2025 年第一次临时股东大会会议资料 宁波东方电缆股份有限公司 2025年第一次临时股东大会 会议资料 宁波东方电缆股份有限公司 二〇二五年二月 第 1 页 共 63 页 2025 年第一次临时股东大会会议资料 目 录 | 2025 | 年第一次临时股东大会会议议程 1 | | --- | --- | | 2025 | 年第一次临时股东大会会议须知 3 | | 议案 | 1、关于拟签订对外投资协议的议案 4 | 2025 年第一次临时股东大会会议资料 宁波东方电缆股份有限公司 2025 年第一次临时股东大会会议议程 会议时间：2025年2月14日14:30 会议地点：宁波东方电缆股份有限公司会议室（宁波市中山东路1800号国华金融中心 49-50F） 会议召集人：公司董事会 会议主持人：董事长夏崇耀先生 —签到、宣布会议开始— 1、与会人员签到，领取会议资料；股东及股东代理人同时递交身份证明材料（授 权委托书、营业执照复印件、身份证复印件等）并领取《表决票》； 2、董事长宣布会议开始并宣读现场会议出席情况； 3、推选现场会议的计票人、监票人； 4、董事会秘书宣读大会会议须知； —会议议案— 5、宣读议案1 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [8][12]. Core Insights - The company is expected to benefit significantly from the acceleration of offshore wind power projects in both domestic and European markets, with a strong order backlog and ongoing capacity expansion [8]. - The company has established itself as a leading supplier of cable systems in China, with 70% of its net profit derived from submarine cable business, which is primarily used in offshore wind projects [8]. - The report forecasts net profits for 2024, 2025, and 2026 to reach RMB 12 billion, RMB 19.6 billion, and RMB 24.9 billion respectively, with year-over-year growth rates of 20.3%, 63.3%, and 26.6% [8][11]. Company Overview - The company operates in the electrical equipment industry, with a current stock price of RMB 54.12 as of January 17, 2025, and a market capitalization of RMB 37.22 billion [3]. - Major shareholder is Ningbo Dongfang Group Co., Ltd., holding 31.63% of shares [3]. - The company has a price-to-book ratio of 5.39 and a net asset value per share of RMB 10.05 [3]. Financial Projections - Revenue is projected to grow from RMB 7.01 billion in 2022 to RMB 17.89 billion in 2026, with a significant increase in operating profit and net profit over the same period [11][14]. - The earnings per share (EPS) are expected to rise from RMB 1.225 in 2022 to RMB 3.617 in 2026, reflecting strong growth potential [11][14]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 44.06 in 2022 to 14.92 in 2026, indicating an attractive valuation as earnings grow [11][14]. Market Position - The company holds a dominant position in the domestic submarine cable market, with a market share of nearly 80% among the top three competitors [8]. - The gross margin for submarine cable products is reported at 40%, highlighting the profitability of this segment [8]. - The company has successfully entered the European supply chain, securing significant contracts in the UK and the Netherlands, totaling approximately RMB 2 billion [8]. Capacity Expansion - The company is actively expanding its production capacity, with new facilities planned in Guangxi Beihai and Guangdong Yangjiang, expected to add significant annual output value [9]. - The investment in Guangxi is approximately RMB 2 billion, aimed at enhancing capabilities for deep-sea transmission equipment [9]. Order Backlog - The company has a robust order backlog, with cumulative orders for submarine cables amounting to approximately RMB 7.3 billion for 2024, representing a threefold increase compared to 2023 [8]. - The anticipated domestic offshore wind installation capacity is expected to double in 2025, further supporting the company's growth trajectory [8].

Investment Rating - The report maintains a "Buy" rating for Dongfang Cable (603606.SH) [6] Core Views - Dongfang Cable is strategically investing in a deep-sea transmission equipment project in Beihai, Guangxi, with a total investment of approximately 2 billion yuan, which is expected to significantly enhance its performance in 2025 [1][2] - The company is well-positioned to capture a larger market share in the offshore wind power cable sector due to high barriers to entry and the rich wind energy resources in Guangxi [1][2] - The company has secured new orders worth approximately 7.3 billion yuan for 2024, indicating strong growth potential for 2025 [3] Summary by Sections Investment Overview - The company plans to invest 2 billion yuan in a deep-sea transmission equipment project, with 700 million yuan allocated for fixed assets, divided into three phases [1] - The project aims to enhance the company's production capacity and market share in the offshore wind cable market [1] Market Potential - The deep-sea wind power development is accelerating, with significant implications for energy security and industrial upgrading [2] - The total planned capacity for the deep-sea wind power projects in Guangxi is 13.4 GW, indicating substantial growth potential for the company [2] Financial Performance - The company expects a substantial increase in net profit, projecting 1.26 billion yuan for 2024 and 2.18 billion yuan for 2025, reflecting a year-on-year growth of 72.9% [3] - Revenue is projected to grow from 8.73 billion yuan in 2024 to 12.86 billion yuan in 2025, representing a growth rate of 47.3% [5] Profitability Metrics - The report forecasts a net profit margin increase, with net profit expected to reach 2.7 billion yuan by 2026 [5] - The company's price-to-earnings (P/E) ratio is projected to decrease from 29.9 in 2024 to 14.0 in 2026, indicating improved valuation [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company plans to invest approximately 2 billion yuan in a deep-sea transmission equipment project in Beihai, Guangxi, which will be developed in three phases [4] - The project aims to leverage Guangxi's potential in offshore wind power, with a planned capacity of 13.4 GW in the Beibu Gulf area, and is expected to enhance the company's capabilities in high-end submarine cables and related technologies [4] - The new policies for offshore wind management indicate a clear trend towards deep-sea projects, which are anticipated to become the main focus of offshore wind development in China during the 14th Five-Year Plan period [4] Financial Data and Valuation - The company's projected revenues for 2024, 2025, and 2026 are 9.61 billion yuan, 11.81 billion yuan, and 14.08 billion yuan respectively, reflecting year-on-year growth rates of 31.5%, 22.9%, and 19.2% [6][8] - The expected net profits for the same years are 1.31 billion yuan, 1.91 billion yuan, and 2.44 billion yuan, with corresponding year-on-year growth rates of 30.9%, 45.7%, and 28.1% [6][8] - The projected EPS for 2024, 2025, and 2026 are 1.90 yuan, 2.77 yuan, and 3.55 yuan, with P/E ratios of 29, 20, and 15 respectively [5][6]

Core Viewpoint - Dongfang Cable plans to invest approximately 2 billion yuan in a deep-sea transmission equipment project in Beihai City, Guangxi, to enhance technological innovation in the offshore wind power sector [1][2]. Investment Details - The total investment for the project is estimated at around 2 billion yuan, with fixed asset investment of about 700 million yuan [1]. - The project will be constructed in three phases: Phase 1 will invest 300 million yuan, Phase 2 will invest 700 million yuan, and Phase 3 will invest 1 billion yuan [1]. Strategic Importance - The deep-sea transmission system is crucial for the development of deep-sea energy resources, aligning with the company's long-term strategic goals [2]. - The investment aims to enhance the company's core competitiveness and profitability by advancing key technologies in the offshore wind power sector [2]. Regulatory and Financial Considerations - The project implementation requires compliance with national laws and regulations, and land use rights must be secured [3]. - The investment proposal will be subject to approval by the shareholders' meeting, which may significantly impact the company's financial status [3]. Production and Capacity Expansion - Dongfang Cable specializes in the design, production, installation, and maintenance of submarine and land cables, with core products including land cable systems, submarine cable systems, and marine engineering [3]. - The company is expanding its production capacity with a focus on high-voltage submarine cable manufacturing bases in eastern China, particularly in Guangdong and Jiangsu provinces [3][4]. Recent Projects - The company has recently secured two major projects: a 220kV and 66kV submarine cable project in the South China Sea, with a total value of approximately 985 million yuan and 290 million yuan respectively [4]. - These projects are expected to positively impact the company's future revenue generation while maintaining operational independence [4].

证券代码：603606 证券简称：东方电缆 公告编号：2025-004 宁波东方电缆股份有限公司 第六届董事会第19次会议决议公告 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。 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19次会议于2025年1月10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 表决结果：赞成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《关于 2025 年度 对外捐赠额度预计的公告》，公告编号：2025-007。 《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 次会议审议通过三项议案： 二、 董事会会议审议情况 1、审议通过了公司《关于拟签订对外投资协议的议案》； 表决结果：赞成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《关于拟签订对外 投资协议的提示性公 ...

4、本次监事会应参加表决的监事3人，实际参与表决监事3人。 5、本次监事会会议由监事会主席胡伯惠先生主持，公司部分高 级管理人员列席了会议。 证券代码：603606 证券简称：东方电缆 公告编号：2025-005 宁波东方电缆股份有限公司 第六届监事会第13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 1、本次监事会会议的召开符合《公司法》与《公司章程》的规 定； 2、本次监事会会议于2025年1月3日以通讯方式向全体监事发出 第六届监事会第13次会议通知； 3、本次监事会会议于2025年1月10日以现场会议方式在宁波东方 电缆股份有限公司会议室召开。 二、监事会会议审议情况 1、审议通过了《关于2021年度OIMS奖励基金运用方案（第二期） 的议案》； 表决结果：赞成3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《关于2021年度 OIMS奖励基金运用方案（第二期）的公告》，公告编号：2025-008。 特此公告。 宁波东方电缆股份有限公司 二O ...

证券代码：603606 证券简称：东方电缆 公告编号：2025-009 宁波东方电缆股份有限公司 关于召开 2025 年第一次临时股东大会的通知 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2025 年第一次临时股东大会 召开的日期时间：2025 年 2 月 14 日 14 点 30 分 召开地点：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 华金融中心 49-50F） 股东大会召开日期：2025年2月14日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 2 月 14 日 至 2025 年 2 月 14 日 2、 特别决议议案：无 ...

证券代码：603606 证券简称：东方电缆 公告编号：2025-003 宁波东方电缆股份有限公司 关于股份回购进展公告 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 日~2025 年 | 31 | 日 | | 30 | | 预计回购金额 | | | | 万元~20,000 万元 10,000 | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | □为维护公司价值及股东权益 | | | | | | 累计已回购股数 | 万股 191.34 | | | | | | 累计已回购股数占总股本比 | 0.2782% | | | | | | 例 | | | | | | | 累计已回购金额 | 8,918.8677 万元 | | | | | | 实际回购价格区间 | 42 ...

证券代码：603606 证券简称：东方电缆 公告编号：2025-002 二、 回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，在回购股份期间，公司应当在每个月的前 3 个交易 日内公告截至上月末的回购进展情况。现将公司回购股份进展情况公告如下： 宁波东方电缆股份有限公司 关于股份回购进展公告 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 | 万元 10,000 万元~20,000 | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | □为维护公司价值及股东权益 | | | | 累计已回购股数 | 万股 191.34 | | | | 累计已回购股数占总 ...