高端海缆量产落地 东方电缆筑牢“第二增长曲线”

Core Viewpoint - The company, Oriental Cable, is committed to a dual development strategy of land and sea, focusing on its core business and independent innovation during the "14th Five-Year Plan" period [1] Group 1: Business Strategy and Development - Oriental Cable has established a leading position in the domestic market by developing three main sectors: power engineering and equipment cables, submarine cables, and marine equipment and operation [1] - The company has formed a strategic layout across the eastern, southern, and northern regions of China, while also planning for international expansion to build a solid capacity foundation for the "15th Five-Year Plan" [1] Group 2: Technological Advancements - The company has achieved several key technological breakthroughs in the high-end submarine cable sector, including the global first application of 500kV three-core AC submarine cables and the commencement of mass production of ±525kV DC submarine cables [1] - The deep-sea dynamic cable system has been applied to the "Haiyou Guolan" floating wind turbine platform, and the domestication of the 1500-meter deep water umbilical cable has been realized [1] Group 3: Market Demand and Orders - The "14th Five-Year Plan" has set clear offshore wind power installation targets, creating a certain market demand for the company's core submarine cable business, leading to a rapid increase in orders [1] - As of the disclosure date of the Q3 2025 report, the company has secured orders worth 11.737 billion yuan for submarine cables and high-voltage cables [1] Group 4: Financial Strategy and Shareholder Returns - During the "14th Five-Year Plan" period, the company has maintained annual cash dividends since its listing and has developed a shareholder return plan for the next three years [2] - The company has completed a share repurchase totaling approximately 107 million yuan, which will be used for employee incentives [2] Group 5: Future Growth and Strategic Focus - Looking towards the "15th Five-Year Plan," the company will continue to adhere to its "land and sea" and "internationalization" strategies, viewing deep-sea transmission technology as a key to future growth [2] - The company aims to transition from "shallow sea" to "deep-sea," which requires breakthroughs in several critical technologies, enhancing its core technological capabilities in high-end submarine cables, insulation materials, ultra-high voltage system accessories, and intelligent operation and maintenance [2]