/流通市值（百万元） 30259/30259  23Q4归母净利润1.78亿元，同比增长68%。23Q4公司收入19.6亿元，同 比+46%，环比+18%，归母净利润 1.78 亿元，同比+68%，环比-13%。23 相关研究 全年收入73.1亿元，同比+4.3%，归母净利润10亿元，同比+18.8%。23Q4 [《Ta东b方le电_R缆e：p海o缆rtI龙nf头o]， 投资英国海风企业进 公司盈利能力同比提升，毛利率22.45%，同比+5.27pct，环比+1.56pct，净 一步切入海外市场》2024.02.19 利率 9.09%，同 ...

2023 年年度股东大会会议资料 2023 年年度股东大会会议资料 宁波东方电缆股份有限公司 2023年年度股东大会 会议资料 宁波东方电缆股份有限公司 二〇二四年四月 第 1 页 共 63 页 目 录 | 2023 | 年年度股东大会会议议程 1 | | --- | --- | | 2023 | 年年度股东大会会议须知 3 | | 议案 | 1、2023 年度董事会工作报告 4 | | 议案 | 2、2023 年度监事会工作报告 15 | | 议案 | 3、2023 年年度报告全文及摘要 22 | | 议案 | 4、2023 年度财务决算报告 23 | | 议案 | 5、2024 年度财务预算报告 31 | | 议案 | 6、2023 年度利润分配方案 34 | | 议案 | 7、关于续聘公司 2024 年度审计机构的议案 36 | | 议案 | 8、独立董事 2023 年度述职报告（阎孟昆） 39 | | 议案 | 8、独立董事 2023 年度述职报告（刘艳森） 50 | | 议案 | 8、独立董事 2023 年度述职报告（周静尧） 61 | | 议案 | 9、关于开展 2024 年度原材料期货套期保值业 ...

证券代码：603606 证券简称：东方电缆 公告编号：2024-022 宁波东方电缆股份有限公司 关于以集中竞价交易方式回购股份的进展公告 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 | 31 | 日~2025 | 年 | 1 | 月 30 日 | | 预计回购金额 | 10,000 | | 万元~20,000 | 万元 | | | | | 回购用途 | | | 用于员工持股计划或股权激励 | | | | | | 累计已回购股数 | 25 | 万股 | | | | | | | 累计已回购股数占总股本比例 | 0.0364% | | | | | | | | 累计已回购金额 | 1,180.5990 | | 万元 | | | | | | 实际回购价格区间 | 47.15 | 元/股~47. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2023 met expectations, with total revenue reaching 7.31 billion yuan, a year-on-year increase of 4.3%, and a net profit attributable to shareholders of 1 billion yuan, up 18.78% year-on-year [2][5] - The marine cable business has shown significant growth, with the revenue from marine cable systems and marine engineering reaching 3.48 billion yuan, a year-on-year increase of 14.78% [5] - The company has a strong order backlog of 7.86 billion yuan, with expectations for high growth in 2024 due to an accelerated pace in offshore wind power installations [2][8] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 73.10 billion yuan, with a net profit of 10.00 billion yuan, and a gross margin of 25.21%, which increased by 2.83 percentage points year-on-year [2][5] - The operating cash flow for 2023 was 1.19 billion yuan, reflecting an 83.93% year-on-year improvement [2] Business Segments - The marine business now accounts for 47.59% of total revenue, with the gross margin for marine cables increasing by 5.87 percentage points to 49.14% [2][5] - The overseas business revenue reached 126 million yuan, a significant increase of 130.56% year-on-year [5] Future Outlook - The company expects revenue for 2024 to be 9.14 billion yuan, with net profit projected at 1.41 billion yuan, reflecting a growth rate of 40.7% [3][9] - The anticipated earnings per share (EPS) for 2024 is 2.05 yuan, with a price-to-earnings (P/E) ratio of 23 times based on the closing price on March 29, 2024 [3][9]

Investment Rating - The report maintains an "OUTPERFORM" rating for Ningbo Orient Wires & Cables, with a target price increase from 58.3 yuan/share to 61.1 yuan/share [3][16][12]. Core Insights - The company's financial performance in 2023 met market expectations, with a revenue of 7.31 billion yuan, a year-on-year increase of 4.3%, and a net profit attributable to shareholders of 1.00 billion yuan, up 18.8% year-on-year [2][12]. - The gross profit margin improved marginally to 25.21%, with the submarine cable segment achieving a gross profit margin of 49.14%, an increase of 2.87 percentage points year-on-year [2][12]. - The company has a robust order backlog of approximately 7.86 billion yuan, driven by both domestic and international projects, including significant contracts in offshore wind power [13][2]. Financial Performance - In Q4 2023, the net profit attributable to shareholders reached 180 million yuan, reflecting a substantial year-on-year increase of 68.6% [2][12]. - The comprehensive gross profit margin for 2023 was 25.21%, up 2.83 percentage points from the previous year, with the submarine cable business contributing significantly to this improvement [2][12]. - The land cable segment's gross profit margin was 7.96%, down 1.71 percentage points year-on-year [2][12]. Market Opportunities - The offshore wind power sector is expected to add 10GW of new installed capacity in China in 2024, marking a turning point for the industry [3][15]. - The company has secured multiple domestic and international contracts, enhancing its market position and revenue potential [13][2]. - The Yangjiang base is set to be completed by the end of 2024, with production capacity expected to be released in 2025, further supporting growth in the offshore wind market [15][3]. Technological Advancements - The company has established a leading position in technology with the successful operation of China's first integrated deep-sea dynamic simulation testing platform and the development of the first deep-sea dynamic cable system [14][3]. - Significant progress has been made in the research and development of the new generation ±525kV DC submarine cable, addressing key technical gaps for long-distance offshore wind power transmission [14][3].

证券研究报告 | 公司动态点评 2024 年 03月 25日 东方电缆（603606.SH） 23 年海缆毛利率显著回升，招标放量在即业绩可期 财务指标 2022A 2023A 2024E 2025E 2026E 增持（维持评级） 营业收入（百万元） 7,009 7,310 8,663 10,140 11,837 股票信息 增长率yoy（%） -11.6 4.3 18.5 17.1 16.7 归母净利润（百万元） 842 1,000 1,354 1,689 2,145 行业 电力设备及新能源 增长率yoy（%） -29.2 18.8 35.4 24.8 27.0 2024年3月22日收盘价（元） 46.51 ROE（%） 15.3 15.9 18.5 19.2 20.1 总市值（百万元） 31,985.64 EPS最新摊薄（元） 1.22 1.45 1.97 2.46 3.12 流通市值（百万元） 31,985.64 P/E（倍） 37.7 31.7 23.4 18.8 14.8 总股本（百万股） 687.72 P/B（倍） 5.8 5.0 4.3 3.6 3.0 流通股本（百万股） 687.72 资料来源： ...

电力设备 | 证券研究报告 — 调整盈利预测 2024年3月28日 603606.SH 东方电缆 增持 业绩稳步增长符合预期，手握订单静候需求释放 原评级：增持 公司公布2023年年度报告，2023年公司实现营业收入73.10亿元，同比增长4.30%，实现 市场价格:人民币 44.10 归母净利润 10.00亿元，同比增长 18.78%，实现扣非后归母净利润 9.68亿元，同比增长 板块评级:强于大市 15.50%。公司作为国内的领先的海缆企业，目前在手订单充足，未来有望充分受益海风需 求的释放，继续维持增持评级。 股价表现 支撑评级的要点 14% ◼ 海缆系统业务量利齐升，助力公司业绩稳步增长。根据公司公告，2023年公司实现营 5% 业收入73.10亿元，同比增长4.30%，实现归母净利润10.00亿元，同比增长18.78%， (4%) 业绩实现稳步增长，基本符合我们之前的预期。分产品来看，陆缆系统营收 38.27 亿 元，同比下滑3.77%，毛利率为7.96%，同比下降1.71pct；海缆系统收入27.66亿元， (14%) 同比增长 23.47%，毛利率为 49.14%，同比提升 5.87pct；海洋 ...

[Table_Page] 年报点评|电力设备 证券研究报告 [东Table_方Title] 电缆（603606.SH） [公Tab司le_I评nves级t] 买入 当前价格 47.05元 业绩符合预期，海缆订单有望放量 合理价值 54.18元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-03-26  公司公布 2023年年报，业绩符合预期。公司23年实现营收 73.10亿 [相Tab对le_P市icQ场uote表] 现 元，同比+4.30%；归母净利润 10.00 亿元，同比+18.78%；毛利率 25.21%，同比+2.83pct；主要系高端海缆系统等高毛利率业务收入占比 12% 3% 提升。23Q4实现归母净利润1.78亿元，同比+68.63%，环比-13.2%。 -6%03/23 05/23 07/23 09/23 11/23 01/24 03/24  海缆系统保持高盈利能力，但产能利用不达预期。23年实现海缆系统 -14% 收入27.66亿元，同比+23.47%，毛利率49.14%，保持较高盈利能力， -23% 但23年海缆收入占公司名义产能的比重仅达一 ...

Investment Rating - The report initiates coverage with a "Buy" rating for Dongfang Cable (603606.SH) [2][3]. Core Views - The company reported a revenue of 7.31 billion yuan in 2023, a year-on-year increase of 4.3%, and a net profit attributable to shareholders of 1 billion yuan, up 18.8% year-on-year [2][7]. - The company's cash flow from operating activities significantly improved, reaching 1.19 billion yuan in 2023, an increase of 83.9% year-on-year [2][14]. - The company is expected to benefit from the recovery of the offshore wind industry, with a projected high growth in orders for 2024 [2][14]. - The company is actively expanding its overseas market presence through investments in foreign companies [2][15]. Financial Performance - In 2023, the revenue breakdown was as follows: land cables 3.83 billion yuan (down 3.8%), submarine cables 2.77 billion yuan (up 23.5%), and marine engineering 710 million yuan (down 9.9%) [2][10]. - The gross margin for submarine cables reached 49.14% in 2023, an increase of 5.9 percentage points year-on-year, contributing to an overall gross margin of 25.2%, up 2.8 percentage points [2][10]. - The company’s net profit is projected to grow to 1.3 billion yuan in 2024, reflecting a year-on-year increase of 30% [2][3]. Order Backlog and Market Outlook - As of March 15, 2024, the company had an order backlog of 7.86 billion yuan, with land cables at 3.75 billion yuan (up 73.1%), submarine cables at 3.16 billion yuan (down 45%), and marine engineering at 950 million yuan (down 21.7%) [2][14]. - The report anticipates a recovery in the offshore wind sector, which is expected to drive significant order growth for the company in 2024 [2][14]. Overseas Expansion - In January 2024, the company announced plans to invest in Xlinks First and XLCC, acquiring 2.4% and 8.5% stakes respectively, to enhance its overseas market presence [2][15].