Core Insights - Wind energy stands out among renewable energy sources due to its economic viability, rapid development, and strong commercialization potential [1][4] - The demand for wind energy cables is increasing significantly due to advancements in wind power technology, making it a rising star in the cable industry [1][6] - The market size of China's wind energy cable industry is projected to reach 47.4 billion yuan in 2024, representing a year-on-year increase of 41.0% [1][7] - The growth of the wind power sector is expected to drive further investments in offshore wind power, leading to increased demand for wind energy cables [1][7] Wind Energy Cable Industry Overview - Wind energy cables are designed for the unique environments of wind power generation systems, featuring high-pressure current capacity, high-temperature resistance, and durability against environmental factors [3][6] - The cables are categorized into onshore and offshore types, with specific requirements for each based on their application [3][6] Industry Development Background - The Chinese government has prioritized the development of renewable energy, particularly in wind energy, as outlined in various policy documents [4][5] - The increasing demand for wind energy cables is driven by the growth of wind power projects and advancements in technology [4][5] Industry Chain - The wind energy cable industry consists of upstream raw materials (copper, aluminum, polyethylene, PVC), midstream manufacturing, and downstream wind power applications [5][6] Current Industry Status - The cumulative installed capacity of wind power in China reached 580 million kilowatts by September 2025, with a year-on-year growth of 21.3% [6] - Wind energy cables play a crucial role in connecting various components of wind power systems and transmitting generated electricity to the grid [6][7] Competitive Landscape - The wind energy cable market has traditionally been dominated by established companies from Europe, the US, Japan, and South Korea, but Chinese companies are rapidly gaining market share [7][8] - Key domestic players include Zhongtian Technology, Hengtong Optic-Electric, and Oriental Cable, with notable advancements in technology and market presence [7][8] Industry Development Trends - The wind energy cable industry is expected to evolve towards higher performance, efficiency, and smart technology applications [11][12] - The market size is anticipated to continue growing rapidly due to increasing global emphasis on renewable energy and offshore wind power development [11][12] - Companies are likely to expand into overseas markets, leveraging technological advancements and addressing global demand gaps [12]

Core Viewpoint - Dongfang Cable (603606) reported that the total number of common stock shareholders as of the third quarter of 2025 is 28,793 households [1] Group 1 - The company provided an update on its shareholder base, indicating a specific number of common stock shareholders [1]

长江证券研究所电力设备与新能源研究小组 2025-11-26 %% %% %% %% research.95579.com 1 分析师 邬博华 分析师 曹海花 SAC执业证书编号：S0490514040001 SAC执业证书编号：S0490522030001 SFC执业证书编号：BQK482 分析师及联系人 证券研究报告 • 证券研究报告 • 评级 看好 维持 新能源作为产业发展新增长的现状与 未来 %% %% %% %% research.95579.com 2 01 现状：全球竞争力突出，供需矛盾导致盈利承压 02 未来：迈向高质量发展，业务延伸打造新增长点 目 录 2.1 从高速发展迈向高质量发展 2.2 企业谋求出海带动量利齐升 2.3 业务延伸打造第二增长曲线 %% research.95579.com 3 01 现状：全球竞争力突出，供需矛盾导致盈利承压 %% %% %% %% research.95579.com 在光伏需求爆发背景下，供给端迎来快速扩张，目前各环节产能均超过1000GW，产能利用率大幅下降，其中硅料环节甚至低于50%。 图：2020年以来全球光伏装机快速增长 0% 10% 20 ...

Summary of Orient Cables Conference Call Company Overview - **Company**: Orient Cables - **Industry**: Submarine cable manufacturing and offshore wind energy - **Headquarters**: Ningbo, Zhejiang, China - **Established**: 1998 Key Takeaways Industry Outlook - **Offshore Wind Demand**: Management anticipates strong demand for offshore wind, with over 50 GW of project auctions delayed from the 14th Five-Year Plan (14-FYP) to the 15th Five-Year Plan (15-FYP), expected to be completed in 2026/27 [4][5] - **Cumulative Capacity Growth**: China's cumulative offshore wind power capacity is projected to grow at an ~18% CAGR from 2022 to 2027 [8] Competitive Landscape - **Stable Competition**: The submarine cable manufacturing sector is characterized by high entry barriers, leading to a stable competitive landscape with only 5-6 manufacturers for 220kV cables and 2-3 for 500kV cables [4] - **Market Share Expectations**: Management expects its market share for submarine cable orders to exceed 30% in the 15-FYP, with gross profit margins (GPM) for submarine cables projected to remain elevated at 30-40% [4] Capacity Expansion - **New Production Facility**: Orient Cables is constructing a new production facility in Yantai, Shandong, with a production value of RMB 3-4 billion and a construction cycle of 2-3 years [4] - **Investment in Guangxi**: An investment agreement has been signed with local authorities in Beihai, Guangxi, contingent on offshore wind demand [4] Overseas Expansion - **European Market Focus**: Management is optimistic about overseas expansion, particularly in Europe, driven by rising ESG requirements and business development efforts [4][5] - **Potential for Growth**: Despite some project delays, no cancellations have been reported, indicating potential for increased order intake and revenue from overseas markets [5] Investment Thesis - **Rating**: Overweight (OW) with a price target of RMB 68.00 by December 2026 [20][22] - **Key Factors for Investment**: 1. Rising offshore wind demand outlook 2. High entry barriers and stable competitive landscape 3. Upside potential from overseas expansions [20][21] Risks to Rating and Price Target - **Downside Risks**: - Slower-than-expected offshore wind development - Increased competition leading to submarine cable overcapacity - Lower-than-expected average selling prices (ASPs) - Higher-than-expected costs [23] Conclusion Orient Cables is positioned favorably within the offshore wind and submarine cable manufacturing sectors, with strong growth prospects driven by increasing demand and strategic capacity expansions. However, potential risks related to market dynamics and cost pressures should be monitored closely.

Investment Ratings - The report maintains a "Buy" rating for both the power equipment and environmental protection sectors [1]. Core Views - The hydrogen ammonia and wind power sectors are expected to benefit from China's future industrial policies and the EU's carbon tariff by 2026, leading to increased investment opportunities. The global shipping industry is accelerating its decarbonization, with green methanol prices likely to remain high due to rising demand and limited supply [3]. - In the U.S., the ongoing electricity shortage presents opportunities for rebound in related stocks, particularly in the overseas energy storage and SST sectors. Key companies to watch include Sunshine Power, Jinpan Technology, and others [3]. - Domestic energy storage is projected to grow significantly, with Heilongjiang Province aiming for over 6GW of installed capacity by 2027. The independent energy storage market is expected to maintain a good level of bidding in 2026 [4]. - The lithium battery sector is experiencing a tightening supply-demand dynamic, with significant growth expected in both domestic and overseas markets. Key investment opportunities are identified in lithium mines and the separator segment [4][20]. Summary by Sections Wind Power - In 2024, China's onshore wind power is expected to add 75.8GW of capacity, a year-on-year increase of 9.68%, while offshore wind power is projected to add 4.0GW, a decrease of 40.85% [6]. - The public tender capacity for wind power in 2024 is 164.1GW, a 90% increase year-on-year, with onshore wind accounting for 152.8GW [9]. Lithium Battery - The domestic production of lithium carbonate is expected to remain stable, with strong demand from the power battery sector driven by the rapid growth of the new energy vehicle market [20]. - The supply of lithium hexafluorophosphate remains tight, with prices expected to continue rising due to increased demand from downstream applications [23]. Investment Recommendations - The report suggests focusing on companies such as Goldwind Technology, Sunshine Power, and Ningde Times, which are well-positioned to benefit from the trends in wind power and lithium battery sectors [19][24].

Core Viewpoint - As of November 21, 2025, Dongfang Cable (603606) closed at 58.04 yuan, down 4.49% from the previous week, indicating a decline in stock performance [1] Company Announcements - Dongfang Cable's wholly-owned subsidiary, Guangdong Dongfang Haicable Co., Ltd., has completed its business registration change, increasing its registered capital to 500 million yuan [1] - The board of directors of Ningbo Dongfang Cable Co., Ltd. approved a capital increase for its subsidiary on October 24, 2025, and the business registration has been successfully updated [1] - The new registered capital of Guangdong Dongfang Haicable Co., Ltd. is now 500 million yuan, with its legal representative being Zhou Zewei, and its business scope includes manufacturing of wires and cables, construction engineering design, and sales of offshore wind power-related equipment [1]

证券代码：603606 证券简称：东方电缆 公告编号：2025-042 宁波东方电缆股份有限公司 关于全资子公司完成工商变更登记的公告 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。 宁波东方电缆股份有限公司（以下简称"公司"）于2025年10月 24日召开第七届董事会第2次会议，审议通过了《关于对全资子公司广 东东方海缆有限公司增资的议案》，具体内容详见公司2025年10月25日 披露于上海证券交易所网站（www.sse.com.cn）的《关于对全资子公 司广东东方海缆有限公司增资的公告》（公告编号：2025-040）。 8、经营范围：许可项目：电线、电缆制造；建设工程设计；建设 工程施工；道路货物运输（不含危险货物）。（依法须经批准的项目， 经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准 文件或许可证件为准）一般项目：港口货物装卸搬运活动；电线、电 缆经营；技术服务、技术开发、技术咨询、技术交流、技术转让、技 术推广；海洋工程装备销售；海洋能系统与设备销售；海上风电相关 装备销售；深海石油钻探设备销售；配电 ...

Core Insights - The report from Guosen Securities indicates that the domestic wind power installation is expected to maintain a growth rate of 10%-20% in 2026, supported by saturated orders and stable prices [1][2] - The profitability of wind turbine manufacturers is improving quarterly, with export growth boosting performance, reflecting a synchronized recovery in both domestic and international markets [2] - The report emphasizes the importance of overseas expansion and AIDC (Artificial Intelligence Data Center) as key focus areas for 2026, with major domestic power equipment companies making breakthroughs in overseas markets and innovative products [1] Wind Power Sector - The wind turbine sector is experiencing a recovery in profitability, with significant growth in offshore wind installations and tenders, leading to increased orders and performance for related companies [2] - Key companies to watch in the wind power sector include Goldwind Technology, Sany Renewable Energy, Times New Materials, Daikin Heavy Industries, Oriental Cable, and Haile Wind Power [2] Lithium Battery Industry - The lithium battery supply chain is expected to see a reversal in the downward price trend, with significant recovery in profitability anticipated for most products in 2026 [2] - New technologies such as steel-shell batteries, silicon anodes, and large energy storage cells are expected to achieve mass supply in 2026, while solid-state battery technology is accelerating towards industrialization [2] - Recommended companies in the lithium battery sector include CATL, EVE Energy, Zhongchuang Innovation, Zhuhai Guanyu, Tianci Materials, Enjie, Dingsheng Technology, and Xiamen Tungsten [2] Energy Storage Market - The electrification transition is driving explosive growth in the global energy storage market, with domestic market demand leading to a surge in storage orders [3] - The demand for large-scale energy storage in the U.S. is increasing due to power supply shortages, while unstable grid conditions in Europe are also boosting storage needs [3] - Companies to focus on in the energy storage sector include CATL, EVE Energy, Sungrow Power, and Deye [3] Photovoltaic Sector - The photovoltaic supply side is undergoing adjustments, with new technologies such as silver-free materials and perovskite layers gaining attention [3] - The profitability of silicon materials is expected to recover, with silver-free products nearing mass production by 2026 [3] - Key companies in the photovoltaic sector include GCL-Poly Energy, Xinte Energy, Tongwei Co., and Juhua Materials [3] Investment Recommendations - The report suggests focusing on new technology investment opportunities, such as solid-state batteries and flexible converters [3] - Emphasis is placed on overseas expansion and performance improvement for leading companies in lithium batteries and wind turbine components [3] - Long-term beneficiaries in green electricity alternatives include secondary distribution equipment and charging pile operations [3]

Core Viewpoint - Dongfang Cable's stock performance shows a slight decline, with significant trading activity and a notable financing balance, indicating investor interest and potential volatility in the near term [1][2]. Financing and Trading Activity - On November 20, Dongfang Cable's stock fell by 0.91%, with a trading volume of 151 million yuan. The financing buy-in amounted to 17.41 million yuan, while financing repayment was 12.10 million yuan, resulting in a net financing buy of 5.31 million yuan. The total financing and margin balance reached 393 million yuan [1]. - The current financing balance of 390 million yuan represents 0.96% of the circulating market value, which is above the 60th percentile level over the past year, indicating a relatively high financing level [1]. - In terms of securities lending, on November 20, 2,700 shares were repaid while 3,800 shares were sold short, with a total short sale value of 223,900 yuan. The remaining short position is 47,400 shares, with a balance of 2.79 million yuan, which is below the 10th percentile level over the past year, suggesting a low level of short selling activity [1]. Company Financial Performance - As of September 30, the number of shareholders for Dongfang Cable was 28,800, a decrease of 20.22% from the previous period. The average circulating shares per person increased by 25.34% to 23,884 shares [2]. - For the period from January to September 2025, Dongfang Cable reported a revenue of 7.498 billion yuan, reflecting a year-on-year growth of 11.93%. However, the net profit attributable to shareholders decreased by 1.95% to 914 million yuan [2]. Dividend and Shareholder Information - Since its A-share listing, Dongfang Cable has distributed a total of 1.377 billion yuan in dividends, with 790 million yuan distributed over the past three years [3]. - As of September 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder with 22.42 million shares, a decrease of 19.47 million shares from the previous period. Other notable shareholders include GF Advanced Manufacturing Stock A and Southern CSI 500 ETF, both of which also saw reductions in their holdings [3].

Core Insights - Dongfang Cable achieved a net profit attributable to shareholders of 914 million yuan for the first three quarters of 2025, representing a year-on-year decrease of 1.95% [1] - In Q3 2025, the net profit attributable to shareholders was 441 million yuan, showing a year-on-year increase of 53.12% and a quarter-on-quarter increase of 129.63% [1] - The increase in quarterly performance was driven by a rise in high-margin submarine cable shipments [1] Order Backlog - As of October 23, 2025, the company had an order backlog of approximately 19.551 billion yuan, which includes 3.886 billion yuan for power engineering and equipment cables, 11.737 billion yuan for submarine and high-voltage cables, and 3.928 billion yuan for marine equipment and engineering operations [1] - The order backlog remained relatively stable compared to the mid-2025 report, with a decrease of about 1.1 billion yuan in power engineering and equipment cable orders, an increase of about 700 million yuan in submarine and high-voltage cable orders, and an increase of about 300 million yuan in marine equipment and engineering operations [1] Investment Rating - The company maintains an "Overweight" rating [1]