公 电力设备及新能源 司 2024年03月 20日 报 东方电缆(603606.SH) 告 业绩稳步增长，订单有望迎来高增 推荐（维持） 事项： 公司发布2023年报，2023年实现营收73.10亿元，同比增长4.3%，归母净利 股价：44.3 元 润10.00亿元，同比增长18.78%，扣非后净利润9.68亿元，同比增长15.5%； EPS 1.45元，拟每股派发现金红利0.45元（含税）。2023Q4，公司实现营收 公 主要数据 19.61亿元，同比增长45.85%，归母净利润1.78亿元，同比增长68.62%。 司 行业 电力设备及新能源 平安观点： 年 公司网址 www.orientcable.com 大股东/持股 宁波东方集团有限公司/31.63%  海缆业务量利齐升推动业绩增长。2023 年公司实现陆缆系统营收 38.27 报 实际控制人 夏崇耀,袁黎雨 亿元，同比下降 3.77%，毛利率减少 1.71 个百分点至 7.96%；海缆系统 点 总股本(百万股) 688 及海洋工程营收34.76亿元，同比增长14.78%，其中海缆系统收入27.66 流通A股(百万股) 688 亿元，同比增长23.4 ...

Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The company reported a revenue of 7.31 billion yuan for 2023, representing a year-on-year growth of 4.3% [1]. - The net profit attributable to shareholders reached 1 billion yuan in 2023, with a year-on-year increase of 18.78% [1]. - The company achieved a non-recurring net profit of 970 million yuan, marking a year-on-year growth of 19.6% [1]. - The company is expected to benefit from the recovery of the domestic offshore wind market, with significant projects being approved [1]. - The company has a strong order backlog of 7.86 billion yuan, with notable growth in overseas markets [1]. Financial Summary - Total revenue for 2022 was 7.009 billion yuan, with a decline of 11.6% year-on-year, while 2023 saw a recovery with revenue of 7.31 billion yuan [2]. - The net profit attributable to shareholders for 2022 was 842 million yuan, which increased to 1 billion yuan in 2023, reflecting a growth rate of 29.2% [2]. - The gross margin improved from 22.4% in 2022 to 25.2% in 2023 [2]. - The company forecasts net profits of 1.505 billion yuan and 2.007 billion yuan for 2024 and 2025, respectively, indicating a growth rate of 50.5% and 33.4% [2]. - The earnings per share (EPS) are projected to rise from 1.45 yuan in 2023 to 2.19 yuan in 2024 [2]. Market Position and Outlook - The company is expanding its market presence in overseas regions, with significant projects in collaboration with European partners [1]. - The offshore cable system revenue increased by 14.78% in 2023, while the onshore cable system revenue saw a slight decline of 1.7% [1]. - The company is actively involved in major offshore wind projects, which are expected to contribute to future revenue growth [1].

Investment Rating - The report maintains a "Buy" rating for the company, considering the expected recovery in industry demand, the scale and structure of the company's orders, and its leading profitability levels [3][4]. Core Insights - The company achieved a revenue of 7.31 billion yuan in 2023, representing a year-on-year growth of 4.3%. The net profit attributable to shareholders was 1 billion yuan, up 18.78% year-on-year. The adjusted net profit was 968 million yuan, reflecting a 15.5% increase [2]. - In Q4 2023, the company reported a revenue of 1.96 billion yuan, a significant year-on-year increase of 45.85% and a quarter-on-quarter increase of 18%. The net profit for the quarter was 178 million yuan, up 68.63% year-on-year [2]. - The company’s gross margin for 2023 was 25.21%, an increase of 2.83 percentage points year-on-year, while the net margin was 13.24%, up 1.28 percentage points year-on-year [2]. Revenue Breakdown - In 2023, the company’s revenue from submarine cables, land cables, and marine engineering was 2.766 billion yuan, 3.827 billion yuan, and 709 million yuan, respectively. This represents year-on-year growth of 23.47%, a decline of 3.77%, and a decline of 9.94% [2]. - The revenue contribution from submarine cables, land cables, and marine engineering for Q4 2023 was approximately 480 million yuan, 1.1 billion yuan, and 380 million yuan, respectively [2]. Orders and Inventory - As of March 15, 2024, the company had an order backlog of 7.86 billion yuan, with 3.16 billion yuan from submarine systems, 3.75 billion yuan from land systems, and 950 million yuan from marine engineering [2]. - The inventory as of December 31, 2023, was approximately 2.148 billion yuan, a year-on-year increase of 62.6%, primarily due to increased inventory of submarine systems and finished goods [2].

证券研究报告·公司点评报告·电网设备 东方电缆（603606） 2023 年年报点评：23Q4 海缆盈利超预期，24 2024年 03月 21日 年海风招标大年订单有望回升 证券分析师 曾朵红 买入（维持） 执业证书：S0600516080001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E zengdh@dwzq.com.cn 证券分析师 郭亚男 营业总收入（百万元） 7,009 7,310 8,804 11,193 12,452 执业证书：S0600523070003 同比 -11.64% 4.30% 20.44% 27.13% 11.25% guoyn@dwzq.com.cn 归母净利润（百万元） 841.90 1,000.04 1,245.93 1,760.44 2,023.03 同比 -29.18% 18.78% 24.59% 41.29% 14.92% 股价走势 EPS-最新摊薄（元/股） 1.22 1.45 1.81 2.56 2.94 东方电缆 沪深300 P/E（现价&最新摊薄） 37.67 31.72 ...

Financial Performance - The company achieved a net profit of ¥967,819,822.21 for the year 2023, with cumulative distributable profits amounting to ¥3,774,243,644.09[5] - A cash dividend of ¥4.50 per 10 shares (including tax) is proposed, totaling ¥309,471,915.60, representing an increase compared to the previous two periods[5] - The retained earnings after the profit distribution will be ¥3,464,771,728.49[5] - The company achieved operating revenue of RMB 7.31 billion in 2023, representing a year-on-year increase of 4.30%[20] - Net profit attributable to shareholders reached RMB 1.00 billion, an increase of RMB 158 million or 18.78% compared to the previous year[23] - The net profit after deducting non-recurring gains and losses was RMB 967 million, up by RMB 130 million or 15.50% year-on-year[23] - The cash flow from operating activities was RMB 1.19 billion, a significant increase of 83.93% compared to RMB 647 million in 2022[21] - The company's total assets increased by 15.80% to RMB 10.64 billion from RMB 9.19 billion in 2022[21] - The net assets attributable to shareholders rose by 14.51% to RMB 6.29 billion, compared to RMB 5.49 billion at the end of 2022[21] - Basic earnings per share increased to RMB 1.45, reflecting an 18.85% growth from RMB 1.22 in 2022[22] - The weighted average return on equity improved to 17.01%, an increase of 0.72 percentage points from the previous year[22] Revenue Breakdown - The revenue from submarine cable systems and marine engineering was RMB 3.48 billion, a growth of 14.78% year-on-year, accounting for 47.59% of total revenue[23] - The revenue from land cable systems was RMB 3.83 billion, a decline of 3.77% year-on-year, making up 52.41% of total revenue[23] - The company reported a decline in land cable system revenue, which amounted to 3.83 billion CNY, down 3.77% year-on-year[30] - Revenue from marine cable systems and marine engineering reached 3.48 billion RMB, an increase of 14.78% year-on-year[52] Innovation and Technology - The company successfully developed and applied the first domestic deep-sea dynamic cable system, marking a significant technological breakthrough[33] - The company filed for 29 patents, including 11 invention patents, demonstrating a strong commitment to innovation[33] - The company completed 5 technology achievement identifications in 2023, with 2 recognized as internationally leading and 3 as internationally advanced[43] - The company has led the formulation of 64 national and industry standards, promoting standardization and innovation in the marine cable industry[49] - The company has been involved in key national R&D projects, including the ±500kV DC cable design and manufacturing technology, enhancing its competitive edge in the market[145] Market Expansion and Strategy - The company is actively expanding its international market presence, leveraging its European subsidiary to enhance competitiveness[32] - The company plans to invest in new energy equipment cables and special cables, capitalizing on the market opportunities arising from the national "dual carbon" strategy and new infrastructure investments[36] - The company aims to enhance its sustainable competitiveness and accelerate the global expansion of "Dongfang Manufacturing" while aligning with national dual carbon goals[34] - The company is focusing on strategic and technological innovation to improve its market share in both marine and land cable systems, aiming for high-quality development in the "3+2" market[118] Corporate Governance and Compliance - The board of directors and supervisory board members have confirmed the authenticity, accuracy, and completeness of the annual report[3] - The company has established a transparent performance evaluation system for directors and senior management, linking compensation to performance metrics[133] - The company emphasizes continuous information disclosure, ensuring all shareholders receive timely and accurate information[134] - The company maintains independence from its controlling shareholder, ensuring no interference in operational decisions[136] - The company has established measures to ensure the fulfillment of commitments related to profit compensation, linking them to the performance of the management team[192] Risk Management - The company has described potential risks in the management discussion and analysis section of the report[8] - The company faces risks related to raw material price fluctuations, which could significantly impact profitability despite hedging measures[123] - The company is aware of potential policy risks that could affect demand for its products due to changes in national industrial policies[124] - The company plans to mitigate risks by locking in raw material costs, monitoring macroeconomic trends, and increasing R&D investment[128] Social Responsibility and Sustainability - The company is dedicated to sustainable development by integrating green and environmental protection concepts into its operations and product offerings[114] - The company has established a comprehensive environmental management system, aligning with ISO 14001 standards to improve environmental performance[177] - The company reduced carbon emissions by 3,818.96 tons through measures such as using clean energy and carbon reduction technologies[179] - The company actively participates in social welfare projects, including education and environmental initiatives[184] Audit and Financial Reporting - The company has established a comprehensive internal control system, ensuring effective financial reporting controls as of December 31, 2023, with no major deficiencies identified[170] - The internal control audit conducted by Tianjian Accounting Firm provided a standard unqualified opinion, confirming the effectiveness of the internal control system[173] - The company appointed Tianjian Accounting Firm as the financial audit and internal control audit institution for the year 2023, with an audit fee of 1,500,000 RMB[194] Employee Management and Development - The total number of employees in the parent company and major subsidiaries is 1,350, with 683 in production, 153 in sales, and 238 in technical roles[161] - The company has established a comprehensive vocational education training system to enhance employee skills and capabilities[163] - The company has implemented a competitive salary policy to ensure fair compensation for employees[162] - The company aims to enhance its human resource management by optimizing the performance management system and establishing a dual-channel talent development mechanism to support its growth[116]

宁波东方电缆股份有限公司 董事会提名委员会议事规则 （2024 年修订） 第一章 总则 第一条 为规范公司领导人员的产生，优化董事会组成，完善公司治理结构， 根据《中华人民共和国公司法》《上市公司治理准则》《公司章程》及其他有关规 定，公司特设立董事会提名委员会，并制订本议事规则。 第二条 董事会提名委员会是董事会依据相应法律法规设立的专门工作机 构，对董事会负责并报告工作，主要负责对公司董事和高级管理人员的人选、选 择标准和程序进行选择并提出建议。 第二章 人员组成 第三条 提名委员会成员由三名董事组成，其中独立董事应当过半数。 第四条 提名委员会委员由董事会选举产生。提名委员会设召集人一名，由 董事会选举一名独立董事委员担任，负责主持委员会工作。 第五条 提名委员会委员必须符合下列条件： （一）不具有《公司法》或《公司章程》规定的不得担任公司董事、监事、 高级管理人员的禁止性情形； （二）最近三年内不存在被证券交易所公开谴责或宣布为不适当人选的情 形； （三）最近三年内不存在因重大违法违规行为被中国证监会予以行政处罚的 情形； （四）具备良好的道德品行，具有人力资源管理、企业管理、财务、法律等 相关专业知 ...

目 录 | 一、审计报告……………………………………………………… 第 1—7 | | 页 | | --- | --- | --- | | 二、财务报表……………………………………………………… 第 8—15 | | 页 | | （一）合并资产负债表…………………………………………… 第 | 8 | 页 | | （二）母公司资产负债表………………………………………… 第 | 9 | 页 | | （三）合并利润表…………………………………………………第 | 10 | 页 | | （四）母公司利润表………………………………………………第 | 11 | 页 | | （五）合并现金流量表……………………………………………第 | 12 | 页 | | （六）母公司现金流量表…………………………………………第 | 13 | 页 | | （七）合并所有者权益变动表……………………………………第 | 14 | 页 | | （八）母公司所有者权益变动表…………………………………第 | 15 | 页 | | | | 审 计 报 告 天健审〔2024〕425 号 宁波东方电缆股份有限公司全体股东： 一、审计意见 我们审计了宁波东方 ...

宁波东方电缆股份有限公司 董事会审计委员会议事规则 （2024 年修订） 第一章 总 则 第一条 为规范宁波东方电缆股份有限公司（以下简称"公司"）董事会决 策机制，确保董事会对经营管理层的有效监督，完善公司治理结构，根据《中华 人民共和国公司法》（以下简称"《公司法》"）《中华人民共和国证券法》（以 下简称"《证券法》"）《宁波东方电缆股份有限公司公司章程》（以下简称"公 司章程"）的相关规定及其他法律法规，公司特设立董事会审计委员会（以下简 称"审计委员会"），并制定本议事规则。 第二条 审计委员会是董事会按照公司章程设立的专门工作机构。审计委 员会成员应当勤勉尽责，切实有效地监督、评估公司内外部审计工作，促进公司 建立有效的内部控制并提供真实、准确、完整的财务报告。 审计委员会成员应当具备履行审计委员会工作职责的专业知识和经验。 第三条 审计委员会对董事会负责，其提案应提交董事会审查决定。 第四条 公司应当为审计委员会提供必要的工作条件，配备专门人员或者机 构承担审计委员会的工作联络、会议组织、材料准备和档案管理等日常工作。审 计委员会履行职责时，公司管理层及相关部门应当给予配合。 第五条 公司披露年度 ...

宁波东方电缆股份有限公司 内部控制制度 （2024 年修订） 第一章 总 则 第一条 为加强宁波东方电缆股份有限公司（以下简称"公司"）的内部控制，促 进公司规范运作和健康发展，提高公司经营管理水平和风险防范能力，保护投资者合 法权益，根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易 所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号—规范运作》 《企业内部控制基本规范》及配套指引等法律、行政法规、部门规章及其他规范性 文件的规定，结合公司的实际情况，制定本制度。 第二条 公司内部控制制度的目的： （一）遵守国家法律、法规、规章及其他相关规定； （二）提高公司经营的效益及效率，促进公司实现发展战略； （三）确保公司财务报告及相关信息披露的真实、准确、完整和公平； （四）确保公司行为合法合规。 第四条 公司董事会对公司内控制度的建立健全、有效实施及其检查监督负责， 董事会及其全体成员应保证内部控制相关信息披露内容的真实、准确、完整。监事 会对董事会建立与实施内部控制进行监督。经理层负责组织领导企业内部控制的日 常运行。公司各职能部门具体负责制定、完善和实施本专业系统的风险管理和控制 ...

本制度所称合规风险是指公司及其员工的经营管理行为违反法律、法规和 准则而导致公司承担法律责任、受到行政处罚或造成经济或声誉损失等负面影 响的可能性。 本制度所称合规管理是指公司制定和执行合规管理制度，建立合规管理机 制，培育合规文化，防范合规风险的行为。 第三条 公司应当树立并坚守以下合规理念： （一）合规是底线。合规是公司的生存基础，公司必须坚持一切经营管理 行为符合法律、法规和准则。合规是公司生存发展不可逾越的底线。 宁波东方电缆股份有限公司 合规管理制度 第一条 为加强宁波东方电缆股份有限公司（以下简称"公司"）的合规管 理，建立健全合规管理体系，提升公司合规管理水平，有效防范合规风险，保 障公司持续健康发展，根据《中华人民共和国公司法》《中华人民共和国证券 法》等有关法律法规、其他规范性文件的规定，结合公司实际情况，制订本制 度。 第二条 本制度所称合规是指公司及其员工的经营管理行为符合法律、法规、 规章及其他规范性文件、行业规范和自律规则和公司章程、内部规章制度等要 求（以下统称法律、法规和准则）。 第四条 公司开展合规管理工作应坚持以下基本原则： （二）全员合规。合规是公司全体工作人员的基本行为准 ...