民生证券给予东方电缆推荐评级，2025年半年报点评：趋势向好，关注存货和合同负债增长

Group 1 - The core viewpoint of the report is that Minsheng Securities recommends Dongfang Cable (603606.SH, latest price: 54.58 yuan) based on strong order backlog and capacity expansion [2] - The company has achieved a record high in its order backlog, indicating robust demand and growth potential [2] - There is a focus on the growth of inventory and contract liabilities, which may impact the company's financial health [2] Group 2 - The company is continuously improving its capacity layout, which is essential for meeting future demand [2] - The report highlights potential risks including industry demand falling short of expectations, fluctuations in upstream raw material prices, and increasing competition within the industry [2]