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、 ...

证券代码：603606 证券简称：东方电缆 公告编号：2025-021 宁波东方电缆股份有限公司 关于中标海陆缆相关项目的提示性公告 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。 （二）海缆系统项目 南方电网公司阳江三山岛海上风电柔直输电工程海底电缆及 附件项目（包2），中标金额约8.99亿元。 二、本次项目执行对公司的影响 以上项目合计中标金额约12.27亿元人民币，其合同的履行将 对公司未来经营业绩产生积极的影响，但不影响公司经营的独立 性。公司将按照合同要求组织生产、交付工作。 三、风险提示 目前公司收到相关通知书，陆续与交易对方签订正式合同中， 合同签订及合同条款尚存在不确定性，具体内容以最终签署的合 同为准。 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影响，敬请广大投资者谨慎决策，注意防 范投资风险。 近日，宁波东方电缆股份有限公司（以下简称"公司"）陆续收 到中标通知书及相关网站中标公告，确认公司为海陆缆项目中标 人，现将具体中标情况公告如下： 一、中标概况 （一）陆缆系统项 ...

东方电缆（603606）公告，公司近期陆续收到中标通知书及相关网站中标公告，确认为多个海陆缆项目 中标人。其中，陆缆系统项目包括中铁七局宁波轨道交通、国网上海电力（600021）、国网浙江电力宁 波供电公司等电线电缆采购，中标金额约3.28亿元。海缆系统项目包括南方电网公司阳江三山岛海上风 电柔直输电工程海底电缆及附件项目(包2)，中标金额约8.99亿元。上述项目合计中标金额约12.27亿 元，合同履行将对公司未来经营业绩产生积极影响。 ...

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 58 CNY [2][8]. Core Views - The company achieved record-high orders, with total revenue of 9.093 billion CNY in 2024, representing a year-on-year increase of 24.38%. The net profit attributable to shareholders was 1.008 billion CNY, up 0.81% year-on-year [2][4]. - The marine cable business is showing positive trends, while the land cable segment is experiencing some drag. The marine segment generated revenue of 3.666 billion CNY, a year-on-year increase of 5.49%, while the land cable segment saw revenue of 5.416 billion CNY, up 41.52% year-on-year [8]. - The company has a record-high order backlog of 17.975 billion CNY, a 130% year-on-year increase, with marine cable orders at 8.827 billion CNY and land cable orders at 6.353 billion CNY [8]. Financial Summary - Total revenue is projected to grow from 11.091 billion CNY in 2025 to 15.527 billion CNY in 2027, with corresponding growth rates of 22.0% and 17.5% [4][9]. - The net profit attributable to shareholders is expected to increase significantly, reaching 2.509 billion CNY by 2027, with a growth rate of 24.3% [4][9]. - The company's earnings per share (EPS) is forecasted to rise from 2.29 CNY in 2025 to 3.65 CNY in 2027, reflecting strong profitability [4][9].

Investment Rating - The industry rating is "Recommended" [5] Core Insights - The new energy vehicle industry is experiencing rapid growth, with significant increases in delivery and sales figures for various brands in March, including notable growth rates exceeding 20% for companies like BYD, NIO, and Li Auto. The overall market is expected to continue expanding due to factors such as improved supply, vehicle replacement policies, and the transition to smart electric vehicles [1][13][14] - The solar energy sector is poised for growth, driven by inventory and capacity reductions, with a focus on the structural opportunities in key materials and components. The report highlights the potential for price stabilization and recovery in the solar supply chain, particularly for silicon materials and innovative technologies like perovskite solar cells [26][27][28] - The offshore wind power sector is expected to see increased activity, with several key projects progressing in Guangdong and Shandong provinces. The report suggests that the domestic offshore wind market will benefit from ongoing project developments and rising demand for components like submarine cables and foundation piles [3][24][48] Summary by Sections 1. New Energy Vehicles - March saw strong performance in new energy vehicle deliveries, with brands like Xpeng and Li Auto showing significant year-on-year growth. The overall market is expected to benefit from favorable policies and technological advancements [1][13][14] - The lithium battery supply chain is anticipated to expand due to rising demand from energy storage and consumer electronics, with a focus on price stabilization and potential recovery in profitability for key players [14][17][19] 2. New Energy - The report notes short-term disruptions in silicon wafer production due to natural disasters, which may lead to price increases. However, long-term prospects remain positive for leading companies with strong technological and supply chain capabilities [2][22] - The solar energy market is expected to benefit from inventory and capacity adjustments, with a focus on the growth of perovskite technology and the potential for price recovery in silicon materials [26][27][28] 3. Wind Power - The offshore wind sector is highlighted as a key area for growth, with significant projects underway in Guangdong and Shandong. The report emphasizes the importance of domestic and international demand for components and the potential for increased profitability in the supply chain [3][24][48] - The report also discusses the expected recovery in onshore wind power pricing and the potential for domestic manufacturers to expand into international markets, driven by competitive advantages in technology and cost [52][54]

2024Q4业绩下滑。2024Q4营收23.94亿元，同比+22.10%；营业成本21.66亿元，同比+42.44%；归母净利润0.76亿 元，同比-57.32%；扣非归母净利润1.15亿元，同比-30.69%。Q4毛利率9.53%，同比-12.92pcts，环比-12.21pcts； 净利率3.18%，同比-5.91pcts，环比-7.77pcts。推测Q4业绩下滑的主要原因是产品交付结构的季节性调整，尤其是 高毛利率海缆营收环比下滑。 财信证券股份有限公司袁玮志近期对东方电缆（603606）进行研究并发布了研究报告《在手订单创新高，看好海 风放量》，下调东方电缆目标价至60.0元，给予买入评级。 东方电缆 投资要点： 公司公布2024年业绩。2024年公司实现营收90.93亿元，同比+24.38%；归母净利润10.08亿元，同比+0.81%；扣非 归母净利润9.09亿元，同比-6.07%。费用率方面，全年费用率6.76%，较去年同期的7.68%减少0.91pcts，其中销 售、管理、研发、财务费用率分别为1.95%、1.48%、3.39%、-0.05%，较去年同期分 别-0.14pcts、-0.3pcts ...

[Table_Reportdate] 2025年04月02日 [Table_invest] 买入（维持） 报告原因：业绩点评 [东方电缆（ Table_NewTitle] 603606）：公司业绩稳步提 升，在手订单再创新高 ——公司简评报告 [table_main] 投资要点 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 9,092.52 | 12,529.59 | 14,674.25 | 16,953.39 | | 同比增速 | 24.38% | 37.80% | 17.12% | 15.53% | | 归母净利润（百万元） | 1,008.16 | 1,761.69 | 2,131.23 | 2,536.72 | | 同比增速 | 0.81% | 74.74% | 20.98% | 19.03% | | EPS（元/股） | 1.47 | 2.56 | 3.10 | 3.69 | | 市盈率（P/E） | 34.65 | 19.83 | 16.39 | 13.77 | | 市净率（P/ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is steadily improving, with a record high in hand orders [1] - The company reported a total revenue of 9,092.52 million yuan in 2024, representing a year-on-year increase of 24.38% [5] - The net profit attributable to the parent company for 2024 was 1,008.16 million yuan, a slight increase of 0.81% year-on-year [5] - The company has a robust order backlog of 17.975 billion yuan as of March 21, 2025, with significant contributions expected from various projects [5] - The company is actively expanding its production capacity and has seen a substantial increase in overseas revenue, which grew by 480.54% year-on-year to 733 million yuan [5] Summary by Relevant Sections Financial Performance - Total revenue projections for 2025, 2026, and 2027 are 12,529.59 million yuan, 14,674.25 million yuan, and 16,953.39 million yuan, respectively, with year-on-year growth rates of 37.80%, 17.12%, and 15.53% [2] - The net profit attributable to the parent company is expected to reach 1,761.69 million yuan in 2025, 2,131.23 million yuan in 2026, and 2,536.72 million yuan in 2027, with growth rates of 74.74%, 20.98%, and 19.03% respectively [2] - Earnings per share (EPS) is projected to be 2.56 yuan in 2025, 3.10 yuan in 2026, and 3.69 yuan in 2027 [2] Order Backlog and Project Updates - The company has a total order backlog of 179.75 billion yuan, with 88.27 billion yuan from submarine cable systems, 63.53 billion yuan from land cable systems, and 27.95 billion yuan from marine engineering [5] - Recent project wins include significant contracts in both land and submarine cable systems, indicating a strong pipeline for future revenue [5] Market Position and Strategy - The company is positioning itself as a leader in the domestic and international offshore wind market, with ongoing investments in production capacity and strategic project developments [5] - The establishment of overseas subsidiaries has contributed to a significant increase in international revenue, highlighting the company's growth strategy [5]

Investment Rating - The report maintains a "Recommended" rating for the wind power industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [4][53]. Core Insights - The wind power sector has seen a significant increase in bidding and winning volumes, with a total of 21.5GW of wind turbine bids in the first three months of 2025, representing a year-on-year increase of 14.7% [2][10]. - The report highlights three main investment themes in the wind power sector: 1. High domestic offshore wind project reserves and supportive policies for future development, with a focus on the concentration of offshore wind projects starting in 2025 [7][37]. 2. High bidding activity for onshore wind projects in 2024, indicating a phase of volume and profit growth for manufacturers and components [7][37]. 3. Regional growth in overseas offshore and onshore installations, presenting opportunities for domestic cable, main engine, and component manufacturers to expand internationally [7][37]. Summary by Sections Bidding Volume - In the first three months of 2025, wind turbine bidding reached 21.5GW, with offshore wind accounting for 2.6GW and onshore wind 18.9GW, showing increases of 262.2% and 5% year-on-year respectively [10][20]. - March saw a total of 9.2GW in wind power bids, with offshore wind at 1.8GW and onshore wind at 7.4GW, reflecting a month-on-month increase of 190.3% for onshore projects [10][20]. Winning Volume - The total winning volume for wind power in the first three months of 2025 was 20.3GW, a year-on-year increase of 101.4% [20][21]. - In March, the winning volume for offshore and onshore wind was 0.5GW and 6.8GW respectively, with year-on-year increases of 55.7% and 102.4% [20][21]. Winning Prices - The average winning price for offshore wind in March was 2818 yuan/kW, while for onshore wind it was 1408 yuan/kW, with a month-on-month decrease of 10.2% for onshore projects [36][37]. Investment Recommendations - The report suggests focusing on key companies such as Mingyang Smart Energy, Oriental Cable, Zhongtian Technology, and others, which are well-positioned to benefit from the anticipated growth in the wind power sector [7][39].

Group 1 - The company achieved a historical high in revenue of 9.093 billion yuan in 2024, representing a year-on-year growth of 24.38%, with a net profit attributable to shareholders of 1.008 billion yuan, up 0.81% year-on-year, driven by strategic integration of technology and market [1] - The company’s order backlog reached 17.975 billion yuan for land cable systems as of March 21, 2025, indicating strong market demand [1] - The company’s submarine cable revenue was 2.778 billion yuan in 2024, a slight increase of 0.41% year-on-year, with a gross margin of 39.57%, down 9.57 percentage points due to the delivery of high-voltage, high-margin products in 2023 [1] Group 2 - The company has made significant progress in its production base layout, focusing on the "3+1" industrial strategy to expand into eastern, southern, northern, and high-end international submarine cable markets [2] - The company registered a subsidiary in Fujian and is advancing its strategic market layout in the eastern region, while also establishing a southern headquarters and progressing with the southern industrial base construction [2] - The company achieved an impressive 480.54% year-on-year growth in overseas sales revenue, reaching 733 million yuan in 2024 [2] Group 3 - The company is projected to achieve revenues of 11.772 billion yuan, 13.831 billion yuan, and 17.330 billion yuan for the years 2025-2027, with net profits of 1.702 billion yuan, 2.159 billion yuan, and 3.050 billion yuan respectively, maintaining a "recommended" rating [2]