Sou Hu Cai Jing·2025-12-28 06:49Core Viewpoint - Dongwu Securities has given a "buy" rating to Dongfang Cable (603606.SH) based on recent project wins and expected profit contributions from upcoming projects [1]. Group 1: Company Developments - Dongfang Cable announced winning bids for green transmission facility orders totaling 955 million yuan from State Grid and Southern Power Grid [1]. - The company secured additional orders for high-voltage land cables worth 135 million yuan, offshore wind supporting cables worth 27 million yuan, and a total package of 1.9 billion yuan for ultra-high voltage submarine cables and construction in the Asia region [1]. Group 2: Industry Outlook - The Asian power interconnection orders are starting to ramp up, with expectations of performance elasticity for leading submarine cable companies [1]. - The upcoming Asian marine energy interconnection project is anticipated to contribute over 500 million yuan in profit, based on conservative estimates of a 45% gross margin and a 30% net margin [1]. - Southeast Asian countries are gradually increasing their demand for power interconnection, with Indonesia and Singapore planning to develop a solar manufacturing supply chain and implement submarine cable transmission by 2025 [1].