Core Viewpoint - The report by Guojin Securities indicates that despite a decline in net profit, Oriental Cable is expected to accelerate its performance in the second half of the year due to high inventory and contract liabilities [1]. Financial Performance - In the first half of 2025, Oriental Cable achieved revenue of 4.43 billion yuan, a year-on-year increase of 9.0%, while the net profit attributable to shareholders was 473 million yuan, a year-on-year decrease of 26.6% [2]. - In Q2 2025, the company reported revenue of 2.29 billion yuan, a year-on-year decline of 17.1%, and a net profit of 192 million yuan, down 49.6% year-on-year [2]. Operational Analysis - The revenue from the power engineering and equipment cable business reached 2.2 billion yuan in the first half, up 25% year-on-year, with a gross margin of 10.8%. Q2 revenue was 1.3 billion yuan, an 11% increase year-on-year and a 48% increase quarter-on-quarter [3]. - Revenue from submarine cables and high-voltage cables was 2 billion yuan, an 8% year-on-year increase, with a gross margin of 25%. Q2 revenue was 760 million yuan, a 3% increase year-on-year but a 36% decrease quarter-on-quarter [3]. - The marine equipment and engineering operation segment generated approximately 275 million yuan, down 45% year-on-year, with a gross margin of 29%. Q2 revenue was 210 million yuan, a 223% increase quarter-on-quarter [3]. - The increase in inventory and contract liabilities is significant, with contract liabilities reaching 1.67 billion yuan, up 473% year-on-year, and inventory at 3.13 billion yuan, up 67% year-on-year [3]. Order Backlog and Future Prospects - As of August 12, 2025, the company had an order backlog of 19.6 billion yuan, a 4% increase from April 21. This includes approximately 11 billion yuan for submarine and high-voltage cables, 5 billion yuan for power engineering and equipment cables, and 3.6 billion yuan for marine equipment and engineering operations [4]. - The company is optimistic about accelerating order acquisition in the second half of the year, particularly with upcoming tenders for the Zhejiang deep-sea demonstration project and ongoing tenders for the UK AR7 offshore wind project [4]. Profit Forecast and Valuation - Based on the company's half-year report and the latest industry assessments, the forecast for net profit attributable to shareholders for 2025-2027 is 1.72 billion, 2.24 billion, and 2.65 billion yuan, corresponding to PE ratios of 21, 16, and 13 times, respectively. The company maintains a "buy" rating [5].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 4.43 billion RMB for the first half of 2025, representing a year-on-year growth of 9.0%, but the net profit attributable to shareholders decreased by 26.6% to 473 million RMB [3] - The short-term performance is slightly pressured due to the revenue recognition cycle of offshore wind projects, with the cable business showing a revenue increase of 25% year-on-year [4] - Inventory and contract liabilities have significantly increased, indicating potential for accelerated performance in the second half of the year [5] - The company has a strong order backlog of 19.6 billion RMB, with expectations for accelerated order acquisition in the second half [5] Summary by Sections Performance Review - In Q2 2025, the company achieved a revenue of 2.29 billion RMB, down 17.1% year-on-year, and a net profit of 192 million RMB, down 49.6% [3] Operational Analysis - The power engineering and cable business generated 2.2 billion RMB in revenue, up 25% year-on-year, while the submarine cable and high-voltage cable segment generated 2 billion RMB, up 8% year-on-year [4] - The marine equipment and engineering operations segment saw a significant decline of 45% year-on-year [4] Inventory and Order Backlog - As of mid-2025, contract liabilities reached 1.67 billion RMB, up 473% year-on-year, and inventory stood at 3.13 billion RMB, up 67% year-on-year [5] - The company has a robust order backlog of 19.6 billion RMB, with expectations for new project bids in the offshore wind sector [5] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 1.72 billion, 2.24 billion, and 2.65 billion RMB, respectively, with corresponding P/E ratios of 21, 16, and 13 [6]

Group 1 - Dongfang Cable (603606.SH) released its semi-annual report for 2025, showing that as of August 14, 2025, 158 institutional investors held a total of 372 million shares, accounting for 54.14% of the total share capital [1] - The top ten institutional investors collectively held 46.33% of the shares, with a 1.93 percentage point increase compared to the previous quarter [1] Group 2 - In the public fund sector, 31 funds increased their holdings, with a total increase ratio of 0.81%, while 42 funds decreased their holdings, with a decrease ratio of 0.48% [2] - A total of 56 new public funds were disclosed this period, while 53 funds were not disclosed compared to the previous quarter [2] Group 3 - In the insurance capital sector, only one insurance company increased its holdings, accounting for an increase ratio of 0.1% [3] - Two new insurance investors were disclosed this period, while one pension fund was not disclosed compared to the previous quarter [3]

Core Points - The article highlights significant announcements from various companies, including investment projects, contract wins, operational data, and financial performance. Company Announcements - Cambrian Technology (寒武纪) refuted claims regarding large orders for carrier boards as false information [1] - Zhongyan Chemical (中盐化工) plans to invest 360 million yuan in a natural soda ash mining project with an annual production capacity of 5 million tons [1] - Wanlima (万里马) won a procurement project for the 2025-2026 Southern Airlines comprehensive support department [1] - Lu'an Energy (路安环能) reported July coal sales of 4 million tons, a year-on-year decrease of 6.1% [1][2] - *ST Huike (汇科) intends to acquire 51% of Yizheng Tong for 29.07 million yuan [1][2] - Chipsea Technology (芯海科技) is planning an H-share issuance [1] Investment Projects - Zhaowei Electromechanical (兆威机电) plans to invest in a new production base in Thailand [1] - Yunnan Energy Investment (云南能投) is investing in wind and solar power projects, including the Changning Changtian Wind Farm and a photovoltaic project costing 245 million yuan [1] Contract Wins - Longjian Construction (龙建股份) secured a 448 million yuan engineering project [1] - Wanlima (万里马) won a contract for the procurement of aircrew bags for Southern Airlines [1] Financial Performance - Taicheng Light (太辰光) reported a net profit of 173 million yuan for the first half of the year, a year-on-year increase of 118.02% [1] - Dongyangguang (东阳光) achieved a net profit of 613 million yuan, a year-on-year increase of 170.57% [3] - Oriental Cable (东方电缆) reported a net profit of 473 million yuan, a year-on-year decrease of 26.57% [3] - Limin Co. (利民股份) reported a net profit of 269 million yuan, a year-on-year increase of 747.13% [3] Shareholding Changes - Zhongzi Technology (中自科技) announced that shareholder Yin'an Lingying plans to reduce holdings by up to 3% [1][2] - Boshi Jie (博实结) announced plans for a combined reduction of up to 3% in shares by shareholders Botian Yi and Huitian Yi [1][2] Other Developments - Kingood (金固股份) signed a strategic cooperation framework agreement with Luming Robotics [1] - Qipai Technology (气派科技) plans to raise no more than 159 million yuan through a private placement [1]

Core Viewpoint - The company's 1H25 performance slightly underperformed market expectations, primarily due to the early recognition of revenue from European projects and the larger scale of multiple projects requiring both supply and installation, leading to a delayed revenue recognition schedule [1] Financial Performance - In 1H25, the company reported revenue of 4.432 billion yuan, a year-on-year increase of 8.95%, while net profit attributable to shareholders was 473 million yuan, a year-on-year decrease of 26.57% [1] - For 2Q25, revenue was 2.285 billion yuan, a year-on-year decline of 17.13%, and net profit was 192 million yuan, down 49.56% year-on-year [1] - The company’s power cables and marine engineering segments showed strong profitability, with gross margins of 10.8% and 29.1% respectively in 1H25 [1] Order Backlog and Inventory - As of August 12, 2025, the company had a strong order backlog totaling 19.6 billion yuan, with 11 billion yuan from submarine cables and high-voltage cables, and 3.6 billion yuan from marine equipment and engineering operations, marking a historical high [2] - The company’s inventory stood at 3.12 billion yuan and contract liabilities at 1.67 billion yuan, indicating a robust production trend [2] Development Trends - The company is expected to emerge from the transitional period post-offshore wind parity in 2025, entering a phase of sustained order and profit growth, particularly in ultra-high voltage submarine cable products [3] - A continuous order fulfillment cycle is anticipated to start from 4Q24, with the company likely maintaining an advantage in ultra-high voltage cable orders [3] - The company is projected to reach a revenue recognition turning point in 3Q25, with an increase in the revenue share from ultra-high voltage products expected to structurally enhance profitability [3] Profit Forecast and Valuation - The profit forecast for 2025 has been revised down by 7.8% to 1.61 billion yuan, while the 2026 profit forecast remains unchanged at 2.31 billion yuan [4] - The current stock price corresponds to price-to-earnings ratios of 21.9 and 15.3 for 2025 and 2026 respectively [4] - Given the robust order backlog and the ongoing cycle of order and profit growth, the company maintains an outperform rating with a target price of 66.47 yuan, indicating a potential upside of 29.3% from the current stock price [4]

Core Insights - The company reported a revenue of 4.432 billion yuan for the first half of 2025, representing a year-on-year increase of 8.95% [1] - The net profit attributable to shareholders decreased to 473 million yuan, down 26.57% year-on-year [1] - The net profit excluding non-recurring gains and losses was 462 million yuan, a decrease of 21.83% year-on-year [1] - Basic earnings per share were reported at 0.69 yuan [1] Revenue Breakdown - Revenue from power engineering and equipment cables increased by 24.85% year-on-year, contributing a larger share to total revenue, but with lower added value [1] - Revenue from submarine cables and high-voltage cables also increased year-on-year, but the added value declined due to changes in the revenue structure of submarine cable products [1] - Revenue from marine equipment and engineering operations decreased by 44.61% year-on-year, primarily due to a decline in higher added value marine equipment revenue [1] Impact Factors - The decline in net profit was influenced by two main factors: changes in product revenue structure and the absence of asset disposal gains from the previous year [1] - In the first half of 2024, the company recognized asset disposal gains of approximately 52.33 million yuan from the sale of land use rights, which did not recur in 2025 [1]

Core Viewpoint - The report highlights the financial performance and operational status of Ningbo Orient Cable Co., Ltd. for the first half of 2025, indicating a mixed performance with revenue growth but a decline in net profit due to changes in product revenue structure and market conditions [1][2]. Financial Performance - The company achieved operating revenue of 4.43 billion yuan, an increase of 8.95% compared to the same period last year [2]. - Total profit amounted to 542 million yuan, down 27.22% year-on-year [2]. - Net profit attributable to shareholders was 473 million yuan, a decrease of 26.57% from the previous year [2]. - The net cash flow from operating activities increased by 48.51% to 714 million yuan [2]. - The company's total assets reached 13.92 billion yuan, up 14.31% from the end of the previous year [2]. Business Segments - Revenue from power engineering and equipment cables (green transmission facilities) was 2.20 billion yuan, up 24.85%, accounting for 49.60% of the main business revenue [2][15]. - Revenue from submarine cables and high-voltage cables (power new energy) was 1.96 billion yuan, an increase of 8.32%, making up 44.18% of the main business revenue [2][15]. - Revenue from marine equipment and engineering operation and maintenance (deep-sea technology) was 275 million yuan, down 44.61%, representing 6.22% of the main business revenue [2][15]. Industry Overview - The cable industry is crucial for energy transmission and information transfer, with a rapidly growing market driven by developments in power, transportation, and renewable energy sectors [3]. - The Chinese cable industry is expected to exceed a market size of 1.5 trillion yuan by 2025, with high-end products like ultra-high voltage cables and smart cables accounting for over 40% of the market [3][4]. - The offshore wind power sector in China has seen significant growth, with installed capacity reaching 41.27 GW by the end of 2024, making it the world's leader in new installations [4][5]. Strategic Initiatives - The company is focusing on enhancing its production capabilities and expanding its market presence through strategic partnerships and project acquisitions [16][17]. - There is a strong emphasis on technological innovation, with ongoing projects in high-voltage direct current cables and new material development to improve efficiency and reduce costs [17][18]. - The company aims to leverage its strong order backlog, which amounts to approximately 19.6 billion yuan, to ensure sustained growth in the coming periods [2][15].

□适用 √不适用 □适用 √不适用 □适用 √不适用 第三节 重要事项 | 宁波东方电缆股份有限公司2025 | 年半年度报告摘要 公司代码：603606 公司简称：东方电缆 | | | | | --- | --- | --- | --- | --- | | 宁波东方电缆股份有限公司 | | | | | | 二零二五年八月 | | | | | | 宁波东方电缆股份有限公司2025 | 年半年度报告摘要 | | | | | 第一节 | 重要提示 | | | | | http://www.sse.com.cn/网站仔细阅读半年度报告全文。 | 展规划，投资者应当到 | | | | | 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 | | | | | | 报告期内，公司无利润分配预案或公积金转增股本预案。 | | | | | | 第二节 | 公司基本情况 | | | | | 公司股票简况 | | | | | | 股票种类 | 股票上市交易所 股票简称 | 股票代码 | | 变更前股票 | | 简称 | | | | | | A股 | 上海证券交易所 东方电缆 | 603606 | | | ...

证券代码：603606 证券简称：东方电缆 公告编号：2025-025 宁波东方电缆股份有限公司 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22次会议于2025年8月14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， 本次会议审议通过八项议案。 二、 董事会会议审议情况 （一）审议通过了公司《2025年半年度报告全文及摘要》 表决结果：同意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《2025 年半年度 报告全文及摘要》。 （二）审议通过了公司《关于续聘公司2025年度审计机构的议案》 表决结果：同意9票，反对0票，弃权0票。 本议案尚需提交公司股东会审议。 第六届董事会第22次会议决议公告 具体详见上海证券交易所网站 ww ...

证券代码：603606 证券简称：东方电缆 公告编号：2025-026 宁波东方电缆股份有限公司 第六届监事会第16次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 份有限公司章程》（以下简称"《公司章程》"）的规定； 第六届监事会第16次会议通知； 电缆股份有限公司会议室召开。 级管理人员列席了会议。 二、监事会会议审议情况 （一）审议通过了《2025年半年度报告全文及摘要》； 表决结果：同意3票，反对0票，弃权0票； 经审议，监事会认为：公司《2025年半年度报告全文及摘要》 的编制和审议程序符合法律、法规、《公司章程》和公司内部管理制 度的各项规定；2025年半年度报告的内容和格式符合中国证监会和上 海证券交易所的各项规定，所包含的信息能从各个方面真实地反映出 公司2025年半年度的经营状况、成果和财务状况；在提出本意见前， 未发现参与2025年半年度报告编制和审议的人员有违反保密规定的 行为。公司《2025年半年度报告全文及摘要》详见上海证券交易所网 站www.sse.com.c ...