Core Insights - Cadeler has successfully delivered Wind Mover, the tenth vessel in its fleet of next-generation wind turbine installation vessels (WTIVs), ahead of schedule and will commence operations in Europe shortly [1][3][5] Fleet Expansion - Wind Mover is the second vessel in the M-class series, following Wind Maker, and is designed to meet the demands of future offshore wind projects, enhancing efficiency and lifting capacity [2][4] - With the delivery of five newbuild vessels this year, Cadeler has doubled its fleet from five to ten WTIVs, with plans to operate a 12-vessel fleet by mid-2027, making it the largest and most versatile installation fleet in the offshore wind industry [5] Vessel Specifications - Wind Mover features a 2,600-tonne main crane, a DP2 positioning system, and is capable of operating in water depths of up to 65 meters, specifically designed for the installation and maintenance of next-generation offshore wind turbines and foundations [4] Strategic Partnerships - The vessel's design resulted from collaboration between Cadeler and key partners, including Hanwha Ocean, ABB, Kongsberg, GustoMSC, and Huisman, ensuring a strong safety record and adherence to budget during construction [3] Company Overview - Cadeler A/S is a global leader in offshore wind installation, operations, and maintenance services, focusing solely on the offshore wind industry and committed to safety and environmental sustainability [6]

Summary of Ningbo Orient Wires & Cables Conference Call Company Overview - **Company Name**: Ningbo Orient Wires & Cables Co Ltd (NBO) - **Stock Code**: 603606.SS - **Industry**: Alternative Energy, specifically focusing on offshore wind and power cables - **Headquarters**: Ningbo City, Zhejiang Province, China - **Market Cap**: Approximately USD 6.72 billion [6][10] Key Points and Arguments Offshore Wind Market Dynamics - NBO is positioned to benefit from the resumption of offshore wind installations in China, expected to accelerate in 2025 after a two-year halt [1][2] - The cumulative offshore wind installation from 2021-2024 was 32.4GW, achieving only 60% of the targeted 54GW under the 14th Five-Year Plan [2][16] - Forecasts indicate new offshore wind installations of 12.2GW in 2025 and 16.8GW in 2026, representing year-on-year growth of 117% and 38% respectively [2][17] Financial Projections - Revenue and earnings are projected to grow at CAGRs of 22% and 40% respectively from 2024 to 2027 [1][75] - Target price set at CNY 83, implying a 19% upside from the current trading price [1][6] - By August 2025, NBO had an order backlog of approximately CNY 20 billion, indicating strong future revenue potential [1][24] Product and Market Position - NBO holds a leading market share of 44% in public cable tenders for offshore wind projects in 2024-2025 [22] - The company specializes in high-end products, including 500V high-voltage and direct current cables, which are expected to see increased demand due to deep-sea projects [3][22] - The content value of submarine cables is anticipated to rise due to the exploration of deeper offshore projects and higher voltage requirements [3][29] Risks and Challenges - Potential risks include longer-than-expected backlog delivery periods due to policy changes, fluctuations in metal prices, and intensified competition in the power cable sector [4][14][52] - The company faces challenges from the fragmented nature of the power cable market, particularly in the land cable segment [52] Financial Performance - NBO's revenue is projected to grow from CNY 9.1 billion in 2024 to CNY 16.5 billion by 2027, driven by strong order backlog deliveries [75] - The gross margin is expected to improve from 18.8% in 2024 to 25.7% by 2027, supported by a better sales mix and higher-margin products [75] - The company recorded a significant increase in contract liabilities, indicating strong future revenue growth potential [69] Strategic Developments - NBO is expanding its production capabilities with plans for a new base in Yantai, Shandong, to meet demand in coastal provinces [23] - The company has secured multiple contracts in Europe, indicating a growing international presence [43] Conclusion - NBO is well-positioned to capitalize on the anticipated growth in the offshore wind sector, supported by a robust order backlog and strategic market positioning. The financial outlook remains positive, with significant growth expected in both revenue and earnings over the next few years [1][75]