Performance Summary - In the first half of 2025, the company achieved a net profit attributable to shareholders of 314 million yuan, a year-on-year decrease of 8.07% [1] - In Q2 2025, the net profit attributable to shareholders was 63 million yuan, a year-on-year decline of 51.11% [1] - The company's revenue for the first half of 2025 was 794 million yuan, down 2.95% year-on-year; Q2 revenue was 280 million yuan, a decrease of 20.58% [1] - The gross margin for the first half of 2025 was 57.51%, a decrease of 1.15 percentage points year-on-year; Q2 gross margin was 37.98%, down 14.78 percentage points year-on-year [1] Operational Data - Total power generation in the first half of 2025 was 1.405 billion kWh, a year-on-year decrease of 0.89%; grid-connected power was 1.366 billion kWh, down 0.71% [2] - Power generation by type included: Fujian wind power (1.284 billion kWh, +2.60%), Heilongjiang wind power (0.088 billion kWh, -28.91%), Heilongjiang biomass (0.024 billion kWh, -14.99%), and Xinjiang Hami photovoltaic (0.010 billion kWh, -34.95%) [2] - The utilization hours for Fujian onshore wind farms were 1,356 hours, and for offshore wind farms, 2,037 hours, both above the national average of 1,087 hours [2] - As of June 30, 2025, the company had a controllable grid-connected installed capacity of 957,300 kW, with onshore wind, offshore wind, photovoltaic, and biomass capacities of 611,300 kW, 296,000 kW, 20,000 kW, and 30,000 kW respectively [2] Future Outlook - The company is focusing on the distribution of offshore wind projects and the realization of asset injections [3] - In 2025, there is potential for new offshore wind allocations in Fujian, which could significantly support the company's future growth [3] - The company plans to initiate asset injection procedures for the Haidian Phase III project within three months after the renewable energy subsidy audit results are confirmed [3] - The government has identified "deep-sea technology" as a key area for strategic emerging industries, indicating potential policy support for offshore wind development [3] - The offshore wind sector has significant growth potential, with only 41 GW of installed capacity as of 2024, representing just 1.2% of total capacity [3] Investment Recommendations - The company has strong regional advantages and good wind resource conditions, indicating broad future growth potential [4] - Profit forecasts for 2025-2027 have been adjusted to 700 million, 740 million, and 830 million yuan respectively, with corresponding EPS of 0.37, 0.39, and 0.43 yuan [4] - The company is assigned a target market value of 13.9 billion yuan based on a 20x PE ratio for 2025, with a target price of 7.3 yuan, representing a 39% upside from the current price [4]

证券研究报告·公司点评报告·电网设备 东方电缆（603606） 2025 年中报点评：Q2 海缆确收较少，下半年 有望迎来拐点 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 7,310 | 9,093 | 11,524 | 13,079 | 15,041 | | 同比（%） | 4.30 | 24.38 | 26.74 | 13.49 | 15.00 | | 归母净利润（百万元） | 1,000 | 1,008 | 1,544 | 1,998 | 2,456 | | 同比（%） | 18.78 | 0.81 | 53.19 | 29.37 | 22.93 | | EPS-最新摊薄（元/股） | 1.45 | 1.47 | 2.25 | 2.91 | 3.57 | | P/E（现价&最新摊薄） | 37.80 | 37.50 | 24.48 | 18.92 | 15.39 | [Table_Tag] [Table ...

Group 1 - The core viewpoint of the report is a "buy" rating for Dongfang Cable (603606.SH) with a latest price of 51.39 yuan [2] - Short-term performance is slightly under pressure due to the revenue recognition cycle of offshore wind projects [2] - There is a significant increase in inventory and contract liabilities, indicating a promising acceleration in performance in the second half of the year [2] - The company maintains a high level of orders on hand, with expectations for accelerated order acquisition in the second half of the year [2]

Core Viewpoint - The report by Guojin Securities indicates that despite a decline in net profit, Oriental Cable is expected to accelerate its performance in the second half of the year due to high inventory and contract liabilities [1]. Financial Performance - In the first half of 2025, Oriental Cable achieved revenue of 4.43 billion yuan, a year-on-year increase of 9.0%, while the net profit attributable to shareholders was 473 million yuan, a year-on-year decrease of 26.6% [2]. - In Q2 2025, the company reported revenue of 2.29 billion yuan, a year-on-year decline of 17.1%, and a net profit of 192 million yuan, down 49.6% year-on-year [2]. Operational Analysis - The revenue from the power engineering and equipment cable business reached 2.2 billion yuan in the first half, up 25% year-on-year, with a gross margin of 10.8%. Q2 revenue was 1.3 billion yuan, an 11% increase year-on-year and a 48% increase quarter-on-quarter [3]. - Revenue from submarine cables and high-voltage cables was 2 billion yuan, an 8% year-on-year increase, with a gross margin of 25%. Q2 revenue was 760 million yuan, a 3% increase year-on-year but a 36% decrease quarter-on-quarter [3]. - The marine equipment and engineering operation segment generated approximately 275 million yuan, down 45% year-on-year, with a gross margin of 29%. Q2 revenue was 210 million yuan, a 223% increase quarter-on-quarter [3]. - The increase in inventory and contract liabilities is significant, with contract liabilities reaching 1.67 billion yuan, up 473% year-on-year, and inventory at 3.13 billion yuan, up 67% year-on-year [3]. Order Backlog and Future Prospects - As of August 12, 2025, the company had an order backlog of 19.6 billion yuan, a 4% increase from April 21. This includes approximately 11 billion yuan for submarine and high-voltage cables, 5 billion yuan for power engineering and equipment cables, and 3.6 billion yuan for marine equipment and engineering operations [4]. - The company is optimistic about accelerating order acquisition in the second half of the year, particularly with upcoming tenders for the Zhejiang deep-sea demonstration project and ongoing tenders for the UK AR7 offshore wind project [4]. Profit Forecast and Valuation - Based on the company's half-year report and the latest industry assessments, the forecast for net profit attributable to shareholders for 2025-2027 is 1.72 billion, 2.24 billion, and 2.65 billion yuan, corresponding to PE ratios of 21, 16, and 13 times, respectively. The company maintains a "buy" rating [5].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 4.43 billion RMB for the first half of 2025, representing a year-on-year growth of 9.0%, but the net profit attributable to shareholders decreased by 26.6% to 473 million RMB [3] - The short-term performance is slightly pressured due to the revenue recognition cycle of offshore wind projects, with the cable business showing a revenue increase of 25% year-on-year [4] - Inventory and contract liabilities have significantly increased, indicating potential for accelerated performance in the second half of the year [5] - The company has a strong order backlog of 19.6 billion RMB, with expectations for accelerated order acquisition in the second half [5] Summary by Sections Performance Review - In Q2 2025, the company achieved a revenue of 2.29 billion RMB, down 17.1% year-on-year, and a net profit of 192 million RMB, down 49.6% [3] Operational Analysis - The power engineering and cable business generated 2.2 billion RMB in revenue, up 25% year-on-year, while the submarine cable and high-voltage cable segment generated 2 billion RMB, up 8% year-on-year [4] - The marine equipment and engineering operations segment saw a significant decline of 45% year-on-year [4] Inventory and Order Backlog - As of mid-2025, contract liabilities reached 1.67 billion RMB, up 473% year-on-year, and inventory stood at 3.13 billion RMB, up 67% year-on-year [5] - The company has a robust order backlog of 19.6 billion RMB, with expectations for new project bids in the offshore wind sector [5] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 1.72 billion, 2.24 billion, and 2.65 billion RMB, respectively, with corresponding P/E ratios of 21, 16, and 13 [6]

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 58 CNY [2][8]. Core Views - The company achieved record-high orders, with total revenue of 9.093 billion CNY in 2024, representing a year-on-year increase of 24.38%. The net profit attributable to shareholders was 1.008 billion CNY, up 0.81% year-on-year [2][4]. - The marine cable business is showing positive trends, while the land cable segment is experiencing some drag. The marine segment generated revenue of 3.666 billion CNY, a year-on-year increase of 5.49%, while the land cable segment saw revenue of 5.416 billion CNY, up 41.52% year-on-year [8]. - The company has a record-high order backlog of 17.975 billion CNY, a 130% year-on-year increase, with marine cable orders at 8.827 billion CNY and land cable orders at 6.353 billion CNY [8]. Financial Summary - Total revenue is projected to grow from 11.091 billion CNY in 2025 to 15.527 billion CNY in 2027, with corresponding growth rates of 22.0% and 17.5% [4][9]. - The net profit attributable to shareholders is expected to increase significantly, reaching 2.509 billion CNY by 2027, with a growth rate of 24.3% [4][9]. - The company's earnings per share (EPS) is forecasted to rise from 2.29 CNY in 2025 to 3.65 CNY in 2027, reflecting strong profitability [4][9].